Economy Influx of rich expats pushing up UAE inflation, says IMF panel The influx of affluent migrants into the UAE has contributed to the country’s rising inflation, but also presents new opportunities for the Gulf state. A Henley Global Citizens report published in August forecast that the UAE will record the largest net inflow of millionaires on record, adding an additional 4,000 high net worth individuals this […] November 1, 2022
EXCLUSIVE English language skills top of learning list for UAE workers An online course in English for career development from the University of Pennsylvania has emerged as the most popular course in the Mena region and among the top five courses in Gulf countries. In addition, a course in how to write professional emails in English from the Georgia Institute of Technology ranked among the five […] October 30, 2022
Analysis Employment UAE warns against hiring ‘ghost’ Emiratis to meet quota targets UAE authorities have warned private sector organisations against hiring ‘ghost’ Emirati employees in the race to meet their Emiratisation targets. The Ministry of Human Resources and Emiratisation last week called on companies with more than 50 employees to expedite a target to fill 10 percent of their positions with Emiratis before the end of 2022. […] October 27, 2022
Analysis Economy 70 multinationals secure Riyadh licence after Saudi HQ ruling A total of 70 international companies have so far been issued licences to relocate their regional headquarters to the Saudi capital Riyadh as part of a major push to attract more overseas investment. The updated figure, revealed in a new report by Saudi Arabia’s Ministry of Investment (Misa), represents a significant increase compared to a […] October 27, 2022
Banking & Finance Empower targets Gulf expansion with IPO cash boost Dubai’s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering (IPO) on the Dubai Financial Market on November 16, as it eyes expansion to neighbouring Gulf states, company executives said on Monday. Subscriptions will open on October 31 and close on November 7. Final pricing will be set on November 9 […] October 24, 2022
Exclusive Real Estate Six Senses sells 75% of branded Dubai units ahead of 2024 debut The first Six Senses Residences in Dubai is planned for 2024 as the CEO of the global luxury hospitality brand reports demand from affluent and existing UAE residents. Neil Jacobs said the progressing construction of Six Senses Residences The Palm, alongside a 61-room hotel, represents a “new milestone for the brand”. “The property price growth […] October 23, 2022
Analysis Real Estate Dubai tenants jump on property ladder as rents soar Dubai has seen an increase in end-user homeowners as its property market matures and begins to move away from the speculators and flippers of the boom days before 2008. Surging rental rates and expats opting to live in the UAE longer have also made the jump from tenant to homeowner increasingly more attractive, industry experts […] October 21, 2022
Economy Pensions in demand as expats stay longer in the Gulf Expats are staying in the Gulf longer than the global average, leading to greater demand for pension services in the UAE and Saudi Arabia. “We have observed an increase in interest and discussion in the Middle East around offering pension type savings for expatriate employees,” said Robert Ansari, head of investment and retirement for India, […] October 20, 2022
Lifestyle India’s richest expat lives in Dubai, earning $12.45m a day Dubai-based Vinod Shantilal Adani, elder brother of Indian billionaire Gautam Adani, is the world’s richest non-resident Indian, earning $12.45 million (Rs 102 crore) daily, according to the latest figures from the IIFL Wealth Hurun India Rich List 2022. Vinod Adani manages trading businesses in Dubai, Singapore and Jakarta and saw his wealth increase by 28 […] September 29, 2022
Analysis Economy UAE staff told to wait until next year for salary increases The majority of UAE companies are resisting giving staff a boost in their salaries to help compensate for the rising cost of living, with most putting any increases off until next year. Reuters reported in August that Emirates NBD, Dubai’s largest bank, had given its staff a pay rise of up to eight percent to […] September 26, 2022
Banking & Finance More UAE banks must sign up for true benefits of instant payments The Central Bank of the UAE needs to mandate more banks and financial institutions to sign up be ready for the roll out of its new instant payments system. The Emirates will soon join its neighbours Bahrain, Saudi Arabia and Oman in offering the Instant Payments Platform (IPP), a new and more comprehensive real-time payments […] September 23, 2022
