HTale

Hi there guys, I'm new to the forum, and I'm in need of some pragmatic advice from some wise souls to enlighten me on my situation! I don't know how unique my situation is, but I've decided to start off a career in Dubai, and I'm hopefully going to be working as a banker for a large IB at the Dubai International Finance Centre. I'm from an Arab background, speak fluent Arabic, and I'm very acustomed to Arab culture, so (hopefully), adjusting won't be much of a problem. My only problem is in living costs. The contract has come through, and it is AED192,000 p/a.

Now, my expectations are low. I'm not really going to be living a lavish lifestyle, nor am I looking for a "better of quality of life" ; I'm merely going for the experience given current economic conditions here. I've seen some studios in Jumeirah going for AED90K - 100K, and so really, my question is, will the rest be enough to....survive? I'm not entirely sure about the bonus situation at the bank, but I'm going to assume I'm going to get zilch for now.

Finally, where are the best places to live if I'm going to work at the DIFC? Bear in mind I cannot and will not drive in Dubai; I've had countless near death experiences driving for only one hour in the streets of Casablanca, and Dubai is apparently considered worse!

Anyway, thank you all very much in advance. Please bear with me, I've trawled through the search facilities and I just couldn't find anything.

Once again, thanks.

HTale.

Tiger989

16,000 DH a month for a fresh graduate is not a very bad start. 90% of fresh graduates here earn around 8000DH so you are twice better off than most of the fresher’s.
If you want a much more detail this is what I would do in your situation.
2500Dh per month for a car lease or a car loan
6000DH for a shared flat with another bachelor
You don't need more than 4000dh in lifestyle and entertainment money.
And 3500dh saving.

typical

If you're working at the DIFC and won't drive yourself, your choices are 1) employ a driver, 2) spend a lot of money on taxis (and a lot of time waiting for them at DIFC - the wait reaches 1 hour plus in the evening), or 3) live in Business Bay and walk to work.

I'd recommend 3), but the rent is expensive.

HTale

Tiger989 and typical, thank you both. Would renting out in Business Bay pay back in the long term, when compared with taking a taxi to work? For instance, if I did rent out at Marina Pearl or Jumeirah, how much would an average taxi ride from these two places to the DIFC cost?

Madam Medusa

cab journey from jumeirah 1 to difc would be about 15/20 dhs max...

MM, xx

typical

In a normal cab yes, but good luck finding one around the DIFC at going home time... the normal cabbies avoid it because the DIFC staff give preference to their 'special' cabs at twice the price...

HTale

Thanks guys for all of your responses. I'd just like to know, what the likelihood of finding some good shared accomodation in areas in and around the DIFC is? For instance, Al Satwa, Old Town, Zabeel, and the Business Bay? Where do I begin searching? I don't know why, but I'm actually exasperated now, and there's at least 9 months left until I go!!

mrskpd

Take the plunge and drive - it's really not that bad once you get used to it! Relying on taxi's will soon get pretty annoying, especially after a long day at work when you are trying to get home. Driving in the long run is much easier

mrskpd

Oh and you beign searching on www.dubizzle.com for property

HTale

The thing is, I'm pretty sure I could get away with it, but I don't have a driving licence, just the provisional. So, in actual matter of fact, unless I pass my driving test here in the UK (far too expensive), that just really cannot happen. But guys, what do you think of this Dubai Metro that's going to open in September 2009? I will have free accomodation for one month (August - September), by which time I'll have to find accomodation of my own. Now, I know arabs - they say 9pm, they mean midnight, they say September, they mean December. What's the likelihood they will open in time, and should I risk getting something in JLT or Marina which will be on the red line, but an absolute disaster if I have to catch the taxi?

Thanks mrskpd for the website, it's extremely useful.

Dutchie

Hi Tiger,

Okay, I admit, I'm not British. But on a salary like that, saving 3.500 AED isn't someone creating a mega huge gap in pension fund build up? In Holland I loose 2% of my government pension for every year I spend as a none resident. And reservations for returning home "salary" (unemployment I mean, I assume like in Holland your not entitle to any kind of unemployment money when going back for good. So you reserve part of the UAE salary as UK salary) and medical insurance in the UK to mention a few? 3.500 AED doesn't seem a lot to me. I was told for me that I would need to put aside at least € 2.750 a month (+/- 12.900 AED) if I wanted some kind of benefits from my stay in the UAE, and to cover these expenses.

Dutchie

W10

The poster is probably 21 or 22.

So the salary is fine. It will only increase as his experience does.

jrudofsky

brieffly back to travelling, taxi's won't be a problem in the evening if you are joining as an IBing Analyst. You won't be heading home before 9/10pm (or later).

rambar

Hmm, I recently (June) started working as an Analyst 1 in an international IB (not bulge bracket) in DIFC and I get paid 229k all in...

I find that this does not allow for much room to save as I pay 130k for a one bed in the Greens, 1800 a month for a car, and remember that lunch etc in the DIFC is not cheap. Add on living expenses, utilities, entertainment (I don't go out much being an IB analyst) and you'll find that your salary won't go too far... Just from my personal experience though...

holland

Salary wise, difficult to tell. Depends on your lifestyle. What worries me is that you will start the job in Sept 2009! Everything has changed by that time, so if you still got the job offer by then, it will give you enough time to re-negociate. Good Luck.