Month: May 2023

The job market in the UAE has made a strong recovery after the slowdown caused by the coronavirus. This recovery has been possible due to the government’s fiscal and monetary measures. The UAE, being the second-largest economy in the Arab world, has implemented various reforms to strengthen its business environment.

 These reforms include:

• legal
• economic and social changes aimed at attracting foreign investment 
• skilled workers, 
• encouraging companies to establish or expand their operations

To further support its workforce, the UAE has introduced an unemployment insurance program that came into effect on January 1st. 

As a result, the UAE’s talent demand is expected to continue growing throughout 2023.

Discover the wealth-building potential across different industries, including:

• technology
• sales
• property
• banking 
• construction 
• office support 
• human resources

Property and сonstruction

Let’s delve into the promising prospects within the property and construction sectors.

In the UAE, the 2023 salary guide highlights the impressive earning potential, denoted in AED per month. 

Take a look at the salary ranges for key positions:

1. General Manager: Earn between AED 65,000 and AED 100,000 monthly.

2. Project Director: Anticipate a rewarding monthly salary ranging from AED 60,000 to AED 90,000.

3. Project Manager: Enjoy a competitive salary range of AED 40,000 to AED 55,000 per month.

4. Development Director: Find fulfillment with a minimum of AED 70,000 and a maximum of AED 80,000 per month.

5. Development Manager: Benefit from a salary range between AED 45,000 and AED 55,000 monthly.

6. Facilities Director: Reap the rewards of a monthly salary ranging from AED 55,000 to AED 75,000.

These figures reflect the enticing earning potential within the property and construction sectors in the UAE. 

What benefits can jobseekers expect in 2023?

Recruitment experts emphasize the need for competitive benefits to attract top talent. Some companies are adopting innovative approaches like extra bonuses or one-time stipends. This aims to alleviate rising living costs, foster loyalty, and promote retention. According to Robert Half’s 2023 salary guide, companies are making long-term adjustments to healthcare and housing allowances due to increasing costs.

To accommodate these increases, organizations are reducing family allowances and offering single-status benefits instead. 

Employees prioritize:

• career development
• private healthcare
• financial advantages
• life insurance
• tech devices

What are the key benefits of talent attraction and retention?

1. Flexible working arrangements, particularly a hybrid model, are a top priority in 2023. 
2. 3 office days and 2 remote workdays are preferred.

What are the most in-demand jobs in the UAE in 2023?

1. The consulting sector has established itself as a high economic performer for the UAE, and Dubai remains the GCC hub for this market.

Consultants specializing in tax, law, strategy, and technology are likely to be in high demand in 2023

2. In the banking and financial services sector, there is also growing demand for venture capital professionals, employees with start-up portfolio experience, and compliance experts

3. The UAE’s digital and technology sectors have a high demand for roles like software developers, IT engineers, data scientists, and cybersecurity experts:

• talent shortages and the importance of data drive this demand.
• financial companies prioritize hiring cybersecurity and data specialists.
• retail seeks digital marketing experts. 
• the need for skilled professionals exceeds the available talent pool. Roles in data management, analytics, and product development are also sought after.

What are the highest-paying jobs in the digital and technology sector?

Chief digital officer: Dh95,000 ($25,867) to Dh126,000 (per month)

