Places like Hong Kong and Singapore have been hot locations for expats looking to relocate in exotic locations. While South East Asia is booming, there still remains lucrative opportunities in the Middle East for many bankers and Wall Street execs. Despite the regions volatility, the United Arab Emirates remains one of the Middle East’s most stable nations. Business Insider reveals why the UAE capital of Dubai has been nicknamed by expats the ‘Disneyland for adults’:
About three decades ago, almost all of modern Dubai was a desert. And, very few foreigners called it home.
Today, the government has built a tax-free modern city filled with tourism and trade. The Dubai locals now make up only about 5% of the population.
Almost all of the people working in Dubai’s finance industry speak fluent English. Only those working directly with clients who don’t speak English must be familiar with Arabic.
Banking salaries are about the same as in New York or London, but there are essentially no taxes, so bankers bring a lot more of their pay check home.
Many expat bankers also receive housing subsidies from their employers. Some banking allowances are around $30,000/year.
The average income per person in Dubai is around $120,000/year .
The cost of living in Dubai has fallen a great deal since the global economy began to take a turn for the worst.
A report by the Kuwait-based Global Investment House stated in mid 2011 that rental prices had fallen by 56% since prices peaked out in 2008.