UAE Roundup: Millionaire migrations, visa ban, missing town
Millionaire migrations
The forecast for 2024 suggests that approximately 4,300 millionaires are expected to emigrate from India, with a significant number selecting the United Arab Emirates (UAE) as their new home, as per a recent analysis by Henley & Partners, a global advisory firm specializing in investment migration. It's noteworthy that the previous year's report underscored the relocation of at least 5,100 Indian millionaires overseas, as reported by WION. Furthermore, the report positions India as the third-highest country in terms of millionaire migration worldwide, following China and the United Kingdom.
Nigeria visa ban to be lifted
The United Arab Emirates (UAE) is set to relax visa regulations for Nigerian visitors, following nearly two years of a visa embargo. Nigeria's Federal Minister of Aviation and Aerospace Development, Festus Keyamo, has stated that although the UAE initially outlined extra procedures to be fulfilled before rescinding the ban, the Nigerian authorities have now successfully concluded all necessary steps, as reported by Channels Television.
Missing town unearthed
Archaeologists have unearthed settlements on Al Sinniyah Island in the United Arab Emirates that date back to the sixth century. This week, they suggested that these could potentially be the remnants of the long-lost city of Tawam. According to Al-Monitor, referenced in ancient Arabic manuscripts, Tawam is thought to have been a prominent Gulf coast capital during the sixth century, renowned for its pearl fishing and the commerce of premium gems. Nonetheless, the city experienced a downturn after the outbreak of the Plague of Justinian, which afflicted the area during that era.
Sudan and UAE clash over militia support
In a recent allegation, Sudan has charged the United Arab Emirates (UAE) with supplying arms to the Sudanese paramilitary faction, the Rapid Support Forces (RSF), amidst the current turmoil engulfing the nation. This claim marks the latest dispute by Khartoum over what it perceives as Abu Dhabi's meddling. At a United Nations Security Council (UNSC) meeting, Sudan's UN envoy, Al-Harith Idriss Al-Harith Mohamed, levelled accusations against the UAE for providing weaponry to the RSF and affirmed that the Sudanese government possesses proof of this arms transfer, which it plans to present to the International Criminal Court (ICC), as reported by Middle East Monitor.
Unusual jump in silver imports
The Global Trade Research Initiative (GTRI) has highlighted a significant surge in silver imports from the United Arab Emirates (UAE), noting an almost 60-fold increase in the last fiscal year. This spike is particularly striking given that the UAE is not known for silver production. The substantial rise in imports could suggest a potential violation of the rules of origin established under the free trade agreement activated between India and the UAE in May 2022. Led by the former trade officer Ajay Srivastava, the GTRI observed that silver imports from the UAE escalated by 5,853 percent, soaring from $29.2 million in FY23 to $1.74 billion in FY24. This increase is attributed to India imposing an 8 percent duty on imports under the UAE trade deal, compared to a 15 percent Most-Favoured-Nation (MFN) tariff applied to imports from other nations, reports Indian Express.
