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Debt over fat for 2011
It isn’t surprising that UAE execs picked shedding debt over fat as their 2011 resolution; after all debt management is probably the country’s worst vice.
December 29, 2010 4:59 by Eva Fernandes
Though people may be choosing to welcome 2011 in less extravagant ways than in previous years, NYE is sure to be a night of feasting, over indulgence, reminiscence and of course, those darned New Year’s resolutions.
Having made, broken, re-made and re-broken resolutions over the years, Kipp isn’t a fan of those pesky, guilt-inducing promises that seem to be pretty much the same for everyone: spend less, save more, sign up for that MBA, take the kids out more often, come home earlier, and of course the big one (especially for expats here): lose the weight.
Or not, apparently. As a symbol that we are in more troubling times (as if we needed a confirmation), Emirates 24-7 has found that shedding debt has overtaken losing weight as the most popular (but least favourite favourite, presumably) resolution. The small survey, which polled 50 of the UAE’s senior executives, found that more than 80 percent of those interviewed said that saving more and/or reducing their overall exposure was among their top five resolutions for the New Year.
If you’ve been reading Kipp this past week, we’ve probably impressed upon you just how flat a year 2010 was, so we don’t need to say it again. But even with a perspective of how disappointingly average it was, Kipp can’t help but feel a little unsettled (though also encouraged, we guess) that reducing debt trumps over losing weight for UAE executives. We’re unsettled because it seems to suggest that, two years on, we still haven’t got control of our debt. But we’re encouraged because they clearly know how important it is.
It is quite clear that the country has some serious issues with debt management, both personally and commercially, and UAE execs are right that tackling it should be their priority. So for the stability, progress of the country (and for the security of our jobs) let’s hope that this is the one resolution executives endeavor to keep past the first twenty days of the New Year.