Daily life in DXB

[GMDS]

No need to give you a detailed paycheck. Just consider two scenarios:

• You have some property at home, as investment towards retirement, it’s rented out to a small profit, however you still have a annual mortgage to pay it off. As with what’s left end of the month (with the actual EK conditions) you will have very little to send back home, so this starts being a problem. I have stated it before, in 2009 you will start losing money, because with inflation and currency discrepancies, your little profit at home will no longer suffice to pay the mortgage.
• You have no ties to home. Therefore you have to build up a pension plan around here. With the EK plan outcome you might consider retirement in a third world country only. You will have to add in a lot to cover life back home, if home is anything liveable on this planet. With what is left end of the month, there is very little to build up a decent pension. Again my prediction: With the actual EK conditions (including the average increments throughout the last years) this will erode in 2009, meaning there will be not enough left to be put aside to build up anything close to the above.

This leaves EK as a stepping stone only for guys needing a quick upgrade, or for DEC’s from ugly places, or already retired at home. You will definitely need a escape plan within 5 to 7 years. Not only for financial reasons, but the missus will be utterly fed up by then. If your kids approach 16, they will also need a decent education elsewhere, as for the moment higher grades and university is not adequately available here.

GMDS