No one can avoid this subject right now but, in this article, I want to address the financial concerns, specifically in relation to investments. Global stock markets fell last week, the largest falls over a couple of days for 10 years, although some are moving upwards again at time of writing, and I do not believe this is a major cause for concern.
In November 2019, the UAE Government announced a new law for personal insolvency, to assist people with debt problems, and this has now come into effect. This is a real game changer as it will give people in difficulties an opportunity to repay what they owe with manageable payments and removes the threat of jail time.
In this article I will cover some of the main points and requirements but I will also update it, if and when there are any changes.
These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days of holiday for both the public and private sector should be the same and these are the dates announced by the UAE Government.
As usual, dates of Islamic holidays will be subject to slight variation, dependent on moon sighting, and others may also change.
With this in mind, this article will be updated throughout the year as any changes are announced.
| Occasion | Date | Day of the week | No. of Days |
| New Year’s Day | January 1st | Wednesday | 1 |
| Beginning of Ramadan* | April 24th | Friday | 0 |
| Eid Al Fitr* | May 23rd | Saturday | 4 |
| Arafat (Haj) Day* | July 29th | Wednesday | 1 |
| Eid Al Adha* | July 30th | Thursday | 3 |
| Hijri New Year’s Day* | August 23rd | Sunday | 1 |
| Prophet’s Birthday | October 29th | Thursday | 1 |
| Commemoration Day | December 1st | Tuesday | 1 |
| UAE National Day | December 2nd & 3rd | Wednesday & Thursday | 2 |
| *Islamic holiday dates are dependent on moon sighting and all are subject to confirmation and may change | |||
I write articles such as this one as part of the holistic personal financial planning service and that I provide to expats, and the general consumer, financial and legal information that I provide in The National newspaper, on Capital Radio UAE, and on the Facebook group British Expats Dubai.
To arrange a meeting to discuss any aspect of your personal financial planning, please email me at keren@holbornassets.com Please take a look at the other useful articles on this website.
Source: UAE Government Communications Office
Starting next week some 360,000 British pensioners living in Europe will receive letters from The Department for Work and Pensions (DWP) confirming that their UK State Pension pension will rise each year for at least the next three years in the event of a no-deal Brexit. There are no guarantees that these increases will continue after this time. Continue reading
The DIFC Wills Service Centre (formerly called the DIFC Wills and Probate Registry) has confirmed changes to the rules (the Amendments) which will come into effect from 30th June 2019. This is good news for anyone with UAE assets.
There are two major changes, summarised as follows:
The UK’s Chancellor of the Exchequer, Philip Hammond, has today delivered his Spring Statement. Less formal or broad in scope than the Budget, which moved to the Autumn last year, this is not about announcements on tax or spending, but more about economic forecasts.
The Chancellor himself describes this as a ‘non event’ from a financial point of view but since 1975, the government has been legally obliged to produce its projections for the economy and the public finances twice a year. That’s why have a main budget and this lower key announcement.
The question for expats, as ever, is how does it affect us?
Breaking news.
It has been announced that the UK Government will shortly be issuing a new consultation document in which it will propose that the rate of Stamp Duty, the tax payable on purchase of a property, will increase further for non-residents who buy in England and Northern Ireland.
These are the official dates of public holidays for the UAE for the coming year, as well as notable dates, so you can make a note in your diary now and plan ahead. Actual days off work for both the public and private sector should vary less than in the past and these are the dates announced by the Government so far.
This article was edited in September 2019 following an announcement by the Federal Authority for Government Human Resources (FAHR).
This is just the second UK Autumn Budget and unusually it was on a Monday, the first time since 1962. Budgets are normally on a Wednesday but that would fall on Halloween this year so too much of a gift to headline writers.
This is the last Budget before Brexit and not too much was expected as the UK Government is dealing with complicated Brexit issues although there will be a Spring Statement that can be upgraded to a full Budget if deemed necessary.
This article is a brief overview of some of the main points with particular reference to any changes that have relevance to those living outside of the UK. The UK press will cover many points in detail but much of this is not directly relevant to expats so this article focuses of the relevant points for us. Continue reading
There is no doubt that we live in interesting times on many levels and naturally people will have financial concerns. High on the list of worries is the potential adverse effect of a geopolitical event but it is the potential repercussions of this and how issues impact us locally and well as globally that we need to consider. There is not much most of us can do about these global issues but we can take steps to protect ourselves and our families.
Life in the UAE has its own pressures and challenges and whilst there is usually a lot of optimism, right now there are issues facing us. It is no worse here than in the rest of the world but being an expat can have its own demands. To find out what UAE residents are thinking and feeling as we start the new year, I put together a survey and this article is about the results. All responses were anonymous.