Mohammed Qasim Al Ali, the chief executive of National Bonds, hopes the #SavingsExcuse campaign will help people identify what stops them from putting money aside. Razan Alzayani / The National
Mohammed Qasim Al Ali, the chief executive of National Bonds, hopes the #SavingsExcuse campaign will help people identify what stops them from putting money aside. Razan Alzayani / The National

Seven in ten UAE residents unsure how to achieve their financial goals



Seven in ten UAE residents are unsure of the steps needed to achieve their financial goals, a poll by National Bonds revealed on Monday, as the UAE investment company launched a new campaign to encourage better saving habits.

According to the poll of almost 400 residents conducted in the first nine months of the year, 69 per cent of respondents lack awareness about financial planning.

Despite the lack of clarity on how to save and invest their money, 53 per cent were most interested in receiving financial advice related to retirement planning. This was consistent among Arabs, Asians and Western expats, according to National Bonds, while Emiratis are more concerned with advice on financial health.

National Bonds is now calling on UAE residents to identify the personal challenges that act as barriers to savings, urging them to be share their financial excuses on social media using the hashtag #SavingsExcuse to win Dh100,000.

“We have long supported the Government’s ambition to increase financial literacy and savings to achieve a healthy and secured financial future for individuals and their families,” said Mohammed Qasim Al Ali, chief executive of National Bonds.

“Most people know they should be saving; the hard part is knowing where to start.

Mr Al Ali said the campaign “will help people identify what exactly it is that prevents them from putting money aside” and help them "overcome it".

National Bonds said many expats are lured to the UAE by tax-free salaries with every intention of saving each month, but their plans quickly get diverted as they get caught up in the lifestyle on offer.

The investment company hopes the initiative will instill a culture of saving across the emirates, helping residents realise that even a small tweak in their spending habits can make a difference.

While the tongue-in-cheek campaign could encourage some residents to take comfort in the fact that others are also failing to put money aside, savings experts said any awareness initiative is a positive thing.

Rasheda Khatun Khan, a wealth and wellness planner and founder of Design Your Life, said: “Hopefully it will at least get people to realise that they actually have an 'excuse' and not a reason.”

Ms Khatun Khan said the top excuse she hears is “my expenses are more than my income”. “Another common one is, 'I have nothing left at the end of the month,” she added.

__________

Read more:

'We live on a shoestring in the UAE': Spendthrift expats reveal budget secrets

Dubai resident: 'I retired at 37 after achieving financial independence in two years'

Broke after the holidays? Here are 20 tips to get your finances back on track in the UAE

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Steve Cronin, the founder of WISE, an independent community for financial education and support in the UAE, said:  “Seeing a list of creative excuses is more likely to prompt recognition (and maybe a flash of guilt) than give people comfort that nobody else is bothering to save.”

But Mr Cronin said  one of the main reasons residents fail to stash their cash is because they work hard and do not have time to deal with their finances properly.

“Saving requires discipline and the delay of gratification. No brain is very good at this, until it is made to realise that saving can be quite simple and even rewarding," he said.

“Living in the UAE sometimes feels like an alternate reality, where boring, real-life things like saving can be dealt with when they return to their home country. This is a huge mistake as expats have the best opportunity to set themselves up for their future while in the UAE. Other people have a 'head in the desert sand' approach and dare not think about the financial mess they are in.”

Mr Qasim Al Ali said the No.1 excuse he had heard was that a person's income was not high enough to save; examine their savings habits, he added, and you will find a different story.

"You will find they don’t have budgets, they overspend on unnecessary travel, food items, new phones, new cars – so it’s about those things that you are trying to alert the public about," he said.

"The main reason is that people have to be aware of the psychological barriers to saving. Unfortunately, not being able to save is a trap that people believe. It’s all about financial planning and why financial planning will always lead to savings and a happy retirement."

Financial expert Steve Cronin of WISE, offers his tips on kickstarting a new savings strategy:

• First get a grip on your finances and understand what is coming in and going out. Make yourself accountable to someone else, such as a friend or relative, to demonstrate you are making progress

• Google a few articles on saving tips, it takes less than 30 minutes to learn a lot about the basics

• Track what you spend and identify where you can make large or regular cuts to your spending

• Reduce your credit card balances as much as possible

• Set aside a specific percentage to save every month and get it into a separate account as fast as possible to ensure you cannot spend it easily

• Try to increase your savings percentage so you are saving more of your salary each month

• Learn how to invest your savings offshore in cheap and diversified ETFs (exchange traded funds)

• Don't let your sudden enthusiasm for saving get you trapped in an expensive long-term savings plan

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

Source: Federal Office for the Protection of the Constitution

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BUNDESLIGA FIXTURES

(All games 4-3pm kick UAE time) Bayern Munich v Augsburg, Borussia Dortmund v Bayer Leverkusen, Hoffenheim v Hertha Berlin, Wolfsburg v Mainz , Eintracht Frankfurt v Freiburg, Union Berlin v RB Leipzig, Cologne v Schalke , Werder Bremen v Borussia Monchengladbach, Stuttgart v Arminia Bielefeld

