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The Wall Street Journal said that technology billionaires, sports stars and international celebrities continue to flock to Dubai, with more than 30 flights per day by private jets to its airport, in which private jet traffic has tripled over the past three years, and has become the main link. for the region.
In its report, the American newspaper praised the amazing growth of real estate deals and luxury restaurants, which were rated “Michelin” in Dubai, highlighting also the luxurious opening of Dubai’s latest icons in the hospitality sector, “Atlantis The Royal”, the “most luxurious” resort in the world, at prices up to To 37 thousand dollars per night.
And the “Wall Street Journal” continued, how the Arab Gulf region in general, and Dubai in particular, has attracted, during the past years, global talents and wealth, European bankers and hedge fund managers from San Francisco, London and New York, in addition to technology founders, due to its encouraging tax policies and growth. In multiple sectors such as sports, arts, food and others.
And the newspaper continued, “The region’s prosperity is mostly concentrated in the Emirates and Saudi Arabia, in addition to Qatar, which also glowed after the FIFA World Cup finals last year.” She added, “The UAE is working to continue its prosperity away from oil, and it is continuing to liberalize its economy, through visa policies and more flexible laws to attract more tourists and foreign arrivals from all over the world.”
Among the expatriates, New York-based Millennium Management opened a regional office in Dubai in 2020, and many followed suit, including private equity firm CVC Capital and Exodus Point Capital Management, the largest startup. Hedge funds with an initial capital of $8 billion. In addition to the exodus of high-income commodity traders to Dubai from London.
According to the International Monetary Fund, Saudi Arabia, the largest economy in the region, recorded the fastest global GDP growth last year among major economies, while the UAE came second, by a slight difference, with a growth of 7.6% in GDP.
The Wall Street Journal quoted “Henley & Partners”, in its latest report, how the UAE achieved the largest jump in the world in the number of millionaires living on its soil who own more than one million dollars, an increase of 4,000 people last year, bringing the total to about 134,000 millionaires. .
