The United Arab Emirates has cemented the Gulf state’s reputation for offering some of the best salaries in the Middle East, according to a new survey.
The highest earners in the UAE are managing directors or chief executives of multinational and local firms.
The survey by the magazine Gulf Business says that the monthly salary picked up by the chief executives running worldwide companies is an average £20,860.
Though, the magazine notes, that an Arab in the same position will be paid 3% less, while an Asian will receive 13% less.
Those chief executives running local companies earn £15,300 a month.
The figures are taken from salaries earned by western, Arab and Asian expats working in the emirates.
Salaries drop significantly for treasury managers working in banks, who come in third place with the monthly income of £8,130.
However, the survey also revealed that Asian expats generally earn 26% less than their Western counterparts and CEOs earn more in Qatar and Saudi Arabia, which pay the highest salaries of all Gulf Cooperation Council member countries.
Though the salaries are high compared to worldwide levels, workers in the UAE say pay increases were limited in the past year.
Despite that, the UAE enjoys low inflation, a good rental property market and a high standard of living in a politically stable country which has a multi-cultural society – all of which help to make the nation a top choice for jobseekers.
The country has also managed to become a safe haven during the Arab Spring protests, with many wealthy individuals moving their financial assets there, which may explain why banking salaries increased by 8% last year.
Salaries by job
In addition, firms say the expat lifestyle also makes talent easier to attract and retain.
The news is not all good, though, since many firms are keeping a wary eye on the country’s economy and on their head-counts too.
The average monthly salary paid in the UAE ranges from £19,000 to £22,100.
The rest of the survey’s figures are as follows:
- IT manager: £7,600
- Banking, retail/personal banking manager: £7,500
- Construction, project manager: £7,290
- Banking, branch manager: £7,086
- Human resources, manager: £6,500
- Media, advertising creative manager: £6,300
- Media, public relations manager: £5,770.
The best paid country in the Gulf for Asian and Arab expats is Qatar, while Saudi Arabia pays the highest salaries for Western chief executives, who can earn £23,700 a month.