Recently, there have been reports about falling oil prices impacting the Middle East negatively; with many going so far as to say that the boom time is over for global cities such as Dubai and for UAE as a whole. However, there is a counterview that the UAE is just hitting its stride in terms of economic progress and that it will soon become a sort of Monaco of the East; attracting the rich and famous for a number of very good reasons:
The world is becoming increasingly insular and suspicious of foreigners; where Donald Trump wants to build a wall to keep foreigners out and the British have voted in favour of Brexit. In contrast to this, the UAE has declared 2019 as the Year of Tolerance for reasons stated in the screen grab above.
UAE is a salad bowl of ethnicities, cultures, races, religious and nationalities. People from over 200 countries live and work here, making it one of the most cosmopolitan places in the world.
The recent changes in Visa rules for visiting and staying in the UAE mean that people are able to get visas for up to ten years and also to stay on after retirement.
Law enforcement agencies in the UAE are efficient and effective. As such crime rates are low and people feel secure living here. This is another reason why people think of UAE when they leave their respective countries for better earnings and professional opportunities.
Because of the open and free economic system and well-established trade links to the rest of the world, many high net worth individuals (HNW) prefer to invest in the UAE, many choosing to move here. About 5000 HNW individuals moved to the UAE in 2017. It is expected that that number would be higher for 2018 and subsequent years.
People from all over the world come to the UAE for better professional prospects. People from third world countries come here to live in a more developed nation with good infrastructure, sanitation and better overall quality of life.
One of the main reasons why the UAE is being touted as the next Monaco is because like Monaco, it has become playground for the rich and famous due to its luxe hotels, boutiques, nightclubs and restaurants. The UAE’s strategic location between the East and the West means that people passing through choose to spend time here. Those looking for new investment opportunities choose the UAE because of its strategic location among other reasons.
Do you have something interesting you would like to share? Write to us at [email protected]
