A new cohort of 157 Emirati adults in Abu Dhabi went back to the basics of personal finance and learnt vital lessons on managing debt, reducing expenses, investing, retiring and everything in between.
After attending the Ghaya financial literacy programme, a three-month virtual course in Arabic, the citizens graduated on Monday feeling better prepared to make sound financial decisions.
Ghaya, which means goal in Arabic, aims to tackle the high prevalence of debt and financial mismanagement challenges faced by Abu Dhabi citizens and residents.
It is safe to say that when people acquire financial literacy, it vastly improves their quality of life
Dr Mugheer Al Khaili,
chairman of the Department of Community Development
The programme was first launched in 2020 by the Authority of Social Contribution – Maan – which is a part of Abu Dhabi’s Department of Social Development.
It was launched in partnership with The Abu Dhabi Global Market Academy, and the London Institute of Banking and Finance, with the support of the Abu Dhabi Social Support Authority.
Participants can include applicants from the public as well as people nominated by the Crown Prince Court, Social Support Authority and the Abu Dhabi School of Government.
Once they graduate, they have access to a financial clinic for 12 weeks, where a licensed financial adviser is available to support them.
“Financial literacy requires both knowledge and strong decision-making skills, both of which bolster individuals’ overall wellbeing," said Dr Mugheer Al Khaili, chairman of the Department of Community Development.
"It is safe to say that when people acquire financial literacy, it vastly improves their quality of life and the quality of life in society in general. The Ghaya programme is an essential component of our effort to steadily increase the quality of life in Abu Dhabi and the UAE.”
Many people in the UAE put themselves at risk by taking on personal loans and credit cards.
In a 2019 financial literacy survey by Visa, 43 per cent of respondents in the UAE aged 16 to 24 felt they were not ready to manage their money, while 53 per cent said schools did not prepare them enough to take care of their finances.
Financial literacy programmes such as Ghaya aim to improve the lives of such people struggling with high debt.
The majority of new graduates of Ghaya said the course taught them important financial tools.
The programme's organisers said 85 per cent of graduates who were interviewed after three months said they were better prepared to manage unforeseen financial difficulties, while more than 70 per cent were confident of their intention to save.
Salama Al Ameemi, director general of Maan, said the Ghaya programme has made a difference in the lives of individuals.
“Six months after the first cohort graduating, we found the majority of beneficiaries can manage their finances effectively," she said.
The UAE has launched a number of financial literacy programmes over the past years to tackle the rise of personal debt in the country. In 2019, the Central Bank of the UAE signed an agreement with Emirates Foundation to launch a financial literacy programme through the Esref Sah scheme.
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
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
Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Profile of VoucherSkout
Date of launch: November 2016
Founder: David Tobias
Based: Jumeirah Lake Towers
Sector: Technology
Size: 18 employees
Stage: Embarking on a Series A round to raise $5 million in the first quarter of 2019 with a 20 per cent stake
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MATCH INFO
Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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