Hassan Cheruppa Saudi Gazette JEDDAH — A financial expert has urged expatriates to be prudent in their spending and identify their priorities on the basis of their financial capabilities. K.V. Shamsudheen, chairman of the Pravasi Bandhu Welfare Trust, said: “Spendthrift is the villain in the case of many expatriates who are still struggling to make ends meet even after spending decades in the Gulf states.” He was delivering a keynote speech at a financial awareness workshop, titled “For a Better Tomorrow,” organized recently by the Jeddah Chapter of Focus. Shamsudheen said: “Most low and middle income expatriates in the Gulf states are in financial trouble.” He attributed this to a number of factors, such as their failure to save money, failure to pump their earnings into productive investments and their apathy toward acquiring new professional skills and upgrading them as well as in improving their prospects both in their home country and abroad.
He noted that the increasingly insecure job market, especially for unskilled workers, was adding fuel to the fire. Shamsudheen discussed a number of topics, including prudent spending, wise investment, avoiding unnecessary expenditure and taking extra care against falling into a debt trap after taking out loans. He blamed the market-based capitalist system for the extravagance and greed prevailing in society and said that has the potential to create friction in both family and society. He said: “This was more obvious in the case of expatriates. “The remittance made by expatriates is utilized mainly to meet domestic expenses, as well as for making dead investments such as building luxurious houses and buying ornaments. “Because of this, when an expatriate goes back to his homeland, he finds it difficult to make both ends meet.” Shamsudheen, who is also Vice Chairman of the Indian Business Professional Council and Director of Barjeel Geojith Securities (LLC), urged expatriates to maintain proper awareness in spending their hard-earned money and investing it in the right manner to ensure good returns plus a comfortable life when they go back home. He also attended an interactive session with the participants. Focus, a non-profit youth organization, organized the program as part of its campaign to raise awareness among the expatriate community, especially low and middle income people, about financial planning. Participants in the event said the program helped them a lot in developing ideal saving habits and exploring appropriate investment ventures.
Earlier, Abdul Gafoor Valappan, President of the Jeddah Indian Islahi Center, inaugurated the event. Albin Joseph of Express Money and Basheer Machingal from EFS Logistics also addressed the workshop. There was also a session on tackling the dowry system prevailing in some Indian states, including Kerala. Focus HR Manager Mubashir welcomed the gathering while Jareer Vengara, Focus Events Manager, gave a vote of thanks.
