It’s difficult to keep track of all the important financial stories coming out of the UAE. Luckily, IAE have collected all the UAE news that you need to see. Get caught up over the weekend with our Friday UAE News Roundup.
Is an Expat Exodus on the Horizon?
With recent research from Oxford Economics projecting that employment in the UAE could fall by 13%, it’s thought that this could result in up to 10% of the expat community leaving the UAE. Part of the reason for this is that many of those employment sectors vulnerable to job-losses rely heavily on the expat community to make up their workforce. So, many expats in these sectors will be affected by cost-cutting measures. A lot of those expats affected by job-losses will not have an option of staying as most visas rely on employment.
https://international-adviser.com/lockdown-could-trigger-exodus-of-expats-from-uae/
The Pros and Cons of Sending Money Back Home.
Gulf News explains why it might be a mistake for expats in the UAE to send money to their home countries if that country’s currency is stronger. They advise repatriating money to any country with a weaker currency as you’ll get more for your money. But, if the currency is stronger, they advise holding off on repatriation. All of this and tonnes more information on repatriating currency from abroad as an expat. Read it by clicking the link below.
New Regulations for Online Activities in the UAE.
The UAE Insurance Authority has published new regulation for how insurance companies, brokers and others involved in insurance operate online. Almost all insurance transactions are currently being done online in the UAE as a result of a COVID-related decline in face-to-face transactions. Because of this, the new 24-page document of regulations is a timely regulatory update for the insurance sector in the UAE.
https://www.pinsentmasons.com/out-law/news/uae-insurance-authority–regulations-for-activities
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