In the final few months of last year, 40-year-old Tuan Phan had to fork out for the birth of his second child, car repair bills, and a trip home to Australia at a time when his housing allowance was slashed. Then, with the introduction of VAT, he says his financial confidence was at a low.
“I dramatically cut family budget and personal spending in anticipation of a bad 2018 with the additional introduction of VAT,” says Mr Phan, an aviation meteorologist, who lives in Abu Dhabi.
Mr Phan is one of many UAE residents tightening their belts in 2018. According to the quarterly Consumer Confidence Tracker from comparison site yallacompare, released last month, almost half (43 per cent) are now feeling less confident about their financial health than they were this time last year. The tracker reflects sentiment in the first quarter of this year and is based on a survey of almost 1,500 UAE residents.
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Read more:
Almost half of UAE residents worried about increased living costs from VAT
Volatility in the pound leaves UAE expats cautious about remitting to the UK
The expensive bills you can now pay monthly in the UAE
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“A series of indicators on the tracker show a general lack of confidence around job security, the ability to keep up with the cost of living, and the prospect of a salary raise,” says yallacompare’s chief financial officer Jonathan Rawling.
“This means that UAE residents are now allocating their resources differently, based on their confidence levels. For example, rather than saving or sending money home, they’re paying down debts. And rather than moving to bigger properties, they’re staying put. As a result, we can actually infer a greater level of financial prudence among UAE consumers.”
Steve Cronin, the founder of DeadSimpleSaving.com, which helps investors manage their finances, says job uncertainty, rising prices and several years of pressure on company budgets are making the UAE's residents feel more cautious. "Although the rising oil price should take some of the pressure off the regional economy, over-confidence is not good," he says.
"If people are quietly confident but controlling their spending to prepare for potential setbacks, this can only be a good thing.”
Jean Bonsaudo, 36, from France, has also noticed a rise in the cost of living in the last six months, which has made him economise.
“When I arrived in the UAE 10 years ago, my wife and I were able to live on Dh5,000 a month for everything except accommodation," says Mr Bonsaudo, who lives in Jumeirah 2. "Today, we are very far from this figure. But we live in a villa which generates new costs, as well as higher costs for monthly bills such as Dewa.”
Mr Bonsaudo, founder of Nighthawk Partners, which specialises in business development for companies not yet present in the GCC or Africa, tries to look three to six months ahead when he's budgeting to avoid being surprised by big-ticketed items such as rent, school fees and car insurance, or being forced to use credit cards or take out a loan.
For the first six years of living in Dubai, Mr Bonsaudo's salary doubled every 18 months to two years, allowing him and his wife to save between 30 to 40 per cent of their monthly income.
“I’ve been able to buy an apartment in France to generate passive income, and I’ve saved quite a bit of money,” he says. But despite his shrewd budgeting, Mr Bonsaudo still lacks confidence in knowing who to trust to invest his money for him.
“When it comes to investment, I’m a bit in the dark. I follow a few groups for advice, but I am wondering what to do with the money we accumulated," he says.
"Should I buy another apartment in France, and pay taxes on the monthly income it generates? Most of the options I found here [for investment] are not very exiting, and there are a lot of financial advisors who will make you sign a 25-year contract that seem very shady.”
Mr Bonsaudo’s lack of confidence in financial advisers is not unusual among the UAE’s expats.
According to a study released in March by the CFA Institute, a global association of investment professionals, 54 per cent of UAE investors said they employ the services of an adviser yet only 32 per cent assume they are reliable.
Andrew Hallam, the author of Millionaire Expat: How to Build Wealth Living Overseas, says UAE residents face "an unusual challenge" that their home-country peers do not
“The majority of (financial advisory) firms in the region prolifically sell savings schemes that are so laden with hidden fees, investors stand little chance beating inflation over a period of 10 years or longer,” he says. “Such products provide huge commissions to those who sell them – a commission structure that isn't legal in more regulated environments such as Canada, the US, Australia and the UK. That's why many people are nervous."
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Read more:
Finance guru Andrew Hallam’s new guide for expats wanting to become wealthy
The mission to improve ethics among UAE financial advisory firms
Less than a third of UAE investors trust their financial advisers, CFA survey shows
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In response to a high number of complaints over expensive fixed-term investment plans, the UAE Insurance Authority and the Central Bank of the UAE both issued circulars last year outlining changes to the way savings and investment schemes are sold, such as capping commission and banning advice fees and trailing commission fees on products sold. The final form regulations are yet to be issued, but Mr Hallam claims investors are now catching on to this “almost unrivalled level of financial exploitation.”
Mr Bonsaudo claims the only investment opportunities he has found worthy of the risk are mainly for people who can invest over 250,000 euros (Dh1.09m) in cash with private banks. “Some even have a minimum ticket of one million euros,” he says.
But Mr Cronin claims you don’t have to be super-wealthy to gain financial confidence. “In fact, high earning power usually leads to over-confidence and over-spending,” he warns. “There are many extremely rich people living here and equally many people who appear rich but are just living off credit card debt. Then they wonder why they have no savings. With a clear budget and approach to investing your savings, you can create a large savings cushion in ten years on almost any salary."
