Less than 3 months ago, under a secret mission, 2 wanted financial absconders in India were "picked up" from Dubai and flown in a Govt plane to one of the harshest jails of India.
Most of the information is only available in Indian media because for the first time, no laws of India or UAE were followed and these 2 persons were picked up from their multi million dollar homes in Dubai and within hours were sitting inside the infamous Tihar jail of New Delhi.
"The ED (Enforcement Directorate) had summoned Rajeev Saxena, a resident of Palm Jumeirah in Dubai, multiple times in the case and had arrested his wife Shivani Saxena from the Chennai airport in July, 2017. She is now out on bail.
The ED had alleged that Rajeev, his wife and their two Dubai-based firms-- Ms UHY Saxena, Dubai and Ms Matrix Holdings -- routed "the proceeds of crime and further layered and integrated in buying the immovable properties/shares among others"."
From the media reports, we know that owner of UHY Saxena accountant, Rajeev Saxena, was involved in receiving some money through his Dubai company back in 2006-2007 in bank accounts in Dubai for an arms deal in India for purchase of Agusta Westland helicopters.
We believe, from the media reports, that the money could be approx USD 60m in 2006-2007 value.
However, what's interesting is that he was picked up from his mansion in Palm Jumeirah, Dubai.
We do not know where in Dubai the other person, Deepak Talwar, used to stay, who also accompanied Rajeev Saxena in that plane that came quietly from India and picked them up in Dubai without any police or court records.
This incident has sent shockwaves in the Indian community in Dubai because so many people who have undisclosed assets/incomes in India live in Dubai. We believe many of them are busy selling their assets or removing them from Dubai or relocating from Dubai.
Now we come to the Abraaj saga under which a resident of Emirates Hills (which Emaar Group wants to call as the "Beverly Hills" of Dubai) was arrested and is sitting in one of the harshest jails of USA in NY.
"A source close to Abdel-Wadood, 49, says he often threw parties on a “massive, three-story, 90ft yacht called Caramel” which he “always parked in front of the Royal Mirage” swanky hotel in Dubai.
When he was not partying on board the vessel, he was hosting gatherings at his Emirates Hills villa."
"They were managing $14bn in assets but the star players behind The Abraaj Group, Arif Naqvi and Mustafa Abdel-Wadood, are now fighting for their futures, as they face multiple fraud charges in the world's biggest private equity insolvency case"
"Naqvi had his 300-plus staff working in local offices in 25 countries from Kenya to Kazakhstan. Agriculture, electricity, aviation, technology, education and even ice cream - you name it, Naqvi had a hand in it."
We do not know yet how many other employees besides the 3 who have been arrested were involved in the multiple scandals and frauds going on inside Abraaj.
And Mustafa Abdel-Wadood is in a jail cell in NY.
"They were managing $14bn in assets but the star players behind The Abraaj Group, Arif Naqvi and Mustafa Abdel-Wadood, are now fighting for their futures, as they face multiple fraud charges in the world's biggest private equity insolvency case"
We do not know yet how many other employees besides the 3 who have been arrested were involved in the multiple scandals and frauds going on inside Abraaj.
The fact that this article has been published in a Dubai media means it has been allowed to be published after careful consideration.
This indicates that Dubai will now set an example of expat Arif Naqvi and try to distance themselves from Arif and Abraaj as much as possible and do strict enforcement and mete out more punishment on Abraaj.
Arif Naqvi is no longer living in Jumeirah area of Dubai or in any of his multiple homes in London but is inside a jail cell in London.
"The bleak surroundings of the UK’s largest jail - famous for housing Britain’s “most violent prisoner” Charles Bronson and organised crime leader Ronnie Kray - are a far cry from the swanky environs of Naqvi’s sprawling luxury properties dotted across London’s Knightsbridge, Oxfordshire, Bedfordshire and Dubai’s Jumeirah."
