Mohammed Bin Rashid Visits New Economy Academy To Support Emirati Financial Literacy Initiatives

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, recently visited the New Economy Academy. During his visit, he learned about the academy's diverse academic programmes designed to enhance Emirati citizens' ability to adapt to changes in economic and financial sectors. H.H. Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum and Mohammad Al Gergawi also attended.

H.H. Sheikh Mohammed participated in a session of the ‘Family Financial Literacy Program – Dubai: How to Build Financial Stability for Your Family.’ This initiative is organised by the Community Development Authority 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," he stated.

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The New Economy Academy offers courses such as Financial Awareness, Entrepreneurship, Capital Markets, Real Estate Pathway, and Homebuilding Pathway. These programmes aim to equip citizens with skills to navigate rapid developments in economy and entrepreneurship. Dr. Laila Faridoon, CEO of the academy, presented these key programmes during H.H. Sheikh Mohammed's visit.

The ‘Family Financial Literacy Program – Dubai’ is part of the Sheikha Hind Bint Maktoum Family Program. Launched by H.H. Sheikha Hind bint Maktoum bin Juma Al Maktoum, it aims to support Emirati families by enhancing family stability and societal values. The programme has already graduated members from 175 households across three cohorts.

Hessa bint Essa Buhumaid from the Community Development Authority highlighted that this programme aligns with leadership directives prioritising Emirati family empowerment. Economic empowerment and financial awareness are crucial pillars for achieving these goals. The authority will continue collaborating with partners like the New Economy Academy to support families at various life stages.

The training programme targets participants in the ‘Dubai Weddings’ initiative launched by the Community Development Authority in January 2024 under H.H. Sheikha Hind’s directives. It supports Emiratis preparing for marriage by easing financial burdens and promoting strong relationships through free wedding venues and ceremony cost coverage.

Comprehensive Training for Couples

This initiative includes lectures and workshops led by experts from several organisations including the General Pension and Social Security Authority and Al Etihad Credit Bureau. It helps couples practice sound financial planning for long-term stability while promoting savings awareness and debt management skills.

The programme provides integrated tracks focusing on financial, psychological, and social awareness essential for cohesive families. Participants receive a roadmap for their financial future enabling informed decision-making towards achieving their goals confidently.

Advanced Strategies for Financial Management

Participants learn advanced debt management strategies alongside saving techniques for key life objectives like home ownership or retirement planning. The programme also teaches smart investment strategies and wealth-building techniques while equipping couples with communication skills necessary for resolving financial disagreements effectively.

Additionally, it prepares participants to handle challenges such as job loss or medical emergencies while maintaining balance during tough times through comprehensive training on managing expenses sustainably.

With inputs from WAM