Millions of people have left the GCC region with Dubai the worst hit in an expat exodus that is expected to last until 2023.
In total, GCC countries have seen their population fall by 4%, with Dubai the worst-affected by the exodus.
The pandemic has created a new shift in the workplace with thousands of expatriates leaving for home due to the economic fallout and the reduced oil prices.
“We expect the population will have declined by just over 4 percent on average last year across the GCC, mainly due to migrant outflows,” said Zahabia Gupta, S&P Global Ratings lead credit analyst.
S&P estimates GCC population declined 4% in 2020 due to an exodus of foreign workers, mostly occupying low-income jobs.https://t.co/nmEC9tMr3C— Ziad Daoud (@ZiadMDaoud) February 15, 2021
S&P estimates GCC population declined 4% in 2020 due to an exodus of foreign workers, mostly occupying low-income jobs.https://t.co/nmEC9tMr3C
“While some expats will return as the economic cycle recovers, we project the proportion of foreigners in the region will continue to decline.”
And Dubai has been one of the most affected regions in the GCC according to the report.
The report estimated ‘the population decline was sharpest in Dubai, followed by Oman, Qatar, Abu Dhabi and Kuwait.’
While there aren’t any exact figures for Dubai, the Oman expat population is 12% smaller in 2020 after 230,000 people left.
Meanwhile, over a quarter of a million expats left Saudi Arabia during the third quarter of 2020.
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