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☆ Dubai set to welcome even more millionaires as wealthy individuals abandon the UK
  + stars: | 2024-07-30 | by ( Natasha Turak | ) www.cnbc.com   time to read: +1 min
The United Arab Emirates is on track to be the world's top wealth magnet for the third year running, according to the Henley Private Wealth Migration Report. "There are push and pull factors for this trend of millionaires opting to relocate to Dubai," Karim Jetha, a longtime regional investor who relocated to the UAE from the U.K. during the pandemic, told CNBC. "Pull factors include Dubai's perception of being extremely safe and visa reforms that encourage migration." The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024, according to the Henley report, which was released in June. That's nearly double the second-ranked country on the list, the U.S., which is expected to welcome a net inflow of 3,800 millionaires in the same time frame.
Persons: –, Karim Jetha, Henley, That's Organizations: United, Henley, Wealth, UBS, Labour Party, CNBC, Labour Locations: United Arab Emirates, Swiss, Dubai, sandier, UAE, U.S
☆ Beyoncé, a $100k-a-night suite and a red carpet of influencers: Dubai basks in its booming economy
  + stars: | 2023-01-27 | by ( Natasha Turak | ) www.cnbc.com   time to read: +6 min
Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. Mason Poole/parkwood Media | Getty Images Entertainment | Getty ImagesDUBAI, United Arab Emirates — It was the talk of the town. "Igniting the next chapter of the Atlantis legacy," Atlantis Dubai wrote in an official tweet along with a promotional video of the opening fireworks. Beyoncé performs on stage headlining the Grand Reveal of Dubai's newest luxury hotel, Atlantis The Royal on January 21, 2023 in Dubai, United Arab Emirates. "Dubai is also growing in prominence as a financial services hub as underscored by several hedge funds opening up offices there."
☆ Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
  + stars: | 2023-01-04 | by ( Natasha Turak | ) www.cnbc.com   time to read: +3 min
DUBAI, United Arab Emirates — Dubai on Wednesday announced a mammoth $8.7 trillion economic plan for the coming decade, aimed at turbocharging trade, foreign investment and its place on the map as a global hub. "Over 300,000 global investors are helping build Dubai into the fastest growing global city." Those include boosting foreign trade to 25.6 trillion dirhams from 14.2 trillion dirhams in the last decade, nearly doubling annual foreign direct investment to 60 billion dirhams yearly, and increasing government spending from 512 billion dirhams in the last decade to 700 billion in the next. The plan also aims to bring private sector investments up from 790 billion dirhams in the last decade to 1 trillion in the next and pledged 100 billion dirhams in annual contributions to the economy from digital transformation projects. The sheer size of the city's economic goals may draw some skepticism, but finance experts in Dubai believe they are achievable.
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