x Abu Dhabi, UAESaturday 22 July 2017

Bailouts breed job mobility

Citizens of Greece and Portugal, the other two EU countries to receive financial bailouts from the IMF, are also looking elsewhere for work.

Citizens of Greece and Portugal, the other two European Union countries to receive financial bailouts from the International Monetary Fund (IMF), are also looking elsewhere for work.

Greece has seen a sharp rise in unemployment, and subsequent emigration. The Greek Embassy in Abu Dhabi said it had seen an increase in the number of inquiries about business and job opportunities. Greece secured a second bailout last month worth €130 billion (Dh620.7bn) and also has 21 per cent unemployment rate.

"After the crisis in Dubai, a lot left and now there is a trend of people coming back and finding new jobs," an official at the Greek Embassy said.

An official said the embassy had seen a steady rise in inquiries from people looking to cash in on the UAE's healthy economy, which has a forecasted GDP growth of 2.3 per cent this year according to the IMF.

According to last year's figures, there were 350 additional Greek residents, bringing the total to 1,850.

An official at the Portuguese Embassy said not many citizens of the Iberian country have swapped the Atlantic coastline for the Arabian Gulf. Because of language, many choose the emerging economy of Brazil as a place of business instead of the UAE, the official said.

* Eugene Harnan