Beirut ranked as the most expensive city for expatriates in the Middle East and North Africa, according to the annual Cost of Living survey by global consultancy Mercer.
The Lebanese capital jumped 42 places in global rankings to also become the world’s third-most expensive city, due to “its currency collapsing after political and financial crises, Covid-19 and the Port of Beirut explosion in 2020”, Mercer said on Tuesday.
The cost of living in the UAE, meanwhile, has continued to fall as the diversification of the UAE’s economy meant lower oil prices had a less severe impact on gross domestic product. Lower oil prices and falling rents also helped to reduce overheads, the consultancy added.
Dubai dropped to 42nd in the global rankings, down from 23rd last year, and Abu Dhabi fell to 56th from 39th in 2019, increasing the attractiveness and affordability of the UAE for global talent.
“For over two years, we have been witnessing deflation across Dubai and Abu Dhabi. This can be attributed to a range of factors, including a decline in the real estate sector, which has made expatriate accommodation cheaper,” Vladimir Vrzhovski, Mercer's mobility practice lead for the Middle East and Africa, said.
“Moreover, a drive to enable remote and flexible working is driving mobility and cementing the UAE’s reputation as a destination of choice for expatriate workers.”
For over two years, we have been witnessing deflation across Dubai and Abu Dhabi
The UAE government approved a self-sponsored, one-year residence permit for remote workers in March this year that will allow employees from all over the world to live and work remotely from the Emirates, even if their companies are based in another country.
The UAE economy also continues to recover from the pandemic-driven slowdown, aided by Dh388 billion of economic support measures. Government initiatives, including visas for expatriate retirees and the expansion of the 10-year golden visa scheme to encourage foreign professionals to settle in the country, have also helped to improve investment sentiment.
The ranking of 209 cities, which helps to determine the cost of expatriate packages for employees on international assignments, measures the comparative cost of more than 200 items in each location, including housing, transportation, food, clothing, household goods and entertainment. New York City is used as the base city for all comparisons and currency movements are measured against the US dollar.
Ashgabat in Turkmenistan, Hong Kong and Beirut are the three most expensive cities in the world for expatriates to live and work in 2021.
More than half of the top 10 most expensive cities in 2021 are located in Asia. Tokyo and Zurich each dropped one spot to fourth and fifth positions, respectively, while Shanghai ranked sixth, up one place from last year. Singapore moved from fifth place to seventh, according to Mercer. Rounding out the top 10 of Mercer’s most costly cities for international employees are Geneva in eighth position, followed by Beijing and Bern.
Riyadh in Saudi Arabia ranked as the most expensive city in the GCC, moving up two spots on its 2020 ranking to 29th globally, primarily due to the implementation of 15 per cent VAT in July 2020, Mercer said. Jeddah also rose to 94th from 104th.
Most other Gulf cities also became more affordable last year. Manama, Bahrain, slipped to 71st from 52nd; Muscat, Oman, dropped to 108th place from 96th; Kuwait City fell to 115th from 113th; and Doha, Qatar, fell 21 places to 130th, the survey found.
The world’s cheapest city is Bishkek, the capital of Kyrgyzstan, followed by Lusaka in Zambia and Tbilisi, Georgia, according to Mercer’s survey.
Top 10 most expensive cities in 2021
- Ashgabat
- Hong Kong
- Beirut
- Tokyo
- Zurich
- Shanghai
- Singapore
- Geneva
- Beijing
- Bern
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
'The Lost Daughter'
Director: Maggie Gyllenhaal
Starring: Olivia Colman, Jessie Buckley, Dakota Johnson
Rating: 4/5
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
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Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Results:
2.15pm: Handicap (PA) Dh60,000 1,200m.
Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).
2.45pm: Maiden (PA) Dh60,000 1,200m.
Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.
3.15pm: Conditions (PA) Dh60,000 2,000m.
Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.
3.45pm: Maiden (PA) Dh60,000 1,700m.
Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.
4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.
Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
Transmission: six-speed and 10-speed
Power: 271 and 409 horsepower
Torque: 385 and 650Nm
Price: from Dh229,900 to Dh355,000