Here is the conditions of the largest jail of UK for the erstwhile resident of Jumeirah and multiple palatial homes in UK.
And Mustafa Abdel-Wadood is in a jail cell in NY.
"But last week, instead of catching flights, Abdel-Wadood was shacked up in the same prison that housed notorious Mexican drug lord Joaquin “El Chapo” Guzman, Gambino crime family boss John Gotti and Russian weapons trafficker Viktor Bout."
"The correctional center is housed in a 12-story high-rise building located at 150 Park Row in the Civic Center neighborhood. As of Feb. 1 2017, it had 796 inmates, both male and female.
In an article published on April 5, 2011, Jim Dwyer of the New York Times described the experience of an inmate being transferred from the facility to the federal court across the street: A prisoner going to court from the Metropolitan Correctional Center is presented to federal marshals in the basement of the building.
Shackled at the ankles, chained at the waist and cuffed at the hands, the prisoner hop-marches through a tunnel nearly 40 feet (12 meters) below the street. The prisoner and escorts go through channels, or corridors, with electronic doors at each end.
These are controlled remotely by officers who watch the journey through cameras. More prominent prisoners, who need to be segregated from the general prison population, are housed in the 10-South Wing, which is noted for severely confining conditions.
During this passage from jail to court, no one lays eyes on the prisoner except the marshals and the people in the surveillance stations. Once they have reached the north end of the tunnel, they wait for the prisoner elevator. Inside is a locked cage that the prisoner stands in for the ride up to the courthouse cells."
This is what the lead prosecutor in the Abraaj case has to say about these residents of Dubai.
"But behind Naqvi’s seemingly inspiring world, “in truth, Abraaj was engaged in a massive fraud,” Griswold told the court (Reuters)."
The rest you may read in the article above.
Let's have some fun:
Palm Jumeirah resident = Tihar Jail, New Delhi
Emirates Hills resident = Lower Manhattan Jail, NY
Jumeirah area resident = London Jail, U.K.
Here is the conditions in Tihar Jail, New Delhi for the erstwhile resident of a mansion in Palm Jumeirah.
12 Apr 2019: TIMELINE: What Abraaj did, according to the SEC
Above article is a nice snapshot of the timeline of Abraaj fraud.
It seems they misappropriated USD 230m in Dec 2016 because like most other businesses across GCC they had run out of cash.
They have debt of more than USD 1 billion on the company.
And we are pretty sure that their private equity investments have lost a value of USD 1-2 billion due to the crisis and currency movements alone in the last year while their losses keep adding up on a regular basis.
More news and possibly arrests about this fraud will keep coming out for years ahead where tragically several Govts, many companies and richest people in the world may have lost millions each and billions of dollars cumulatively.
It seems they misappropriated USD 230m in Dec 2016 because like most other businesses across GCC they had run out of cash.
They have debt of more than USD 1 billion on the company.
And we are pretty sure that their private equity investments have lost a value of USD 1-2 billion due to the crisis and currency movements alone in the last year while their losses keep adding up on a regular basis.
More news and possibly arrests about this fraud will keep coming out for years ahead where tragically several Govts, many companies and richest people in the world may have lost millions each and billions of dollars cumulatively.
Great article, your blog posts are becoming addictive! The story of Abdel-Wadood's yacht parties is reminiscent (at least for older readers) of Bernie Cornfeld's IOS mutual fund ponzi scheme from the '60s where the famous quote originated "Where are the customers' yachts?
ReplyDeleteTechnical note: commenting appears to work with IE 11 but not with the Firefox web browser (Windows 7)
Hello and Good morning!
DeleteThank you very much for your appreciation. Glad you find the blog posts "addictive".
Did not know about the Bernie Cornfeld saga, sad to hear, guess those days news did not travel much, over 50 years back.
We thought Bernie Madoff was the only Bernie who was a ponzi or Charles Ponzi on whose name the scheme has been immortalized.
