The UAE is the first desire of expatriates, and it ranks fourth in the world

 

The United Arab Emirates ranks fourth among the best global destinations for living and working

According to the findings of the 2021 ExplorerHSBC Expat Report:

The United Arab Emirates jumps 10 points to rank fourth out of 48 markets

82% of expats are optimistic that life in the UAE will return to normal within the next 12 months

The excellent progress in the UAE ranking comes as HSBC celebrates 75 years of starting its business in the country

The UAE has risen 10 places to be the 4th best global destination to live and work according to the results of the 14th edition of the annual HSBC Expat Explorer - a global survey of the opinions of more than 20,000 (twenty thousand) people living and working outside their home countries.

The vast majority of expats surveyed in the UAE (82%) are optimistic that life will be more stable and normal again in the next 12 months despite the global pandemic, which is much higher than the global average of 35%. That (53%) of respondents in the UAE also expect an increase in their income and a better work-life balance (57%).

The publication of these results comes in the same year that HSBC celebrates the 75th anniversary of the start of its activities in the UAE, and in conjunction with the celebrations of the UAE's golden jubilee of its establishment.

Abdul Fattah Sharaf, CEO of HSBC UAE and Head of International Business, said: “The fact that the UAE is among the top five destinations to live and work globally is inspiring and a clear indication of the huge potential driving the country’s economy. The first and only here when we opened our doors for business on October 12, 1946, we realized at that time this potential and have been keen to invest in it since then, along with providing support to the UAE and our customers to open a world of opportunities.

Thanks to an open economy that is interconnected with the world, along with a long-term vision, they have contributed to transforming the UAE from a small fishing and pearling port in the 1940s to become today a global center for trade and movement of goods, shipping, aviation, business and finance. The country’s focus on innovation, infrastructure, quality of life, diversity and inclusion makes it the preferred destination for businesses and professionals looking to achieve further growth and prosperity.”

economy and quality of life

The progress made by the UAE has been an encouraging factor in attracting many individuals who have made the UAE their home. The top three reasons expatriates cited for choosing to move to the UAE to live and work are: improving their incomes (56%), making more progress in their careers (49%), and improving their quality of life (43%).

The quality of life that the UAE offers is one of the reasons why expats are staying longer than planned. Most of the expatriates residing in the UAE (86%) say that their quality of life is generally better than in their home countries, and that six out of 10 expats intend to stay in the country for a longer period of time for this reason. While only 11% of expats say the pandemic has affected their plans to stay in the UAE.

Abdul Fattah Sharaf said: “The prevailing sense of optimism among expatriates residing in the UAE about the next 12 months reflects the rapid response by the authorities to address the social and economic impacts of the pandemic.

The apparent attractiveness of the UAE to high-income entrepreneurs and individuals has prompted us to make decisions about our business that will support the country's recovery from the effects of the COVID-19 pandemic. We have committed $5 billion in loans to support strong companies in the UAE to achieve global growth through the UAE Growth Initiative, invested in our wealth management business, and expanded our private banking business in the Abu Dhabi Global Market. As part of our plan to achieve our goal of doubling the size of our assets under management over the next three years."

culture and safety

In addition to a better quality of life, 80% of respondents said that their children had become more aware and open to different cultures and experiences in the UAE. The UAE is currently hosting Expo 2020, a global festival held in a new city every five years to showcase the ideas and innovations that will shape our world. The number of visitors to the exhibition is expected to reach 25 million during its six-month cycle.

Abdul Fattah Sharaf said: “The UAE’s openness to diverse cultures and views is a major attraction for expatriates looking to make the country a place to live and work. Expo 2020, which is considered the largest global event in the Arab world with the participation of more than 190 countries, places this Commitment to diversity and openness on the global stage.”