ABU DHABI // Residents of Jumeirah’s old fishing neighbourhood are worried that the Federal National Council might not be paying attention to their needs, and the needs of the elderly.
The sight and sound of fishing boats heading into the Arabian Gulf or returning with their catches is a common one at the small harbours dotted along the coastline.
While better facilities for captains and their crews – including housing and souqs to sell their wares – have been added, many fishermen still have concerns.
› Ahead of the FNC election day on October 3, The National's reporters are travelling across the seven emirates to speak to Emiratis and find out the issues that affect them – and what they expect from members of a new Federal National Council. Read them here.
Former pearl diver Ali bin Salem bin Ali said many men of his generation were not formally educated so do not know how to voice their concerns to candidates.
“A lot of men my age aren’t educated and cannot participate in the Federal National Council,” said Mr bin Ali who, in his 70s, is one of the most experienced sailors at Jumeirah’s fishing harbour.
“I’m told that most of the voters and candidates this year are young. We have a fishermen’s majlis where no one came and listened to our needs. We feel left out.”
One of the main concerns for senior citizens is pension laws.
“There hasn’t been any significant changes to pensions in recent years. Everything is getting more expensive but our pensions are still stagnant and there are talks about deductions and decreases,” said Mr bin Ali.
The General Pensions and Social Security Authority (GPSSA) has said it hoped to make “foresighted decisions that would benefit the overall community for the next 75 years”, but details have yet to emerge.
Older citizens hoped the FNC would study any changes before they became law.
Another concern for fishermen is the rules and restrictions being introduced on their catches, making it harder for them to make a living from the sea.
“The Jumeirah shore is constantly being re-landscaped. It’s great for real estate developers and everyone else. What about us and everyone who has been making a living from the sea for years? We cannot fish in abundant areas any more,” said Marwan Mohamed Hasan, 39, from Jumeirah.
“Whatever money I put into equipment and tools I can no longer make up for with sales. Fishing, and before that pearl diving, has always been a pillar of our community but we are slowly having to rethink our lives,” he said.
The Government had been providing fishermen with basic assistance and allowances, but Mr Hasan said he felt this may not be enough to ameliorate their situation.
Other captains hoped for better provisions from social welfare schemes, especially for fishermen’s widows.
Abdulrahman Khamis, 37, said his widowed mother had received a stipend when he was a child, but this stopped when he turned 18.
“After that I struggled to find a job and my mum still had the burden of taking care of me and my siblings. As a widow, it’s not an easy task,” Mr Khamis said.
“When a woman’s husband dies, the house is inherited by the children. The children get married and have kids and crowd the house. Where are the widows expected to go?”
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How will Gen Alpha invest?
Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.
Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”
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It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
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