In recent years, Dubai has further cemented its position as a regional hub. The growth of logistics, tourism, financial & business services, as well as the emirate’s image as a luxury lifestyle destination, have all been central to this – so much so that others in the region are emulating some of the elements that make it a success. But how does Dubai – and indeed the UAE as a whole – stack up against other global hubs?
UAE: Streamlined UK business visa program introduced for select companies
The British Embassy in Abu Dhabi has introduced a streamlined new visa program designed to facilitate the UK business visitor visa process for eligible organizations with more than 40 employees based in the United Arab Emirates. The scheme – called Business Select - is for organizations that have operated in the United Arab Emirates for at least 18 months that send employees to the United Kingdom for business purposes on a regular basis.
UAE's cost of living forcing expats to consider leaving the country
Around half of expats in the UAE are considers leaving the country due to the rising cost of living, according to new research published this week.
A YouGov study into the saving habits of Emiratis and expats, carried out for The National newspaper, found that while 42 percent say they have improved their position financially in recent years, 50 percent of employed expats would consider leaving the UAE due to the high cost of living.
"The majority of expatriates consider money and saving for the future as an important factor in moving to UAE," Alaeddine Ghazouani, research manager at YouGov, told The National.
"But the rising costs of living are increasingly holding them back from safeguarding the financial security they have been looking for, which makes moving out of the UAE a serious alternative."
Of the 1,104 respondents, 56 percent said rent was impacting most on their financial well-being, while 13 percent said it was education.
When asked how they were coping with the cost of living in the UAE, 56 percent either said somewhat difficult (40 percent) or very difficult (16 percent).
The cost of living (22 percent) was among the biggest financial worries, followed by rising rents (19 percent), not being able to save (15 percent) and becoming unemployed (12 percent).
Transferring money home is a common occurrence for expats, with 86 percent sending funds back for basic needs and expenses of family members, with 40 percent of expats doing so at least once a month.
When it comes to savings, 25 percent of those surveyed said they didn't save anything at all, while 30 percent managed to save between one and ten percent each month. Just 40 percent are happy with what they manage to save each month.
When it comes to job satisfaction, 74 percent expressed some level of happiness with their current position, with just under half receiving a pay rise during the previous year.
Courtesy of Global Relocation Consultants.
No new UAE visas without health insurance
Dubai Health Authority has said any visa application, either new or a renewal, must have health insurance, under new measures being introduced.
The emirate's health authority has said the linking of the health insurance scheme to visa issuance and renewal will ensure all employers comply with the new directive.
The enforcement system will become live on August 1 this year, one day after the phase two (firms with 100 to 999 employees) implementation deadline. The linking of visa renewal or issuance to the mandatory health insurance will not be applicable for phase three companies (less than 100 employees) who have until June 2016 to comply with the regulations.
Humaid Mohammed Obaid Al Qatami, chairman of the board of the DHA, said: "We are pleased to see that a lot of companies have already complied ahead of the timeline and we encourage all those who have not to do before the deadline. We anticipate that in phase two 600,000 people will be insured.
"At the time that the law was introduced in November 2013, the insured population in Dubai was 1.1 million. Since the phased introduction, until now, an additional 1.2 million people are insured, bringing the total insured population in Dubai to 2.3 million. This shows that employers are responding very well to the scheme."
Courtesy of Global Relocation Consultants.