Sunil Sharma has settled in his new life in Dubai much more easily than he initially thought he would. Until a few months ago, the 31-year-old financial services professional was based in the City of London, commuting in daily from the town of Maidenhead, around 30 miles to west of the UK capital. But, recently married, he’d become increasingly disillusioned with life in Britain.
“I suggested to my boss that potentially I could move here [Dubai]” he told The National. “We have an office here, so it kind of made a lot of sense. The general UK decline played a massive role in terms of making the decision to move. I could have carried on doing what I was doing, which was travelling to the Middle East once a quarter.
“Part of the decision was the brilliant opportunity in Dubai in general, but a massive part were the tax increases [in the UK], the safety issue especially in London, no real growth or prosperity and a general downbeat feeling.”
Almost half of expats report improved mental health within the first six months [of] moving overseas
Nigel Fox,
Currencies Direct
Neil Carberry, chief executive of the Recruitment and Employments Confederation feels there are some things that are really driving heavier than usual mobility at the moment. “There’s an awareness, particularly among young professionals in the UK, that their skill sets are valued in other countries,” he told The National.
While part of the motivation to relocate overseas is financial, part emotional and part political, it’s entirely personal. For Mr Sharma, safety in London was issue, given the rise in petty theft on the city’s streets. “I would get [intra-company] emails saying ‘when you leave the office, don’t pull your phone out’, because someone can steal it,” he said.
But the experience and skills that young professionals in the 25-35 year old age bracket can glean in the City of London is attractive to overseas companies and multinationals.
Last week, a report from New World Wealth and Henley & Partners showed while London attracted millionaires and their families between the 1950s and the early 2000s, that trend has slowly reversed over the past decade. Between 2017 and 2023, the report claimed, the UK lost 16,500 millionaires to migration. In addition, provisional estimates for last year show a net outflow of 9,500 millionaires projected for 2024 alone, with the top destinations expected to include Paris, Dubai and Singapore.
In addition, according to Morgan McKinley’s 2024 London Employment Monitor, London’s financial services sector has seen a sharp fall in job availability. Job postings dropped 18 per cent between the third quarter to the final quarter of last year and fell by 28 per cent as a whole in 2024, when compared to the previous year.
“These stark figures paint a sobering picture of an industry grappling with mounting challenges, including economic volatility, geopolitical uncertainty, strategic overhauls, and the rapid pace of technological disruption,” said Mark Astbury, director of projects, change and transformation at Morgan McKinley.
“Additionally, our finance teams have seen candidates pursuing roles in global financial hubs like Dubai and Singapore. These markets offer strong growth and competitive career prospects, making them attractive, despite London’s established financial reputation,” he told The National.
‘A great opportunity’
British newspapers have been quick to point out the almost contradictory position of the UK government, which on the one hand emphasises the need to attract foreign wealth into the country, while at the same time moulds tax policies which seem to be giving cause for wealthy individuals and entrepreneurs to leave.
But while the headlines usually concern ultra-high net worth individuals and millionaires, little attention has been given to the likes of Mr Sharma, who represents the future of British entrepreneurship and wealth.
“I can’t think of one person who I spoke to who said, ‘are you sure this is a wise move?’” he told The National. “Every single person was overwhelmingly upbeat – ‘a great opportunity’, they said. I was really, really surprised by the number of people who said they were also looking to relocate.”
Denis Kravchenko, business development manager in Cyprus for the international relocation company Astons, is not surprised. For him, various factors have given young, skilled people enhanced global mobility in recent times, not least the reach of the internet. “We do have a lot of British clients,” he told The National. “Fifteen years ago, the average age would have been 45-plus. It’s much, much different now – it’s between 30-45 years old.”
“For a lot of younger people, their source of income is remote,” he added. “They are able to generate their income remotely and from the perspective it doesn’t really make any difference where you are physically. So, with that in mind, obviously you would want to relocate to somewhere safer with a better climate.”
Andrew Marr, managing partner at Forbes Dawson tax specialists, agrees: “These kind of people have been trained to work location-independently during covid,” he told The National. “If they can persuade an employer to let them work from home, then why not go abroad and tap into some tax benefits?”
