DUBAI // Major congestion and tailbacks were reported on the Dubai-bound Sheikh Zayed Road after a car caught fire near the Nakheel Metro Station.
Traffic stretched as far back as the beginning of Dubai Marina and Jumeirah Lakes Towers by 8am on Wednesday.
Motorists took to Twitter to report the traffic and the fire, uploading pictures of the front of a white car, covered in flames, stopped on the side of the road.
One man tweeted that he had seen the driver of the car, uninjured, standing next to the vehicle talking to police.
Dubai Police were not immediately available for comment.
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Generational responses to the pandemic
Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
Millennials (born between 1981 and 1996): This market situation is giving them a valuable lesson about investing early. Many millennials who had previously not saved or invested are looking to start doing so now.
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