52% of women don’t have an emergency fund
Based on a survey by National Bonds, a savings and investment company, 50 per cent of Emiratis make personal loan monthly payments, with just one in five Emiratis who are able to save money every month. The survey also revealed that saving rates were higher for respondents who have specific goals in mind compared to respondents who saved randomly. Other interesting findings include:
- Only 7 per cent of Emiratis saved for their kids’ education.
- 34 per cent of Emiratis saved to buy a house.
- 32 per cent of Emiratis made monthly payments to settle credit card debt and 12 per cent towards their mortgage.
- Among all female respondents, 52 percent did not have an emergency fund.
- Among other nationalities, 35 per cent saved for retirement and 37 per cent to buy a house.
- 50 per cent of non-nationals made monthly payments towards personal loans, 38 per cent for credit cards and 13 per cent for mortgages.
Increase in car insurance premiums?
Recently ambulance service fee has been introduced effective February 28, 2016. The charges will apply to the insurance provider of the driver who has caused the accident. Dubai Police and Dubai Corporation for Ambulance Service will charge a fee of AED 6, 770 for services such as evacuation in case of a traffic accident. For drivers, this could mean an increase of car insurance premiums by 10 to 15 percent. However, not all insurance companies have confirmed as they are reviewing the resolution and fees.
AED 12.7 billion spent on health in 2014
Based on Dubai Health Authority (DHA) statistics, in 2014 AED 12.7 billion was spent on health. Around AED 8.4 billion was spent by the private sector, families and individuals which accounted for 70 percent of the total spending. The rest of the 30 percent was spent by the government. Other findings include:
- 12 per cent of the government’s own spending share was allocated toward preventive health measures.
- From the total spent on health care in 2014, AED 10.94 billion was spent in Dubai and AED 1.8 billion was outside the Emirate.
- Compared to 2012, there was a 37 per cent increase in spend by the private sector.
Five UAE banks global rankings improve
According to the The Banker’s evaluation list 2016, five banks in the UAE have seen an improvement in their global rankings and brand values. Emirates NBD was ranked among the top 100 global bank brands with a brand valuation of $2.186 billion. Compared to 2015, Emirates NBD increased by 23 per cent in brand valuation and was ranked as UAE’s most valuable banking brand. The list also included:
- National Bank of Abu Dhabi (NBAD), First Gulf Bank (FGB), Abu Dhabi Commercial Bank (ADCB) and Dubai Islamic Bank (DIB) among the top 200 banks.
- A total of 11 banks from the Gulf earned a spot in the top 200 banks’ list.
- Emirates NBD moved up 10 spots compared to its previous spot in 2015.