Life in Dubai: Salaries and Features of the Economy
1:40 am | 24.02.2024
Despite popular belief, Dubai‘s economy is somewhat dependent on the oil industry. During the period from the 1960s to the 1990s, oil did contribute significantly to the city’s coffers, but most of its revenues were invested in economic development. One of the main areas of investment was trade, which to this day remains the most important source of financial well-being in Dubai.
Apart from trade, the city’s GDP is driven by logistics, with its major ports and airports, followed by banking, real estate, niche manufacturing, and tourism.
Despite the global economic crises of recent years, the city’s GDP continues to grow. Thus, in 2023, Dubai exceeded the world average and reached $30,765,460,230. According to forecasts by the Central Bank of the UAE, growth will be 4.6% in 2024.
Salaries in Dubai are discussed individually with each employee. If we consider the overall average salary without reference to industry and position, it is approximately $4,500 per month.
However, we want to provide a more complete picture and look at the range from minimum to maximum wages. It’s important to note that these numbers may vary by industry. Here are some of them:
Oil Industry: Although the share of this industry in total GDP is less than 6%, it is still profitable to work in it. Thus, entry-level positions in the oil industry can bring in around $4,000 per month, while top-level specialists can earn $13,000 per month or more.
Financial Sector: Given Dubai’s status as a global financial center, it is not surprising that salaries can be earned here. Even in the initial stages, you can expect to earn $5,500 per month, and highly qualified professionals and company executives can earn more than $20,000 per month.
IT Sector: Dubai is a high-tech city, so salaries in the IT sector are quite high. Entry-level professionals can expect to earn around $2,700 per month, while more experienced employees can expect to earn at least $8,000 per month.
Real Estate: This industry generates significant income due to the high rates in this sector. Minimum wages for junior professionals start at $4,000 per month and can reach over $11,000.
Aviation: Thanks to its status as an international hub, workers in the aviation industry receive good wages. For example, starting salaries can be around $5,500 per month, and aircraft captains can be paid as low as $27,000 per month.
Artificial Intelligence: The development of this industry has created many new job opportunities in Dubai. Working with artificial intelligence is not only interesting but also profitable – many companies offer starting salaries of $5,000 per month.
Digital Marketing: Digital marketing is receiving a lot of attention in the Dubai business environment. Employees in this field can expect salaries between $2,000 and $4,600 per month.
Psychology: The growing interest in mental health is reflected in the salaries of workers in this industry. Their salaries can start at $4,900 per month and go up to $7,500 per month.
Coaching: Personal growth is highly valued in Dubai, and coaching professionals are well compensated. Salaries for life coaches and business coaches can range from $3,000 to $7,500 per month.
Healthcare: One way to ensure a high level of medical services is to motivate workers with good wages. In Dubai, nurses can earn between $2,500 and $7,000 per month, while doctors can earn between $4,500 and $19,000 per month.
We looked at salaries in the most promising areas. Naturally, not all workers in Dubai receive such high salaries. In unskilled fields, pay can range from $165 to $815 per month.
It is natural to wonder which professions in Dubai offer high earning potential. If we talk about areas of activity, these are finance, IT, and real estate. They are especially in demand:
Financial analysts.
Managers (financial planning and analysis, commercial finance).
Heads of financial departments.
Software developers (server and front-end).
Heads of IT departments.
Technical Directors.
Realtors.
Sales managers of construction materials.
In addition, like other tourist cities, Dubai is always in need of service professionals, including hotel receptionists and bartenders.
Income Taxes in Dubai
Some high-wage countries have high income taxes. For example, in Sweden, at least 20% of the salary goes to the state treasury, and in Germany, this tax can reach 45%. There is no such income tax in the UAE and Dubai. Therefore, these amounts are paid to employees without deductions.
The only industry that is taxed in the country and contributes to the budget is oil and gas production. However, this does not apply to hired employees; their salaries are also paid in full.
