People in the UAE are among the most willing globally to retrain or reskill, with 76 per cent of residents viewing the post-Covid-19 slowdown as an opportunity to increase their earnings compared with a global average of 64 per cent, according to a survey by Standard Chartered.
The study of 12,000 adults across 12 markets – Hong Kong, Taiwan, China, Singapore, Indonesia, Malaysia, India, the UAE, Kenya, Pakistan, the UK and the US – also found that UAE residents are more willing to start a new business than their global counterparts.
Some 55 per cent of the UAE's residents aged between 18 and 44 (Generation Z and millennials) said they would respond to the Covid-19-induced crisis by starting a new business in the next six months compared with 35 per cent of those aged 45 and above. These data are higher than in the rest of the world, where the figures are 52 per cent and 30 per cent, respectively.
In the UAE, 76 per cent of 25 to 34 year-olds said they would set up a second income stream in response to the pandemic.
“It is encouraging to see that young people in the UAE are the most confident in their skills and are prepared to work hardest and smarter to realise opportunities in a post-Covid world,” said Sonny Zulu, head of retail banking at Standard Chartered UAE.
“Many are considering starting a new business in the wake of the pandemic but want to learn how to manage their finances better.”
Another survey conducted by market research firm YouGov in July this year found that one-third of people in the UAE expect their finances to improve in the 12 months after the gradual reopening of the economy in response to the Covid-19 pandemic. However, 23 per cent of respondents expect their finances to remain unchanged, while a quarter think they will get worse.
People’s levels of confidence, adaptability and entrepreneurialism tend to decrease with age, perhaps because older generations are more established in their careers, the study found.
It is encouraging to see that young people in the UAE are the most confident in their skills and are prepared to work hardest and smarter to realise opportunities in a post-Covid world
Some 77 per cent of 18 to 44 year-olds in the UAE said they would reskill themselves compared with 56 per cent of those aged 55 and over.
Young people in the UAE are also confident of their skills, with 87 per cent of those aged from 18 to 34 saying they have the digital skills needed to thrive in a post-Covid-19 world compared with 71 per cent of those over 65.
The divide is also evident when comparing developed and developing markets. Those in established global economies are not only less confident that they have the digital skills needed to thrive amidst the downturn but also less willing to adapt and take steps to increase their income.
More than 86 per cent of UAE residents said they would prefer to work more than reduce their hours for less pay. The UAE ranked behind Kenya, China, India and Pakistan (all over 88 per cent) in this category. The UK and the US had the highest proportion of people who valued free time over money (38 per cent and 33 per cent respectively).
Meanwhile, the study found that 80 per cent of UAE residents want to better manage their money to make it go further, ranking below Kenya (93 per cent), Indonesia (90 per cent), China (85 per cent), Malaysia (83 per cent) and India (82 per cent).
Survey respondents also expressed the need for more flexibility when it comes to working arrangements post-Covid-19. In the UAE, 67 per cent of people would prefer to continue working from home for at least two days a week once restrictions are lifted and 77 per cent want more flexible working arrangements. However, the UAE ranked second highest, just below India, for missing the atmosphere of working from the office.
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How to become a Boglehead
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
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Killing of Qassem Suleimani
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
How to volunteer
The UAE volunteers campaign can be reached at www.volunteers.ae , or by calling 800-VOLAE (80086523), or emailing info@volunteers.ae.
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
SAUDI RESULTS
Team Team Pederson (-40), Team Kyriacou (-39), Team De Roey (-39), Team Mehmet (-37), Team Pace (-36), Team Dimmock (-33)
Individual E. Pederson (-14), S. Kyriacou (-12), A van Dam (-12), L. Galmes (-12), C. Hull (-9), E. Givens (-8),
G. Hall (-8), Ursula Wikstrom (-7), Johanna Gustavsson (-7)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
TEACHERS' PAY - WHAT YOU NEED TO KNOW
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues
