Emirates Launches Financial Literacy Debate

Emirates Foundation for Youth Development, an independent, philanthropic organisation set up by the Abu Dhabi government to facilitate public-private partnerships to improve young people's welfare in the UAE, organized today the second Business Breakfast for Social Investment to discuss Financial Literacy among young people. Sheikh Sultan Bin Tahnoun Al Nahyan, Managing Director of Emirates Foundation, was present at the event that hosted international and local experts to engage in a wide ranging debate about the challenges and opportunities facing young people in relation to managing their personal finances and notably debt.

Speaking on the panel, Nima Abu Wardeh, the presenter of BBC's World Middle East Business Report and founder of cashy.com and campuscashy.com spoke of her established online platforms to help young people manage their finances more effectively. Dr Jonathan Rowson, the Director of the Social Brain Center at the UK's Royal Society for Arts, an expert on the subject who has worked closely with the UK's financial sector, spoke of how managing personal debt is related not just to awareness but also behavior change. The third panelist, Hamdah Hassan Mohamed Noor, a writer and a radio presenter at Noor Dubai spoke in her capacity as a young Emirati who has written extensively in the local media on the subject. Clare Woodcraft, CEO, Emirates Foundation, facilitated the discussion.

Commenting on the event, Sheikh Sultan Bin Tahnoun said, "The Foundation's mandate is to develop sustainable solutions to specific issues facing young people in the UAE. While there are various excellent initiatives across the country related to financial literacy, Emirates Foundation is interested in building a national program to address the issue at scale. This event provides us with an opportunity to unite various existing initiatives into a long-term program." "Financial literacy has emerged as an increasingly important issue notably in light of the global recession where managing debt effectively emerged as a very salient subject. We want to be able to help young people in the UAE learn how to avoid excessive debt and manage their finances such that they can provide for themselves and their loved ones throughout their lifetime. We invite all those organizations interested in contributing to this initiative to engage with the Foundation to see how they can support," he concluded.