One of the most notable shifts to come out of the Covid-19 pandemic is that, for many of us, we don't need to be in the office to get our jobs done.
Remote working – working out of the office typically using digital tools – is more popular than ever, and that means, going forward, perhaps we don't have to live quite as close to our workplaces as we did before.
Enter the age of the digital nomad. The term, which describes a person who uses technology to work while they are based in anywhere from coffee shops to co-working spaces, whether at home or abroad, isn't new. But, could it find more followers from 2020 onwards?
Whether freelancing or in agreement with an employer to work remotely, the practice allows people to travel the world while still earning a living. And, with borders slowly reopening and travel restrictions lifting around the globe, more people may be looking at the possibility.
But where should you go?
The beauty of the concept is that the world is your oyster, so long as you have decent Wi-Fi access. But, not all cities are the same when it comes to affordable accommodation, co-working spaces, safety and more.
Storage Cafe, an online platform that lists self-storage units for rent, polled a number of "digital nomads" to come up with a list of the best destinations for remote workers.
The platform conducted research on the 100 most recommended locations, rating destinations on everything from cost of living, quality of life and internet infrastructure, to safety, healthcare, air pollution and entertainment.
Rental rates, hotel costs, the price of an average dinner and friendliness to foreigners were among the factors considered when crafting the rankings.
According to the results, Da Nang in Vietnam is the city best-equipped for digital nomads after the pandemic, with affordable accommodation, plenty of co-working spaces and good levels of free Wi-Fi. The study found the average rent for a studio apartment was $370 (Dh1,359) a month, with a typical dinner ringing in at $3. The only metric the coastal city got a "bad" ranking in was traffic safety.
"Da Nang, Cancun and Merida emerge as the best places to escape the 9 to 5 as they provide great settings that combine attractive natural landscapes with affordability, internet infrastructure and good quality of life overall," a statement from Storage Cafe added.
"Da Nang is a beautiful city, not too large, but very lively and well-maintained; add to that the amazing food, friendly locals, and fabulous beaches and you've got the perfect place for a digital nomad."
Cancun ($321 for a studio apartment) and Merida ($272 for a studio apartment) in Mexico came in second and third place respectively, with internet speed and access to healthcare receiving the only negative rankings.
The top 10 was rounded out by George Town in Malaysia, Oaxaca in Mexico, Samara in Costa Rica, Florianopolis in Brazil, Medellin in Colombia, Koh Phangan in Thailand and San Miguel de Allende in Mexico.
While Mexico still has a heavy presence in the top 20, Bansko in Bulgaria (No 11), Kathmandu in Nepal (No 13), Canggu in Bali (No 14) and Buenos Aires (15) in Argentina also made the cut.
The survey was predominantly conducted with US remote workers, which could account for the high inclusion of Mexican and South American cities. The slim time difference between such countries means workers could stay on a similar work day to their North American counterparts.
The 10 best cities for remote workers
1. Da Nang, Vietnam
2. Cancun, Mexico
3. Merida, Mexico
4. George Town, Malaysia
5. Oaxaca, Mexico
6. Samara, Costa Rica
7. Florianopolis, Brazil
8. Medellin, Colombia
9. Koh Phangan, Thailand
10. San Miguel de Allende, Mexico
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Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
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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.”
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