Nakheel gives Dh3m to aid poor Emiratis



The Dubai-based property developer Nakheel has donated Dh3 million (US$817,000) to a Ramadan charity to provide fresh water and food parcels for remote villages in the Northern Emirates. The company, which is building Dubai's three Palm islands, made the donation to the Bait al Khair Society, which helps disadvantaged Emiratis, and its employees will help distribute the supplies. Nakheel said the donation was the first of several under its Ramadan initiative. "We are delighted to be able to support Bait al Khair, not only with the donation but also with logistical support," said Manal Shaheen, Nakheel's director of sales, marketing and customer services. "The outstanding work that Bait al Khair has carried out in this region over the last 20 years has seen the lives of so many people change for the better."

Bait al Khair, established in 1984, offers help and funding for the poor, widows, divorcees, patients, low-income and disabled Emiratis, prisoners' families, people with special needs, orphans and students. Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, said when he announced the Dubai Cares campaign in 2007 that businesses operating in the UAE were expected to make substantial contributions to it. The campaign is seeking to raise an initial Dh200m.

* The National

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Top investing tips for UAE residents in 2021

Build an emergency fund: Make sure you have enough cash to cover six months of expenses as a buffer against unexpected problems before you begin investing, advises Steve Cronin, the founder of DeadSimpleSaving.com.

Think long-term: When you invest, you need to have a long-term mindset, so don’t worry about momentary ups and downs in the stock market.

Invest worldwide: Diversify your investments globally, ideally by way of a global stock index fund.

Is your money tied up: Avoid anything where you cannot get your money back in full within a month at any time without any penalty.

Skip past the promises: “If an investment product is offering more than 10 per cent return per year, it is either extremely risky or a scam,” Mr Cronin says.

Choose plans with low fees: Make sure that any funds you buy do not charge more than 1 per cent in fees, Mr Cronin says. “If you invest by yourself, you can easily stay below this figure.” Managed funds and commissionable investments often come with higher fees.

Be sceptical about recommendations: If someone suggests an investment to you, ask if they stand to gain, advises Mr Cronin. “If they are receiving commission, they are unlikely to recommend an investment that’s best for you.”

Get financially independent: Mr Cronin advises UAE residents to pursue financial independence. Start with a Google search and improve your knowledge via expat investing websites or Facebook groups such as SimplyFI. 

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