The latest report by Marmore Middle East and North Africa Intelligence, a fully owned subsidiary of Kuwait Financial Centre, has put the spotlight on the growing size of private fortunes in the UAE. It said that the increasing youth population, political stability, investor-friendly policies, as well as interest of expatriates to invest in UAE, has helped the country create wealth.
“UAE has been one of the relatively open economies in the region in terms of attracting businesses from abroad. Construction, real estate, banking and financial sector have been the sectors which has created the largest amounts of wealth for UAE HNWis,” Marmore said.
“Spending related to Expo 2020 is already underway in UAE and with only four years to go, developers and construction companies benefitting from the project have started to push ahead with their developments.”
The construction industry, in particular, is set to be buoyed further by the implementation of major projects, such as the Route 2020 Metro extension on the Red Line in Dubai, the expansion of Jebel Ali Port and Al Maktoum Airport.
However, while some foreigners are getting richer, others are still finding it difficult to save enough money to support their dependents to secure their retirement. Bhambri said lack of proper money management skills remain one of the biggest obstacles to saving.
“Expats from different income groups have different challenges. Overspending and not creating a clear budget is the biggest hindrance to saving. However, some expatriates are unable to save as their salary cannot cover their basic living expenses,”
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