Dubai has leapfrogged London as the most sought-after location among US jobseekers. Jeff Topping / The National
Dubai has leapfrogged London as the most sought-after location among US jobseekers. Jeff Topping / The National
Dubai has leapfrogged London as the most sought-after location among US jobseekers. Jeff Topping / The National
Dubai has leapfrogged London as the most sought-after location among US jobseekers. Jeff Topping / The National

Dubai becomes No 1 jobs destination for US expats, study finds


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For Americans, Dubai is the new London.

That’s the main finding of a new survey that shows the UAE trumping the UK as the most popular place for Americans to relocate for work.

A research company took a simple look at searches and found “Jobs in Dubai” has been the most popular search term since January 2013 – when it pushed “Jobs in London” off the top spot.

Still, Dubai has been rising up the rankings for the world’s most expensive cities in which to live. It was ranked as the 67th most expensive city in which to live in 2014, but has this year been ranked as the world’s 23rd most expensive, according to research from the consultancy Mercer.

But this was unlikely to have dented Dubai’s competitiveness compared to London, which was the 12th most expensive city to live in.

The UAE has also has per capita income, adjusted for a currency’s purchasing power, of around $60,886, according to the International Comparison Program, a statistical project run by the World Bank. Per capita income in the UK lags behind at $35,091.

Dubai and London were followed in the work rankings by Paris, Singapore, Rome, Geneva, Cape Town, Ottawa, Warsaw and Amsterdam – in that order.

This follows a report that the UAE now accounts for more than half of all oil and gas industry jobs available to UK consultants looking to the Gulf for work, according to Procorre, a consultancy.

The Zora gasfield, operated by Dana Gas, and the delivery of two new Lamprell rigs to Adnoc, account for a large number of these jobs, Procorre said.

But in Qatar job openings have fallen as energy projects – including the $6.5 billion Al Karaana joint venture between Shell and Qatar Petroleum – are cancelled.

The most job searched capital cities since January 2013:

1 - Dubai

2 - London

3 - Paris

4 - Singapore

5 - Rome

6 - Geneva

7 - Cape Town

8 - Ottowa

9 - Warsaw

10 - Amsterdam

abouyamourn@thenational.ae

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

The%20Last%20White%20Man
%3Cp%3EAuthor%3A%20Mohsin%20Hamid%C2%A0%3C%2Fp%3E%0A%3Cp%3E192%20pages%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublished%20by%3A%20Hamish%20Hamilton%20(UK)%2C%20Riverhead%20Books%20(US)%3C%2Fp%3E%0A%3Cp%3ERelease%20date%3A%20out%20now%20in%20the%20US%2C%20August%2011%20(UK)%3C%2Fp%3E%0A
Disclaimer

Director: Alfonso Cuaron 

Stars: Cate Blanchett, Kevin Kline, Lesley Manville 

Rating: 4/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now