After a recent trip to the Middle East and Asia, a number of salient points come to the surface around two of the most popular business areas of the globe.
Although Dubai hired over 60,000 extra blue collar workers last year to gear up for the 2020 Global Expo it also lost over 20,000 white collar workers to what some people refer to as a silent recession, Dubai’s economy grew around 3% last year but certain sectors are being put under immense pressure, FMCG groups who rely on contracts with multinational groups in the middle east are having their payment terms changed and as a result unable to continue to trade.
A saving grace for the middle east is emergence of Saudi Arabia as an area of growth and investment, with Mohammed bin Salman pushing inward investment into Riyadh and Jeddah, I feel a Dubai base could easily facilitate Business between Europe, Saudi Arabia and emerging gems like Burma.
Singapore is a vibrant hub of activity and a gateway to the Asian commodities market. With Singapore providing preferential business terms to multi-national companies as well as incentives to hire local citizens there appears to be a hike in local hiring as opposed to expats. Income tax is around 15% and with a strong schooling / education system, Singapore is a great place to relocate.
In summary I’m a firm believer London will remain a global hub for Business and Finance but there are other areas offering a great alternative to do business and provide a good standard of living. Visit us at www.marlinselection.com to see our global opportunities