UAE residents are aware of the real perks of living in this GCC country. Beside the luxurious lifestyle most people live in the UAE, it's one of the safest places to live in, one of the best connected in the world, and most importantly, offers a cosmopolitan lifestyle thanks to high per capita income.
Lots of people move to the UAE thinking they're only going to spend a few years and end up staying for decades on end.
Interestingly enough, Euromonitor, a report released by the Dubai Chamber of Commerce and Industry, showed that residents no longer live a life where they save most of the money they make in the UAE, going back to their homes with bulks of cash to invest in whatever they feel like investing in. On the contrary, expats enjoy the luxurious specs that the UAE has to offer spending 380'000 dirhams on household expenditure in 2016 only, the highest in the GCC area.
Other than household expenditures, consumer spending reached a whopping 671.6 billion dirhams last year, with a projected growth of 7.5 percent over the next five years, crossing 957.8 billion dirhams by 2021.
The UAE offers a wide palette of experiences for all residents which is convenient for expats to explore various hotels and attractions without the need to spend money on travelling to other countries. A true "staycation".
Senior vice-president of operations and development for the Middle East, Africa and India, Laurent A. Voivenel, mentioned that the UAE is experiencing a huge boost in domestic tourism. He also believes in the ability of the UAE to provide its residents with a stress-free stay due to the safety and great aerial connectivity to the rest of the world.
Managing director at Shapoori Pallonji International Property Developers, Cyrus Engineer, commented that the UAE is a tax-free haven that is attractive to people from most countries. He also stated that Indians in particular see the UAE as a home away from home, seeing as it's just 3 hours away by flight from India.
According to the Euromonitor report, communication is identifies as the fastest growing category, reaching 10,2 percent Compound and Annual Growth Rare (CAGR) through 2021 die to a high concentration on smart phones and digital devices, followed by hotels, education, leisure and medical services.