Residents of the UAE are better at saving money than all of their counterparts across the GCC, where the habit of putting cash aside is still to catch on.
A total of 35 per cent of respondents in the Emirates to the National Bonds GCC Savings Index survey said they were saving regularly, compared to 26 per cent in Saudi Arabia and 29 per cent in Kuwait, Qatar, Oman and Bahrain.
The results point to a greater savings culture in the UAE, a trend that has accelerated since the annual survey was launched in 2010. For two years the Emirates topped the list as being the best savers.
But the survey, released yesterday, still revealed a perceived shortfall in savings across the region. A total of 92 per cent of Saudi residents believe that their savings are not adequate for their future. Residents of other GCC countries displayed similar pessimism. Residents of Kuwait (91 per cent), Bahrain (88 per cent), UAE (87 per cent), Oman (85 per cent) and Qatar (84 per cent) were close behind.
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The development of a savings culture across the GCC was still in its infancy, said Mohammed Qasim Al Ali, the chief executive of National Bonds, a Sharia-compliant saving scheme. "There is a gigantic task to be done," he said. "It requires a collaborative effort between government, the education system and employers, as they play a part in enhancing the lifestyle of employees, and the house, as in the GCC there are a lot of housewives and they control a lot of the spending in collaboration with the breadwinner."
National Bonds has been carrying out a regular survey of GCC residents across all nationalities since 2010 to gauge savings patterns.
The overall index is based on three factors: how people feel about the savings environment; whether they plan to raise the amount they save in the next six months; and how stable they feel about their financial status in the next six months.
Residents of Bahrain showed the biggest overall rise in savings sentiment this year, followed by the UAE, Oman and Saudi Arabia. In contrast, residents of Qatar showed the largest drop in savings sentiment.
"The population of Qatar has doubled since 2004 to 1.6 million residents in 2010 and when you have a population boom inflation goes up," said Mr Al Ali. "There's also a changing culture in Qatar, with more malls and they will spend a lot of money on the World Cup 2022 and when the lifestyle changes the tendency is to spend money."
Officials said the more positive results for the UAE may be a reflection of the greater steps the Government is taking to educate people about the importance of putting cash aside.
Earlier this year, the Government started workshops to educate people about the need to save money. It followed the launch last year of a Dh10 billion (US$2.72bn) fund to help Emiratis who had run up large debts.
But generally, the trend of a lack of saving across the GCC was continuing, the survey showed. A total of 74 per cent of residents in Saudi Arabia and 71 per cent in Kuwait, Oman and Bahrain said they do not save regularly. In the UAE, 65 per cent of respondents made the same claim.
Only 1 per cent of residents of Saudi Arabia, UAE, Qatar, Bahrain and Kuwait and 2 per cent of those in Oman said they would class their savings as "more than enough" for their future.
Bank accounts or bank savings accounts were the most common savings instruments being used by most residents. Respondents in Saudi Arabia used the fewest range of savings vehicles compared to elsewhere. After the Emirates, residents in Qatar were the most likely to use gold as a savings vehicle and were also the highest overall users of property as an investment tool.
tarnold@thenational.ae
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
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
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
The specs
Engine: 2.2-litre, turbodiesel
Transmission: 6-speed auto
Power: 160hp
Torque: 385Nm
Price: Dh116,900
On sale: now
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Company%20profile
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Results:
6.30pm: Handicap (Turf) | US$175,000 2,410m | Winner: Bin Battuta, Christophe Soumillon (jockey), Saeed bin Suroor (trainer)
7.05pm: UAE 1000 Guineas Trial Conditions (Dirt) | $100,000 | 1,400m | Winner: Al Hayette, Fabrice Veron, Ismail Mohammed
7.40pm: Handicap (T) | $145,000 | 1,000m | Winner: Faatinah, Jim Crowley, David Hayes
8.15pm: Dubawi Stakes Group 3 (D) | $200,000 | 1,200m | Winner: Raven’s Corner, Richard Mullen, Satish Seemar
8.50pm: Singspiel Stakes Group 3 (T) | $200,000 | 1,800m | Winner: Dream Castle, Christophe Soumillon, Saeed bin Suroor
9.25pm: Handicap (T) | $175,000 | 1,400m | Winner: Another Batt, Connor Beasley, George Scott
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Blue%20Beetle
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UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Killing of Qassem Suleimani
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
Essentials
The flights
Etihad (etihad.ae) and flydubai (flydubai.com) fly direct to Baku three times a week from Dh1,250 return, including taxes.
The stay
A seven-night “Fundamental Detox” programme at the Chenot Palace (chenotpalace.com/en) costs from €3,000 (Dh13,197) per person, including taxes, accommodation, 3 medical consultations, 2 nutritional consultations, a detox diet, a body composition analysis, a bio-energetic check-up, four Chenot bio-energetic treatments, six Chenot energetic massages, six hydro-aromatherapy treatments, six phyto-mud treatments, six hydro-jet treatments and access to the gym, indoor pool, sauna and steam room. Additional tests and treatments cost extra.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
COMPANY%20PROFILE
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Gulf Under 19s final
Dubai College A 50-12 Dubai College B
SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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