DUBAI: The Middle East’s favorite expat destinations Dubai and Abu Dhabi have been ranked as the most expensive cities to live in the Arab world, Mercer’s latest Cost of Living Survey showed, with the former moving up the rankings to the 20th spot and the UAE capital coming in at 23 on the list.
Four other Gulf cities — Riyadh (52nd), Manama (55th), Doha (81st) and Muscat (91st) — also figured in the top 100 rankings, while Kuwait City and Jeddah were placed 111th and 117th respectively, according to the report.
Luanda in Angola is the most expensive city for expats in the world, followed by Hong Kong, Tokyo, Zurich and Singapore.
Nuno Gomes, principal information solutions leader for Mercer Middle East, North Africa and Turkey, said Dubai and Abu Dhabi’s rise in the rankings is attributable to the rapid increase in costs in the UAE compared with other cities.
“The survey covers all elements of spending, not only on daily life in terms of food, transportation, etc, but also other elements such as housing and other goods and services that are consumed on a regular basis,” Gomes said, according to The National newspaper.
“If you look at all those factors, we have seen a slowdown, or at least not an increase on the housing front, which really has contributed in the past to accelerate the position in the rankings. But generally speaking, food at home, food outside of home, other goods and services have become more expensive. It is not a tremendous increase, we are talking about a climb in one (and two) positions in the rankings.”
On the other hand, Gomes noted that currency fluctuations did not have a huge effect on spiraling living costs in the Gulf states.
“This year, currency fluctuation was less of a factor in worldwide changes in the rankings — so the slight rise on the list represents a true increase in the cost of living in the UAE when compared to other cities globally,” Gomes said.
It may be a different story, however, when the Gulf Cooperation Council-wide value added tax (VAT) comes into effect January 1 next year.
With the introduction of VAT, Gomes said there was expectation that “some of that will get reflected in consumer spending as well and prices at supermarkets and other goods and services.
“There is an expectation that inflation will (continue to) increase over the next two to three years. That is only going to propel Dubai and Abu Dhabi further up in the rankings. We don’t know what sort of currency issues we will face in the near future, but if everything remains as it is, then we could expect that Dubai and Abu Dhabi continue to rise slightly in the rankings due to higher inflation,” he said.
Dubai, Abu Dhabi ranked Arab world’s most expensive cities to live for expats
Dubai, Abu Dhabi ranked Arab world’s most expensive cities to live for expats
Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference
RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.
The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors.
Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.
Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority.
Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference.
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said.
Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.”
MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.
“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.
The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors.
Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference.
The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.
