Four out of 10 UAE residents increased their personal savings during the Covid-19 stay-at-home measures, according to a new survey that explored people's changing habits and how they managed their finances during the pandemic.
The survey, conducted by YouGov on behalf of global consultancy Kearney Middle East, found that 47 per cent of people earning a monthly income of more than Dh40,000 increased their savings during the pandemic. About 43 per cent of respondents earning between Dh20,000 and Dh40,000 per month said they also saved more money, followed by 41 per cent of those on a salary of Dh10,000 to Dh20,000, and 39 per cent of people earning between Dh5,000 and Dh10,000.
Among respondents earning less than Dh5,000 per month, 39 per cent said they managed to save more money during the stay-at-home measures, the survey found.
"Covid-19 has had a huge impact on people's income and how they manage their finances," Kearney Middle East said in its report, Hope in uncertain times: how COVID-19 could help us find new habits that stick. "As a result, we are now saving more and spending less.
"In the UAE, 60 per cent of people are spending more on essential products than they did before the virus struck. At the same time, spending on non-essential goods has dropped substantially."
In another survey conducted by YouGov in July, a third of people in the UAE said they expected their finances to improve after the gradual reopening of the UAE's economy in response to the pandemic, while 23 per cent said they would remain unchanged and a quarter said their finances would be worse.
The world economy is set to slide into the deepest recession since the Great Depression, with the International Monetary Fund projecting a 4.9 per cent contraction this year and a sluggish recovery in 2021.
The Kearney Middle East study, which surveyed 1,000 people, also found that people switched to online shopping during the crisis, with 57 per cent of respondents saying they spent money more online than they did before the pandemic.
The coronavirus precautionary measures have also spurred contactless and online payments in the UAE, with 41 per cent of respondents saying they have avoided using cash during the pandemic, the Kearney Middle East survey found.
One in six (62 per cent) respondents also said they had experienced a significant or complete change in their lives and more than 55 per cent said they expected to retain the behaviours they adopted during the pandemic.
The survey also found that 32 per cent of respondents changed their work habits and were spending more time attending virtual conferences and webinars. People with an income of more than Dh45,000 spent the most time (45 per cent) attending online webinars compared with those on lower income levels: Dh20,000 to Dh40,000 (42 per cent), Dh10,000 to Dh20,000 (36 per cent), Dh5,000 to Dh10,000 (29 per cent) and less than Dh5,000 (25 per cent).
Meanwhile, 36 per cent of respondents to the survey said they had searched for other work opportunities during the pandemic, with people aged between 25 and 34 years most actively looking for a job (38 per cent). This was followed by those aged over 45 years (36 per cent), people between the ages of 35 to 45 (34 per cent) and people aged from 18 to 24 years (28 per cent).
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
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Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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