Last few decades alone there have been so many ponzi's from BCCI, to Bernie Madoff to Abraaj to Barings Bank to Espirito Santo to Eike Batista to more than half of Dubai real estate or Spanish real estate etc that we forget going back just 5 decades.
Yacht parties also remind of the wonderful movie about another scamster in Wolf of Wall Street.
It is a brilliant movie and also very addictive having watched it thrice already.
Anyone who cannot post a comment is requested to use Google Chrome.
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Thank you and best wishes,
Lol in fact the Abraaj saga reminded me of the collapse of BCCI. I still remember how BCCI employees were highly paid living in Jumeirah, and those huge flats on Maktoum Street and all the posh areas of Dubai.
ReplyDeleteHello,
DeleteThank you for your comment and visiting.
Yes, BCCI was the same saga. Luckily, people got money through Luxembourg liquidator but it took well over 16 -18 years to get it.
Those were the days!
But BCCI was an exception and did you know that they used to deliver cash at home?
We live in interesting times because the size and number of frauds have gone through the roof in Dubai.
Thank you and best wishes,
https://www.arabianbusiness.com/culture-society/418131-uae-attracts-about-2000-millionaires-as-wealth-migration-grows
ReplyDeleteDear Manoj, this article has been on global mainstream media last week and seems to be hugely positive for Dubai. What do you think?
Hello,
DeleteThank you for your question and for visiting.
This article is valueless.
It's paid propaganda coming out of 2 unknown companies in South Africa (one registered in Mauritius which a tiny bank within the last decade).
If 2,000 millionaires came in the last 1 year when the entire globe is in distress, then let's extrapolate for a minute.
This means at the worst time 2,000 came so on an average in the past 15 years, 30,000 millionaires (let's drop it by half and say 15,000) came plus there were and are hundreds of old millionaires and billionaires.
Where are they hiding them?
Inside the palaces? lol
UAE in total had less than 10,000 businessmen with more than a million dollars, at least that was the data over a decade ago. Now, at least 10,000 businessmen have run away, out of which about an estimated 1,000 to 3,000 ran away in 2008-2012 and about 500 to 1,000 more in the last 4 odd years and some are big ones, billionaires types.
Most people don't even know that hundreds of millionaires used to call Dubai as their "residence" and hence get counted here, but they don't live here and just visit every 5-6 months.
Some still do, but most have given up because they ended up being fooled and invested in real estate so they cannot return due to defaulted payments.
You can also see the number of private banks that are shutting down in Dubai from Germans to Swiss to Europeans to British. This alone tells that the millionaire population is shrinking not rising.
We know when a big client runs away or needs to run away, he will transfer all his money from an old private bank account to another bank and that hurts these bankers like hell because they cannot replace such clients via Dubai any more so the pressure is very intense on these bankers since some are highly paid and they are unable to perform and then the bank ends up closing.
Sorry, this is not at all positive, in fact, it is paid fake news.
By the way, 3 more multi millionaires, have just left Dubai (as per the blog post above) just in the past 3 months that is publicly known. lol
And their accounts should have been frozen now if not earlier thus lowering the profitability of banks even further.
Thank you and best wishes.
More signs of lost revenue but spun in a neat way. The article claims its going to give pay raises in salary of 16000k per month to attract top teachers. It also says the old rate was 12500. This is partially true, the old salary ranged from 12,500 to 21000 + 8300 housing + annual flight which was approximately 10,000+. Also those were for Western teachers which now presumably will be laid off to hire 3000 indian teachers since the total number of teachers with the UAE government schools in the english math science part is somewhere between 3-4k. These teachers from India have already started to show up in schools this year but right now its only about 10-15%.
ReplyDeletehttps://www.thenational.ae/uae/education/uae-government-raises-teacher-salaries-as-it-launches-hiring-drive-in-india-1.852826
Hello,
DeleteThank you very much again for your update.
