The effects of a distant war are rarely felt in the finances of residents in the UAE. Until now.
The US-Israel-Iran war that began at the end of last month is already affecting global markets, driving up oil prices and shipping costs.
While the long-term geopolitical effects are still unfolding, the financial consequences are directly affecting households across the Gulf.
What does this mean for household budgets, savings, and financial security? Should residents move money, pay down debt, or hold additional cash?
In this episode of Business Extra, host Salim A Essaid sits down with Carol Glynn, a UAE-based financial coach and founder of Conscious Finance Coaching, to find out.
Mrs Glynn provides a logical roadmap for navigating your personal finances during uncertain times.
The discussion offers a practical assessment of how much cash may be appropriate to keep on hand for short-term disruptions. She also warns of the expected inflationary effects from rising oil and shipping costs, advising residents to anticipate higher prices for fuel and groceries and to adjust their budgets accordingly.
Finally, Mrs Glynn tackles the topic of investments during the crisis, noting a surge in questions about oil ETFs, gold, and even cryptocurrency, as people look for safe havens or quick gains.
