A recent survey has revealed a buoyant financial outlook among expatriates residing in the United Arab Emirates. A staggering 95% of respondents reported an improvement in their financial standing compared to the previous year, highlighting the UAE’s appeal as a destination for economic prosperity.
Key factors contributing to this financial uplift include salary increments, robust investment returns, property appreciation, and growing pension funds. Over half of the surveyed expats attributed their improved financial health to salary increases, while a substantial portion benefited from the performance of their investment portfolios and property investments.
The UAE’s allure as a global talent hub remains undiminished, with 85% of respondents citing employment opportunities and quality of life as primary reasons for relocating to the country. This influx of skilled professionals has fueled economic growth, leading to increased demand for talent and consequently, higher salaries.
Chris Ball, managing partner at Hoxton Capital Management, emphasized the positive financial sentiment among UAE expats. “The fact that 95% of respondents feel financially better off is a testament to their resilience and adaptability,” he said. “However, the rising cost of living remains a global challenge for many.”
Despite the optimistic financial outlook, the survey also highlighted the importance of financial planning. While saving and investing emerged as top priorities, a significant portion of expats expressed interest in property transactions and retirement planning.
In terms of financial management, the use of financial technology is gaining traction, with 60% of UAE expats utilizing financial apps. However, a surprising number still rely on traditional methods like spreadsheets and pen and paper for tracking their finances.
“The preference for non-tech financial management tools is intriguing,” said Ball. “It suggests a gap in the market for innovative financial solutions tailored to the needs of expats.”
