"It's a sunny weekday morning in the Dubai International Financial Centre area in the heart of the United Arab Emirates' biggest city, and a peacock strolls by a table where a portfolio manager for one of the world's biggest hedge funds finishes their drink and describes their new life in the Gulf. This individual had moved from London a year before to take advantage of the tax-free status and warm weather that Dubai offers."
"The migration from longtime financial hubs like London, Hong Kong, and Switzerland to Dubai and its sleepier, smaller sister city, Abu Dhabi, is cementing the UAE's status as an international business center. While the number of workers is still a fraction of the hundreds of thousands who work at financial services firms in New York or London, the DIFC's working population increased 9% from 2024, and the area now boasts 48,000 people working in finance jobs."
"Home prices in Dubai are up 70% since the end of 2019, Bloomberg has reported, and stop-and-go traffic jams filled with luxury cars and BYDs, often helmed by personal drivers and Ubers, are common during rush hour around the DIFC. Even at sprawling, swanky hotels, where central air conditioning is blasting at all times, the dull buzz of power saws and rhythmic pounding of jackhammers from nearby construction sites can be heard."
High-seniority finance professionals and wealthy founders are relocating from established financial hubs to Dubai and Abu Dhabi for tax advantages, climate, and lifestyle. The Dubai International Financial Centre has seen a 9% increase in finance workers since 2024, now hosting about 48,000 finance jobs. Residential demand is pushing home prices up roughly 70% since late 2019, and luxury traffic and construction activity are common around financial districts. The region is developing high-end apartments and beachfront villas to meet demand. Investment conferences and a growing expat workforce are reinforcing the UAE's position as an international business center.
Read at Business Insider
Unable to calculate read time
Collection
[
|
...
]