Dubai is the best city in the world for expatriates and professionals to live and work in, beating New York, London and other most prominent cities, according to a new research.
A survey released on Wednesday by the Alumni Association of graduate business school Insead, which polled nearly 1,000 respondents, has ranked Dubai as the most attractive place to live in in terms of professional and private life. Insead has campuses in France, Singapore and Abu Dhabi.
The survey asked respondents of 35 different nationalities to rate 15 key cities in the world in terms of economic dynamism (quality of labour, access to funding); quality of life (sports and cultural facilities, air quality); cost of living (real estate, dining, entertainment) and overall attractiveness (young talent, access to technology).
Dubai emerged as the overall winner and ranked first in economic dynamism, third in overall attractiveness and fourth in terms of quality of life and cost of living.
Amsterdam came second, followed by Toronto, Singapore, Madrid, Hong Kong and New York. Tokyo occupied the 8th spot, while Shanghai and London came in the 9th and 10th place, respectively.
Insead's findings supports the 2013 Global Talent Competitiveness Index, which ranked the UAE 19th globally for attracting and retaining talent, ahead of other oil-dependent economies in the Gulf and the Middle East.
"To some, it might come as a surprise that Dubai has been ranked as the best place to work globally, but this is not a revelation,” said Miguel Lobo, associate professor of Decision Sciences and Director of Insead Campus Abu Dhabi.
"Today's business leaders and key decision-makers recognize the dynamism of this country, which leads many to choose to live, work and actively immerse themselves in the regional landscape.”
The UAE economy is forecast to grow by 5 per cent this year. Besides its predominantly young workforce, the country boasts of a world-class infrastructure, political stability and sustainability. Human resources experts said it is the tax-free regime, coupled with attractive salary packages, that makes Dubai a desirable place for professionals.
"From an employee's perspective, the combination of competitive remuneration, career opportunities and high quality of life [in the UAE] is particularly attractive,” Olivier Meier at Mercer told Gulf News earlier.
Mercer's Worldwide Survey of International Assignment Policies and Practices 2012 had ranked the UAE as the seventh top destination worldwide for multinational organisations looking to expand their global footprint, attesting to the country's position as an ideal hub not just for employees, but for businesses as well.
Sam Barnett, CEO of MBC group and president of Insead Alumni Association in UAE, said the survey findings are not surprising. "Not only do we see larger numbers of Insead alumni coming to work here each year, but more and more are staying for greater periods of time,” he said.
He said the "excitement of an emerging market and all the perks of an international city” make Dubai desirable to many people. "There are attractive opportunities to build a career with many of the companies that have started here or with the international companies establishing a foothold in the Middle East.”