Chief information and technology officer: Dh95,000 to Dh115,000

Chief information security officer: Dh84,000 to Dh95,000

Chief product officer: Dh73,000 to Dh95,000

Product director: Dh76,000 to Dh87,000

Vice president of digital transformation: Dh68,000 to Dh84,000

Data governance director: Dh71,000 to Dh81,000

Head of data science: Dh63,000 to Dh78,000

IT director: Dh63,000 to Dh73,000

Director of Analytics: Dh58,000 to Dh73,000

Lead enterprise architect: Dh56,000 to Dh73,000

Program Director: Dh61,000 to Dh71,000

Head of digital: Dh54,000 to Dh69,000

Head of cloud business unit: Dh53,000 to Dh68,000

Digital transformation manager: Dh56,000 to Dh66,000

Cyber security manager: Dh51,000 to Dh61,000

Data architect: Dh46,000 to Dh56,000

Data scientist: Dh42,000 to Dh53,000

Dubai stands as the unrivaled gem among city brands in the Middle East and Africa, according to the recent findings of a Brand Finance report. Rising above the rest, the emirate secured the 9th spot on the global scale within the best city brands. Brand Finance’s inaugural City Index report unveiled Dubai’s impressive overall score of 75.8 out of 100.

The Brand Finance ranking draws its strength from a comprehensive global survey encompassing approximately 15,000 individuals across 20 countries. Conducted in April, the survey aimed to gauge perceptions of the world’s top 100 cities. Respondents shared their opinions on each city’s overall reputation and their personal considerations regarding living, working locally or remotely, studying, retiring, visiting, or investing.

Renowned as the “city of gold,” Dubai has gained recognition due to its stature as a major gold trading hub and a captivating destination for jewelry enthusiasts. Beyond its glittering reputation, Dubai’s significance as a hub for tourism and commerce in the Middle East played a pivotal role in its success across various business and investment indicators.

Dubai’s accolades in the report are numerous:

1. It claimed the top spot for future growth potential
2. It was ranked second for a strong and stable economy
3. Secured the third position, trailing only New York and London, as a city of global significance.

The emirate’s remarkable resilience is evident in its economic bounce-back following the slowdown caused by the COVID-19 pandemic. Dubai’s gross domestic product (GDP) has experienced a robust recovery, primarily fueled by the revitalization of the travel, tourism, and retail sectors. The first nine months of 2022 saw the emirate’s economy expand by an impressive 4.6% year-on-year. Retail trade alone accounted for 24.1% of its GDP, according to data from the emirate’s statistics center.

Dubai’s appeal to foreign direct investment (FDI) projects also remained unrivaled. For the second consecutive year, the emirate retained its position as the world’s premier destination for attracting greenfield FDI projects in 2022. The announcement of FDI projects saw an astounding 89.5% year-on-year growth, as the Dubai Media Office reported, citing data from the 2022 Financial Times fDi Markets report.

Andrew Campbell, the Managing Director of Brand Finance Middle East, highlighted the rapid establishment of strong city brands in the Middle East compared to their European counterparts. He emphasized the exponential growth of business and investment opportunities in the region’s major cities over the past few decades. Campbell further noted that efforts to elevate the prominence of the region’s tourism offerings would likely enhance the familiarity and global standing of Middle Eastern city brands.

Dubai has got something for everyone, but celebrities love this destination for its never-ending summer, spotless beaches, high-end amenities, including safety and privacy issues, and, of course, — one-of-a-kind architecture. No wonder, that many A-listers chose to make Dubai their second home. And even their first. With new Golden Visa rules it’s impossible to resist the charm of The City of Future. 

Let’s see who is a proud property owner in Dubai among the rich and famous!

Giorgio Armani

Giorgio Armani, the renowned fashion designer and founder of the luxurious Armani fashion brand, has shown his interest in Dubai’s potential. In 2010, Armani collaborated with Emaar Properties to create the Armani Residences at Burj Khalifa. The resort features a spa, 8 restaurants, 160 rooms and suites, and 144 private residencies with Armani furniture. The rooms provide magnificent views of the city’s landmarks, including the Opera and the Fountain. Giorgio Armani has overseen and designed the entire hotel, reflecting the elegant aesthetics of his brand.

Apart from this, Armani himself owns real estate in Dubai, having purchased a 3,460 square feet apartment in the Burj Khalifa, the tallest structure globally. The apartment offers stunning views of the city below. Armani was also granted a Golden Visa in 2021, allowing him to stay in Dubai for 10 years.

