A new UAE study will analyse the spending habits of households. Chris Whiteoak/ The National
A new UAE study will analyse the spending habits of households. Chris Whiteoak/ The National
A new UAE study will analyse the spending habits of households. Chris Whiteoak/ The National
A new UAE study will analyse the spending habits of households. Chris Whiteoak/ The National

UAE to survey 19,000 families on cost of living in year-long study


Anjana Sankar
  • English
  • Arabic

The UAE will examine the spending habits of thousands of households as part of a year-long study putting cost of living challenges under the microscope.

About 19,000 families will take part in the Household and Income and Expenditure Survey 2024, which was announced on Monday.

The poll, launched by the Ministry of Community Development in partnership with the Federal Competitiveness and Statistics Centre (FCSC) and national statistics centres across the UAE, aims to help shape strategies to bolster living standards.

It will take into consideration circumstances which influence the financial outlook of families, including education, job roles, and other social, demographic and economic factors.

Hanan Ali Al Marzouqi, director of the Field Surveys Department at the Abu Dhabi Statistics Centre
Hanan Ali Al Marzouqi, director of the Field Surveys Department at the Abu Dhabi Statistics Centre

The survey is being carried out in line with the National Strategy for Quality of Life 2031, which aims to enhance the UAE’s global position in quality of life.

Officials said 11,000 households in Abu Dhabi – across 260 areas in the emirate – will take part in the poll from January.

The fieldwork will be completed by the end of December 2024. The results will be published by June 2025.

Respondents include families and individuals residing in Abu Dhabi, including citizens and residents.

“The sixth of its kind in the UAE capital, this is deemed the largest statistical survey in terms of cost, effort and time in the emirate after the population survey,” Abu Bakr Abdullah Al Amoudi, technical adviser for the Statistics Centre, Abu Dhabi said on Monday.

The first survey was first conducted in 1981.

Abu Dhabi family database

He said the survey will help in developing “an accurate, advanced, and modern family database” that supports decision-making related to providing the highest levels of living standards for families.

Hanan Ali Al Marzouqi, director of the field surveys department at Abu Dhabi Statistics Centre, said the data sample will consist of 70 per cent Emirati families and 30 per cent expatriates.

A team of 252 trained field researchers will conduct the survey.

Each of the surveyed families will be given two forms – one about the family characteristics and income levels – and the other one on family expenditure covering consumption patterns.

The head of each participating household receives forms to record durable and non-durable goods throughout the month.

The survey will take into account how much each family is spending on essential items.

“We will see the size of the households for both Emiratis and non-Emiratis and also the type of income, for example, low, medium, medium-high and high,” said Ms Al Marzouqi.

She said the survey results will be used to help better understand the financial difficulties facing families and help tackle poverty.

Families are selected randomly using approved statistical methodologies to ensure accurate and proportional representation.

The Statistics Centre said it ensures data protection and privacy for families taking part.

  • People demonstrate in central London against the rising cost of living. EPA
    People demonstrate in central London against the rising cost of living. EPA
  • Former British prime minister Boris Johnson said workers should accept a pay cut to avoid spiralling inflation. AFP
    Former British prime minister Boris Johnson said workers should accept a pay cut to avoid spiralling inflation. AFP
  • Inflation in the UK hit an annual rate of 9.1 per cent in May. EPA
    Inflation in the UK hit an annual rate of 9.1 per cent in May. EPA
  • The British government told workers they cannot expect pay rises to keep up with the increasing cost of living. EPA
    The British government told workers they cannot expect pay rises to keep up with the increasing cost of living. EPA
  • The Bank of England, which says it can do nothing to stop the sharp increase in prices, is raising rates at an unprecedented rate. AFP
    The Bank of England, which says it can do nothing to stop the sharp increase in prices, is raising rates at an unprecedented rate. AFP
  • The UK was also brought to standstill by the biggest rail strike in 30 years this week, with 40,000 RMT union members walking out in a row over a below-inflation pay offer. PA
    The UK was also brought to standstill by the biggest rail strike in 30 years this week, with 40,000 RMT union members walking out in a row over a below-inflation pay offer. PA
  • The RMT picket line outside Bristol Temple Meads station. PA
    The RMT picket line outside Bristol Temple Meads station. PA
  • The cost of petrol continues to rise. AFP
    The cost of petrol continues to rise. AFP
  • A protester demonstrates outside Downing Street. EPA
    A protester demonstrates outside Downing Street. EPA
  • Volunteers in Bradford, northern England, prepare food parcels at the Bradford Central Foodbank. More and more people are visiting the centre. AFP
    Volunteers in Bradford, northern England, prepare food parcels at the Bradford Central Foodbank. More and more people are visiting the centre. AFP

Global cost of living surge

High inflation, wage stagnation, and rises in the cost of food and energy, have all contributed to a sharp rise in the cost of living around the world.