Despite financial uncertainty, only one in four of those polled by yallacompare say they are more likely to leave the country as a result of their financial health and 42 per cent are less likely to leave the country for the same reason.
This indicates that while confidence may be falling, UAE expats remain more confident about their prospects in the UAE than in their home countries.
Mr Phan's worst-case scenario, for example, did not pan out as expected.
“We have been under budget every month so far (this year), thus putting extra into our investments. As a result, our savings rate has actually increased, so I’m feeling more confident," he says. "Planning for the worst meant that I was less likely to get a nasty surprise and fortunately, things often pan out better than you expect them to.”
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Read more:
UAE Banks Federation issues financial literacy handbook to reduce chronic indebtedness
UAE's 'good old expat packages' fade away as companies target younger professionals
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Andrew Hallam, author of Millionaire Expat: How to Build Wealth Living Overseas, on how to build financial confidence
How can investors feel confident when the global stock markets are so volatile?
The stock market always looks rocky. If I put you in a random time machine, you would say the same thing every month of every year. But that would be a short-term vision. If we think of a long-term commitment to the stock market, the picture is very profitable indeed.
How can investors reduce risk, to build up confidence in their portfolio?
Diversify your investment across every geographic sector. Include a short-term or broad government bond market index. Rebalance your portfolio once a year, and keep investment fees low.
How can I pick a financial adviser I feel confident in?
There are plenty of certification levels that allow sales reps to sell financial products. But readers should demand the most stringent qualification. This is important, because most of the others (as impressive as they might look) are just low-level qualifications allowing these people to sell financial products. Investors should seek a certified financial planner or a chartered financial planner.
Anything else?
Here's the second acid test. If investors are being sold a structured savings scheme, they need to ask this question: Theoretically, could I sell everything after just one year and receive all of my money back? If the answer is no, investors should run. If the answer is, "Yes, you can sell anytime without a penalty," get it in writing.
For those that want to go it alone and invest in a low-cost portfolio of index funds, what would you suggest?
You don’t have to go it alone, you could try a hybrid option and hire PlanVision's Mark Zoril. He charges $96 a year to act as an investment coach. He shows investors how to build a low-cost, diversified portfolio of index funds. He'll do a screen share concept to show investors how to make their purchases. And, for that same $96 a year, he's available to answer investment-related questions for DIY investors.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
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UAE currency: the story behind the money in your pockets
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
Mohammed bin Zayed Majlis
PRIMERA LIGA FIXTURES
All times UAE ( 4 GMT)
Saturday
Atletico Madrid v Sevilla (3pm)
Alaves v Real Madrid (6.15pm)
Malaga v Athletic Bilbao (8.30pm)
Girona v Barcelona (10.45pm)
Sunday
Espanyol v Deportivo la Coruna (2pm)
Getafe v Villarreal (6.15pm)
Eibar v Celta Vigo (8.30pm)
Las Palmas v Leganes (8.30pm)
Real Sociedad v Valencia (10.45pm)
Monday
Real Betis v Levante (11.pm)
The five pillars of Islam
If you go
The flights Etihad (www.etihad.com) and Spice Jet (www.spicejet.com) fly direct from Abu Dhabi and Dubai to Pune respectively from Dh1,000 return including taxes. Pune airport is 90 minutes away by road.
The hotels A stay at Atmantan Wellness Resort (www.atmantan.com) costs from Rs24,000 (Dh1,235) per night, including taxes, consultations, meals and a treatment package.
Killing of Qassem Suleimani
More from Neighbourhood Watch:
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
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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KILLING OF QASSEM SULEIMANI
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
STAY%2C%20DAUGHTER
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EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
UAE currency: the story behind the money in your pockets
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
COMPANY%20PROFILE
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Zayed Sustainability Prize
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Mohammed bin Zayed Majlis
The Prison Letters of Nelson Mandela
Edited by Sahm Venter
Published by Liveright
MO
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
The years Ramadan fell in May
ABU DHABI CARD
5pm: UAE Martyrs Cup (TB) Conditions; Dh90,000; 2,200m
5.30pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 1,400m
6pm: UAE Matyrs Trophy (PA) Maiden; Dh80,000; 1,600m
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige; Dh100,000; 1,600m
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige; Dh125,000; 1,600m
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1; Dh5,000,000; 1,600m
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Bullet%20Train
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More coverage from the Future Forum
PAKISTAN v SRI LANKA
Twenty20 International series
Thu Oct 26, 1st T20I, Abu Dhabi
Fri Oct 27, 2nd T20I, Abu Dhabi
Sun Oct 29, 3rd T20I, Lahore
Tickets are available at www.q-tickets.com
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Mohammed bin Zayed Majlis
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
KILLING OF QASSEM SULEIMANI
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Killing of Qassem Suleimani
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Killing of Qassem Suleimani
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
The years Ramadan fell in May
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Mohammed bin Zayed Majlis
