A survey conducted by HSBC revealed that the United Arab Emirates has risen 10 places to rank fourth as the best global destination for living and working, according to the results of the 14th annual HSBC Expat Explorer report, which is a global study surveying the opinions of over 20,000 individuals living and working outside their home countries. The vast majority of expatriates surveyed in the UAE, 82%, feel optimistic that life will be more stable and normal again in the next 12 months despite the global pandemic, a figure significantly higher than the global average of 75%. Additionally, 53% of participants in the UAE expect an increase in their income and 57% anticipate achieving a better work-life balance.
The release of these findings coincides with HSBC celebrating 75 years of conducting business activities in the UAE and the country celebrating its golden jubilee of establishment. Abdul Fattah Sharaf, CEO of HSBC UAE and Head of International Business, stated, "Being among the top five global destinations for living and working is inspiring and clearly indicates the enormous potential driving the country's economy."
He noted that having an open and interconnected economy and a long-term vision has contributed to transforming the UAE into a global hub for trade, goods movement, shipping, aviation, business, and finance. He pointed out that the country's focus on innovation, infrastructure, quality of life, diversity, and inclusivity has made it the preferred destination for companies and professionals seeking further growth and prosperity.
Sharaf emphasized that the progress made by the UAE across various fields has been a motivating factor attracting many individuals who have made it their home. He highlighted that the top three reasons expatriates mentioned for choosing to move to the UAE for living and working are: improving their incomes (56%), making further progress in their career paths (49%), and enhancing their quality of life (43%).
The quality of life provided by the UAE is one of the reasons expatriates stay longer than planned, with most expatriates residing in the UAE, 86%, stating that their quality of life is generally better than in their home countries, while 6 out of 10 expatriates intend to remain in the country longer for this reason.
Abdul Fattah Sharaf remarked, "The prevailing sense of optimism among expatriates residing in the UAE about the coming 12 months reflects the rapid responsiveness of the authorities in addressing the social and economic impacts of the pandemic," noting that the evident attractiveness of the UAE for entrepreneurs and high-income individuals has driven us to make business decisions that will support the country’s recovery from the impacts of the COVID-19 pandemic.
In addition to the improved quality of life, 80% of participants reported that their children have become more aware and open to different cultures and experiences in the UAE. The country is currently hosting Expo 2020 Dubai, a global exhibition held in a new city every five years to showcase ideas and innovations that will shape our world, with visitor numbers expected to reach 25 million during its six-month run.
Abdul Fattah Sharaf stated, "The UAE's openness to diverse cultures and opinions is a key attraction for expatriates looking to make the country a place to live and work, and Expo 2020, which is the largest global event in the Arab world with participation from over 190 countries, underscores this commitment to diversity and openness on the global stage."
