Dubai and Abu Dhabi have been ranked the top destinations for executive nomads, offering everything to help on-the-move corporate individuals fulfil their duties.
Dubai, the tourism and financial capital of the Middle East, retained its top ranking this year, based on internet speed, quality of life, climate, air connectivity and prime rents, the British real estate services company Savills said in its latest Executive Nomad Index.
The emirate scored on high internet speed, quality of life and especially air connectivity. It is home to Dubai International Airport, the world’s busiest for international passenger traffic, and Al Maktoum International Airport, which is set to be the world's largest airport upon completion.
head of residential agency for the Middle East at Savills
Abu Dhabi, meanwhile, jumped from fourth place last year to second this year, scoring high on internet speed and quality of life.
The two cities are able to "offer everything you need to thrive both personally and professionally" with a "real focus on creating a lively business environment", said Andrew Cummings, head of residential agency for the Middle East at Savills.
"People around the world are realising the positives Dubai and Abu Dhabi have to offer with their increasing connectivity, favourable tax regime, lifestyle, education and healthcare offerings, and growing job and business opportunities as more companies establish their presence here," he told The National.
The two emirates topped the survey of 25 cities by London-based Savills, despite lagging in the climate and prime rents metrics.
"Despite double-digit price growth over the past year for prime property – traditionally favoured by senior executives and business owners – Dubai specifically continues to offer more space and value on a price per square foot basis than other world cities such as London, Hong Kong or New York," Mr Cummings said.
"With the launch of exciting real estate projects, residential and commercial, and government policies conducive to growth, we expect the UAE to continue to be a hotspot internationally."
Rounding off the top 10 are Malaga, Miami, Lisbon, Barcelona, Palma (Spain), Barbados, Algarve (Portugal) and Saint Lucia.
Executive or corporate nomads are those who, while maintaining a full-time employment relationship with their organisations, will increasingly participate part-time in geographically dispersed initiatives and projects within their employer’s network, according to Harvard Business Review.
The concept, alongside those of digital nomads, has grown in popularity in recent years as companies transitioned to allowing remote working options, largely set off by the coronavirus pandemic in 2020.
It has also been boosted by the emergence of new technologies, particularly the availability of remote working and faster connectivity, as well as co-working spaces.
Executive nomads, in particular, seek cities that provide well-rounded benefits, especially because they are more likely to bring their families along with them, Savills said.
The UAE, long home to a huge expatriate workforce, has long been an attractive destination for such a demographic on the back of its regulatory support, infrastructure and economic strength.
One such initiative is the one-year residency permit for remote workers, offered by the Emirates, since 2021. It was launched to attract more talent to the region and boost business opportunities. The visa permits foreign remote professionals to live in the Emirates while continuing to serve employers in their home countries.
“The more common digital nomad is symbolised by the young backpacker; however, executive nomads tend to be older and more likely travel with family in tow,” Kelcie Sellers, an associate director at Savills World Research, wrote in the report.
“This places a greater emphasis on the quality of life aspects that these top international locations can provide, such as safety and access to health care or education facilities. For these individuals, both physical networking and digital connectivity are important and must be accounted for.”
In addition, executive nomads also focus on the residential rental market, as they are more likely to do so with an emphasis on extra space and proximity to local amenities, Ms Sellers said.
More tenants in Dubai are renewing their residential leases despite rents continuing to rise, property consultancy Cushman and Wakefield Core said last week.
Abu Dhabi, on the other hand, introduced its first residential rental index last week, created to provide indicative rental values for both tenants and landlords across areas of the capital.
“Prime rents have risen, on average, by 5 per cent in the last year across the 25 locations monitored in the Savills index, with some urban markets seeing increases of more than 15 cent,” Ms Sellers said.
The other cities listed on the Savills 2024 Index, in order, are Grenada, Bali, San Jose (Costa Rica), Cote d'Azur (France), the Cayman Islands, Dubrovnik (Croatia), Cape Town, Malta, Antigua, Mauritius, Cyprus, Palermo (Italy), Athens, Tuscany and the Bahamas.
