Almost half of Abu Dhabi families owe money on loans and more than 50 per cent of Emiratis have no clear plan to budget for household expenses, a government survey found.
The Quality of Life Index by the emirate's Department of Community Development (DCD) showed there is work still to be done to foster a culture of prudent financial management.
The authority hosted a panel discussion this week to raise awareness of the need to save money and strengthen the financial security of the family.
One expert spoke of his efforts to help a man who struggled on a monthly salary of close to Dh100,000 because of his poor budgeting.
It is a behavioural problem that is gradually changing. We recognise that it is a challenge
Mohammed Al Blooshi,
Department of Community Development, Abu Dhabi
Experts highlighted the dangers of people spending more instead of tightening their belts in an effort to maintain their social status.
“It is a behavioural problem that is gradually changing,” said Mohammed Al Blooshi, executive director of the strategic affairs office at DCD.
“We recognise that it is a challenge and we are offering solutions. It is also one of the main pillars for a stable family.”
Family finances under the microscope
- The survey found 47 per cent of Abu Dhabi families have loans to pay back
- 53 per cent of citizens and 42 per cent of residents do not have a clear financial plan for their families' expenses
- However, one in four Emirati families saves a significant amount of their monthly income
While concerns over the financial well-being of families remain, there was encouragement from the number of people seeking help to climb out of debt.
“You need to be responsible and do seek the knowledge because it is out there,” said Mr Al Blooshi.
“There are programmes that the government is offering and there are many solutions,” he said.
Assistance schemes in place include the Ghaya financial literacy programme, established in 2020 in partnership with the Abu Dhabi Global Market Academy and the London Institute of Banking and Finance (LIBF), with the support of the Abu Dhabi Social Support Authority, which offers guidance to Emiratis on how to be fiscally responsible.
Out of pocket on Dh100,000 a month
Even high earners can endure money troubles if they do not balance their income against their outgoings.
Emirati Saif Al Naqbi is a self-made millionaire who has made it a mission to help others after digging himself out of significant debt.
He set up the Gorich app last year to help users track their spending.
“I want every person to know that any employee can be a millionaire,” the founder of Rain Management Consultancies said.
“However, it is important to save and to have a goal to saving.”
The former banker said that residents should be wary of overdependence on credit cards.
“The main problem is that Emiratis spend too much. It is in their behaviour. They spend beyond their means and on non-essential items,” Mr Al Naqbi, 32, said.
He offered a cautionary tale of one Emirati he helped, who had found himself in financial difficulty despite earning a salary close to six figures a month.
“He contacted me saying that in spite of earning almost Dh100,000, he was always broke by the second week of the month and didn’t know where all his money was going.
“When I asked further, I found out that he had two wives, three housemaids and was spending a lot on outings and non-essential items.
“All he needed was better management of his finances and to know exactly where he spent his money.”
Mr Al Naqbi advises people to invest their money wisely to avoid being reliant on a single income.
“Open a business or invest,” he said. “But try to not only be dependent on one salary,” he said.
Mr Al Naqbi said that every person can manage their finances by having five bank accounts.
“One for your salary and one for family expenses and the third is a personal account and a fourth for savings and the last and most important is the investment account,” he said.
The low down
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Director: Namrata Singh Gujral
Cast: Rajkummar Rao, Nargis Fakhri, Bo Derek, Candy Clark
Rating: 2/5
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Ferrari 12Cilindri specs
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Torque: 678Nm at 7,250rpm
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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.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
SPECS
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UAE currency: the story behind the money in your pockets
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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Common%20symptoms%20of%20MS
%3Cul%3E%0A%3Cli%3EFatigue%3C%2Fli%3E%0A%3Cli%3Enumbness%20and%20tingling%3C%2Fli%3E%0A%3Cli%3ELoss%20of%20balance%20and%20dizziness%3C%2Fli%3E%0A%3Cli%3EStiffness%20or%20spasms%3C%2Fli%3E%0A%3Cli%3ETremor%3C%2Fli%3E%0A%3Cli%3EPain%3C%2Fli%3E%0A%3Cli%3EBladder%20problems%3C%2Fli%3E%0A%3Cli%3EBowel%20trouble%3C%2Fli%3E%0A%3Cli%3EVision%20problems%3C%2Fli%3E%0A%3Cli%3EProblems%20with%20memory%20and%20thinking%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Lexus LX700h specs
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HOW TO WATCH
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Killing of Qassem Suleimani
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Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
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
The biog
Date of birth: 27 May, 1995
Place of birth: Dubai, UAE
Status: Single
School: Al Ittihad private school in Al Mamzar
University: University of Sharjah
Degree: Renewable and Sustainable Energy
Hobby: I enjoy travelling a lot, not just for fun, but I like to cross things off my bucket list and the map and do something there like a 'green project'.
