💸 Dubai Now the Most Expensive City in the Middle East for Expats

Marhaba folks! 🌞In today's edition, we cover Dubai's status as the most expensive city in the Middle East, the global stock market downturn affecting regional markets, and Etihad Airways' denial of false IPO claims. Yalla, let’s go 🏃🏻‍♀️

🫰 💸 Dubai Now the Most Expensive City in the Middle East for Expats

What is it about:

• Dubai has been ranked as the most expensive city in the Middle East for international employees.

• The city now holds the 15th position globally, rising three places from its 2023 ranking.

• The increase in Dubai's cost of living is due to rising expenses in housing, transportation, and other essential services.

• Abu Dhabi is ranked 43rd globally, while Riyadh and Jeddah are at 90th and 97th, respectively.

Why does it matter:

• Dubai's position as the most expensive city in the region can significantly impact relocation decisions for international employees.

• High living costs may influence compensation strategies for expatriates.

• The rankings reflect broader economic trends and living conditions within the Middle East, affecting both individuals and businesses.

What is next:

• Businesses and expatriates will need to adjust their relocation and compensation plans based on the new cost-of-living data.

• Companies may reassess their financial strategies to accommodate higher living costs in Dubai.

• Further monitoring of regional cost trends will be essential for understanding ongoing economic impacts.

📈 Markets

📉 Global Stock Markets Tumble, Middle East Markets Feel the Heat 

What is it about:

• Global stock markets have experienced a significant decline, with Dow futures dropping 365 points and Nasdaq 100 futures falling 1.7%.

• This downturn was triggered by Amazon’s 8% drop and Intel’s 20% plunge in stock prices.

• The sell-off extended from previous declines, with the Dow and S&P 500 each falling over 1%, and the Nasdaq slipping 2.3%.

• Japan’s Nikkei 225 suffered its second-largest points drop in history, plummeting 5.81%.

Why does it matter:

• The global market turmoil reflects growing concerns about economic stability and recession fears, further intensified by a disappointing US jobs report which showed only 114,000 jobs added in July.

• The financial turbulence has extended to the Middle East, impacting regional markets.

What is next:

• Middle East markets will need to navigate the effects of the global market declines, with Dubai’s DFM falling 0.99%, Abu Dhabi’s ADX dropping 0.794%, Tadawul declining by 0.53%, and Qatar’s QSE slipping 0.23%.

• Investors and analysts will be closely watching how global and regional markets respond to ongoing economic uncertainties and future financial reports.

• Recession fears may prompt further market volatility and impact investment strategies both globally and in the Middle East.

Quote of the day

"Success is not the key to happiness. Happiness is the key to success. If you love what you are doing, you will be successful." — Albert Schweitzer

✈️ 🚫 Etihad Slams Fake IPO Ads: No Share Listing on the Horizon

What is it about:

• Etihad Airways has refuted recent false claims circulating on social media about the airline planning an initial public offering (IPO) on the Dubai Financial Market.

• The Abu Dhabi-based carrier clarified that these posts are misleading and have no connection to the airline.

• Etihad has reported these misleading posts to UAE authorities and social media platforms.

Why does it matter:

• The misinformation regarding an IPO could mislead potential investors and create confusion in the financial markets.

• The Securities and Commodities Authority (SCA) has also issued a warning against fake investment advertisements online, highlighting the importance of verifying financial information from official sources.

What is next:

• Residents and investors are advised to rely on official sources for accurate financial information and to verify the legitimacy of any investment opportunity before proceeding.

• Etihad Airways has not announced any plans for an IPO, despite past speculations and discussions about public listings in the airline industry.

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