The situation continues to get grimmer and this is what we have been saying for 5-6 years that all high quality jobs are being replaced with low quality jobs and low salaried employees hence the consumer spending power, sales of everything will keep declining.
They have no clue what they are doing and what the impact shall be on the wider economy or sustainability of all sorts of businesses.
They have zero manufacturing or zero talent producing universities like engineers or doctors or nurses or accountants being produced, so they have nothing to fall back on.
Traffic is now back to 1985 levels, rents are back to 1995 levels (with some rare exceptions).
For someone who has lived though the mad traffic days of 2004-2014 and driven on every single road in Dubai and Abu Dhabi, watching this video brings memories of how many fines were paid by us all and how much time it used to take to drive around Dubai.
This video is a MUST Watch for those who have lived longer than 5-10 years in Dubai.
This video person did a fantastic job and never spoke a word else he may get deported.
But the result is fantastic. Those roads in Deira never had parking ever and now driving is a breeze.
Personally, have been stressed out, paid fines and watched people fight over parking spots all over the roads in this video.
https://www.youtube.com/watch?v=h2qWBSoiBbg&t=1171s
On top, we are learning that the key money that used to be paid of a few million dirhams in Murshid Bazaar or Gold Souk of Deira does not have key money but many stores are shut for the first time in history. Palm Deira night market has no takers.
The worst is yet to come and price will be paid by the expats who are gullible (or desperate) and still continue to arrive to get a job and will go back depressed and empty handed.
Thank you and best wishes.
Also this goes to show the closer ties between India and UAE which we see more and more with dual extraditions, India is a place I would never go if I were wanted in the UAE. UAE agreeing to terminate Western teachers(likely, we will know more in a month as the school year ends), and give those jobs to Indian Nationals is a huge score for the Indian government.
ReplyDeleteHello,
DeleteThank you for your comment.
While it is true that one should not go back to India if there is a criminal case in UAE but most people who are not having a net worth above USD 2-3m or who never were in contact with us and did not make a Plan B, have no choice but to go back to their passport origin countries.
It takes a lot of courage for people to plan years ahead and most don't, so when they get into trouble, they won't get a police certificate and hence they cannot go anywhere else.
The benefit to India has only come under Modi who has sold the soul of India to UAE. Perhaps the only army in the world who assisted UAE military to board an American registered boat inside Indian territorial waters and helped the daughter of Dubai Ruler to be forcibly and illegally brought back to UAE.
Modi sold the Indian Army to the highest bidder which is how the 2 persons mentioned above were allowed to be "picked up" from Dubai as a quid pro quo.
Jobs is a very small benefit for India but it has monetary benefits for UAE as well since they have run out of money and need to run everything on a budget.
In fact, India updated their agreement with Singapore as well last year thanks to which Indians have started flooding Singapore which is making many Singaporeans very unhappy because these are low end employees unlike before when most were bankers or tech workers who were higher paid plus they are changing the culture of the city state.
https://en.wikipedia.org/wiki/India%E2%80%93Singapore_Comprehensive_Economic_Cooperation_Agreement
Such replacements of workers/expats from high end nations being replaced with low end nation workers is in full swing worldwide.
Even in UAE, over the last decade or two, Filipinos have replaced workers in every single sector because they accept the lowest wages in the world and are English speakers.
As the crisis continues, theme park prices in Dubai have been slashed to below the price of a Masafi water bottle or a can of coke which is truly sad to see.
Dubai's new destination, Laguna Waterpark, slashes ticket prices to Dh1 for Ramadan month
https://gulfnews.com/business/tourism/dubais-new-destination-laguna-waterpark-slashes-ticket-prices-to-dh1-for-ramadan-month-1.1555572596038
Thank you and best wishes,
https://www.zerohedge.com/news/2019-04-24/billions-african-gold-being-smuggled-through-uae-crime-syndicates-report
ReplyDeleteHello,
DeleteThank you very much. Saw it this morning.
