Dubai ranked world’s most expensive city to ring in the New Year

Dubai beat New York, London and other global cities to rank as the expensive city to ring in the New Year, new research by foreign exchange company Travelex has found.

It costs Dhs 2,015 to celebrate the occasion with a set meal-for-one, a bottle of champagne, nightclub entry and a pint of beer in the emirate.

In contrast, partying in Edinburgh – the cheapest destination on the list – costs $715 per head, the report found.

Those celebrating in style in London may need to shell out Dhs 1,635 on average, with the city ranking as the second most expensive destination on the list. It was followed by New York (Dhs 1,565), Paris (Dhs 1,145), Berlin (Dhs 1,115), Amsterdam (Dhs 935) and Sydney (Dhs 835).

Dubai emerged as being the priciest destination for bubbly with the cost averaging at a whopping Dhs 1,200 for a bottle, compared to Dhs 555 in Paris (the next highest) and Dhs 245 in Amsterdam (the lowest).

Meanwhile, a pint of beer is also priced at Dhs 35 in the emirate, whereas it retails for around Dhs 20 in most other cities. Dubai was also ranked as having the highest cost of entry to a nightclub at Dhs 300 per head.

Cost of living in Dubai has been steadily building up over the last few years. It was ranked as the 23rd most expensive city worldwide to live in, a recent survey by research firm Mercer showed. That’s up 44 places from the 67th position the city occupied in the 2014 list.

“Many currencies in the Middle East are pegged to the US dollar, which pushed the cities up in the ranking,” said Nuno Gomes, principal, Information Solutions Leader Middle East, Mercer. A steep increase in expatriate rental accommodations also pushed up the city’s ranking, he added.