Arab News, Saturday, Jul 02, 2022 | Zul Hijjah 3, 1443
Riyadh no longer one of the 100 most expensive cities for expats: Mercer
Saudi Arabia:
Saudi Arabia’s capital, Riyadh, has dropped 72 places in a ranking of the
world’s most expensive cities for expats as it tumbled out of the top 100,
according to a report issued by Mercer.
Riyadh was positioned at 103 in Mercer's Cost of
Living Index 2022, falling from 29 in the previous year’s list.
Commenting on Riyadh’s fall, Khaled Al-Mobayed,
CEO of Menassat Reality Co., a Riyadh-based real estate developer, said: “The
results came in contrary to the expectations, due to the pandemic’s ongoing
consequences and the rising cost of logistics and supply chain.”
“Being out of the 100 top expensive cities is a
good sign despite the challenges that the economy has gone through,” he added.
UAE's Dubai took over Lebanon's capital, Beirut,
as the most expensive city among Arab countries in the region, ranking 31.
Despite being placed third in 2021, Beirut was not
even on this year’s list of 227 cities due to the country’s economic turmoil.
The city’s fall reflects the severe drop in value
of the Lebanese pound, according to Lebanese economic analyst Bassel Al-Khatib,
who pointed out the minimum wage is now worth $20, while it was $450 before the
economic crisis gripping the country.
“Lebanon is extremely expensive to those who get
paid in Lebanese pounds yet very cheap for those who get pain in US dollars,” he
told Arab News, adding: “Lebanon was expensive for both citizens and foreigners,
and with the currency dropping 95 percent and the dollar reaching record levels,
the situation changed.”
“Everything has become expensive but not for
foreigners who have dollars. All services by the government such as water,
electricity fees, or internet are still the same but food prices skyrocketed,”
he added.
Abu Dhabi was the second highest Arab city from
the region, ranked at 61, while Jeddah came in at 111 this year compared to 94
in 2021.
Jordan's capital Amman ranked 115, followed by
Bahrain's Manama at 117, Oman's Muscat at 119 and Kuwait city at 131.
Egypt's capital, Cairo, was placed at 154 while
Rabat, Algiers and Tunis came as the least expensive in the region, ranking 162,
218 and 220 respectively.
Hong Kong topped the list as the most expensive
city in the world in 2022, moving from second rank last year and taking the top
spot from Turkmenistan’s capital, Ashgabat.
Switzerland’s Zurikh and Geneva followed as second
and third most expensive cities, replacing Hong Kong and Beirut respectively.
Turkey’s capital, Ankara, came in as the least
expensive city, ranking 227, taking the spot from Kyrgyzstan’s capital Bishkek.