Dubai: “The Bay”
The consulting firm Kerry revealed that Dubai attracts talent from Hong Kong, and that this is especially true of American and European employers, who already have a presence there. She pointed out that companies such as “Pepsi”, “Unilever” and “P&G” have transferred their employees from Hong Kong to Dubai.
This comes as analysts told CNBC that a large group of Hong Kong residents have left the city in large numbers since early 2022, not because they want to, but because of “Covid-19” restrictions and the search for better places at Direct.
The rise in departures is accelerating the “brain drain” of professional talent, a situation that peaked around March when omicron cases rose across the city, which is one of Asia’s most important business centers.
Hong Kong lost about 93,000 inhabitants in 2020 and 23,000 in 2021.
In addition to Dubai, Kai Cote, CEO of Hong Kong-based Silk Relo Transportation, said she sees an increase in the number of companies moving their headquarters from Hong Kong to Japan, South Korea and Thailand.
“We see a number of companies choosing Tokyo,” she said, which she notes is surprising given that Tokyo has historically been a place for companies seeking only to access the Japanese market.