International university education in the UAE is highly expensive, with the country ranking sixth globally in terms of overall costs, according to a new report from HSBC.
The total cost of a university education – including average cost of living and university fees – stands at $30,472 per year in the UAE.
However, the country was also rated the third best globally by UAE parents in terms of its educational quality.
The UK and the US were jointly rated the best at 60 per cent, and Canada, with 37 per cent, was ranked as the next best country for university education.
Overall, the research from HSBC found that of the top five countries rated the highest in terms of the quality of education, three are among the most expensive.
However, while 65 per cent of parents in the UAE are considering sending their children for a better university education abroad, 67 per cent of parents not adequately prepared to fund their aspirations, it stated.
Also, the most popular university degrees for people in the UAE, according to another report from HSBC, are business and engineering, which are typically more expensive than non-vocational degrees.
Andy Ripley, head of Retail Banking and Wealth Management, UAE, HSBC said: “Even though we see that four out of five parents (82 per cent) believe their children’s education is the best investment they can make, less than a third (31 per cent) are able to allocate their funds towards this goal and over half (56 per cent) find this a daunting process.
“This highlights that there is clearly a lack of understanding about how they can go about developing a dedicated financial plan to meet the long-term funding requirements of a post-graduate education.”
MOST EXPENSIVE COUNTRIES FOR UNIVERSITY EDUCATION
|Country||University Fees per year||Cost of Living per year||Total Costs per year||Cost Rank|
|United Arab Emirates||$17,430||$13,042||$30,472||6|