Household net wealth in the Middle East and North Africa region is forecast to rise annually by 8.8 per cent in the next five years, according to a report by Credit Suisse.
Total wealth in Mena, which grew 156 per cent between 2000 and mid-2017, expanded faster than the global average of 140 per cent during the same period, Switzerland’s second-largest bank said.
Global wealth, which has slowed to an annual pace of 3.8 per cent since 2009 compared to 9.5 per cent before 2008, is projected to grow at an average of 3.9 per cent annually in the next five years and reach US$341 trillion. The Mena region’s wealth per adult, minus debt, rose by 1.9 per cent between mid-2017 and mid-2016, compared with the global average of 6.4 per cent, the lender said.
While Credit Suisse did not cite a reason for the region’s lacklustre performance, lower oil prices in the Arabian Gulf region have shrunk the region’s wealth creation.
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Qatar had the highest wealth per adult of $102,517 in mid-2017, a 0.2 per cent drop on a year earlier.
It was followed by Kuwait with $97,300, a 1.4 per cent increase on mid-2016 and the UAE with $78,800, a growth of 1.2 per cent.
Wealth per adult in Saudi Arabia reached $35,000, a 2.8 per cent increase, while Egypt reported a 50.2 per cent plunge because of the devaluation of the pound in November last year, when the currency lost half of its value.
In terms of total wealth or net household wealth, Saudi Arabia topped the ranking, with an estimated $772 billion, followed by the UAE with $603bn, Qatar with $292bn, and Kuwait with $218bn.
Meanwhile Egypt’s wealth plummeted to $178bn after peaking at $511bn in 2010, before the 2011 onset of the Arab Spring revolution.
Globally, between mid-2017 and mid-2016 wealth rose to $280tn, the fastest pace since 2012.
Global wealth growth outperformed growth of population during the period, with wealth per adult rising 4.9 per cent and raising the global mean wealth to a record high of $56,540 per adult.
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Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
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'Midnights'
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Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
