Family cohesion, financial stability of Emiratis are UAE’s goals: Sheikh Mohammed

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited the New Economy Academy, where he was briefed on the variety of academic programmes offered by the institution aimed at enhancing the capability of Emirati citizens to cope with the rapid changes in the economic, financial and entrepreneurial spheres.

Sheikh Ahmed Bin Mohammed, Second Deputy Ruler of Dubai, was also in attendance along with Mohammad Al Gergawi, Minister of Cabinet Affairs.

Sheikh Mohammed also attended part of the ‘Family Financial Literacy Program – Dubai: How to Build Financial Stability for Your Family,’ organised by the Community Development Authority in Dubai in collaboration with the New Economy Academy.

“Our goal is to see every Emirati household enjoying family cohesion, financial stability, and greater awareness of the future and its tools,” Sheikh Mohammed said.

Ongoing programmes

Sheikh Mohammed listened to a presentation by Dr Laila Faridoon, CEO of the New Economy Academy, about its key programmes, which are inspired by the institution’s agenda to support citizens and enhance their capabilities and literacy across economic and financial domains.

Courses offered by the academy aim to equip citizens to cope with the rapid developments taking place within the context of the economy, entrepreneurship, and financial resource management.

Programmes offered by the academy include: Financial Awareness, Entrepreneurship, Capital Markets, Real Estate Pathway, and Homebuilding Pathway.

During his visit, Sheikh Mohammed was also briefed on the objectives of the ‘Family Financial Literacy Program – Dubai: How to Build Financial Stability for Your Family,’ which falls under the umbrella of the Sheikha Hind Bint Maktoum Family Program, launched by Sheikha Hind Bint Maktoum Bin Juma Al Maktoum, wife of Sheikh Mohammed. The programme aims to support Emirati families in Dubai, offering them new insights to boost family stability and cohesion, reinforce societal values, and enhance quality of life.

Since its launch, the ‘Family Financial Literacy Program – Dubai’ programme, organised by the Community Development Authority in collaboration with the New Economy Academy, has successfully graduated members of 175 households across three cohorts. Three additional cohorts are scheduled to take up the programme in the near future.

Hessa Bint Essa Buhumaid, Director General of the Community Development Authority in Dubai, stated that the Family Financial Literacy Program reflects the leadership’s directives to prioritise the empowerment of Emirati families and to implement policies and plans to reinforce their cohesion and stability as a community. She emphasised that economic empowerment and enhanced financial awareness are amongst the most critical pillars in achieving these objectives.

Comprehensive support

Hessa Bint Essa Buhumaid affirmed that the Community Development Authority in Dubai will continue to collaborate with its partners – especially the New Economy Academy – to roll out more programmes aimed at supporting families through every situation and stage of life.

The training programme is aimed at participants in the ‘Dubai Weddings’ initiative, launched by the Community Development Authority in January 2024 under the directives of Sheikha Hind Bint Maktoum Bin Juma Al Maktoum.

The initiative aims to provide support for Emirati citizens in Dubai who are preparing for marriage and to ease their financial burdens in a way that promotes strong marital relationships and enhances family stability.

The programme covers the costs of the main wedding ceremony and offers wedding halls and neighbourhood majlis venues free of charge.

The training programme includes a series of lectures and workshops supervised by a group of experts and specialists from the Community Development Authority in Dubai, the New Economy Academy, the General Pension and Social Security Authority, and Al Etihad Credit Bureau.

The programme aims to enable couples preparing for marriage – as well as newlyweds – to practice sound financial planning and manage financial resources effectively to ensure long-term financial stability.

It also promotes awareness of the importance of achieving savings, managing household budgets, and avoiding debt that could negatively impact family stability. Furthermore, it helps couples devise effective budgets, manage expenses sustainably, and allocate funds for key life goals.

Integrated tracks

The programme is delivered through integrated tracks highlighting elements of financial, psychological, and social awareness and the importance of all these aspects in fostering cohesive families and stable communities.

Through its training tracks, the programme equips participants with an initial roadmap for their financial future, enabling them to make informed decisions that help them achieve their financial goals with confidence and clarity.

The training programme provides advanced strategies for debt management and encourages saving for key life objectives such as home ownership, raising children, and retirement. It also equips couples with constructive communication skills to address financial disagreements.

The programme further includes training in smart investment strategies, wealth-building techniques, and understanding various retirement savings options. Participants also learn how to handle financial challenges such as job loss or medical emergencies and maintaining financial balance during difficult times.