Find out how you can calculate your DBR
Souqalmal.com, the #1 financial comparison website recently launched a Debt Burden Ratio calculator to help UAE residents assess their level of indebtedness. In a poll conducted by Souqalmal.com, 80 percent of respondents didn’t know how to calculate their DBR, an important factor in understanding your finances especially when it comes to managing debt. According to the Central Bank, residents should not have more than 50 percent of their monthly income going towards any debts such as credit card payments or loans.
Decline in UAE job market?
According to the Monster Employment Index, UAE job market is experiencing a deceleration in year-on-year growth. The job site’s 2015 index revealed that the education sector growth fell by 22 percent year-on-year in October. Another industry which experienced a drop was oil and gas, by 19 percent. However not all industries have seen a slowdown with the banking, financial services, IT, insurance growing by approximately 30 percent. Other findings included:
- In October the hospitality industry grew by 22%.
- There was a 19% increase in healthcare employment.
Sports contributes $1.08 billion to Dubai economy
A recent report by Deloitte revealed that every year sports in Dubai contribute $1.08 billion to the economy. These calculations took into account earning from hotel stays and airline tickets as well. The sport which contributed the most towards the economy was Golf, providing $270 million of the total sports revenue.
UAE Islamic finance continues to grow
Based on Fitch reports the demand for Islamic bank lending in the UAE is estimated to grow. According to them, six of their rated Islamic banks have total bank gross loans of approximately 21 percent which is an increase of 3 percent in 2015, during the first half. Currently within the UAE banking sector, the Islamic finance sector has experienced more growth in 2015 compared to the conventional banking sector. The growth of UAE bank loans in 2015 is estimated to be 10 to 15 percent.