Astroworld
Travis Scott
Grand Hustle/Epic/Cactus Jack

How to avoid crypto fraud
  • Use unique usernames and passwords while enabling multi-factor authentication.
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The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Women’s T20 World Cup Asia Qualifier

ICC Academy, November 22-28

UAE fixtures
Nov 22, v Malaysia
Nov 23, v Hong Kong
Nov 25, v Bhutan
Nov 26, v Kuwait
Nov 28, v Nepal

ICC T20I rankings
14. Nepal
17. UAE
25. Hong Kong
34. Kuwait
35. Malaysia
44. Bhutan 

UAE squad
Chaya Mughal (captain), Natasha Cherriath, Samaira Dharnidharka, Kavisha Egodage, Mahika Gaur, Priyanjali Jain, Suraksha Kotte, Vaishnave Mahesh, Judit Peter, Esha Rohit, Theertha Satish, Chamani Seneviratne, Khushi Sharma, Subha Venkataraman

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs

Engine: 4-litre twin-turbo V8

Transmission: nine-speed

Power: 542bhp

Torque: 700Nm

Price: Dh848,000

On sale: now

pakistan Test squad

Azhar Ali (capt), Shan Masood, Abid Ali, Imam-ul-Haq, Asad Shafiq, Babar Azam, Fawad Alam, Haris Sohail, Imran Khan, Kashif Bhatti, Mohammad Rizwan (wk), Naseem Shah, Shaheen Shah Afridi, Mohammad Abbas, Yasir Shah, Usman Shinwari

CHATGPT%20ENTERPRISE%20FEATURES
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U19 WORLD CUP, WEST INDIES

UAE group fixtures (all in St Kitts)

  • Saturday 15 January: UAE beat Canada by 49 runs 
  • Thursday 20 January: v England 
  • Saturday 22 January: v Bangladesh 

UAE squad:

Alishan Sharafu (captain), Shival Bawa, Jash Giyanani, Sailles
Jaishankar, Nilansh Keswani, Aayan Khan, Punya Mehra, Ali Naseer, Ronak Panoly,
Dhruv Parashar, Vinayak Raghavan, Soorya Sathish, Aryansh Sharma, Adithya
Shetty, Kai Smith  

Racecard

6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m

7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m

7.40pm: Handicap (TB) $135,000 (D) 1,200m

8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m

8.50pm: Handicap (TB) $135,000 (T) 1,000m

9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m

10pm: Handicap (TB) $175,000 (T) 2,410m

The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud

Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
How to protect yourself when air quality drops

Install an air filter in your home.

Close your windows and turn on the AC.

Shower or bath after being outside.

Wear a face mask.

Stay indoors when conditions are particularly poor.

If driving, turn your engine off when stationary.

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4

Henrik Stenson's finishes at Abu Dhabi HSBC Championship:

2006 - 2
2007 - 8
2008 - 2
2009 - MC
2010 - 21
2011 - 42
2012 - MC
2013 - 23
2014 - MC
2015 - MC
2016 - 3
2017 - 8

Game Changer

Director: Shankar 

Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram

Rating: 2/5

In numbers

1,000 tonnes of waste collected daily:

  • 800 tonnes converted into alternative fuel
  • 150 tonnes to landfill
  • 50 tonnes sold as scrap metal

800 tonnes of RDF replaces 500 tonnes of coal

Two conveyor lines treat more than 350,000 tonnes of waste per year

25 staff on site

 

Roll%20of%20Honour%2C%20men%E2%80%99s%20domestic%20rugby%20season
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UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
 
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
 
Round 3: February 7-9, Dubai Autodrome – Dubai
 
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
 
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
  • Stay invested: Time in the market, not timing the market, is critical to long-term gains.
  • Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
  • Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
 
 
THE BIO

Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old

Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai

Favourite Book: The Alchemist

Favourite quote: Failing to prepare is preparing to fail

Favourite place to Travel to: Vienna

Favourite cuisine: Italian food

Favourite Movie : Scent of a Woman

 

 

The stats

Ship name: MSC Bellissima

Ship class: Meraviglia Class

Delivery date: February 27, 2019

Gross tonnage: 171,598 GT

Passenger capacity: 5,686

Crew members: 1,536

Number of cabins: 2,217

Length: 315.3 metres

Maximum speed: 22.7 knots (42kph)

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Our legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

While you're here
UAE's final round of matches
  • Sep 1, 2016 Beat Japan 2-1 (away)
  • Sep 6, 2016 Lost to Australia 1-0 (home)
  • Oct 6, 2016 Beat Thailand 3-1 (home)
  • Oct 11, 2016 Lost to Saudi Arabia 3-0 (away)
  • Nov 15, 2016 Beat Iraq 2-0 (home)
  • Mar 23, 2017 Lost to Japan 2-0 (home)
  • Mar 28, 2017 Lost to Australia 2-0 (away)
  • June 13, 2017 Drew 1-1 with Thailand (away)
  • Aug 29, 2017 v Saudi Arabia (home)
  • Sep 5, 2017 v Iraq (away)
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5