Moving to Dubai and the UAE
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The Visa
One of the main differences about working in Dubai as opposed to your country of origin is that you need to be sponsored by an employer, which often leaves some people feeling tied or uncomfortably obligated to their employer. If you leave the company your current visa will be cancelled and you have to go through the hassle of getting a new residency permit (for you and your family, if they are on your sponsorship).
Business Culture & Etiquette
Despite its status as a cosmopolitan, modern metropolis, Dubai is still an Arab city in a Muslim country and people doing business in Dubai must remember this fact. Even if your counterpart in another company is an expatriate, the head decision maker may be a UAE National who could quite possibly take a different approach to business matters. Your best bet when doing business in Dubai for the first time is to observe closely, have lots of patience and make a concerted effort to understand the culture and respect the customs.
Tea and coffee are a very important part of local custom and it may be considered rude to refuse this offer of hospitality during a meeting. Tilting the small Arabic coffee cup back and forth several times with your fingers will signal that you do not want another refill.
Although proper dress is important for all business dealings, the local climate has dictated that a shirt and tie (for men) is sufficient for all but the most important of business encounters; women usually choose a suit or a skirt and blouse – nothing too revealing.
Banking and Finance
To open an account in most Dubai banks, you need a residence visa or to have your residency application underway.
The bank employee dealing with your application will require your original passport, copies of your passport (personal details and visa) and an NOC from your sponsor. Some banks set a minimum account limit – this can be around Dhs.2,000 for a deposit account and as much as Dhs.10,000 for a current account. This means that at some point in each month your account balance must be above the minimum limit.
Although credit cards are widely available, Dubai banks don’t provide an overdraft facility.
If you don’t have a residence visa, meBANK (an offshoot of Emirates Bank) will open an account for you and provide an ATM card, but not a chequebook. meBANK also allows you to apply online for an account (www.me.ae).
Housing
The first decision you need to make in terms of housing in Dubai is whether you want to buy or rent. It is only since 2002 that expats have been able to own property in Dubai, and apartments and villas are being snapped up as quickly as they come on the market.
The second decision is whether you would prefer to live in a villa or an apartment, and the third is what area you would like to live in.
Finding a Home
There are a number of ways to find suitable accommodation, the most obvious of which is via a real estate agent. But this isn’t the only, or necessarily the best, option. If you have the time it is worth checking classified ads, or an even better bet is to drive around a few areas and look out for ‘To Let’ signs – these will be displayed on vacant villas and will display the phone number of either the landlord or the letting agent.
Some properties nearing completion may not have a sign up yet but if you speak to the watchman he may be able to give you the number of the landlord. Often this extra effort when looking for a home can result in a ‘real find’
- Tenants usually pay rent via a number of post-dated cheques – typically two or three. If you can afford to pay the whole year up front, use it as a bargaining tool to reduce the annual rent.
- Try to negotiate a fixed rate for two, three, or more years – that way you won’t get any nasty shocks with rent increases after your first year.
- Make sure you agree who is responsible for maintenance. Some rents may be fully inclusive of all maintenance and repairs, while you could negotiate a much cheaper rent (particularly on older properties) if you agree to carry out any maintenance work.
- While not common, some landlords will include utility expenses in the rent.
- Security deposit amounts vary, but are usually around Dhs.3,000 to Dhs.5,000 (although some landlords will ask for up to Dhs.20,000!).
Soon after the government announced the granting of freehold status of residential property to expats, mortgage plans were introduced for those wishing to purchase. The maximum mortgage granted is Dhs.5 million and financing companies offer up to 90% of the purchase price or valuation to UAE Nationals, up to 80% to GCC and foreign national residents, and a ceiling of around 60% for non residents. Mortgages must be paid back in monthly instalments within a maximum of 25 years (though 15 year mortgages are more popular), and rates are comparable to international norms, although the rate is often a little higher for non-residents. The mortgage amount depends on the chosen mortgage plan and is limited to an amount no greater than 60 times the monthly household income (husband and wife’s combined). Currently not all banks offer mortgages and some of those that do only do so for specific developments. Tamweel now offers ‘pre-approved home finance’, meaning you can get the go ahead for a mortgage before you actually choose a property, which speeds up the process (as well as gives you peace of mind during your home hunting), and gives people applying for those new releases that are often snapped up very quickly a distinct upper hand. - The landlord must give written notice of any rent increase at least one month in advance. If your landlord does try to increase the rent unfairly then there are government channels to dispute rent matters.
