Partnership Launched in Dubai to Empower Families Financially

The Community Development Authority (CDA) of Dubai has formalized a partnership with National Bonds Corporation through a Memorandum of Understanding (MoU) aimed at bolstering family financial stability and promoting long-term well-being. This collaboration supports the Sheikha Hind bint Maktoum Family Programme and is in line with the ambitions of Dubai's Social Agenda 33 and the Year of the Family.

The focus of this initiative is to integrate social and economic support by enhancing financial literacy and incentivizing savings among families. By laying a solid financial foundation in the early stages of family life, it aims to elevate the overall standard of living and promote social stability.

Under this agreement, the two organizations will facilitate up to 12 awareness workshops annually. Targeting newlywed couples and individuals preparing for marriage, these workshops will cover essential topics such as budgeting, savings, and long-term financial strategies.

Additionally, a new initiative called the “Financial Clinic” will be established to evaluate the financial well-being of families. It will furnish tailored guidance and educational programs to foster responsible financial habits, aiming for sustainable economic futures.

To support this initiative, National Bonds will issue a savings bond valued at AED 1,000 for every newborn belonging to eligible families under the programme, promoting a culture of saving from birth that aids in future financial planning.

Hessa bint Essa Buhumaid, Director General of Dubai’s CDA, emphasized that this partnership underscores the authority’s dedication to family empowerment and the reinforcement of social structures. She noted the importance of investing in families to establish a sustainable and stable society.

Mohammed Qasim Al Ali, Group CEO of National Bonds, stated that financial education should commence at birth, pointing out that early financial backing equips families with essential money management skills, fostering long-term stability.

The collaboration will also focus on sharing knowledge and data within approved parameters to create effective, data-driven programs, helping to assess the impact of initiatives and boost the overall efficacy of social development efforts.

This partnership underscores Dubai’s unwavering commitment to enhancing family welfare, financial literacy, and community development sustainability.