Almost half of Abu Dhabi families owe money on loans and more than 50 per cent of Emiratis have no clear plan to budget for household expenses, a government survey found.
The Quality of Life Index by the emirate's Department of Community Development (DCD) showed there is work still to be done to foster a culture of prudent financial management.
The authority hosted a panel discussion this week to raise awareness of the need to save money and strengthen the financial security of the family.
One expert spoke of his efforts to help a man who struggled on a monthly salary of close to Dh100,000 because of his poor budgeting.
It is a behavioural problem that is gradually changing. We recognise that it is a challenge
Mohammed Al Blooshi,
Department of Community Development, Abu Dhabi
Experts highlighted the dangers of people spending more instead of tightening their belts in an effort to maintain their social status.
“It is a behavioural problem that is gradually changing,” said Mohammed Al Blooshi, executive director of the strategic affairs office at DCD.
“We recognise that it is a challenge and we are offering solutions. It is also one of the main pillars for a stable family.”
Family finances under the microscope
- The survey found 47 per cent of Abu Dhabi families have loans to pay back
- 53 per cent of citizens and 42 per cent of residents do not have a clear financial plan for their families' expenses
- However, one in four Emirati families saves a significant amount of their monthly income
While concerns over the financial well-being of families remain, there was encouragement from the number of people seeking help to climb out of debt.
“You need to be responsible and do seek the knowledge because it is out there,” said Mr Al Blooshi.
“There are programmes that the government is offering and there are many solutions,” he said.
Assistance schemes in place include the Ghaya financial literacy programme, established in 2020 in partnership with the Abu Dhabi Global Market Academy and the London Institute of Banking and Finance (LIBF), with the support of the Abu Dhabi Social Support Authority, which offers guidance to Emiratis on how to be fiscally responsible.
Out of pocket on Dh100,000 a month
Even high earners can endure money troubles if they do not balance their income against their outgoings.
Emirati Saif Al Naqbi is a self-made millionaire who has made it a mission to help others after digging himself out of significant debt.
He set up the Gorich app last year to help users track their spending.
“I want every person to know that any employee can be a millionaire,” the founder of Rain Management Consultancies said.
“However, it is important to save and to have a goal to saving.”
The former banker said that residents should be wary of overdependence on credit cards.
“The main problem is that Emiratis spend too much. It is in their behaviour. They spend beyond their means and on non-essential items,” Mr Al Naqbi, 32, said.
He offered a cautionary tale of one Emirati he helped, who had found himself in financial difficulty despite earning a salary close to six figures a month.
“He contacted me saying that in spite of earning almost Dh100,000, he was always broke by the second week of the month and didn’t know where all his money was going.
“When I asked further, I found out that he had two wives, three housemaids and was spending a lot on outings and non-essential items.
“All he needed was better management of his finances and to know exactly where he spent his money.”
Mr Al Naqbi advises people to invest their money wisely to avoid being reliant on a single income.
“Open a business or invest,” he said. “But try to not only be dependent on one salary,” he said.
Mr Al Naqbi said that every person can manage their finances by having five bank accounts.
“One for your salary and one for family expenses and the third is a personal account and a fourth for savings and the last and most important is the investment account,” he said.
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
LEADERBOARD
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
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
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
More from Neighbourhood Watch:
SPECS
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Dr Amal Khalid Alias revealed a recent case of a woman with daughters, who specifically wanted a boy.
A semen analysis of the father showed abnormal sperm so the couple required IVF.
Out of 21 eggs collected, six were unused leaving 15 suitable for IVF.
A specific procedure was used, called intracytoplasmic sperm injection where a single sperm cell is inserted into the egg.
On day three of the process, 14 embryos were biopsied for gender selection.
The next day, a pre-implantation genetic report revealed four normal male embryos, three female and seven abnormal samples.
Day five of the treatment saw two male embryos transferred to the patient.
The woman recorded a positive pregnancy test two weeks later.
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)