There is no fraud in this world that has not gone though Dubai and all is unravelling now because the powers that be don't want business, oil or crimes happening through UAE and will do anything to tarnish their image and bring such things out.
From 9/11 to Iran sanction violations to Turkish coup funding to Trump backdoor meetings with Russians, to bank accounts (and real estate) of almost every criminal in the world, putting UAE on money laundering list and now all the gold smuggling, like back in the 1960’s, is happening in and through Dubai.
Now we know how those tall buildings and hotels were built.
And the entire world is slowly finding out what goes on in Dubai.
This is just the beginning. Next few years are going to be like fires of hell!
Thank you and best wishes,
One of the 2 UAE spies hung himself in a turkish solitary confinement?
ReplyDeletehttps://www.bloomberg.com/news/articles/2019-04-29/alleged-u-a-e-spy-commits-suicide-at-turkish-prison?srnd=premium-middle-east
Hello,
DeleteThank you very much for the article.
Pretty sure, he told everything before he left Earth. The second one will now sing like a canary and spill out more secrets of the UAE.
The funny part is that these 2 were being followed by Turkish security for well over 6 months.
Turkish prisons and state security is not the easiest of places to come out alive. UAE should have known it before entangling themselves with Erdogan.
From Khashoggi to these 2 and hundreds more will pay the price for working with UAE for the sake of money.
Unfortunately, this will also become the case of all expats who are still in UAE who will leave penniless or through a jail, one by one.
This is what Turkey has to say about UAE and Saudi. And it's pretty accurate.
Both countries Saudi and UAE are getting destroyed on their own from within.
Two princes ruined the Arab world
https://www.dailysabah.com/columns/hakki-ocal/2019/04/30/two-princes-ruined-the-arab-world
Thank you and best wishes,
https://www.thenational.ae/business/aviation/etihad-announces-upgraded-economy-class-cabins-1.854690
ReplyDeleteAnd now Etihad will allow you to use your phone or tablet instead of a console so they can save weight....do I get a discount for this? Of course they are selling it as a increase in services...
Hello,
DeleteThank you for visiting and for the link.
Erstwhile “most luxurious” airline who has stopped chauffeur cars, no wet towels, no first class suites with showers, fired pilots, sold dozens of planes, fired a long term CEO, has USD 4.8b in losses for 3 years combined, bankrupted Jet Airways, Air Berlin and Alitalia being it's partner/owner, won’t pay back its debts and has closed offices around the world, is now asking passengers to watch TV on their own devices!🙄
They say lack of screens on airplane will help them save on fuel!😂🔥
Poverty hurts! But bankruptcy can make entire country go crazy!🤣😀🔥
Forget discount, if you arrive at your destination on EY, consider yourself lucky.😜
Thank you and best wishes,
https://www.bloomberg.com/news/articles/2019-04-30/abu-dhabi-said-to-weigh-multi-billion-dollar-gas-pipeline-deal?srnd=premium-middle-east
ReplyDeleteRaising more money on public markets, then saying its to diversify their economy...The only thing they do to diversify the reliance on oil money is raise taxes or borrow from international markets...
And failing etihad wants another failure in gulf? Gulf is one of the worst airlines in the middle east.
https://www.bloomberg.com/news/articles/2019-04-28/gulf-air-in-talks-with-etihad-airways-to-deepen-partnership?srnd=premium-middle-east
Hello,
DeleteThank you for visiting and for your comment.
Whether it's Aramco in Saudi or ADNOC in AD or ENOC in Dubai, all of them are practically bankrupt. Their cash flows are down very significantly, they have fired employees, sold concessions to China while Americans and British have exited, majority of their neighbors are under civil wars or serious turmoil, national treasuries are emptied, airlines, banks, airports, malls, hotels, theme parks, tourist spots etc are emptying up, so they are forced to sell their prized possessions else they never had a reason in 50 years to do so.
