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American expats in UAE expect serious financial market ramifications
| Published: | 10 Nov at 6 PM |
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US expats living in Dubai are reacting with shock/horror at the totally unexpected result of Tuesday’s presidential election.
The new president-elect has business interests worth multi-millions of dirhans in Dubai, but is no more popular with US expats in the Gulf States than he is elsewhere in expatland. To one long-term Dubai expat resident it’s a bitter disappointment and a huge worry for not just the domestic impact but even more so for the global impact.
Chair of Dubai’s Democrats Abroad United UAE Orlando Vidal told the media all he could now do was pray and hope. The people, he said, had it all wrong, but had spoken and that’s democracy. He’s concerned for America, for the Gulf region and the entire world. Regional financial experts also believe a Trump presidency could have devastating repercussions for the local financial markets.
According to the CEO of a leading local financial comparison website, a short-term market plunge will see the value of UAE residents’ dirham salaries decrease considerably against other currencies. In the medium term, securing credit could become a great deal harder for expats, as market turmoil may cause banks to tighten rules governing credit approvals.
Across the world, expat investors are being urged to stay calm and wait for the markets to quieten down after the reality of a Trump presidency has sunk in. Wealth management professionals are advising against drastic decisions until it’s known exactly what differences Trump’s policies will make.
Reports are coming in that UAE investors are turning away from the dollar to other currencies, but experts insists the expected volatility will not continue for long. Professionals are more concerned about possible policy actions which might be forthcoming after Trump takes over officially. One major concern, however, is that Trump’s negativity towards certain religions might affect business deals between the Gulf States and the USA.
The new president-elect has business interests worth multi-millions of dirhans in Dubai, but is no more popular with US expats in the Gulf States than he is elsewhere in expatland. To one long-term Dubai expat resident it’s a bitter disappointment and a huge worry for not just the domestic impact but even more so for the global impact.
Chair of Dubai’s Democrats Abroad United UAE Orlando Vidal told the media all he could now do was pray and hope. The people, he said, had it all wrong, but had spoken and that’s democracy. He’s concerned for America, for the Gulf region and the entire world. Regional financial experts also believe a Trump presidency could have devastating repercussions for the local financial markets.
According to the CEO of a leading local financial comparison website, a short-term market plunge will see the value of UAE residents’ dirham salaries decrease considerably against other currencies. In the medium term, securing credit could become a great deal harder for expats, as market turmoil may cause banks to tighten rules governing credit approvals.
Across the world, expat investors are being urged to stay calm and wait for the markets to quieten down after the reality of a Trump presidency has sunk in. Wealth management professionals are advising against drastic decisions until it’s known exactly what differences Trump’s policies will make.
Reports are coming in that UAE investors are turning away from the dollar to other currencies, but experts insists the expected volatility will not continue for long. Professionals are more concerned about possible policy actions which might be forthcoming after Trump takes over officially. One major concern, however, is that Trump’s negativity towards certain religions might affect business deals between the Gulf States and the USA.
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