Pocketful of Dirhams

How to get help from UAE banks during Covid-19

As the number of coronavirus cases and deaths escalate around the world, the virus is affecting our lives and our finances in one way or another. Containment measures in the UAE, such as stay-at-home directives, cancelled flights and the closing of schools, malls and beaches could lead to a drop in revenue for businesses and a cut in income or job losses for residents. With this in mind, many banks in the UAE have rolled out new relief measures to help individuals cope with the fallout of the crisis. For retail customers the measures include debt repayment holiday of between one and six months, reduced bank charges, and lower interest rates on new credit. So how can consumers affected by the crisis take advantage of the measures? And how do you qualify as “being affected”?

Host Alice Haine, the personal finance editor of The National is joined by Ambareen Musa, the founder and chief executive of financial comparison website Souqalmal.com and a panellist on The National’s debt panel, who offers guidance on the types of support offered by lenders in the UAE.

Rents, mortgages and buying property during the coronavirus pandemic

Alice Haine, personal finance editor at The National talks to Mario Volpi, the sales and leasing manager at Engel & Volkers, about everything you need to know about rents, mortgages and buying property during the Coronavirus pandemic.

How to manage your money during the coronavirus crisis

Coronavirus is taking its toll on every area of our lives and nobody knows when the mayhem will end. This is why it is so important to take good care of your finances as well as your health. Stock markets are crashing, employees are working from home, schools and entertainment venues have closed and incomes and jobs are in jeopardy. With so much uncertainty around us, it is time for all of us to assess how financially secure we really are. Can you afford to support your family if your income is cut or you lose your job? And are you torn between buying and selling as the value of your investments dwindle and no one know when the markets will reach the bottom?

Alice Haine, the personal finance editor of The National is joined by Nyree Mcfarlane, The National’s features editor. Also joining later in the show is Steve Cronin, the founder and DeadSimpleSaving.com, an independent community for financial education in the UAE, who shares his tips on manage your money in these uncertain times.

Insurance: How much do we need it?

Protecting yourself, your family and your personal belongings with insurance should be part of a comprehensive financial plan. But many residents in the UAE don’t bother to take out protection with some paying the price for having no cover further down the line. While some insurance cover is mandatory in the Emirates, such as car and health insurance, other protection is optional such as travel, home contents and life insurance. So what insurance should we actually have in place? How much should we expect to pay to protect ourselves and our possessions? And what cover do we need to protect us during the coronavirus outbreak?

Host Alice Haine, the personal finance editor of The National is joined by Willy Lowry, a multimedia producer at The National who admits to knowing very little about insurance. She is also joined later in the show by Jonathan Rawling, the chief financial officer of yallacompare, who is an expert on the insurance industry.

Saving money in the UAE: Short-term goals or long-term plans

Saving money is something many UAE residents struggle to achieve. According to a 2018 study from HSBC, more than three quarters of UAE residents are not saving anything for their retirement. Two in five agree it’s better to spend money on enjoying life now rather than stashing cash for their future, and more than half are typically saving for short-term goals rather than longer term plans. So why are residents finding it so hard to save? And what strategies should they put in place to ensure their hard-earned dirhams are safely stored for the future?

Host Alice Haine, the personal finance editor of The National, is joined by Gillian Duncan, a news reporter at The National, and Steve Cronin, the founder of DeadSimpleSaving.com, an independent community for financial education in the UAE, who shares his tips on how to save more effectively. She is also joined later in the show by Laila Clarke, general manager of The Studio, a Dubai business providing photographic and videography services, who once saved Dh500 by cutting out coffee and takeaway lunches for a month.