Lifestyle Expats staying in the UAE longer, but stress levels are rising Expats stay for longer in the UAE than in any other country but workplace stress is a growing problem, a new study has found. The 2022 edition of the 360° Global Well-Being Survey, compiled by health services firm Cigna, reported that some employees in the Emirates were complaining of unmanageable stress and burnout caused by long […] September 22, 2022
Analysis Economy Saudi capital spending surges 38% on back of higher oil prices Capital expenditure surged in Saudi Arabia in the first half of 2022, part of a wider spending spree on the back of higher oil prices. S&P Global Ratings said capital expenditure (capex) rose by 38 percent to SR51 billion ($13.6 billion) despite this year’s initial budget statement forecasting it would fall. Revenue was up 43 […] September 20, 2022
Real Estate Pakistan property sees surge in Gulf-based interest Pakistan’s real estate sector has seen increased interest from Gulf-based investors over the last year, according to data from the country’s largest property portal. The Pakistan Property Show was held in Dubai’s World Trade Centre earlier this month. With over 60 exhibitors, it attracted around 20,000 attendees, including Sultan Butti Bin Mejren, director general of […] September 19, 2022
Analysis Banking & Finance Should your business jump on the bandwagon? From groceries to luxury properties, hotel stays to coffees, burgers to business licenses, consumers in the UAE can now buy it all using cryptocurrency. But, even as several bricks-and-mortar businesses jump on the crypto bandwagon and regulations evolve, experts say the uptake is modest and widespread adoption in the Gulf state is still about five […] September 14, 2022
Analysis Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Analysis Employment Saudi tops global expat salaries list while UAE slips Saudi Arabia continues to offer the highest expatriate salaries in the world, while wages in the UAE have fallen in real terms, recruitment experts have said. Expat salaries in Saudi Arabia rose by 11 percent year on year in 2021 to an average of $188,000 for middle management roles, according to the latest MyExpatriate Market […] August 31, 2022
Tourism Dubai hotel rates surge by up to 75% during World Cup Dubai Marathon has been forced to move its upcoming race in December 2022 to February 2023, as organisers said the massive demand by football fans to base themselves in the emirate has resulted in a lack of hotel rooms, with average daily rates during the tournament rising by as much as 75 percent. “Thousands of […] August 30, 2022
Long read Retail From Chauf-fur to diamond dog collars, UAE pet sector booms Whether it’s on a doggie cut and blow dry, a luxury kennel stay, or the finest food and bling accessories, UAE households spend nearly a quarter of a billion dollars on their four-legged friends every year. Market research firm Euromonitor International estimates that the UAE pet care industry will be valued at around AED854.4 million […] August 29, 2022
Banking & Finance Dubai launches Emirati savers programme for women In the run up to Emirati Women’s Day on August 28, National Bonds, which is owned by Dubai’s sovereign wealth fund, has launched a new initiative designed for female Emirati investors and savers. This follows its survey findings that more than half of Emirati women do not invest any of their money and 30 percent […] August 27, 2022
How I got to the top Development Shrook Mansour Bin Sultan, head of government affairs for Saudi Arabia, 3M Shrook Mansour Bin Sultan is the new head of government affairs in Saudi Arabia for US multinational conglomerate 3M, which operates in the fields of industry, worker safety, US healthcare and consumer goods. Her responsibilities include leading the company’s public policy initiatives, such as engagement opportunities with government entities to support the kingdom’s policymakers on […] August 26, 2022
Economy Remittances from Egyptian expats rises 1.6% to $31.9bn Remittances from Egyptian workers abroad in the financial year 2021/2022 rose 1.6 percent year-on-year to $31.9 billion, according to the Central Bank of Egypt (CBE). This is compared to $31.4 billion sent home by Egyptians working overseas in the fiscal year 2020/2021, and $27.8 billion in 2021/2022, the Egypt Independent newspaper reported. The fiscal year […] August 24, 2022
