The commonality between Singapore and Dubai runs deeper than finance and infrastructure. Having relocated from Singapore to Dubai two years ago, my family and I have observed striking similarities and differences between these two dynamic city-states.
Relocation and First Impressions
We relocated for professional and personal reasons. Despite Singapore’s world-class education system, excellent transport links, and safety, the strict Covid-19 measures pushed us to consider a change. Dubai emerged as a strong contender, thanks to its vibrant expatriate community and opportunities.
Economic and Entrepreneurial Spirits
Both Dubai and Singapore serve as wealthy offshore service centers, nurturing fintech ecosystems. Dubai’s DIFC and Singapore’s central business district share a familiar air of economic optimism and entrepreneurial spirit. These cities offer political stability, familiar legal systems, and attract wealthy foreigners.
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Startup and Investment Hubs
Dubai has become the regional entry point for 95% of Southeast Asian startups, with many originating from Singapore. Initiatives like Dubai’s accelerator program for fintech startups and expanding visa options have fueled investor interest. Wealthy Asian family offices are diversifying assets in Dubai, further strengthening its position as a global financial hub.
Living Conditions and Costs
While Singapore is renowned for its high standard of living, it faces challenges such as limited space and high living costs. The closure of Changi racecourse for housing development highlights Singapore’s space constraints. In contrast, Dubai, being over five times larger, offers more flexibility in real estate development. This flexibility translates into a wider range of accommodation options at varied price points.
Talent and High Net Worth Individuals
Both city-states attract significant foreign talent and high net worth individuals. However, the UAE recently surpassed Singapore as the top destination for wealthy individuals. Reports predict that UAE will welcome double the number of high net worth individuals compared to Singapore this year.
Job Market and Employment Policies
Singapore and Dubai share many similarities in terms of economic dynamism and entrepreneurial spirit. However, Dubai’s larger size and flexible real estate market give it an edge in certain areas. Both cities remain top global hubs, offering unique opportunities and challenges for expatriates and investors alike.
Justin Harper is an award-winning business journalist and editor with over 20 years of experience in London, Singapore, and Dubai.