More young professionals and start-ups are choosing Dubai as their home – with newly relaxed visa rules and a fast vaccine programme among the key drivers.
The National spoke to the founder of a German homeware brand, a British software company, and a Lithuanian travel agency, along with other digital remote workers who made the move.
Several visited during the height of Europe's winter lockdowns and have now decided to return.
“There were a lot of people who came here last autumn and stayed for several months because of the restrictions in their own countries," said Fred Roeder, managing director of London-based Consumer Choice Centre.
Dubai is experiencing a tectonic shift at the minute, with more highly skilled professionals starting to call it home
Fred Roeder, Consumer Choice Centre
“There was nowhere else to go that offered the same freedoms in Covid times.”
Now many of those visitors are making the move permanent.
"Dubai is experiencing a tectonic shift at the minute, with more and more highly skilled professionals starting to call it home," he said.
Mr Roeder, a respected health economist, produces a regular global resilience ranking of how well countries fared in the pandemic, which last week ranked the UAE second in the world.
It also recognised the Emirates for performing significantly better with its vaccination campaign than European Union countries.
The campaign, which delivers doses to people of all ages at the same time, means new arrivals can get the shots as soon as their visa residency documents are ready, which typically takes three or four weeks.
“Even though there is a lot of freedom you still see people sticking to the rules, you don't see as many people in other countries keeping their masks on," said Mr Roeder, a German who now too is based in Dubai.
The government's decision to grant resident visas for working remotely make it an even more desirable location, especially for younger people.
The most recent figures available, from Dubai Tourism in late March, show 1,700 people had applied for its remote working visa - the application link is here - with most accepted. For the first time, it allows people to live in the Emirates and work for a company abroad that has no base here.
In addition, 16,000 foreign travellers opted to take advantage of the city's free visa extension in January, Dubai Tourism's chief executive Issam Kazim told CNN Travel. Traditional visa routes working for domestic companies, self-employment and founding a start-up business are still popular.
German homeware founder finds a new home
Berlin resident Hanna Achilles-Auferoth, 34, plans to make the move to Dubai soon.
“I was there from February to April and now plan to move there permanently soon,” said the founder and chief executive of Achilles Berlin, a luxury lifestyle and homeware company.
“Dubai is an extremely attractive proposition for an e-commerce entrepreneur.
“When I was there I saw how easy it was to work remotely. I was impressed by how it was open for business meetings in restaurants, which was not something I could do in Germany.”
Ms Achilles-Auferoth already has one of the new remote work visas. The nature of her business means her employees do not need to be based in one location.
“We have a team of 10 but we all work remotely around the globe,” she said.
“It’s a very attractive prospect to be based in Dubai.”
Dubai's sunshine beats a Lithuanian winter
Edmundas Balcikonis relocated to Dubai in December to work temporarily while his home country, Lithuania, was under lockdown.
Mr Balcikonis, 34, runs a travel software firm called Eddy Travels, and despite the disruption caused by the pandemic, found his stint in Dubai was successful.
He plans to return to Lithuania soon to tie up loose ends before making the switch to Dubai permanent.
“Nothing was happening anywhere except in Dubai, so I decided to work from there instead of being in lockdown by myself at home,” he said.
“Being able to go to business meetings in person gave me great confidence in the market here.
“It made me decide to make the move to Dubai full-time.”
UK resident Edward Batrouni, 41, stayed in Dubai – working remotely – with his wife and two children, from December to April.
“We ended up staying longer than we first expected,” he said.
“My company has offices globally and Dubai is a perfect hub for me to operate from.”
He now plans to return and make it his family’s permanent home.
"I knew the UAE was at the forefront of innovation and were digitising as many processes as they could," said the founder of software company Zenitech.
The%20specs
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
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Champions League Last 16
Red Bull Salzburg (AUT) v Bayern Munich (GER)
Sporting Lisbon (POR) v Manchester City (ENG)
Benfica (POR) v Ajax (NED)
Chelsea (ENG) v Lille (FRA)
Atletico Madrid (ESP) v Manchester United (ENG)
Villarreal (ESP) v Juventus (ITA)
Inter Milan (ITA) v Liverpool (ENG)
Paris Saint-Germain v Real Madrid (ESP)
COMPANY%20PROFILE
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The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
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.”
Kill%20
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What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
Disability on screen
Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)
Rosewood and Transparent — heart issues
24: Legacy — PTSD;
Superstore and NCIS: New Orleans — wheelchair-bound
Taken and This Is Us — cancer
Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)
Grey’s Anatomy — prosthetic leg
Scorpion — obsessive compulsive disorder and anxiety
Switched at Birth — deafness
One Mississippi, Wentworth and Transparent — double mastectomy
Dragons — double amputee
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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More on Quran memorisation:
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
COMPANY%20PROFILE
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MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
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UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16