The UAE is a land of great opportunity, offering Emiratis and expatriates alike the chance to earn tax-free salaries and to enjoy a high-quality lifestyle. But there are also endless opportunities to spend money, and many people fail to put aside enough for their retirement and future health care.
While retirement may be the last thing on the minds of young people, the fact is that the earlier you begin saving, the more comfortable you will be in later life. However, too many of us are tempted to live beyond our means. A survey conducted last year by insurer Zurich International Life showed that most people failed to save at all even though they knew that their end-of-service gratuity would be inadequate to meet their retirement needs. Moreover, almost 90 per cent of companies self-manage these funds, meaning employees are vulnerable if the company goes out of business.
And, as The National reported yesterday, many people – including more than 50 per cent of Emiratis – have monthly personal-loan or credit-card payments. Banks aggressively market these products, which often carry high interest rates and inflexible repayment terms, but do little to incentivise people to save, with few products that are tailored to local needs and offer adequate returns.
As we have argued before, the time is ripe to consider a national gratuity scheme, where monthly contributions are held and invested by a third party. Such a scheme could be underwritten by government and managed either under international norms or in compliance with Sharia finance rules. They could also allow employees to make top-up contributions to the fund.
Most important, however, is for individuals to be realistic about their personal financial planning. Putting aside a proportion of your wage each month is a sensible, and relatively painless, way of protecting your future. Nobody wants to think about it, but we are all at risk of unemployment and illness, and we will all need to retire one day. The decisions you make now will affect how well you will live in the future.
Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
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Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
MATCH INFO
Manchester City 2 (Mahrez 04', Ake 84')
Leicester City 5 (Vardy 37' pen, 54', 58' pen, Maddison 77', Tielemans 88' pen)
Man of the match: Jamie Vardy (Leicester City)
Day 4, Dubai Test: At a glance
Moment of the day Lahiru Gamage appeared to have been hard done by when he had his dismissal of Sami Aslam chalked off for a no-ball. Replays suggested he had not overstepped. No matter. Two balls later, the exact same combination – Gamage the bowler and Kusal Mendis at second slip – combined again to send Aslam back.
Stat of the day Haris Sohail took three wickets for one run in the only over he bowled, to end the Sri Lanka second innings in a hurry. That was as many as he had managed in total in his 10-year, 58-match first-class career to date. It was also the first time a bowler had taken three wickets having bowled just one over in an innings in Tests.
The verdict Just 119 more and with five wickets remaining seems like a perfectly attainable target for Pakistan. Factor in the fact the pitch is worn, is turning prodigiously, and that Sri Lanka’s seam bowlers have also been finding the strip to their liking, it is apparent the task is still a tough one. Still, though, thanks to Asad Shafiq and Sarfraz Ahmed, it is possible.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
