Its Xavier Blog

The UAE has just presented an overview of its finances for 2023. Revenues came in at 66.2 billion dirhams while expenses were 58.2 billion dirhams. Total assets rose to Dh391.7 billion.  Federal National Council has signed an annual report showing transparency in government money matters. Looking ahead, planned spending for 2023-2026 is around 252 billion dirhams.  Next year budget itself is 192 billion dirhams up from previous estimates. Expenses are projected at 64.1 billion with income of 65.7 billion.  The Finance Minister said the budget represents the strength of their economy. The goal is balancing what comes in vs. goes out through smart fiscal policy.  Data also showed a surplus last year as revenue jumped a huge 31.8% while spending rose 6.1%. This extra cash shows financial stability in the UAE. By keeping tabs on spending and planning for the future, the government aims to keep supporting the countrys continued growth in a responsible way. All in all a po...

  The global landscape is witnessing a surge in financial stress, driven by factors such as economic uncertainties, mounting debt, and unforeseen expenses. In response to this pressing issue, Mo Ibrahim launched Maly, a Dubai-based financial wellness platform, in August last year. Financial literacy, or the lack thereof, has emerged as a key contributor to the daily struggles faced by individuals navigating their economic well-being. Millions worldwide find themselves unprepared to confront the cost-of-living crisis, exacerbated by the enduring impact of the pandemic on savings and employment. Maly, meaning "my money" in Arabic, was conceived as a comprehensive solution to empower individuals in taking charge of their financial destinies. The platform goes beyond addressing immediate financial challenges; it focuses on instilling financial literacy skills to equip users with the knowledge to navigate the complexities of their economic lives. Mo Ibrahim, serving as both founde...