Lindsay Lohan

Lindsay Lohan, the actress, and singer-songwriter, owns a few properties in Dubai. She acquired an apartment in 2014 and resides in the city with her husband, Bader Shammas, who is a financier at Credit Suisse. In addition to her apartment, Lohan owns a luxurious villa in the Emirates Hills area of Dubai. She often posts about her experiences in the city on social media and has said that she feels more at home in Dubai than anywhere else.

Shah Rukh Khan

Shah Rukh Khan, the Bollywood superstar, bought a villa in the Palm Jumeirah community for $30 million in 2008. His Dubai house is an opulent property spanning 18,000 square feet and featuring an outdoor pool, Jacuzzi, and direct beach access. Since buying the house, Khan has become one of the most famous residents of Dubai. The actor is so loved by Dubai locals, that he has been given his special day – Shah Rukh Khan Day – by the city’s government in 2016!

Abhishek and Aishwarya Rai Bachchan

Abhishek and Aishwarya Rai Bachchan, the Bollywood superstars couple, own property in Dubai’s high-end Emirates Hills development, which is one of the most expensive celebrity houses in Dubai. Their house has a swimming pool, a jacuzzi, a gym, a movie theatre, a music room, and a library. They also own a property in Jumeirah Golf Estate.

David and Victoria Beckham

David and Victoria Beckham, the famous English couple, have owned property in Dubai for over two decades. They purchased a luxury villa in Palm Jumeirah in 2002 and gave it to Victoria’s parents in 2009. In the same year, they purchased a luxury condo in the Burj Khalifa which has spectacular cityscape views.

Michael Schumacher

Michael Schumacher, the renowned Formula One driver, owns an entire island in The World Islands, gifted to him by Dubai’s Crown Prince, Sheikh Mohammed bin Rashid Al Maktoum, in 2006. The island, located in the ‘Antarctica’ part, features a large harbor, a heliport, and a glass mansion. Schumacher’s mansion has a golf course, tennis court, gym, more than one swimming pool, and its own beach club.

Madonna

Madonna is one of the celebrities who also owns a home in Dubai. Her celebrity home in Dubai is a luxurious abode, complete with a private pool and a gym, among other amenities. Her home is in the area that represents Europe and the property has a 0.8-mile private beach where she has her marina. The living room of Madonna’s Dubai home is underwater, so she can watch marine life swim by while she relaxes.

For Madonna, owning a home in Dubai is more than just having a place to stay; it’s a reflection of the city’s prestige and luxury.

Brad Pitt

Brad Pitt, the renowned actor, is known for his iconic status in the entertainment industry. One of his prized possessions is a luxurious home in Dubai. The Pitt residence is considered to be one of the most opulent properties in the city, complete with extravagant amenities such as a massive swimming pool, private gym, and a home cinema. The actor’s property is located in the World Islands, which is why he frequently visits Dubai.

Hilary Swank

Another Hollywood actress who has been associated with The World Islands development is Hilary Swank. In 2008, she was a host for the Aquitania project, which was developed within the archipelago named after an ancient French region. The project was led by Select Group and Select Property and took place on the island that represents Spain and France, featuring singer Kelly Rowland. While Swank’s property is located in this area, the details about its features and price remain undisclosed.

Tom Cruise

Tom Cruise, one of the biggest movie stars in the world, also has a lavish home in Dubai. He reportedly bought a luxurious apartment in the Burj Khalifa, the tallest building in the world, which adds to the impressive list of his real estate assets.

Roger Federer

Roger Federer, the tennis legend, has also found a dreamy home in Dubai’s exclusive Le Reve tower. He purchased the presidential penthouse in 2014 as a warm winter getaway from his two homes in Switzerland. The tower overlooks a marina filled with yachts worth millions, making him feel right at home. The six-bedroom apartment features an expansive foyer and a powder room fit for royalty. With famous neighbors such as two-time F1 champion Fernando Alonso, it’s no wonder Federer is always on top of his game, even in real estate.

