Majority of expatriates plan to stay

Most expatriates in the UAE say they would rather ride out the global recession here than return to their home countries, a new study suggests. Eighty-two per cent of respondents to an HSBC survey said they had no plans to move back home and were still able to save more money by living in the Emirates. "Despite the downturn, UAE expatriates continue to enjoy a good standard of life and are able to continue to save, which [is] a great advantage in the current economic climate," said Paul Say, head of marketing and communications for HSBC Bank International, which conducted the three-part study.

The first part of the study, released yesterday, surveyed 3,100 expatriates from 50 countries. It found that expatriates in the UAE generally had more disposable income than those living in other countries. More than 80 per cent of respondents said they saved more after moving to the UAE than before. The UAE ranked fifth of 26 countries considered popular among expatriates in terms of salaries, the ability to save and the amount of disposable income. Russia was placed first, followed by Qatar, Saudi Arabia and Hong Kong.

The survey's results follow a report this month by Standard Chartered warning of "a major population outflow in the upcoming months" after schools close for summer. The impact, it said, "could be substantial". [e-mail]