Retiring early remains out of reach for many in the UAE, with 45 per cent of residents saying they have not yet started saving for their golden years, a survey by insurance company Friends Provident International found.
About 44 per cent of people in the Emirates expect to retire by 55, while 63 per cent hope to do so before they turn 60, according to the FPI survey, which polled 1,000 people.
“There appears to be a strong disconnect between the aspirations of many individuals in this survey in the UAE to retire early and the reality of how much they will need to save for retirement,” David Kneeshaw, group chief executive at FPI, said.
The Covid-19 pandemic has put employee financial issues in the spotlight and many companies are now trying to formulate plans to help workers bridge their savings gap.
A 2020 survey by Mercer found that 45 per cent of foreign employees in the UAE either had no means of maintaining a decent standard of living in their retirement, or plan to work beyond retirement age to derive enough income for their later years.
In March, the Dubai government unveiled a new savings retirement scheme for foreign employees working in the emirate's public sector.
It is essential for everyone to prepare early when thinking about retirement
David Kneeshaw,
group chief executive at Friends Provident International
The foreign employees will be enrolled in the savings scheme by default and the employer will contribute the total end-of-service gratuity to the plan from the date of joining, without including the financial dues for previous years of service.
The Dubai retirement fund scheme will be supervised by a board of trustees with assistance from Dubai International Finance Centre. The scheme will offer foreign employees a choice of capital protection investment plans, including Sharia-compliant options.
The DIFC was the first entity in the UAE to set up a new gratuity system when it introduced the DIFC Employee Workplace Savings plan, or Dews, in February 2020.
The free zone’s employers are required to make monthly contributions of 5.83 per cent or 8.33 per cent of an employee’s wage, depending on their length of service, to a fund administered by a trust. Employees can also choose to make voluntary contributions to the Dews plan.
Meanwhile, 40 per cent of UAE residents will start saving for their twilight years only 10 years or less before they reach retirement, the FPI survey found.
Younger people in the UAE have a more realistic expectation about retirement, according to the FPI survey.
More respondents in the 18 to 24-year-old age group than any other said they will start saving between 15 and 20 years before they reach retirement, or between 20 and 25 years, it added.
About 27 per cent of those surveyed think they can retire on less than $2,500 (Dh9,181) a month, while a similar percentage of people believe $5,000 will be enough.
Another 15 per cent said they don’t know or are unsure of the amount required to retire.
Among people in the UAE who have some savings, 53 per cent said it is in the form of general bank deposits, FPI found.
“It is essential for everyone to prepare early when thinking about retirement,” Mr Kneeshaw said.
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Trump v Khan
2016: Feud begins after Khan criticised Trump’s proposed Muslim travel ban to US
2017: Trump criticises Khan’s ‘no reason to be alarmed’ response to London Bridge terror attacks
2019: Trump calls Khan a “stone cold loser” before first state visit
2019: Trump tweets about “Khan’s Londonistan”, calling him “a national disgrace”
2022: Khan’s office attributes rise in Islamophobic abuse against the major to hostility stoked during Trump’s presidency
July 2025 During a golfing trip to Scotland, Trump calls Khan “a nasty person”
Sept 2025 Trump blames Khan for London’s “stabbings and the dirt and the filth”.
Dec 2025 Trump suggests migrants got Khan elected, calls him a “horrible, vicious, disgusting mayor”
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Director: Michael Bay
Stars: Ryan Reynolds, Adria Arjona, Dave Franco
2.5 / 5 stars
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Museum of the Future in numbers
- 78 metres is the height of the museum
- 30,000 square metres is its total area
- 17,000 square metres is the length of the stainless steel facade
- 14 kilometres is the length of LED lights used on the facade
- 1,024 individual pieces make up the exterior
- 7 floors in all, with one for administrative offices
- 2,400 diagonally intersecting steel members frame the torus shape
- 100 species of trees and plants dot the gardens
- Dh145 is the price of a ticket
'THE WORST THING YOU CAN EAT'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Killing of Qassem Suleimani
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