With the deadline fast approaching, all homeowners in the United Arab Emirates (UAE) are being reminded of the new safety rules regarding the installation of fire detectors in their homes. The new legislation, announced in 2020, makes it a legal requirement for homeowners to have fire alarms fitted inside their properties by September 2023.

But it’s not just about installing fire safety equipment. Homeowners must also subscribe to the Civil Defence e-system, called Hassantuk, which was launched by the UAE Civil Defence in 2018 to monitor and detect fire and smoke alarms in commercial buildings and residential apartments. The program aims to support the UAE’s National Agenda 2021 in becoming one of the safest countries in the world and to reduce the rate of fires and fire-related deaths.

The new rules apply to all existing residences and future constructions, with federal or local government departments that issue licenses for residential home construction responsible for ensuring that fire detectors have been installed and that the owner has subscribed to the e-system before handing over a completion certificate.

For homeowners with limited income, the federal and local governments will cover the costs of installing fire detectors. This initiative aims to ensure that all residents in the UAE have access to safe living conditions and are protected from potential fire hazards.

Homeowners who fail to comply with the new rules will face legal consequences. It is therefore essential that all homeowners take the necessary steps to ensure they comply with the new legislation before the deadline in September 2023.

In April, Dubai’s real estate market slows down a bit but continues to show strength and resilience with impressive sales numbers and high transaction values. Off-plan apartments are still in high demand as well as the most popular area of Dubai — JVC.

1. Total Property Sale Transactions

2. Total Sales Value

3. Top 5 Areas in Demand for Off-Plan & Ready Property:

No surprises here! As expected Dubai’s appeal to investors and residents is driven by a combination of attractive investment prospects, progressive government initiatives, and an exceptional infrastructure.

The real estate market in Dubai has experienced an exceptional surge in growth during the first quarter of 2023. The latest industry data reveals that real estate transactions in Dubai have exceeded $24 billion (AED 88.7 billion) between January and March, marking a remarkable increase of 60% compared to the same period last year.

This remarkable growth can be attributed to the rising demand for affordable and mid-range properties in Dubai. With the availability of more affordable properties, the real estate market of emirate has become increasingly attractive to a broader range of buyers and investors. Let’s see more numbers!

1. Total Property Sale Transactions

ALL (off-plan and ready): 30,898

Increased by 7.4% QoQ

Increased by 50.6% vs. Q1 2022

Off-Plan: 17,694

Increased by 9.6.% QoQ

Increased by 62.7% vs. Q1 2022

Off-Plan Apartments: 13,548

Increased by 94.8% vs. Q1 2022

2. Total Sales Value

ALL (off-plan and ready): AED 88.7B

Increased by 9.4% QoQ

Increased by 60.5% vs. Q1 2022

Off-Plan: AED 43.3B

Increased by 5.9% QoQ

Increased by 85.3% vs. Q1 2022

Off-Plan Apartments: AED 29.4B

3. Residential ALL Property Sales by Price Range

Below 1M – 35%

1-2 M – 27%

2-3 M – 19%

3-5 M – 11%

More than 5 M – 7%

4. Top 5 Performing Areas in ALL Property

VOLUME

1. JVC
2. Business Bay
3. Dubai Marina
4. Dubai Creek Harbour
5. Damac Lagoons

VALUE

1. Dubai Marina
2. Business Bay
3. Damac Lagoons
4. Dubai Creek Harbour
5. JVC

5. Off-Plan vs. Ready Property Sales

VOLUME: 

Off-Plan – 59%

Ready – 41%

VALUE: 

Off-Plan – 62%

Ready –  38%

On the ending note, the off-plan residential industry is still thriving which demonstrates how alluring it is to investors, indicating ample opportunity for expansion in the real estate market, affirms the potential for growth. Notably, insiders forecast that Dubai’s real estate market will experience a surge of 10-12% in the upcoming 2 quarters, further reinforcing its upward trajectory. 

Ready to invest?