Besides oil and very little gas, AD and Saudi don't have much going in terms of manufacturing nor engineering or medical colleges or legal universities etc.
They never built a system like Singapore, UK or Canada to hand over passports to long term residents to make them feel at home and to stay and build long term infrastructure and talent base.
Almost every long term resident who has lived 40-50 years or more in UAE that we know have sent their children abroad or married them abroad.
The Govt strategies are all backfiring from investing abroad where they are losing massively to interfering in Govts of fellow neighboring sovereign nations, involving in various coups and unrests, undermining Obama while assisting Trump before Trump became President, their own restive populations plus deporting millions of expats and so much more.
Even selling their oil assets won't help them because a few billion is what they need on a monthly basis as cash flow to cover their past margin calls and support wars and basic spending on highly paid locals and just to maintain at the lowest cost possible their most expensive hotels, roads, military, hospitals, banks, desalination plants, airports, malls, Govt services etc.
The crisis is so bad in GCC that FlyDubai has "merged" with EK who has "merged" with Etihad who has "merged" with Saudia and who has "merged" with Gulf Air.
By "merged" we mean a serious back end partnership where except for ownership all their assets, routes, employees, back offices, HR, kitchens etc (i.e. all possible resources) are being shared very vigorously.
They are now a 5 in 1 airline in GCC.
And the worst is yet to come despite whatever they are throwing at their problems as solutions.
None of them will work because they have animosity with so many nations who will never fly on their planes nor allow them to fly above them.
Etihad is not even able to pay back their debts nor interest on it.
Iran was their main trade partner for goods who is permanently gone from Dubai.
6 new sea ports have been built by China in the region and Dubai became the only port with latest data to have had a decline while all ports worldwide were flat in volumes.
Currencies of African nations, Russia, Iran, even EU, India etc are plunging thus hurting UAE tremendously as a trade port.
2/2
DeleteSeveral civil wars are going on. Qatar, Syria, Iran, Lebanese, Yemeni and so many nationalities are banned unless they already reside in UAE who are being gradually deported for several years now.
Oil has never been 50% down or more in history for over 6 years in a row. This is the longest sustained decline and OPEC has lost it's clout because Qatar is not with them and neither is Iran cooperating plus Russia and USA are producing record amounts of oil so who needs GCC?
This is most certainly and most definitely not going to end well.
Trillion dollars will be vaporized in UAE alone across real estate, most investors are stuck but more will fall apart like Abraaj and Schon.
We are hearing some developers and a few major contractors etc are ready to go bankrupt any day now.
Malls in well populated areas like Dubai Mall and Ibn Batuta are getting emptier with hundreds of closed stores. Entire street markets in Gold souk to Textile markets are deserted for the first time in 50 years where people had to pay 1-5 million as key money, now such front line stores are locked up.
Cash flow has disappeared in UAE and everyone including individual families are surviving on savings instead of income flows.
If you see this very sad video of how people don't even have 10-20 dirhams to pay for valet parking in Dubai, it's very unfortunate.
https://gulfnews.com/uae/video-woman-drives-away-with-valet-worker-still-on-bonnet-in-dubai-1.63650596
Let's see how this crisis unfolds next.
Thank you and best wishes,
One hour ago all ADEC/MOE employees (about 4-5000 teachers plus admin-all westerners) just received an email stating their teaching salary is going from 12-21k per month and 100k housing plus annual airfare are switching to 16k-21k per month, Admin salaries varied from 21-35k plus 200k housing per year housing is not guaranteed on the new contracts and will be allocated based on social class and job title. AKA teachers will receive zero housing and zero annual flight other than entry and exit. Admin may receive a much smaller housing stipend but very few western admin remain from last years purge as Adec cut 100+ Vice principals and kept 3 to train new indian 'building managers'.
