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Young Arabs Are Embracing The Fintech Revolution

Working hard and aiming for high-paying jobs no longer leads to financial security, let alone the ability to retire early.

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Between government-sponsored pensions and cultural norms, older generations of Arabs living in the MENA region were never too concerned with how to invest and save money.

For them, simply working hard was enough to enjoy the financial stability necessary to focus on creating families and living well-rounded, fulfilling lives. Young Arabs on the other hand, appear to be living in a completely different world. One that is in many ways far more difficult than the world their parents grew up in.

Working hard and aiming for high-paying jobs no longer leads to financial security, let alone the ability to retire early.

“It’s not just about retiring; it’s about living better, having dreams, having time to breathe and reflect,” said Mayar Akrameh, 29-year-old management consultant, in an interview for AFP. “We’re taught that if you’re working and making enough money, even if you hate your job, you’re good. Or they think we’re good”.

To improve their financial outlook, increasingly many young Arabs are turning to various UAE-based finance platforms that educate users and simplify investing, making the daunting process more accessible.

The pandemic has accelerated the growth of the fintech industry in the MENA region even more. It’s estimated that 465 fintech firms in the UAE alone will generate about $2 billion in investment capital by 2022, up from $80 million raised in 2017.

Also Read: Dubai Establishes $272 Million Future District Fund To Attract Tech Companies

These new financial players fill the massive gap in the region’s investment landscape, which still focuses largely on high-net-worth individuals. “If someone wanted to invest $1,000 or $10,000, there was not much available” said Haitham Juma, an investment solutions manager at the UAE-based National Bank of Fujairah.

Hopefully, the blossoming fintech industry will give young Arabs the options they need to secure the stable and prosperous financial future they dream of.

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Emirates Airline To Invest $2 Billion On Major Upgrades

Emirates plans a huge retrofit on its fleet and an upgrade to the inflight experience.

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Emirates

Emirates Airline has just announced plans to improve its inflight experience for passengers. The carrier has budgeted $2 billion to refit the interiors of over 120 of its aircraft, aiming for a more modern aesthetic for cabins, along with better food choices, modern inflight entertainment options, and a significant service overhaul.

Emirates is well known for its premium service, so this overhaul is an ambitious decision, as many other airlines are trying their hardest to increase revenues and reduce costs.

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“Emirates is flying against the grain and investing to deliver ever better experiences to our customers. Through the pandemic we’ve continued to launch new services and initiatives to ensure our customers travel with the assurance and ease, including digital initiatives to improve customer experiences on the ground. Now we’re rolling out a series of intensive programmes to take Emirates’ signature inflight experiences to the next level,” says Sir Tim Clark, President of Emirates Airline.

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The investment aims to ensure Emirates stays on top form, with many of the upgrades scheduled to materialize quickly. For the physical refit, aircraft are scheduled to enter the Emirates Engineering Center in November. So what can passengers expect once work is complete? The most significant change will be to aircraft interiors, where flyers of all classes will immediately spot new flooring, paneling, and reupholstered seats.

Also Read: Saudi Arabia Reveals Plans To Build The City Of The Future

As well as a physical overhaul, the airline plans to upgrade entertainment systems, adding a “Cinema in the Sky” experience, complete with a bespoke app. In addition, better meal choices will reflect changing dietary preferences, including a new vegan menu and a nod to sustainability — though there will remain a strong luxury vibe to the proceedings, as the company has entered an exclusive agreement to offer Dom Perignon vintage champagne on board, as well as delicacies such as Persian caviar.

Though many of the improvements may seem trivial, Emirates is hoping that along with a huge cabin overhaul, their overall flight experience will continue to make travel a pleasurable experience, elevating their service above the competition.

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