Abdul Hakeem Mostafawi, CEO of HSBC in Qatar
Doha: Qatar has ranked 10th out of 48 markets globally as a leading destination for expatriates to live and work abroad, according to the 14th annual Expat Explorer study by HSBC.
According to the global study, which surveyed over 20,000 people who live and work abroad, about 80 percent of the respondents in Qatar feel that their overall quality of life has improved since moving to the country. More than two thirds (70 percent) of expats here also feel optimistic about the year ahead despite the volatility of the past 18 months.
The sense of optimism among expatriates in the Qatar comes from improved financial well-being (85 percent), confidence in the economic future of the country (59 percent) and confidence in political stability (76 percent). This is also boosted by limited concern about changes in law, policy and regulations that could impact financial well-being.
Abdul Hakeem Mostafawi, CEO of HSBC in Qatar said: “We are very encouraged by the results of the annual Expat Explorer study, showing optimism for an improved quality of life and even better financial well-being in Qatar. The study further helps us to understand the needs of our expat customers and helping them to grow their personal wealth. Our dedicated wealth management teams are able to tailor solutions that are specific to our expat customers’ needs, opening up a world of opportunity for all”.
Many expats in Qatar value the importance of work/life balance with nearly 60 percent of the respondents stating that it has improved since relocating to the country. Safety and security ranked as one of the top reasons for an overall improved quality of life with 74 percent of respondents stating that they feel safer than in their home country.
The findings suggest that expats in Qatar are prioritising personal lifestyle choices rather than traditional relocation drivers. Over the next 12 months many of them expect to have the opportunity to travel more (46 percent), meet new friends (46 percent) and have a career progression (44 percent).
As the world has been in a state of flux during the pandemic, the global results of the study suggest that locations where a sense of stability has been maintained ranked highly. Nearly all expats based in Australia, Switzerland, and Jersey (in the Channel Islands) would recommend their location as a ‘stable’ place to live in the next 12 months - Australia (92 percent), Switzerland (92 percent), and Jersey (90 percent).
Expats’ desire to live and work abroad has not been diminished by the pandemic – the majority plan to stay in their host location for the foreseeable future, with 80 percent intending to continue living in their host country for the next year at least, and only 7 percent planning to move.
However, the study also highlights some of the challenges that expats have faced during the pandemic. Over half (63 percent) have been stopped from travelling abroad for business, and the majority (90 percent) were unable to see family or friends in their home countries. Yet it also points to the resilience of the global expat community, as two in five (42 percent) say they were able to continue to manage their physical health, and over a third (36 percent) continued to spend time outside.
