Survey: 83 percent of respondents don’t save money

Based on an online survey carried out by Khaleej Times with 2,200 respondents, 83 percent of Dubai residents aren’t able to save money. The survey also found that 88 percent of respondents thought saving money was hard due to a high-consumption society in Dubai. Other results included:

  • 13 percent of respondents thought life was too short to save money.
  • 30 percent of respondents weren’t able to save even a single dirham.
  • 53 percent of respondents thought they didn’t have enough income to dedicate towards saving money.

Compare all savings accounts in the UAE

New energy sources for the GCC?

Gulf countries could saved around $87 billion by 2030 if they are able to achieve their renewable energy development goals and reduce their oil consumption. This is according to the report released by International Renewable Energy Agency (Irena) during the Abu Dhabi Sustainability Week. Energy targets for the GCC included:

  • Decreasing water consumption by 16 percent, saving 11 trillion litres of water.
  • Decreasing power consumption by 25 percent, saving 400 million barrels of oil in the power sector.
  • Decreasing per capita carbon foot print by 8 percent.

Update your Emirates ID with your bank and telecom provider

To prevent your bank account from being frozen or your mobile line from getting cut, make sure to update your Emirates ID with your respective telecom and bank service provider. Since the Emirates ID is linked to your work visa, therefore upon renewal submit copies to your bank and telecom provider within 30 days.

Homes Insurance still not popular among residents

According to insurance brokers, despite home insurance policies costing less than AED 1 per day, residents are still hesitant to get covered. Currently, between five to six percent of residents are covered in case of a fire or any other unexpected event regardless of recent fires in the UAE. Depending on the insurance policy residents choose to invest in, insurance can cost from anywhere between AED 300 to AED to AED 1,300 for a one bedroom flat.

679 UAE nationals get grants and home loans

To further support the welfare of UAE citizens, The Zayed Housing Programme (ZHP) is giving 679 UAE nationals home loans and grants. 552 nationals will get loans and 127 nationals will get grants. A total of  AED 335 million will be approved for these beneficiaries.