In this series:
■ 75 per cent fail to save enough for retirement
■ Survey finds 94 per cent of UAE residents have financial worries
■ Survey finds many UAE residents failing to save for retirement
■ Rent is UAE residents' biggest expense, survey finds
■ Some UAE residents own eight credit cards, survey finds
■ UAE residents long for financial security
■ Start saving from early age
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ABU DHABI // Financial experts say the urge to splurge means many struggle when faced with unexpected expenses.
The National's survey found only four out of 10 respondents, or 41 per cent, believe they can afford to cover an emergency.
“Most would struggle should they be faced with an unexpected expense as there remains a spend and not save culture in this part of the world,” says adviser Nigel Sillitoe.
“While financial services companies are trying their best to change habits and encourage people to save, it remains an uphill struggle of ‘keeping up with the Joneses’ remains an
issue.”
Faced with a sudden expense, Pakistani driver Mohammed Iqbal, 52, who moved to Abu Dhabi in 1979, admits he would not be able to cope.
“No, not at all, because my salary is so low,” Mr Iqbal says.
If he were presented with a sudden bill it would cause him a lot of worry, he says.
It is vital to have some emergency cash, advises financial expert Chris Ferguson of Credence Independent Advisors.
“Expatriates are not at home and may need cash quickly in the event of an emergency,” he says.
“We only need to look at the recent fire in Dubai Marina where many people will have not have even been insured.
“In the event of a job loss, issues with bank accounts or the need to fly home, it is vital to have cash available to carry out these vital transactions.”
About 20 per cent should be the maximum an employed person should spend on luxury items, says financial adviser Tim Denton.
Of those polled in the survey, 581 people live in Dubai, 230 in Abu Dhabi, 54 in Al Ain, 37 in Ajman, 10 in Fujairah, 13 in Ras Al Khaimah, 177 in Sharjah, and two in Umm Al Quwain.
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About this series:
A study into the saving habits of Emiratis and expatriates found a quarter of all employed residents do not save any of their monthly wage. And 69 per cent have not started planning for retirement. The survey found that only 6 per cent of respondents do not have any financial worries. The majority of people’s wages are spent on rent, followed by groceries and household items leaving some residents dependent on multiple credit cards and longing for financial security. Financial experts advise residents to resist overspending to avoid a struggle when faced with unexpected expenses.
Coverage from March 9th:
■ Majority of expats in UAE sending money abroad, survey finds
■ High cost of living forces half of expats to consider leaving UAE
Coverage from March 10th:
■ UAE workforce is largely satisfied in their jobs
■ Emergency cash reserves needed in case of redundancy, says financial advisor
■ Most UAE employees unhappy with frequency of pay rises, survey shows
■ Many UAE workers fearful over losing their jobs
jbell@thenational.ae
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5
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RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors