UAE Sees a Massive Improvement in Quality of Life Index

Dubai – The quality of life in United Arab Emirates (UAEs) residents has seen a drastic improvement. Factors like purchasing power, safety and healthcare witnessed the biggest improvement according to the latest data released for 2022by Numbeo. Being a provider of global databases for consumer prices and quality of life, Numbeo’s report showed a big jump in Abu Dhabi and Dubai’s global ranking in 2022.

Abu Dhabi’s ranking improved from 84th in 2022 to 24th this year. Similarly, Dubai’s ranking improved from 95 last year to 49 in 2022 on the Quality-of-Life index. Regionally, Abu Dhabi was ranked the top city for quality of life. The purchasing power of residents of both the cities improved substantially in the past 12 months. This is primarily because of a drop in the cost of living as a result of the strengthening of the UAE dirham against foreign currencies. Inflation is also low compared to other countries around the world.

The inflation reached 5.5% in the first nine months of 2022 and was one of the lowest in the world last year. Meanwhile, the health sub-index remained the same in Abu Dhabi and improved in Dubai, while the safety sub-index further improved in the UAE Capital. Similarly, the cost of living in Dubai dropped but remained steady in Abu Dhabi.

Impact of Increased Consumer Spending

As one of the top 10 market research companies in Dubai, we can affirm that UAE consumers are spending more on clothing, luxury goods, fuel and dining out. The increased UAE consumer spending is helped by the drop in petrol prices and removal of many Covid-related restrictions. A similar survey conducted by Dubai’s Department of Economy and Tourism (DET) revealed that more than half of Dubai’s residents (52%) dine-out up to three times per week. 

UAE Government Initiatives to Improve Quality Of Life

life in United Arab Emirates is among the safest countries to live in and is highly welcoming to diverse cultures. Both Dubai and Abu Dhabi are rated highly in socio-economic, healthcare, education and recreational facilities. According to the International Monetary Fund (IMF) latest projections, UAE is set to become the fastest growing economy in the Gulf outpacing Saudi Arabia. This will further enhance UAE’s reputation as a thriving economy in times where other nations struggle due to negative implications of the Ukrainian war.

Is The Euphoria Back In Dubai Real Estate Market?

In 2008, amidst signs of subprime crisis which decelerated the global economy, Cityscape Global, the largest business to business real estate investment and development event was held at Dubai World Trade Center on 6-9 October. Three weeks prior to the event, Lehman Brother and Meryl Lynch went bankrupt in the USA. As a result, the global economy was subject to a financial crisis. However, in some spheres there was belief that Dubai real estate market may defy the newly emerging gloomy trends and throw some pleasant surprise.

There were obvious reasons for such euphoria as the Dubai real estate market in the UAE was performing and yielding great results from the period of last five years (2004-08). Dubai, considered as the bridge between the emerging and developed markets, was seen as a symbol of luxury lifestyle mega projects. It was known for rolling out grand projects with unmatched pace and vigor.

However, the predictions went off the mark. The real estate sector which was soaring high so far suddenly seemed to suffer due to severe melt down and lack of liquidity (emanating out of global recession) coupled with over speculation. The event which showcased numerous ambitious projects was followed by reports about regulatory insufficiencies and fraudulent charges against some of the developers. The nature of discussion started shifting and the fundamentals of UAE’s real estate markets were questioned. Many of the projects got delayed (or cancelled) and real estate entities suffered huge losses.

The effect of a real estate debacle was very well reflected in the next Cityscape in 2009 to as a 50 percent drop in number of visitors was observed compared to previous year which witnessed more than 70,000 visitors. The number of exhibitors went down from 340 to 218 as well. Once known for luxury mega projects, now the emphasis was more on market fundamentals, realism and transparency. It was obvious, given the fact that property prices fell by 50 percent and number of active developers dropped by 60 percent compared to previous year.

However, in the midst of real estate market debacle some optimism was seen back in 2010, mainly due to the Dubai World’s successful loan restructuring with a group of lenders involving various international bank. There were other pieces of encouraging news such as confirmation by Nakheel to pay USD 1 billion to creditor and Dubai government issuing a 1.25 billion USD dual tranche bond to be utilized towards infrastructure project. All these were indicative of some normalcy coming back to the real estate market. The next Cityscape event in 2010 was visited by 38,000 individuals from 115 countries. Approximately 200 exhibitors participated in the event. The name was changed from Cityscape Dubai to Cityscape Global with the intentions of attracting more foreign players. Nevertheless, there was little impact on the property market and real estate transactions.

Likewise, the results of Cityscape Global 2011, were intertwined with a crucial regional crisis, Arab Spring. Due to the political and economic crisis in Egypt, Syria and Bahrain, a part of liquidity was transferred to Dubai, which is considered to be a safe haven in the Middle East and Africa. Dubai real estate market also gained in terms of tourist arrivals at the cost of other regional tourist hubs such as Egypt. However, there was not much change towards the overall property market fundamentals as prices were still subdued.

In its next edition in 2012, number of individuals showing up remained unchanged at around 25,000 visitors; however, announcement of many individual projects such as Meydan city master plan, Shoba city and Dubailand Falcon city were made.

With less than a week for the 12th edition of Cityscape Global, it seems that the euphoria is back again. The web and conventional media is fraught with advertisements and promotions and many trade experts consider the excitement level at par with the 2008 level, albeit with more caution and stronger fiscal policies in place to curb speculation. The event is exhibited to host over 200 companies, highest in the last four years. Many of the Dubai based real estate companies will be exhibiting for the 1st time since 2008.

Major part of the excitement could be explained due to revival of investor confidence in the Dubai real estate market. According to Dubai Land Department, Dubai received an investment of around 16 billion USD through a total of around 18,635 investors in 2012. A major part of the investments has been channelized in plots, apartments and villas.

For readers, unaware of Cityscape Global, it is the biggest real estate exhibition and conference on property development conducted in Dubai World Trade Center every year. Organized by Informa exhibitions, the event was 1st held in 2002. Real estate companies, architects and designers, city councils and various financial institutions from all around the world exhibit their product. Besides, individuals involved in different dimensions of real estate, high net worth individuals and property buyers come in big number to visit the event.

In addition to the exhibition, the event is associated with various conferences, sector series and awards. The event host conferences on Global Real Estate Summit, MENA Mortgage and Affordable Housing and Future Cities Conference. There are sessions for senior real estate developers, investors and delegates to network and share latest industry trends. There is also Cityscape awards for emerging markets, rewarding industry professionals and companies for designing excellent projects (built as well as future) in emerging markets. Presently the event also has sister events in various other parts such as Abu Dhabi, Egypt, Qatar, KSA, Latin America and Asia.

The market fundamentals seem to be strong and the real estate markets appear to be back on track. Further to this, with ongoing preparations for Expo 2020 in full swing (Dubai is expected to win the bid to conduct Expo 2020 in November. A complete range of reports will be published on the same) Cityscape 2013, presents tremendous opportunities for investors, developers and the overall UAE’s economy in general.

At Research Konnection we emphasize on blending strong research fundamentals with local nuances and sub trends, specific to the UAE, GCC and MENA markets. Real estate being one of our key focal areas, our team is actively involved in tracking different dimensions of Cityscape Global. Our next analysis will be based on the outputs received of the survey, which we are conducting to understand, evaluate and quantify the excitement level among real estate investors. The outputs and conclusions drawn from the survey could offer useful insights for property developers, consultants, contractors, property owners, buyers and for all who are interested in Dubai’s property market. The survey findings will be revealed after the event. We will request you to take out two minutes and complete the small survey.

Gitex Exhibition – an Analysis by Research Konnection

The Evolution of Gulf Information Technology Exhibition (Gitex) as a State of the Art Global Exhibition Has Been Synchronized With Dubai’s Transformation From a Relatively Lesser Known Entity Into a Global Hub for Technology, Tourism, Retail and Trade. The Annual Technology Exhibition, Trade Show and Conference is Considered to Be the Largest Technology Event in the Middle East. It Attracts Technology Enthusiasts and End Consumers Alike in Large Volumes and is Exhibited by a Range of Technology Companies.

Gitex Was 1st Organized in 1981 by Dubai World Trade Centre as an It Exhibition. Conducted in a Small Area of 820 Square Meters, It Was Attained by 46 Local Exhibitors and Around 3,000 Visitors. It Was an Era When Dubai Was in Its Nascent Phase and Its Economy Primarily Depended on Oil Extraction, Fishing and Pearls. However, in Subsequent Years, Dubai Demonstrated Meteoric Economic Rise Albeit Visionary Governance to Transform the Emirates Into a Paradise for Businesses, Tourists and Shoppers From the Region as Well as Globe.

In Its 29th Edition in 2013, Gitex is Expected to Attract 139,000 Ict Professionals From Over 3500 Companies, Out of Which Around 25,000 Executives Are Expected to Be C-level Executives. Over 80 Percent of the Leading Ict Companies From Across the Globe Will Make Their Presence Felt in the Event, Which is Considered to Be the Gateway to the Middle East.

Showcase Latest Innovation

Gitex is a Tremendous Platform for Technology Firms to Demonstrate and Launch Their Latest Technologies Into the Mena Region as It Offers a Suitable Platform for Technology Enthusiasts and End Users to Learn and Understand About Latest Innovations and Advancements in the Technological Landscape.

Besides Product Launch, Every Year Gitex is Associated With Various Key Announcements. For Instance, German Software Giant Sap Last Year Announced an Ambitious Four Years Investment Plan in Mena Market Which Included Initiatives Such as Certification of Consultant, Up-skill Local Talent, Customization of Solution in Accordance to Local Needs and Creation of New Job Opportunities.

Stakeholder Networking

Gitex Which Amass Numerous Retailers, Distributors, Technology Enthusiasts and Consumers From Various Part of the Globe Under Roof, is Considered to Be an Effective Platform for Business Networking. Since Its Inception Gitex Have Been Playing an Instrumental Role in Catalyzing Effective Networking Between Principle Companies and Regional Channel Partners, Distributors and Retailers Thereby Ensuring Benefits for All the Stakeholders Involved. Over the Period of Time, It Has Grown Manifolds in Terms of Size and Had Found Its Way in the Wish List of Key Decision Makers From Leading Technology Companies, Across the Globe.

Besides the Gitex Technology Week, It Has the Couple of Other Events Named Gitex Shoppers, October and Spring Edition. These Are Considered to Be the Largest Consumer and It Electronics Sales Event. Gitex Shopper Events Are Frequently Visited by All the Leading Global Brands Such as Samsung, Nokia, Hp, Dell, Bose, Lg, and Intel and Are Associated With Multi-million Dollar Sales Every Year.

Contribution to Dubai Economy

Gitex Events Make Significant Contribution Towards the Economy of Dubai and Uae. According to an Assessment Conducted by Oxford Economics, in 2011 the Contribution of Gitex Towards the Dubai Was Usd 1.75 Billion, 2.1 Percent of the Annual Gdp. Besides Tourist Inflows Other Significance Are Stupendous Sales, Business Networking and Brand Image Stimulation.

The Purpose Behind Introducing the Concept of Gitex Shopper by Dubai Government Was to Segregate Retail Customers From B2b and Offer Them a Separate Platform. Since Its Inception, in Line With the Reputation Enjoyed by Its Flagship Event, Gitex Shopper Has Been Receiving Massive Response From Local, Regional and International Shoppers. Due to the Outstanding Success of Gitex Shopper Event, His Highness Sheikh Mohammad, the Prime Minister of Uae and the Ruler of Dubai Declared to Add an Additional Spring Edition to the Existing Event From This Year Onwards Which Means That the Event Will Take Place Twice a Year.

Tremendous Sales

Gitex Events Are Associated With Tremendous Sales, Thanks to Its Size, Scale and Exciting Discount and Prize Offers. (in the Present Gitex Shoppers 2013, the Total Prize Money is Estimated to Be Around Usd 13.5 Million). In 2012, Gitex Shoppers Which Was Visited by Over 2,000,000 Individuals Resulted in Total Sales of Around Usd 65 Million. Similarly, the 1st Spring Edition Concluded in the Month of April, Ended Up in Estimated Total Sales of Over Usd 25 Million.

Strategic Intent 

Uae Along With the Mena Region is Considered to Be One of the Most Sophisticated and High Worth Information Communication and Technology (Ict) Markets Across the Globe. The Overall Net Worth of the Consumer Electronic Retail Alone, in the Uae is Usd 3.9 Billion. With a Penetration of 74 Percent, Uae Holds Number One Position in Terms of Smartphone Penetration Across the Globe, Ahead of Its American, European, and South East Asian Counterparts. The Smartphone Penetration in the Region is Estimated Around 47 Percent and is Expected to Reach 70 Percent by the End 2016.

Unrivalled in Terms of Size and Scale, Gitex Go Hand in Hand With the Strategic Intents of Dubai in the Context of Ambitious Ict Plans. Moreover, Dubai Has Rolled Out Many Plans in Order to Seek Huge Investment Towards Developing State-of-the-art Ict Infrastructure. In This Context, a Grand Event Such as Gitex, Which Exposes Local Markets to Numerous International Ict Companies, is Considered to Be Beneficial Towards Realizing Such Strategic Plans and Intents.

Global Events Such as Gitex and Cityscape Along With Ambitious Plans Such as World Expo 2020 Are Supposed to Play an Integral Part in Conceptualizing Such Grand Vision. With Their Natural Ability to Attract and Engage Business and End Users From Different Part of the Globe in Huge Number, They Stimulate Almost Every Key Sphere of Dubai’s Socio-economic Life and Give the City a Magnificent Image. They Reflect What Dubai is Capable of and Acknowledge the Authenticity and Veracity of Its Plans.

Dubai’s Success in the Recent Past Has Been Awe-inspiring and It Has Emerged as a Role Regional Model. However, the Great Leadership in Dubai Has Larger Plans for the City State. Famous for Thinking Big and Executing Fast, Dubai Aims to Consolidate a Much Larger Position for Itself in the Global Tourism, Real Estate and Trading Map. Not to Mention Technology Sector as Well.

At Research Konnection We Are Conducting a Survey to Capture the Excitement Level Among the Residents of Dubai Towards Ongoing Gitex Shoppers. The Survey is Presently Running Across Online as Well Offline Platforms and the Insights Procured Will Be Published by the End of the Month. We Will Request You to Take Out Two Minutes and Complete the Small Survey.

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Research Konnection, which is a part of Scan International Group, is one of the best Market Research Companies in Dubai that assist clients with Market Research, Feasibility Studies and Business Setups in the United Arab Emirates (UAE).

With a deep understanding of the Gulf economy, markets and people, we offer customized research solutions and specialize in industries such as Education, Food & Beverage (F&B), Healthcare and Sports & Fitness in UAE.

As a leading boutique Market Research Company in Dubai, we are passionate in supporting entrepreneurs, investors and local & international companies with Market Research, Feasibility Study and Business Planning services.

Research Konnection which is a part of Scan International Group is one of the leading Market Research Companies in Dubai that assist clients with Market Research, Feasibility Studies and Business Setups in the United Arab Emirates (UAE).

We are rated as one of the best market research companies in Dubai as we have a deep understanding of the local economy, markets and demography. This enables us to provide deeper insights and offer practical research based solutions to established and emerging International companies and brands.

The Company was founded in 2014 by Waqas Hassan Siddiqui – A proven authority in Business Research for the UAE and Gulf region. From the platform of Research Konnection, we are passionate to help entrepreneurs, business owners and companies through Market Research (Surveys & Interviews), Feasibility Study and Business Plan services in Dubai and UAE.