Instead of going to the US and other advanced countries, management students are now flocking to the scores of management schools that offer the same course material, renowned faculty and ambience right in their immediate vicinity. Thus the management schools in the UAE have been successful in attracting the best talent not only from the Middle East but also from the surrounding areas.
Even though some of the management institutes do offer a room for rent to those that seek it a few other institutes have included it as part of a package in which these aspects are also taken care of in the total tuition fees. Yet there are other institutes that have tie-ups with the prominent property portals so as to enable their students to find a room for rent at affordable rates.
Even though these management students come from well to do families and look out for rooms near to their place of study, there are candidates who do not mind spending extra to get rooms in their choice destinations. Not only that, once these management graduates pass out with high grades, they are much sought after by the billion dollar firms who wish to use their expertise to go still higher.
Consider the present industrial sector in the UAE. The automobile industry is dominated by almost all the major brands in the world. Some of the leading brands are having outlets outside their home country and that too only in the UAE and in other gulf countries. Next to their place of manufacturing, since almost all the major spares and services are being provided, technicians and other professionals are taking up long term assignments in the UAE.
To properly manage such servicing units senior professionals are hired from the US, Europe and Japan and these professionals most often look out for luxury homes for rent and they do not mind paying any amount of money to get luxury villas and apartments at key locations. Most often, they prefer to stay within striking distance of their place of work. Their willingness to pay any amount as rent is the main reason for the significant increase in rent rates for luxury apartments.
Another industry that has fuelled high rentals is the leather industry. The demand for world class leather products has resulted in a major shakeup in the erstwhile leather industry in the UAE. In place of leather in earlier times, another substitute was popular. But with the liberalization of the economy, newer leather products started flooding the market. Along with that the domestic industry entered into tie-ups with global brands and become production centres which could match the quality and standards set by brands that market their products in almost all parts of the globe. So literally speaking the global brands do not mind paying higher rents to own businesses at key centres to sell their products.