Education in the UAE costs more than twice the global average
Regardless of whether you're a parent or not, you'll have been part of, or at least overheard, a conversation about school fees. And, we've got some new information that you can store for the next time the topic comes up.
According to a new report comissioned by HSBC, parents in the UAE are spending more than twice the global average on their children’s education.
The Edarabia report found that the average family in the UAE spends over US$90,000 (AED330,580) on education, that’s inclusive of university fees, school uniforms, books and more. The average rate spent elsewhere is US$44,000 (AED161,000).
While US$90,000 is considered expensive (SUPER expensive), Hong Kong placed first with an average education fees of over US$131,000 (AED481,000). The UAE came in second while Singapore rounded up the top three with an average of US$71,000 (AED260,830) spent on education.
The report, that compared the average school fees of 15 countries across the globe, also found that in general nearly 75 percent of parents fund their child’s education through day-to-day income. 36 percent stated that they pay from their general savings, investments or insurance while over 20 percent fund their child’s education through a specific education savings or investment plan.
Edarabia’s findings comes just weeks after Emaar chairman Mohamed Alabbar expressed his concerns at the high rate of school fees in the UAE. He stressed that if the fee doesn’t decrease than low-in-come families may not be able to afford their child’s education which ultimately would affect the nation’s literacy and employment rate.
According to the Knowledge and Human Development Authority’s (KHDA) latest report, a total of US$1.85 billion (AED6.8 billion) was collected from 185 schools in the emirates last year – that’s AED700 million more than the previous year.
To help parents find the best school that fits their budget Dubai property portal Bayut.com and Middle East education experts Edarabia have just released a new study that aims to help expats locate both the cheapest and best schools in their area.
The combined study comes just days after the Knowledge and Human Development Authority’s (KHDA) released its annual inspection results and found that expats living in Jumeirah Village Circle (JVC), Nad Al Sheba and Arabian Ranches are paying up to AED850,000 a year on school fees, making them three of the most expensive areas for education.
Expats living in areas like Al Karama, Deira, and Al Qusais, on the other hand, have access to some of the most affordable schools in the city.
The study found that while JVC, Nad Al Sheba and Arabian Ranches boast some of the most expensive schools in the city, they are, however, home to some of the highest ranking schools in Dubai – hence the hefty price tag.
While JVC boasts some of the most expensive schools in the city, it is also home to some of the most affordable suburban style apartments and villas in the city.