'I feel very lucky to be in the UAE'

Dubai: Gulf News readers welcomed the government announcement to guarantee bank deposits across the UAE.

The decision has reassured UAE residents about their financial situation, at a time when people around the world are worried about their savings.

Canadian expatriate, Philip Norman, believes this makes a strong statement about the government's commitment to ensure financial stability in the country. "Banks take a risk when they spread operations in different countries," Norman said.

"By making this announcement, the government is giving out a message that we are safe. Even if things go wrong and we are facing problems, we have all the support from the government. It is an extremely generous step," he said.

Abu Dhabi-based Salvadorean, Jaime Samour, also echoed the sentiment as his concerns about the spiralling economic situation were put to rest.

"My friends who live outside the UAE have been severely affected by the crisis. We were all concerned about our savings with banks closing down across the world," Samour said.

"The announcement has come as a excellent news. It gives us security that we can stay in the UAE and not worry," he said.

Malaysian expatriate, Radhika O'Sullivan, received e-mails from her friends from across the world, telling her that the UAE is the best place to be in during the global crisis. She feels the government's reassurance has made a world of difference for the average resident.

"I feel very lucky to be living in the UAE," O'Sulllivan said. "The government has supported us in this difficult time. Whatever savings I have are extremely important for me as I plan for my son's future. He is going to start college in a few years time, and it feels good to know that my deposits are safe," she said.

For Sharjah-based Indian expatriate, Mohammad Ameen, the announcement was further reassurance of the security he enjoys while living in the UAE.

"I have a deposit in the UAE and I am fully satisfied with the safety. I was always confident in the government's commitment towards our well-being," Ameen said. "With this announcement, we are further reassured that the leaders are always concerned about the residents in the UAE and their sense of security," he said.