Research from Zurich International Life (Zurich), one of the leading international insurance firms, shows that expatriates in the UAE and Bahrain are becoming increasingly concerned about job security.

More than 50 per cent of expatriates in the UAE and 36 per cent in Bahrain are worried about their jobs, whilst amongst the NRIs (non-resident Indians) polled, the figure is higher – 64 per cent (UAE) and 61 per cent (Bahrain).

“It is clear that the current financial crisis is having an impact on  professional expats, as around 80 per cent of people surveyed in the two countries feel their ability to save due to the impact of the global credit crunch has been decreased,” said Carlos Sabugueiro, chief executive officer, Middle East and Africa, Global Life Emerging Markets, Zurich.

“Last year, all anyone could talk about was how to spend their bonuses and the continuing good times. Now they appear genuinely worried about losing their jobs.”

Furthermore, many of those surveyed indicated that their work lives were also being affected by the credit crunch.

Sabugueiro explained: “Work pressures in terms of reduced benefits, higher expectations and tighter budgets are also on the rise with 41 per cent of those surveyed in the UAE and 32 per cent in Bahrain experiencing these issues.”

However, the report also discovered individuals believe the future is not so bleak, with 70 per cent saying that they were prepared to wait it out and 50 per cent very optimistic over their own financial futures. They all have faith in the economies of the GCC and their long-term health.

“Professional expats are here to stay and many of those who have spent ten or more years in the region know that the Gulf has an amazing ability to bounce back very quickly,” Sabugueiro concluded. – TradeArabia News Service