Cost of living, telecoms and crowd investing

Cost of living, telecoms and crowd investing
20 June 2013

Cost of living increases impacting majority in the UAE

The latest report by, in partnership with YouGov exploring salary satisfaction across the UAE shows that 67% of those polled think their current salaries are lower than what competitors are offering; with the majority of respondents looking for a salary increase this year. Although 28% don’t expect any increase at all. One of the main reasons employees seek an increase is due to the high living cost in the UAE; more than half of the participants (53%) indicate that their living cost increased more than 15% over the past year. Participants say that the increase in living cost is mainly due to increases in rental fees, food prices and education fees. The majority (78%) of those polled believe that the living cost will continue to rise in the coming year. The full report in PDF can be downloaded here.

Central Bank seeks reduced telecom charges

The UAE Central Bank has agreed a tentative roadmap with local banks and the country’s two telecom operators on ways to remove any obstacles to m-Government initiative. According to a statement issued by the UAE Central Bank it will urge banks to use SMS to confirm transactions on credit cards and bank accounts as a means of reducing fraud.

'The Central Bank urged both Etisalat and Du to reduce their charges for data transmission and SMS messages,’  the statement said, adding that the Central Bank has also ‘urged both Etisalat and Du to reduce cost of core systems and telecommunications services to enable payment transactions and encourage customers to carry out transactions on mobile devices.'

Seeking funding from the crowd the UAE’s virtual skills marketplace launched its quest for capital on Eureeca, the crowdfunding platform for small & medium businesses to source funding from the crowd. Loulou Khazen Baz, Founder and CEO of Nabbesh said: ‘Nabbesh is in the business of disrupting the way people find jobs and crowd investing is disrupting the way businesses find funding so it was a natural fit for us to raise funds on Eureeca. Our platform is an innovative business that includes the building of a community, so what better way to seek capital for our fast-growing venture than through the community or crowd of potential investors we will have access to through Eureeca.’ Almost 30% of the target funding was raised in the first twenty-four hours of the announced goal. More…


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