More than half of the UAE’s residents see debt as being part of their lives for the forseeable future, the results of a survey show.
Fifty-seven per cent of the survey’s respondents said they had a long way to go before becoming free of debt, and nearly half do not have a savings plan in place.
That is according to a YouGov survey that was conducted in collaboration with UAE Saves Week, an initiative aimed at the advancement of financial literacy in the country.
The findings echo HSBC research that shows 50 per cent of UAE residents are not regular savers.
More than 60 per cent of the YouGov survey respondents said they would not be able to rely on their savings for more than six months if their sources of income dried up.
“We have been hearing about concerns regarding personal financial health in the UAE for a long time now and they are ever-increasing,” said Nima Abu-Wardeh, the founder and chief executive of cashy.me, the organiser of UAE Saves Week.
“Fast-paced lifestyles, tax-free living and high disposable incomes all contribute to this, and easy access to external sources of income aggravates the trend further.
“UAE Saves Week is dedicated to helping people in physically making small changes in their lives that will ultimately lead to better financial health and overall happiness,” said Ms Abu-Wardeh.
Indeed, data from the Central Bank show that personal loans extended to residents increased by Dh3.8 billion in June, the sixth consecutive month of increases.
It was the biggest monthly increase in the three years of Central Bank records.
Total personal lending has risen by Dh15.3bn this year. That is equivalent to the total amount of new consumer credit extended over the preceding two-and-a-half years. In all, the UAE had outstanding consumer loans of Dh276.2bn at the end of June.
Today, UAE Saves Week, which hopes to improve UAE residents’ money management ability in small incremental steps, moves into Wise Up Wednesday, culminating in Frugal Friday and Stick With It Saturday.
Wise Up Wednesday calls on residents to “wake up” and “learn where you could be saving yourself a headache” when it comes to dealing with banks, financial statements and the “misunderstandings” that could cost time and money.
“There is a lot of free literature on financial management but we know that it is easier said than done,” said Ms Abu-Wardeh, who is also a columnist for The National.
“We launched UAE Saves Week with the objective of helping people take the first steps towards saving money and, hopefully, to continue to practice these lessons for the rest of their lives.”
For more information on UAE Saves Week visit http://www.cashy.me/en/uaesw2013/uae-saves-week-2013/
ascott@thenational.ae
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Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Jawan
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Company%20Profile
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Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
UAE currency: the story behind the money in your pockets
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
