Sign in
It’s a mixed bag for the UAE in the foreign press this morning, with one dominant theme being a tougher environment for Russian expats in the country.
Are Russians over the UAE? Some Russian expats in the UAE are considering returning home or moving away after an expat boom last year drove up rents and costs of living, Bloomberg reports, citing bankers and experts. Russian money flows into the UAE are also slowing down, and businesses are downsizing, one immigration firm representative said.
This isn’t expected to have an impact on the economy: While Russians have left their mark on both Dubai and Abu Dhabi — but more so Dubai — the impact from a potential exodus of expats would be minimal considering the presence of other wealthy expats from different nationalities, experts said.
Russian oil firms are also reportedly experiencing payment delays due to heightened scrutiny from UAE banks, as well as banks in China and Turkey, over US sanctions compliance, Reuters reports.
ALSO WORTH NOTING-
Emirates CEO Tim Clark wants to see the next Boeing CEO have a “strong engineering” background and exhibit more “lateral thinking”following an escalating crisis in quality at the airplane manufacturer, he told the Financial Times. Emirates is one of the manufacturer’s biggest clients.
