Saudi Arabia's millennials are more positive about the future and more ambitious about career and entrepreneurship opportunities compared with the global average, according to a study from global consultancy Deloitte.
The younger generation worldwide, however, is generally disillusioned with their lives, financial situations, jobs, government, business leaders, social media and the way their data is used, the 2019 Deloitte Global Millennial Survey found.
“Millennials make up over a quarter of Saudi Arabia’s population and are playing a hugely significant role in the nation’s socio-economic development,” said Omar Fahoum, chief executive of Deloitte Middle East. “Saudi Arabian millennials are far more bullish about the economic outlook for their own country than global peers, hold a more positive perception of business, and possess the skills and knowledge to find success in Industry 4.0 roles.”
The report, in its eight year, polled 13,416 millennials across 42 countries and 3,009 Gen Z respondents in 10 countries, and included 301 Saudi Arabia respondents for the first time.
Positive economic sentiment among millennials is at its lowest in the six years of the report, with only 26 per cent of respondents saying they expect the economic situations in their countries to improve in the coming year. That figure has never been lower than 40 per cent and stood at 45 per cent in the past two years.
In comparison, 45 per cent of Saudi millennials think the economic situation will
progress. In comparison, 45 per cent of Saudi millennials think the economic situation will improve.
The report’s inaugural Mood Monitor measured attitudes about economic, social/political and personal situations over the next year, as well as environmental and business sentiments. Out of a total of 100, global millennials posted a score of 39 and Gen Z respondents 40, while Saudi millennials scored 51.
While 29 per cent of the global millennial generation said they were satisfied with their life today, 34 per cent of Saudi millennials responded positively.
More than half of Saudi millennials have ambitions to reach a senior level in their chosen career paths, compared to 34 per cent globally. In addition, 58 per cent of Saudi youth aspire to start their own businesses, while globally only 38 per cent have the same goal. Nearly 70 per cent believe their ambition to launch their own business is achievable.
Globally, opinions of millennials about businesses continue to diminish with many holding the view that companies focus solely on their own agendas, rather than the greater good. About 55 per cent of respondents said businesses has a positive impact on society, down from 61 per cent last year.
In contrast, 65 per cent of Saudi millennials expressed a general belief that companies have a positive effect on the wider society they operate.
Saudi millennials also showed high interest in doing freelance or contract work, with 94 per cent considering the "gig economy", compared to 84 per cent globally. The attractions include the chance to earn more money, flexible working hours and better work-life balance
On a global level, millennial priorities have evolved. Travel and seeing the world was at the top of the aspiration list for 57 per cent of respondents, while 49 per cent said they wanted to own a home. Making a positive impact in their communities or society at large ranked higher at 46 per cent than starting families at 39 per cent.
Concerns about technology and social media are high on the minds of millennials. Only 14 per cent strongly agreed that the benefits of technology outweigh the risks associated with sharing personal data, and 79 per cent are concerned they will be victims of online fraud.
Nearly two-thirds of those polled said they would be physically healthier if they reduced the time spent on social media, and six in 10 said it would make them happier people.
Millennials included in the study were born between 1983 and 1994, while Gen Z respondents were born between 1995 and 2002.
This year’s Deloitte survey was expanded to include a more diverse group of participants, including 31 per cent who did not have full-time employment status, and 34 per cent who did not hold a college or university degree.
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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.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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A list of the animal rescue organisations in the UAE
KILLING OF QASSEM SULEIMANI
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
