Today is the UAE’s 50th National Day Anniversary!
On the 2nd December 1971 the United Arab Emirates was formed with the aim to achieve political strength through increased unity of the Emirates. Since then, each year the country has celebrated its National Day with carnivals, street parties and firework displays.
Skybound Wealth have been working in the UAE for many years with offices in Dubai and Abu Dhabi. We have taken a look at how the UAE has changed, its plans for the future and why preparation is key, if living, or planning to live there.
How Far Has The UAE Come?
Since its official formation, the UAE has gone from strength to strength. Monetizing its oil reserves and executing major large-scale projects such as the construction of Dubai Dry Docks and building the World Trade Center for global exhibitions, it is now considered to be one of the most developed countries in the world.
The country has achieved sustainable growth in many sectors, including trade, investment and communications which have all helped diversify the economy.
How has this affected expatriation?
The Middle East has become a favourite destination for expats over the years, with the UAE now being home to over 200 nationalities. Emiratis constitute only around 20% of the total population meaning the UAE has one of the world's highest percentage of expatriates. With its world leading developments, high salaries and tax-free living it is easy to see why!
What Are The UAE’s Plans For The Future?
With initiatives such as its Vision 2030 and EXPO 2020 programs, the UAE government has a long-term plan for the transformation of their economy that includes a reduced reliance on oil as a source of economic activity over time and a greater focus on knowledge-based industries in the future.
How does expatriation look in the future?
With a more diverse economy more individuals and families will see the UAE as an ideal hub to work and live in.
Typically, expats stay in the UAE 7-10 years, but with ground-breaking developments underway, paired with newly introduced ‘retirement visas’ expats already in the UAE could be looking to stay for the long-term; and could also encourage others considering it, to make the move.
The Importance Of Your Own Plan!
Embarking on a new career and life abroad is undoubtedly a great opportunity and adventure, however without the correct plans in place you could face major setbacks. The challenges of managing your finances through a period of change and understanding unfamiliar UAE laws, that now apply to you, can be overwhelming.
Health and wealth are the keys to happiness and with clear, easy to understand, tailor made financial advice, financial security for you and your family can be achieved.
Download your FREE Guide to accelerating financial security while working in The UAE here!