Expatriates in UAE 'happy to sit out economic crisis'
23/01/09 16:04
Expatriates living in the United Arab Emirates are content to sit out the global economic downturn in the sun, it has been reported.
While the fallout from the credit crunch is being felt right across the planet, for the most part states such as Dubai and Abu Dhabi have so far managed to weather the storm, with expatriates enjoying greater job security than their peers elsewhere.
According to a new report from the Khaleej Times, a vast majority of foreigners living in the UAE have no plans to head back to their native countries any time soon, with many feeling that economic circumstances would make this an unwise move.
Figures cited by the newspaper show that 55 per cent of expatriates living in the UAE are confident of still being able to retire at their ideal age, with this proportion as high as 64 per cent in neighbouring Bahrain.
Earlier this week, expatriates working in the financial sector in the UAE were boosted by the launch of the Bahrain Financial Exchange as the smallest of the six Arab states looks to become a major economic hub for the region.
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