http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=392486
Facing challenges |
New country, new people, new work environment, opportunity to learn a new culture and a tax-free salary package; a dream for any expatriate to choose to work in the Gulf countries. However, the initial excitement fades away if homework is not done properly. Later, it turns into a challenge as well.
Income of an expatriate has to be divided into three '“ one portion to spend for living here, one portion to be sent home to take care of their parents or family left behind, and the third goes into future planning '“ as most of them have pension-less jobs offering no security post retirement.
So the direct conversion of dinars into home currency might have created an excitement, but when the same gets divided into three portions, it makes you blink at the stark reality. One has to lead a below average life here to save for the other two portions.
The income tax-free package too turns out to be an illusion as huge expenses are involved in annual travel back home and buying gifts for near and dear ones.
Insurance, investments in mutual funds, equities or properties, home loan, personal loan and equated monthly instalments eat away any of your desires of leading a comfortable life. And most importantly, when one works long enough in the Gulf and returns home he or she realises that all their lives were squandered thinking about tackling the future, with no focus on the present.
People from developing economies get excited about the improved conversion rates on their currencies. They have apps installed on smartphones or laptops to constantly check the current rate.
But stop for a moment and think whether the increase of one point (or one unit) gives people back home any increased buying power. Does the cost of living offset the additional income?
Websites that offer free financial consulting, retirement planning and investment tips scare you when they calculate and present that you need few tens of thousands of dinars today to lead a better post-retirement life. And how in the world the average earning expatriate is going to generate this few tens of thousands of dinars in one go?
Gulf countries do not offer citizenships or long-term residence permits. A few avenues have opened up such as residences for business owners and property investors. However, not all expatriate employees can avail of these benefits.
Dollar pegging keeps inflation under control, which makes employers to keep the salary levels same for several years altogether.
Therefore, the financial growth is fairly static over the years while the industry's salary standards grow constantly, if not dramatically, across the world.
So, after spending several years, one may find their peers back home are more or less getting the same salaries as you do and are lucky enough to spend their lives with their families.
Mohan Krishnamurthy
http://www.gulf-daily-news.com/source/XXXVII/278/pdf/page06.pdf
http://www.gulf-daily-news.com/source/XXXVII/278/pdf/page07.pdf
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Tuesday, December 23, 2014
Another article published by Gulf Daily News in Your Views Section today - "Facing Challenges"
Friday, December 19, 2014
Saturday, August 23, 2014
Launching Almoayed ICT, Kingdom of Bahrain
Sunday, 10th August 2014
Almoayed Group is one of the leading ICT solutions providers with more than three decades of dedicated ICT and associated technologies experience in Bahrain, the GCC and Middle East region.
It was established in Bahrain in 1982 by chairman and founder Nabeel Almoayed, with the vision to develop, deploy and support innovative, quality and sustainable ICT solutions and services that meet the needs of valued customers in Bahrain and the region.
The company has since established a track record as a leader in the IT sector. It has played an integral role in the development of the kingdom’s “technology infrastructure”, and in the process has developed a wide range of strategic partnerships and alliances with technology industry leaders such as Cisco, IBM, Avaya and EMC, just to name a few.
Almoayed Group is now proud to introduce Almoayed ICT – a consolidation of the various existing divisions and group subsidiaries currently operating within the Information and Communications Technology (ICT) sector.
The newly-registered entity will incorporate Almoayed Data Group (ADG), Almoayed Telecom (Amtel), Almoayed Networks (Amnet) and other subsidiaries under one unified structure. “Our aim is to create a platform for future growth,” said executive director Dr Nawaf Almoayed.
Strategy
“Unifying our various entities is a key part of our long-term strategy, and will provide us with the necessary framework to achieve our growth targets.
“The new entity will be better geared to serve our customers by combining resources and expertise under one roof and will serve to reinforce our position as a turnkey solutions provider for all our customers’ ICT requirements.”
The ICT sector has been identified as one of the key sectors and prioritised for development by the government of Bahrain in its National Economic Strategy.
With this news Almoayed ICT reaffirms its commitment to Bahrain Economic Vision 2030 by providing the latest in cutting-edge technologies and IT infrastructure requirements for the kingdom.
With a highly experienced, qualified and dedicated workforce, Almoayed ICT is at the forefront of service and quality.
“The ICT industry is inherently one of the most dynamic and fast-changing industries, and our organisation has evolved pro-actively over the past three decades,” said Almoayed Group Chief Executive Parag Bhave.
“We are proud of our history that is synonymous with Bahrain’s development and progress in the past 30 years and our technological capabilities continue to evolve and grow.
“Our customers depend on us to build and deploy effective and reliable solutions and to provide comprehensive, trustworthy business support.
“Under Almoayed ICT we will be better positioned to provide a more comprehensive and wider range of solutions to our valued customers covering all fields of ICT.”
Almoayed Group is one of the leading ICT solutions providers with more than three decades of dedicated ICT and associated technologies experience in Bahrain, the GCC and Middle East region.
It was established in Bahrain in 1982 by chairman and founder Nabeel Almoayed, with the vision to develop, deploy and support innovative, quality and sustainable ICT solutions and services that meet the needs of valued customers in Bahrain and the region.
The company has since established a track record as a leader in the IT sector. It has played an integral role in the development of the kingdom’s “technology infrastructure”, and in the process has developed a wide range of strategic partnerships and alliances with technology industry leaders such as Cisco, IBM, Avaya and EMC, just to name a few.
Almoayed Group is now proud to introduce Almoayed ICT – a consolidation of the various existing divisions and group subsidiaries currently operating within the Information and Communications Technology (ICT) sector.
The newly-registered entity will incorporate Almoayed Data Group (ADG), Almoayed Telecom (Amtel), Almoayed Networks (Amnet) and other subsidiaries under one unified structure. “Our aim is to create a platform for future growth,” said executive director Dr Nawaf Almoayed.
Strategy
“Unifying our various entities is a key part of our long-term strategy, and will provide us with the necessary framework to achieve our growth targets.
“The new entity will be better geared to serve our customers by combining resources and expertise under one roof and will serve to reinforce our position as a turnkey solutions provider for all our customers’ ICT requirements.”
The ICT sector has been identified as one of the key sectors and prioritised for development by the government of Bahrain in its National Economic Strategy.
With this news Almoayed ICT reaffirms its commitment to Bahrain Economic Vision 2030 by providing the latest in cutting-edge technologies and IT infrastructure requirements for the kingdom.
With a highly experienced, qualified and dedicated workforce, Almoayed ICT is at the forefront of service and quality.
“The ICT industry is inherently one of the most dynamic and fast-changing industries, and our organisation has evolved pro-actively over the past three decades,” said Almoayed Group Chief Executive Parag Bhave.
“We are proud of our history that is synonymous with Bahrain’s development and progress in the past 30 years and our technological capabilities continue to evolve and grow.
“Our customers depend on us to build and deploy effective and reliable solutions and to provide comprehensive, trustworthy business support.
“Under Almoayed ICT we will be better positioned to provide a more comprehensive and wider range of solutions to our valued customers covering all fields of ICT.”
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