Expat wealth helps UAE economy



The rising wealth of expatriate workers is expected to give the UAE economy a big boost, with experts predicting retail sales of Dh 97 billion come 2014.

With automotive, consumer electronics and pharmaceutical sales thriving household consumption is rising too- something which is attributed to higher wages for the countries many, many expatriates.

Indeed the study group RNCOS and Business Monitor International both found that expats ware the source of this increased activity. Luxury vehicles are one of the big items pulling in the sales figures, the 2014 estimates predict automobile sales to rise to $15.45 billion a 34 percent increase. Consumer electronics is the next big market looking at a strong increase in sales, with estimations seeing it rise by 27 percent up to $3.91 billion.

However the biggest grower is the over the counter medicine industry. Predictions from BMI see medical sales rising by 49 percent, a huge increase.

Currently the per annum household spending power for UAE residents is $14,400 on average. According to figures by Colliers International property consultants, households of the Emirati take up a majority of these spending amounts, $23,000 on average. Other households, including westerners, Asians and Arabs, have spending levels of $19,500, $10,000 and $13,500 respectively.