courboy

Hi Guys

I have been approached for a job working on a high-profile development project in Dubai. My role will be on the development and investment side and they'll require me to relocate from London in the next few months. I hadn't been looking into Dubai, so this is all moving very quickly.

I am currently working in real estate development in London with a base of £90k and bonus of c.£40k. My girlfriend will need to relocate with me and she has a similar package.

We are both interested in the move as it could be a nice change, but we also want to have a chance to save more money.

We live a fairly decent lifestyle (live near Marylebone, eat out 4 nights a week, a few gym memberships and lots of holidays, but we don't drink much).

I am lead to believe that the package will be comparable to my UK salary but obviously this will be tax-free. Please could you give advice on whether this is sufficient? My girlfriend will have to find a job once here but she's been approached by a few companies in the past and she works in real estate private equity currently.

As the GBP is weakening against the USD each day, this isn't helping things!

Many thanks in advance

Millhouse

combined 180 + c.80 in bonuses in a shaky London market
half of it (forget bonuses and Mrs won't walk into a similar paid role) but its tax free - in a dying market.

stability is more important I think. It's not like the extra money is suddenly going to solve all your problems. assuming that it is actually more money - which I suspect it isn't

courboy

Hi Millhouse, thanks for your reply.

My girlfriend has already been offered similar packages in Dubai in the recent past so I think that's achievable and I am being offered my equivalent UK salary in Dubai.

So I just wondered whether that's enough for us to sustain a similar lifestyle and save more money?

The UK market is stable for the segments we are in, so I don't have stability concerns here. Is it falling away in Dubai?

Thanks

Millhouse

how recent is recent past? Things change quickly here. I very much doubt there is much Real Estate PE going on.

General real estate developments (bit hard to work out exactly what you mean buy this) isn't really all that healthy either.

Money wise the packages would be good - certainly an uplift in your saving potential but that depends on how you spend the money

jam25mack

I thought the days of silly real estate salaries in Dubai were a thing of the past.....

If not I'm in, how hard can it be? "Here's a villa / apartment / building or whatever.... do you want it yanni?"

mikelincs

Don't forget to get married before you move if you decide to take the plunge, unmarried couples living together are a bit of a no no in the ME.

DXBtoDOH

Probably a different level of real estate. My guess is investment at a fairly high level - multiple millions as a starting point. Researching and targeting high net worth buyers. Wining and dining them. The salaries are high but the expectations are even higher.

Not your typical agent or salesman on the street.

courboy

Thanks for the advice all. I've been to Dubai and have had an interview with an offer made of 40k AED p/mth. This appears to be all-inclusive too.

Basically it works out as my UK salary but obviously it's tax free. Is this a good offer? I feel it's a bit low considering I wasn't looking to relocate and I'll lose pension etc.

Thanks

Johnnyboy11

Only tax free once you are confirmed UK non-resident, which is April 6th 2018 at the earliest for you (status applied retrospectively and subject to 'Connecting Factors' and other conditions).

Remember to factor in other payroll benefits like employer pension contributions, illness cover, redundancy payment etc., which are unlikely to feature in your Dubai contract.

DXBtoDOH

Same salary.

Hmm.

Advantage:

Tax free (from day one, you are only liable for taxes should you return to the UK before the grace period).

Living expenses are generally lower in Dubai than central London. You will get a nicer / bigger flat. Dining out tends to be cheaper. Alcohol is more expensive. On the whole I find Dubai cheaper than Central London.

Disadvantages:

Loss of pension contribution and bonus is never to be guaranteed.

GF needs to find a job.

Conclusion: the package alone is not going to be a big improvement above your current position as the tax savings are usually eaten up by needing to compensate for the lack of pension, relocation costs and the little hidden expenses of Dubai.

Part of me says to stay in London as your future is more predictable there. Dubai is a roller coaster town and the property market is in the crapper at the moment. But I can't deny that the potential still does exist for those at the very top of the market to do extremely well as there's an insane amount of money and high net worth individuals. For the right person with the right personality, Dubai could be an amazing opportunity.

Go with your gut instinct.

Livingthedream123

There is some negativity on this board some rightly some over caution, but you got to do whats right for you. With your salaries you can more than afford to rent/buy somewhere, and you can set up your own pensions with all the excess cash. I have a friend who pays 1.5k a month for a stunning 1 bed in the Marina. I trust your employers will be reputable and wouldn't be employing you unless there was demand in the mid term for you skills and industry.

Worst case scenario you come back and find a similar job again in London.

Millhouse

you're not here yet, are you?

jam25mack

Thats cray cray!

Millhouse

he is thinking in pounds.

Livingthedream123

Not yet but I have friends there and spent 3 months living there on a internship in the past.

Yep I meant 1.5k GBP. That includes all bills/charges and is top of the range, he said he could have got a cheaper one in the same area.