Dubai has been ranked the 14th-best city in the world in terms of living standards for retirees and first globally for financial security and legacy management, according to a survey.
Tokyo topped the table and Wellington, the capital of New Zealand, ranked second in The Best Cities for Retirement Index, according to medical company Veolar, which conducted the study in partnership with Magmatic Research.
The study considered factors such as quality of healthcare services, financial security, wealth management benefits available to retirees, mobility, connectivity, safety and availability of housing, among others.
“People’s decision to relocate for retirement is often driven by societal factors like safety, financial security and access to healthcare,” Dmitrijs Sabanovs, director of Veolar, said on Thursday.
“This fact is understood by many national governments who are trying to attract retirees from around the world to relocate to their country. Specific visas for retirees, as can be seen in the UAE, Panama, Portugal, Thailand and Mexico, incentivise people to make the switch.”
Dubai rolled out its retiree visa in 2020, which allows residents and citizens from around the world to live in the emirate if they fulfil one of three requirements: earn a monthly income of Dh20,000 ($5,445); have Dh1 million in cash savings; or own a property in Dubai worth at least Dh2m.
A retired expatriate and their spouse can apply for the five-year visa with the possibility of automatic renewal online, provided they continue to meet the criteria. Eligible applicants must be older than 55 and have valid UAE health insurance.
Dubai’s retirement initiative is similar to programmes in the Caribbean and in European countries such as the UK, Portugal, Greece, Cyprus, Spain and Malta, whose citizenship-by-investment programmes are sought after by affluent retirees.
Meanwhile, Singapore was ranked third in the Veolar survey, followed by Paris in fourth place and Vienna in fifth. Zurich, Copenhagen, Amsterdam, Osaka and Lausanne round out the top 10.
The Covid-19 pandemic has led to a growing urgency among people who wish to migrate to or retire in these destinations, say agencies that help applicants with global residency programmes.
“The pandemic years have been extremely hard on everyone, but especially hard on retirees,” Mr Sabanovs said.
“Now, as many countries begin to emerge from pandemic restrictions and normal life returns, retirees are being faced with rampant inflation that risks eating into their savings and reducing their quality of life.”
Abu Dhabi ranked 51st in the list of cities that offer good living conditions for retirees, while the UAE’s capital city placed fourth globally in terms of financial security and legacy management, Veolar said.
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Singapore ranked the second best city for financial security and legacy management for retirees, followed by Wellington in third place and Vienna in fifth.
Meanwhile, Doha ranked 70th and Riyadh 84th in the global retirement index. Aside from London, cities in Europe and Australia dominated the top 20 rankings.
Dubai also topped the retirement index in the Middle East and Africa. Other cities in the region considered ideal for retirement include Abu Dhabi, Tel Aviv, Istanbul and Muscat, the study found.
Top 15 cities to retire
- Tokyo (Japan)
- Wellington (New Zealand)
- Singapore
- Paris (France)
- Vienna (Austria)
- Zurich (Switzerland)
- Copenhagen (Denmark)
- Amsterdam (Netherlands)
- Osaka (Japan)
- Lausanne (Switzerland)
- Oslo
- London
- Helsinki
- Dubai
- Madrid
The BIO:
He became the first Emirati to climb Mount Everest in 2011, from the south section in Nepal
He ascended Mount Everest the next year from the more treacherous north Tibetan side
By 2015, he had completed the Explorers Grand Slam
Last year, he conquered K2, the world’s second-highest mountain located on the Pakistan-Chinese border
He carries dried camel meat, dried dates and a wheat mixture for the final summit push
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U19 WORLD CUP, WEST INDIES
UAE group fixtures (all in St Kitts)
- Saturday 15 January: UAE beat Canada by 49 runs
- Thursday 20 January: v England
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Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah
Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm
These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
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Fuel economy, combined: 7.2L / 100km
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Key facilities
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- Premier League-standard football pitch
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- 600-seat auditorium
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Background: Chemical Weapons
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Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
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Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
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Sunday
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47