By Rob Morris
80% of responders feel their ability to save has reduced due to the economic crisis.
Expatriates living in the UAE and Bahrain are becoming increasingly concerned about job security, a new survey has found.
Research carried out by Zurich International Life revealed that more than 50 percent of foreign workers in the two countries are far from confident about retaining their jobs.
Among non-resident Indians polled, 64 percent and 61 percent in the UAE and Bahrain respectively said job security was a cause for concern.
"It is clear that the current financial crisis is having an impact on professional expats, as around 80 percent of people surveyed in the two countries feel their ability to save due to the impact of the global credit crunch has been decreased,” said Carlos Sabugueiro, Zurich’s CEO of global life emerging markets in the Middle East and Africa.
“Last year, all anyone could talk about was how to spend their bonuses and the continuing good times. Now they appear genuinely worried about losing their jobs.”
Sabugueiro added many respondents said the financial downturn had led to tighter budgets, higher expectations and reduced benefits in their workplace.
Some 41 percent of UAE expats and 32 percent of foreigners in Bahrain cited these issues during the study.
On the upside, the report showed that 50 percent were optimistic about their financial futures.
A further 70 percent said they were prepared to stay put until global economies bounce back, with all confident about the GCC’s long-term health.
"Professional expats are here to stay and many of those who have spent 10 or more years in the region know that the Gulf has an amazing ability to bounce back very quickly," Sabugueiro said.
The fact that so many expats are on edge is fuelled by the lack of any actual support from the host countries who rely entirely on foreigners to maintain their economies, building their edifices and keep the banks ticking over. Just the odd bit of support would go a long way, such as saying visas will be extended while job losers find new posts, that there will be no stonings for bad debt, that kind of thing. But the ingrats in power don't see they are ignoring the hand that feeds, and will swiftly stop doing so.
As a Muslim, I say believe in God, and also have a strong beliefe inside your heart that whatever you do, you will only have what is destinied for you to have. I am not saying be a Muslim, I am only saying believe in God.
Once again another pointless survey is reported, which proves no more than we already know, and makes everyone even more fearful - like, if you were not already scared, be afraid now! Can someone tell me why these surveys are being carrierd out - do they have any social or economic benefit? A waste of time and money, and the end result is to make us all feel unsettled. Maybe the reason expats are fearful is not the reality, but the survey!
Dear ulti, i am touched by your statement. Being a muslim ,is not a crime...Being another religion follower also is not a crime. if Allah has made this Universe ,so did He create other people and religion too. All religion lead to same path..i am strong Believer in Allah, Jesus and Bhagwan as they taught one language of love and believe. So trust Him..everything will bw alright with economy and we will prosper again..