Exchange houses in the UAE have reported a spike in demand for remittances to the UK. Victor Besa for The National.
Exchange houses in the UAE have reported a spike in demand for remittances to the UK. Victor Besa for The National.
Exchange houses in the UAE have reported a spike in demand for remittances to the UK. Victor Besa for The National.
Exchange houses in the UAE have reported a spike in demand for remittances to the UK. Victor Besa for The National.


The Gulf remittance story is worth cherishing


The National
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June 24, 2022

A win-win relationship

I write in reference to Ramola Talwar Badam's article How Indians in UAE are working to secure a better future for families back home (June 16): the stories of Indian expatriates living in the UAE and providing for their families are touching. People work hard for years to give their families back home a good life. As someone who used to live in the UAE, I am aware of the hard work and sacrifices expats living in the Gulf make to afford their families the best shot at life. The Gulf expat story is an integral part of the larger Gulf development story. Everyone from expats to locals to governments can be proud of this decades-long, mutually beneficial arrangement.

K Ragavan, Bengaluru, India

EU should have its own security council

I write in reference to Neil Murphy's article Ukraine awaits EU word on membership as Russia makes gains near Severodonetsk (June 20): as many readers have already noticed, decisions, whether in Nato or the EU, are blocked with constant vetoes. Now, it has to be said about the veto in the EU that it is used very often by Hungary, for example, in the bloc's planned sanctions against Russia. This could be remedied if only the six founding members of the EU – France, Germany, Italy and the so-called Benelux countries – have the right of veto within the organisation.

Stefan Vollmershausen, Berlin, Germany

People should continue to wear masks

I write in reference to Nick Webster and Shireena Al Nowais' article Doctors warn complacency is the biggest risk as Covid-19 cases in UAE rise (June 22): in Canada, at a grocery store check-out counter recently, an unmasked young man in the queue stood inches away from me. I requested him to wear a mask and/or keep his distance as marked on the floor. Whereupon, he rudely and loudly asked if I was the police. He also called me ignorant and said the mask mandate had been lifted. There was general laughter from other unmasked shoppers. I wish the store staff had demanded the man leave the shop. The sign on the door clearly said: “No mask. No entry.” But they did not. Instead, I left without the groceries.

It seems that in parts of the world the human and financial costs of Covid-19 have not been felt by many people.

Asha Gidwani, Toronto, Canada

Tips for newlyweds to better manage finances

All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.

Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.

Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.

Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.

Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.

Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.

Ant-Man and the Wasp

Director: Peyton Reed

Starring: Paul Rudd, Evangeline Lilly, Michael Douglas

Three stars

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UAE currency: the story behind the money in your pockets
UFC Fight Night 2

1am – Early prelims

2am – Prelims

4am-7am – Main card

7:30am-9am – press cons

Engine: 80 kWh four-wheel-drive

Transmission: eight-speed automatic

Power: 402bhp

Torque: 760Nm

Price: From Dh280,000

Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Results
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China and the UAE agree comprehensive strategic partnership

China and the UAE forged even closer links between the two countries during the landmark state visit after finalising a ten-point agreement on a range of issues, from international affairs to the economy and trade and renewable energy.

1. Politics: The two countries agreed to support each other on issues of security and to work together on regional and international challenges. The nations also confirmed that the number of high-level state visits between China and the UAE will increase.

2. Economy: The UAE offers its full support to China's Belt and Road Initiative, which will combine a land 'economic belt" and a "maritime silk road" that will link China with the Arabian Gulf as well as Southeast, South and Central China, North Africa and, eventually, Europe. 

3. Business and innovation: The two nations are committed to exploring new partnerships in sectors such as Artificial Intelligence, energy, the aviation and transport industries and have vowed to build economic co-operation through the UAE-China Business Committee.

4. Education, science and technology: The Partnership Programme between Arab countries in Science and Technology will encourage young Emirati scientists to conduct research in China, while the nations will work together on the peaceful use of nuclear energy, renewable energy and space projects. 

5. Renewable energy and water: The two countries will partner to develop renewable energy schemes and work to reduce climate change. The nations have also reiterated their support for the Abu Dhabi-based International Renewable Energy Agency.

6. Oil and gas: The UAE and China will work in partnership in the crude oil trade and the exploration and development of oil and natural gas resources.

7. Military and law enforcement and security fields: Joint training will take place between the Chinese and UAE armed forces, while the two nations will step up efforts to combat terrorism and organised crime. 

8. Culture and humanitarian issues: Joint cultural projects will be developed and partnerships will be cultivated on the preservation of heritage, contemporary art and tourism. 

9. Movement between countries: China and the UAE made clear their intent to encourage travel between the countries through a wide-ranging visa waiver agreement.

10. Implementing the strategic partnership: The Intergovernmental Co-operation Committee, established last year, will be used to ensure the objectives of the partnership are implemented.

 

 

COMPANY PROFILE

Founders: Sebastian Stefan, Sebastian Morar and Claudia Pacurar

Based: Dubai, UAE

Founded: 2014

Number of employees: 36

Sector: Logistics

Raised: $2.5 million

Investors: DP World, Prime Venture Partners and family offices in Saudi Arabia and the UAE

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Updated: June 24, 2022, 3:00 AM