For Mr Carberry it’s not just the ability to work from anywhere in the world, but the fact that job searches for young professionals in London’s finance sector will now, more often than not, have a global dimension in the first place.
“International mobility, if people choose to engage in it, is much easier, because [for example] a job search in the US in the world of the internet is an easier thing to do, and candidates are easier in the world of LinkedIn for employers in other countries to see,” he told The National. “There is a growing awareness in some of these jurisdictions that the relative offer that employers are able to make is attractive to British professionals.”
Nearly three-quarters of 18-30 year olds in the UK would consider living and working in another country in the short or long term, according to the British Council's Next Generation UK 2024 report.
Similar research by the foreign currency traders, Currencies Direct, showed 38 per cent of those aged 25 to 34 are considering moving abroad in the next five years. “With many countries offering attractive options for both quality of life and property investment, and almost half of expats (49 per cent) report improved mental health within the first six months, moving overseas can be a rewarding decision,” said Nigel Fox, vice president at Currencies Direct.
Mr Sharma talks of an “emotive connection” with Britain, and while he still very much views the country as home, he doesn't see much that is calling him back. “I would love to raise children in the UK – that would be the ideal scenario,” he told The National.
“But at the same time, do I want to raise children in an environment where safety is always a concern, where the economy’s not growing, and the opportunities are better elsewhere? As of now [a return to the UK] seems very, very unlikely.”
How it works
A $10 hand-powered LED light and battery bank
Device is operated by hand cranking it at any time during the day or night
The charge is stored inside a battery
The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode
A full hand wound charge is of 16.5minutes
This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode
When more light is needed, it can be recharged by winding again
The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge
No limit on how many times you can charge
Sui Dhaaga: Made in India
Director: Sharat Katariya
Starring: Varun Dhawan, Anushka Sharma, Raghubir Yadav
3.5/5
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
If you go:
The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes
The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67)
Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free
The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Result:
1. Cecilie Hatteland (NOR) atop Alex - 31.46 seconds
2. Anna Gorbacheva (RUS) atop Curt 13 - 31.82 seconds
3. Georgia Tame (GBR) atop Cash Up - 32.81 seconds
4. Sheikha Latifa bint Ahmed Al Maktoum (UAE) atop Peanuts de Beaufour - 35.85 seconds
5. Miriam Schneider (GER) atop Benur du Romet - 37.53 seconds
6. Annika Sande (NOR) atop For Cash 2 - 31.42 seconds (4 penalties)
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
PROFILE OF SWVL
Started: April 2017
Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh
Based: Cairo, Egypt
Sector: transport
Size: 450 employees
Investment: approximately $80 million
Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani
Company%20profile
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Points about the fast fashion industry Celine Hajjar wants everyone to know
- Fast fashion is responsible for up to 10 per cent of global carbon emissions
- Fast fashion is responsible for 24 per cent of the world's insecticides
- Synthetic fibres that make up the average garment can take hundreds of years to biodegrade
- Fast fashion labour workers make 80 per cent less than the required salary to live
- 27 million fast fashion workers worldwide suffer from work-related illnesses and diseases
- Hundreds of thousands of fast fashion labourers work without rights or protection and 80 per cent of them are women
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Emirates exiles
Will Wilson is not the first player to have attained high-class representative honours after first learning to play rugby on the playing fields of UAE.
Jonny Macdonald
Abu Dhabi-born and raised, the current Jebel Ali Dragons assistant coach was selected to play for Scotland at the Hong Kong Sevens in 2011.
Jordan Onojaife
Having started rugby by chance when the Jumeirah College team were short of players, he later won the World Under 20 Championship with England.
Devante Onojaife
Followed older brother Jordan into England age-group rugby, as well as the pro game at Northampton Saints, but recently switched allegiance to Scotland.
Sweet%20Tooth
%3Cp%3E%3Cstrong%3ECreator%3A%20%3C%2Fstrong%3EJim%20Mickle%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EChristian%20Convery%2C%20Nonso%20Anozie%2C%20Adeel%20Akhtar%2C%20Stefania%20LaVie%20Owen%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
UAE currency: the story behind the money in your pockets
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