ReplyDeleteBut the kicker is this...the old contract had a basic salary listed as the full salary if you were paid 15k your basic was 15k for your end of service, now the end of service is changing to 6300aed thus the end of service for all accumulated years will be based off the most recent year. This will be theft of 10s of millions of dirhams if you consider each teacher is probably accumulated around 100k aed in end of service they are expecting now that will be cut by more than half. No word if they resign at the end of the school year if they will resign under the old contract terms and receive full EOS or it will all be based off the new contract EOS which is 1/3 of the amount. In all the teacher facebook groups there is panic, and many asking anonymously about running with debt. I told you the next month will be interesting.
Hello,
DeleteThank you for your valuable insight again.
This is worrisome although it has happened to contractors, sub contractors, developers, bankers, various construction material suppliers and many more since the past 5 years.
Guess it's the turn of the teachers now to contribute to the bankrupt UAE Govt.
They cannot cut the airfare because it's enshrined in the 1980 UAE Labour Law. We don't believe that the UAE Labour Law has been amended. But who is going to bell the cat?
If they encode it in the new contract that means that the teachers are voluntarily accepting the cut in airfare which is permissible in the UAE Labour Law since the laws are one sided and not well defined.
The end of service cut will hit them hard unless they resign immediately, which is what they want anyways. So each one will need to make a call individually.
Govt is trying it's level best to fine or charge people as much as they can which is why we keep repeating that everyone will leave UAE penniless or through a jail.
Today that video recorder of the valet incident has been arrested. His entire life will be destroyed in the happy country of Dubai! https://m.khaleejtimes.com/nation/dubai/man-arrested-for-recording-video-of-valet-sitting-on-car-bonnet-in-dubai-
They even started a new fine in Dubai for catcalling on women and will arrest more which carries a 10k dirham fine plus 1 year jail. https://m.khaleejtimes.com/nation/hefty-fine-jail-for-staring-at-women-passing-sexual-comments-in-uae
Oldest facilities are collapsing in UAE: https://gulfnews.com/uae/dubais-al-noor-training-centre-facing-financial-crisis-1.63270663
Marriott Deira is shutting in 10 days after 28 years. https://gulfbusiness.com/jw-marriott-dubai-deira-suspend-operations-next-month/
Anyone who believes UAE is becoming less bureaucratic is WRONG!
People in Sharjah need to go to municipality after securing a letter form the landlord to get a clearance letter before moving their houses!
https://www.dubaieye1038.com/news/business/heres-why-sharjah-tenants-need-official-clearance-before-vacating-property/
Etihad doesn't even have the money to buy TV screens in their planes for their budget airline.
https://www.thenational.ae/business/aviation/etihad-announces-upgraded-economy-class-cabins-1.854690
Lots of stuff happening but all is hidden underground behind the shining curtain in the dark underbelly of UAE.
Stay safe and may God bless all UAE residents who refuse to listen to us and still don't want to leave!
With sympathies for all the hard working teachers out there, but with a suggestion to leave UAE asap, however hard it may be, because the next few years are gonna be even worse.
Thank you and best wishes,
A clarification for you regarding the flights. On the previous contract teachers received a flight into UAE, an exit flight when completing their contract, as well as an annual flight allowance (for the teacher and all dependents) to and from their home country, this was usually between 8-12000aed depending on their residence. The new countries will keep the entry and exit flight but cut the annual flight allowance. This will save the company on average 10k AED per employee + per dependent. 4000 employees x 10,000 = 40 million AED per year saved not including dependents so this number could easily be closer to 100 million annually. Multiply that by 2 for the amount they will save on end of service going forward and by 2 again for the savings on monthly salary, and at a low end figure they will be saving 2-300million AED per year going forward, but the big savings will be on the EOS accrued by these thousands of teachers. I myself would stand to lose 85-95000AED if I signed on to the new contract. I am at the longer end of the spectrum in terms of how much they would owe but if you assume majority of teachers are there for atleast 5-10 years now, thats a savings of anywhere between 200million aed to 500M AED this summer on top of the savings going forward.
ReplyDelete