Assuming you will be happy in a 2-bed apartment (or one of the tiny 2 bed villas in The Springs) with rent at around 140k pa I'd say you'd do just fine, especially if the company will cover school fees.
I am surprised to see both a Gratuity (end of service payment - standard for employees here) and a retirement fund contribution. The Gratuity is designed as a 'pension replacement', so get that written into the contract, both in English & Arabic.
Good luck. Do let us know what you decide to do.
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"Good advice is always certain to be ignored, but that's no reason not to give it." Agatha Christie
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