Emirati children have always been taught that the most valuable tool they need to equip themselves with and push our country forward is education, hence the abundance of quality schools.
As much as I value education, I came to realise that certain types of knowledge are more relevant than others when considering economic uncertainty.
During times when we cannot accurately predict how the financial market will perform the next day, knowing how to "save your white penny for your dark day", as an ancient Arab proverb states, seems to be the most sought knowledge.
Even though countless numbers of young Emiratis have made it to the top by following their passions, many others are still unable to take the first step because they lack proper financial management tips.
This is not a new topic, or something out of the ordinary.
Many young Emiratis complain to each other about how they are unable to manage their finances, and are swamped with debt, even when they hold high-paying jobs.
They blame it on their schools for not providing them with basic finance and savings tips and their parents for not teaching them better. They also point to the luxury of not having to worry about the future because we are blessed to be living in a calm and secure country.
Nevertheless, blaming some factors and taking others for granted does not make things right. Just the other day, I saw a young girl throw her brother's iPhone on the ground as she was fighting with him. Frustrated, her mother asked her why she had to ruin his phone.
"It's OK, dad has a lot of money. He would replace it for him anyways," she said arrogantly.
I was in shock. It is not the first time I have witnessed such behaviour or heard similar sayings, but it was a wake-up call for me.
If these same young children, who in a very few years will manage our businesses and industries, do not value money, and take it for granted, then we are in for a very bad roller coaster ride.
Luckily, I recently turned on the radio and found a programme on this very issue.
The topic generated a huge response from Emirati listeners, and many called in to discuss their children's poor allowance management.
The show's host, a social worker from Sharjah, said just like any good habit, teaching children how to save and manage money should take place at an early age.
Intrigued, I did more research. The internet provided me with hundreds of solutions.
My current favourite is a series of Sesame Street Money videos, For me, for You, for Later. The series is part of a new, free programme aimed at teaching young ones about basic finance. The videos can be accessed online and are available in both English and Spanish.
A great initiative was undertaken by PNC Bank in the US, a sponsor of the programme, which distributed the video to their clients free of charge.
Think how much we would influence children if all local banks adopted a similar approach.
What other options are also out there? Perhaps provide them with instructional tools, such as a money safe. Tell them that this safe is their own private bank, and that they are the only ones who have access to it.
Colourful ones are available on Amazon.com and most do not cost more than US$25 (Dh91.83).
Another great idea is to provide young savers with a dividend incentive every time they save money.
Those who save 50 per cent of their weekly allowance, for instance, receive a 10 per cent bonus the following week. The more they save, the higher their total allowance.
Introducing basic concepts such as saving and financing at an early age is vital to sustain the UAE's future economy.
It's so important that I believe it should be a mandatory part of our school curriculum, and augmented through aggressive advertising campaigns.
Manar Al Hinai is an Emirati fashion designer and writer. She can be followed on Twitter @manar_alhinai
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
The specs
Engine: 3.0-litre 6-cyl turbo
Power: 435hp at 5,900rpm
Torque: 520Nm at 1,800-5,500rpm
Transmission: 9-speed auto
Price: from Dh498,542
On sale: now
How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
if you go
The flights
Etihad and Emirates fly direct from the UAE to Seoul from Dh3,775 return, including taxes
The package
Ski Safari offers a seven-night ski package to Korea, including five nights at the Dragon Valley Hotel in Yongpyong and two nights at Seoul CenterMark hotel, from £720 (Dh3,488) per person, including transfers, based on two travelling in January
The info
Visit www.gokorea.co.uk
Zayed Sustainability Prize
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
Company%20profile
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All about the Sevens
Cape Town Sevens on Saturday and Sunday: Pools A – South Africa, Kenya, France, Russia; B – New Zealand, Australia, Spain, United States; C – England, Scotland, Argentina, Uganda; D – Fiji, Samoa, Canada, Wales
HSBC World Sevens Series standing after first leg in Dubai 1 South Africa; 2 New Zealand; 3 England; 4 Fiji; 5 Australia; 6 Samoa; 7 Kenya; 8 Scotland; 9 France; 10 Spain; 11 Argentina; 12 Canada; 13 Wales; 14 Uganda; 15 United States; 16 Russia
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
