Norah Franchetti, Global VP of Marketing for Crown, and based in the UAE, said: “Even as international relocation slows globally, we’re still seeing huge demand from companies looking to relocate employees, as well as individuals looking to move to the UAE. Our colleagues in New Zealand, Hong Kong and the UK have all reported seeing an uptick in enquiries.” 

Why is it still so popular? Let’s investigate. 

The UAE's economy has shown remarkable resilience, even in the face of global challenges like war, high interest rates, and a global demand slowdown. 

With thriving industries from tech to real estate, the business opportunities are obvious. The UAE used to be a haven for investment on account of its low-tax environment, but even after the introduction of a 9% corporate tax rate in 2023, the UAE continues to attract huge amounts of FDI. Originally this investment was focused in traditional areas like finance and real estate but has recently diversified to areas like software. 

Recent government initiatives, aimed at fostering an even friendlier environment for business, have further strengthened its appeal to expatriates and international firms. The UAE's Vision 2021 Initiative aimed to diversify the economy and reduce its dependence on oil, and this has already been successful: less than 1% of GDP is being driven by oil (where once it was 50%). However, not all Emirates are equal in this regard and Abu Dhabi maintains a large dependence on petrochemicals for both government revenue and GDP. 

However, ADNOC, Abu Dhabi’s state-owned petroleum company, employs tens of thousands of foreign workers. So, a booming energy sector, particularly with new Liquified Natural Gas (LNG) products is still attracting thousands of petroleum engineers to the UAE.   

The UAE Centennial 2071 strategy outlines long-term macroeconomic goals, focusing on education, infrastructure (something we’ll touch on later), and governance to ensure the country's continued growth and prosperity. 

This strategy has big aims, looking to position the UAE as a global leader in knowledge-based industries beyond its established presence with financial services. Economic stability is further supported by substantial sovereign wealth funds, such as the Abu Dhabi Investment Authority (ADIA), which are effectively used to gear future growth. The feedback loop here is obvious, with government revenue going back into long-term investment plans, which in turn require combined non-Emirati and Emirati talent to drive forward. 

The UAE has also become a financial hub in the region, with Dubai International Financial Centre (DIFC) playing a pivotal role in attracting international banks, investment firms, and insurance companies. Among with them a continuous flow of investment and other finance professionals. This isn’t an area where the Emirates are resting on their laurels; however, the ease of doing business, coupled with a favorable tax environment, still makes the UAE an ideal location for multinational companies seeking to establish a presence in the Middle East.

Finally, the UAE’s status as a more-or-less neutral state in the ongoing conflicts and quasi cold wars in the world has benefitted its status as a financial hub. Large inflows of capital have been reported as non-westerners increasingly regard western banks and financial institutions with more suspicion, following liberal use of sanctions in the West to seize foreign assets.  

The UAE has some of the highest living standards in the world for its residents, with access to world-class housing, healthcare, and education. It is also among the safest countries in the world, something that comes as a shock to many Western expatriates.

 

Its healthcare system, with both public options for nationals and private options for expats, is something we discussed more in our article about Dubai’s cost of living. Many of these excellent health services are themselves driven by expatriate medical professionals, who can receive higher incomes than they would in their home countries. All of this has contributed to the UAE’s system regularly being considered the best in the region. 

The education system in the UAE is increasingly well regarded, with international schools offering curricula from around the world, including British, American, and International Baccalaureate (IB) programs. In our experience as international relocators, this diversity in educational options makes the UAE a particularly attractive destination for families. Higher education institutions, such as New York University Abu Dhabi, have also set up shop and this trend looks to continue with other internationally notable higher-education institutions establishing satellite schools there. 

The depiction, especially on social media, of the UAE’s supposedly extravagant and luxurious lifestyle has become infamous. While this hyperbole is the case for a few, even for middle-class expatriates the UAE offers a vibrant cultural scene; museums, galleries, and other cultural centers have all established a presence (not to mention the infamous mega-malls!). According to the Expat Insider 2023 survey, the UAE ranks highly in terms of quality of life and ease of settling in.

Housing options in the UAE are diverse – and we touch a little on Dubai’s rules regarding purchase and renting in our article on the subject here. In summary though, there are affordable options even today, with a burgeoning real-estate market for both middle and high earners. The Emirates are no longer just a place for wealthy managers, in other words. 

While not exactly equidistant, the UAE has and continues to benefit enormously from a strategic location at the crossroads of Europe, Asia, and Africa, serving as a global hub for trade and travel, sometimes in ways that are not always obvious! For example, the (roughly) equidistant location between Far East and West means travel back home is less lengthy for many expats from India and Europe. 

State-of-the-art infrastructure, including some of the busiest airports and ports in the world, ensures efficient connections for both businesses and individuals going East or West (or staying in the Gulf). Dubai International Airport, for instance, is one of the busiest airports globally, facilitating international business and tourism. Most of the Emirates airline workforce is of foreign extraction, including cabin crew and pilots. 

Midway through the 2020s, UAE's transport infrastructure now extends beyond air travel. As part of a commitment to huge infrastructure investment, the extensive road and rail networks, including the Etihad Rail project, are improving domestic connectivity with other Gulf Cooperation Council (GCC) members, and in turn are supporting economic activity across the region. The UAE's ports, such as Jebel Ali, are also key logistics hubs, making it a critical link in global supply chains, and one of the prominent “pearls” in China’s Belt and Road Initiative. 

With a well-earned reputation for being one of the easiest places to do business, the UAE attracts both entrepreneurs and established companies. The absence of income tax and the availability of “free zones” provide significant financial incentives to anyone looking to invest, employ, and establish something. 

The country's support for startups, though less well-known than the presence of huge multinationals, is a key part of its future strategy to stay relevant. According to the World Bank's Doing Business 2024 report, the UAE’s ease of doing business is essentially second-to-none, guaranteeing continued investment from both private equity and established businesses. 

The UAE has also implemented several initiatives to enhance this already friendly business environment. The National Program for Artificial Intelligence and Dubai Future Accelerators are examples of programs aimed at fostering innovation and attracting tech startups, with the hope this will guarantee the country a place among its much-larger peers in future software tech. In the past few years, there’s also been a commitment to sustainability through projects like Masdar City, a hub for clean technology and renewable energy companies.

All of this together paints a rosy picture, both now and into the future, of a state that is actively engaged in courting workers from traditional oil and gas sectors and finance as well as emerging technology and hard industry. The recent relaxation of residency rules (considered one of the UAE’s most notable drawbacks for expatriate workers) has only increased the desirability of the country. 

Most recently, in late 2023, Sheikh Mohammed (the Prime Minister of the UAE) announced that a new “Golden Visa” initiative targeting world-leading professionals and “exceptional talents” was going to be implemented, with an initial cohort of 7,000 targeted. This is a small number initially compared to the total number of UAE expats, but it may telegraph further liberalization of UAE’s strict residency and naturalization rules further down the line. 

The UAE has several major projects in the pipeline that promise to further enhance its appeal. The Expo 2020 Dubai site, now being transformed into District 2020, has big promises to become a hub for innovation in line with the pivot away from simply attracting finance talent. Sustainable energy initiatives, such as the Mohammed bin Rashid Al Maktoum Solar Park, are surprising to many but make sense in a part of the world where sunshine and heat are so constant.

With its combination of economic stability, high quality of life, strategic location, and favorable business environment, the UAE remains an unparalleled choice for relocation in 2024 and beyond, especially given recent turmoil in more developed economies. Click here to view our guide on how to get started moving to the UAE.