Consumer prices in the US rose to a four-decade high in June last year, while a cost of living crisis has deepened in the UK.

In Dubai, housing, utilities and fuel – which account for the biggest part of the Consumer Price Index at more than 40 per cent – rose 5.94 per cent yearly in June, according to the Dubai Statistics Centre in July.

In the same month, average apartment rents reached the highest levels since February 2017, increasing about 22 per cent annually during July. Villa rents rose by 22.6 per cent as demand for property continued to rise.

A move by authorities in Abu Dhabi, Dubai and Sharjah to allow some schools in the UAE to increase tuition for this academic year – which had been frozen for three years due to the pandemic – has also affected several households.

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

What can victims do?

Always use only regulated platforms

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Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

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COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

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Engine: Dual-motor all-wheel-drive electric

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The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

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

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Brief scores:

Scotland 371-5, 50 overs (C MacLeod 140 no, K Coetzer 58, G Munsey 55)

England 365 all out, 48.5 overs (J Bairstow 105, A Hales 52; M Watt 3-55)

Result: Scotland won by six runs

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

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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.”

Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

The specs

Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder

Power: 220 and 280 horsepower

Torque: 350 and 360Nm

Transmission: eight-speed automatic

Price: from Dh136,521 VAT and Dh166,464 VAT 

On sale: now

The Vile

Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah

Director: Majid Al Ansari

Rating: 4/5

 

 

Name: Peter Dicce

Title: Assistant dean of students and director of athletics

Favourite sport: soccer

Favourite team: Bayern Munich

Favourite player: Franz Beckenbauer

Favourite activity in Abu Dhabi: scuba diving in the Northern Emirates 

 

IF YOU GO
 
The flights: FlyDubai offers direct flights to Catania Airport from Dubai International Terminal 2 daily with return fares starting from Dh1,895.
 
The details: Access to the 2,900-metre elevation point at Mount Etna by cable car and 4x4 transport vehicle cost around €57.50 (Dh248) per adult. Entry into Teatro Greco costs €10 (Dh43). For more go to www.visitsicily.info

 Where to stay: Hilton Giardini Naxos offers beachfront access and accessible to Taormina and Mount Etna. Rooms start from around €130 (Dh561) per night, including taxes.

AGL AWARDS

Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)

Company profile

Name:​ One Good Thing ​

Founders:​ Bridgett Lau and Micheal Cooke​

Based in:​ Dubai​​ 

Sector:​ e-commerce​

Size: 5​ employees

Stage: ​Looking for seed funding

Investors:​ ​Self-funded and seeking external investors

F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

THE BIO

Occupation: Specialised chief medical laboratory technologist

Age: 78

Favourite destination: Always Al Ain “Dar Al Zain”

Hobbies: his work  - “ the thing which I am most passionate for and which occupied all my time in the morning and evening from 1963 to 2019”

Other hobbies: football

Favorite football club: Al Ain Sports Club

 

LEADERBOARD
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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying

Racecard:
2.30pm: Hamdan bin Rashid Al Maktoun Emirates Breeders Society Challenge; Conditions (PA); Dh40,000; 1,600m
3pm: Handicap; Dh80,000; 1,800m
3.30pm: Jebel Ali Mile Prep Rated Conditions; Dh110,000; 1,600m
4pm: Handicap; Dh95,000; 1,950m
4.30pm: Maiden; Dh65,000; 1,400m
5pm: Handicap; Dh85,000; 1,200m

Points to remember
  • Debate the issue, don't attack the person
  • Build the relationship and dialogue by seeking to find common ground
  • Express passion for the issue but be aware of when you're losing control or when there's anger. If there is, pause and take some time out.
  • Listen actively without interrupting
  • Avoid assumptions, seek understanding, ask questions
Updated: December 25, 2023, 3:48 PM