News & Insights: 19/01/2025
ICYMI - Aldar Properties closes $2.45bn sustainability-linked RCF, UAE & Uganda agree to build specialized eye-care hospital in Uganda, and where are over 10,800+ UK HNWIs leaving Britain for?
In today’s newsletter, Zawya reported yesterday that Erth Zayed Philanthropies, under the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and as part of the UAE Global Hospitals Program, aims to establish 10 specialized hospitals within a decade to address the healthcare needs of underserved communities and provide access to healthcare infrastructure.
Also, in other news, Abu Dhabi real estate developer and asset manager Aldar Properties has closed a 9 billion UAE dirhams ($2.4 billion) sustainability-linked syndicated multi-tranche revolving credit facility (RCF).
Finally, new figures from investment experts Henley & Partners have shown that the UAE has become the second most popular destination for high-net-worth individuals looking to leave the UK ahead of changes to the tax regime.
1. Recap: More than 800 high-net-worth individuals have left Britain
Keir Starmer's government has announced changes to the tax system, which will see current non-doms’ overseas assets subjected to UK inheritance tax for the first time from April. Previously, non-doms paid a £30,000 annual fee to HM Revenue & Customs to protect their offshore income and gains.
According to figures compiled by global analytics firm New World Wealth and investment migration advisers Henley & Partners, the exodus accelerated after the general election in July, which saw Mr Starmer's party seize power after 14 years of Conservative government. Britain lost a net 10,800 millionaires to migration last year, a 157% increase on 2023.
A survey by economic advisory firm Oxford Economics found that nearly two-thirds are planning to leave the UK or considering doing so because of the changes.
2. Recap: UAE, Uganda agree to build specialized eye-care hospital
The UAE and The Republic of Uganda have signed an agreement for financial investment of US$ 20 million to build an ophthalmology hospital in the city of Entebbe, Uganda. according to sources at Zawya.
According to the World Health Organisation, one in six blind individuals globally resides in Africa, with 26 million African citizens experiencing some degree of visual impairment. Despite this, only 14% of those suffering from cataracts can access treatment. In Uganda, the Ministry of Health estimates that approximately 400,000 Ugandans are blind, and over 1 million have visual impairments. Notably, nearly 58% of blindness cases in Uganda are caused by cataracts, a treatable condition.
The agreement was signed on behalf of the UAE by His Excellency Sultan Mohamed Al Shamsi, Vice Chairman of the UAE Aid Agency, and on behalf of Uganda by His Excellency Vincent Bagiire Waiswa, Permanent Secretary of the Ministry of Foreign Affairs.
