Why is Dubai so attractive for private wealth advisors?

Boom in the Economy

Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, has set out a £7 trillion plan to double foreign trade and investment over the next decade, making Dubai one of the world’s top four financial centres.

Connectivity to Saudi Arabia & Qatar

Many of the clients of the region's economic powerhouses are advised from Dubai. Saudi Arabia is embarking on a £4 trillion programme to diversify the economy and generate growth in the post-oil era. For Qatar, which has the third-largest reserves of natural gas in the world, the driver of growth is the record gas price. High oil and gas prices mean Gulf states will reap up to £1.1 trillion in additional revenues in the next four years, IMF data shows.

Global Instability

Dubai is the beneficiary of global political instability. In times of crisis, the Arab Spring, Covid, Dubai becomes a safe haven for investors because it offers security and stability, as well as great weather, schools, healthcare, leisure and entertainment.

Politically Neutral

The UAE has adopted an economically-convenient position of neutrality on war in Ukraine. Expats enraged by anti-Covid lockdowns and restrictions on political freedom are swapping the tropical climes of Hong Kong and Singapore for Dubai’s desert heat.

Indian Diaspora

Indians are putting down roots, thanks to an attractive new long-term residency programme. New arrivals get a three-month visa and those who invest in a local business or property can qualify for a ten-year visa. “The best place in India is Dubai,” many joke.

Business Friendly

To add to Dubai’s traditional strength — a stable currency linked to the dollar, no income tax, low VAT and low corporation tax — Sheikh Mohammed has introduced social reforms to make the emirate friendly to foreigners. Goldman Sachs, JP Morgan, Citigroup, Société Générale and Bank of America have moved hundreds of employees to Dubai.