Cost of living in DXB
Freo,
The most important factor in any useful answer about lifestyle in DXB on the equivalent of USD 58K is this: Is accommodation supplied? If so (i.e. if the 58K is net and clear of accommodation costs) then you could live well enough here -- if you are single and don't mind sharing an apartment.
If, on the other hand, you'll have to pay for your accommodation out of that 58K, you're not going to enjoy the resulting lifestyle. Even sharing with one other will use up a good chunk of your +/- 17000 AED (Dirhams) per month, unless you are living in an area of Dubai that is likely to be a lot less desirable than you anticipated (in terms of cleanliness, facilities, etc).
Having said the above, Dubai is starting to feel the pinch many have predicted for some time, so rents are likely to start dropping. Let me know via PM if you want more info.
Grizz