Gulf expatriates to stick out recession
06/04/09 14:53
Expatriates living in the Gulf are not tempted to return home, despite the ongoing economic slowdown, a survey has revealed.
Employment website Bayt.com asked expats living in the region what effects the global recession was having on their work and finances.
According to its poll, less than a third (28 per cent) feel they may have to return home, while 36 per cent said staying where they are is their best option.
"This period of instability is not only causing tremors among professionals, but it is also of serious concern to employers - especially if staff members are intending to leave the country," noted Amer Zureikat, regional manager, Bayt.com.
The majority of respondents admitted they were worried about the current instability, although 69 per cent said it was having a positive effect, as they were now saving more money.
"I think that what we are seeing now is that employees are more committed to their work and wanting to stay put for a longer time, perhaps because jobs are seemingly harder to come by than before," Mr Zureikat added.
The residential property market in Dubai has been particularly hit by the recent economic downswing - a Reuters poll has suggested values could fall 37.5 per cent this year.
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