British multi-millionaire entrepreneur Ben Harvey moved to Dubai after selling his first company. Ruel Pableo for The National
British multi-millionaire entrepreneur Ben Harvey moved to Dubai after selling his first company. Ruel Pableo for The National
British multi-millionaire entrepreneur Ben Harvey moved to Dubai after selling his first company. Ruel Pableo for The National
British multi-millionaire entrepreneur Ben Harvey moved to Dubai after selling his first company. Ruel Pableo for The National

UAE life 'surpasses expectations' for millionaires relocating to the country


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The UAE is exceeding the expectations of high-net-worth individuals who are moving to the country, new residents have told The National.

A record 6,700 millionaires are expected to call the UAE home by the end of this year, according to a recent survey by international investment migration advisory firm Henley & Partners, which named the country the world's top wealth magnet for a third year in a row.

The country is poised to attract nearly twice as many millionaires as its nearest rival, the US, which is forecast to open its doors to 3,800 millionaires by the end of 2024.

'Nothing LA can offer that Dubai couldn't'

“Our social life is better than it has ever been anywhere else in the world,” said multimillionaire celebrity therapist Marisa Peer, who recently moved to the UAE after living in London and Los Angeles.

Ms Peer, a well-known speaker and bestselling author, moved to Dubai after visiting for the first time in February 2023.

“We had no intention of moving here at the time … but we pretty much fell in love with Dubai,” she told The National. “It felt like [the UAE] just wrapped its arms around us and made it so easy.

“We were given so many work opportunities, and I now find it one of the most exciting cities in the world.”

Within a few months of her first visit, Ms Peer had bought two adjoining properties in Al Barari and said she can now see herself living there for the rest of her life.

“There is nothing LA can offer that Dubai couldn't and very little London can offer, other than my family, the history and cuteness,” she added.

“There are many things I love about Dubai, but I would list them as the people, the tremendous help we've had in making our business thrive here and the safety. You can't put a price on that.”

'My favourite city I've ever lived in'

Ben Harvey, chief executive of digital and creative solutions company Zuru Group, who moved to the UAE in 2021, echoed these sentiments.

“The UAE has surpassed my expectations,” he told The National.

“I’ve lived in London, I’ve lived in New York and I did wonder whether Dubai could live up to those great cities because of the legacy and history, but what the UAE has been able to do in the past 50 or so years is build an incredible community,” said Mr Harvey, who moved to Dubai after selling his first company.

“We have the best hotels, the best restaurants, some of the best facilities in the world. It's fair to say, this is probably my favourite city I've ever lived in.”

Mr Harvey cites the “second-to-none” lifestyle, expat community and progressive business culture among the main reasons he loves living in the UAE.

“It's amazing to see how quickly and how progressive the UAE has been just in the past four years I’ve been here, and I can’t imagine what it’s going to be like in the next 10,” he said.

“One of the obvious challenges is summer, it's incredibly hot, but I look at it in contrast to living in London or New York where during the winter months it’s down to minus and raining, you’re always stuck indoors.

“So, during the summer, we just adapt our lifestyle and because Dubai has so many facilities, whether I want to go skiing or to one of the incredible gyms or amazing restaurants, we always have something to do.”

Ben Harvey, chief executive of digital and creative company Zuru Group, at his penthouse in Dubai Creek Harbour. Ruel Pableo for The National
Ben Harvey, chief executive of digital and creative company Zuru Group, at his penthouse in Dubai Creek Harbour. Ruel Pableo for The National

In business, Mr Harvey said there is an openness to collaboration that is hard to find elsewhere.

“In the US and UK you find more doors are closed on you. In the UAE, it feels like all doors are open. You just have to have initiative, a good work ethic and, most importantly, you need to execute.

“You do that, you can build an amazing reputation, an amazing business and a truly incredible life.”

A rise in western wealth

Joanne Doran, founder of JGD Luxury Lifestyle Operations, said her clients, who include high-net-worth and ultra-high-net-worth individuals, love the UAE as every aspect of their lives can be managed like a global business.

“It's unmatched,” she said. “If you look at how this converges, it is the ultimate destination for where their families want to come and preserve their legacies.”

Entrepreneurs and younger professionals are particularly drawn to Dubai's vibrant economy and because it’s the place to be and to be seen
Zarah Evans,
owner and managing partner of Exclusive Links

Ms Doran started her business five years ago, after 15 years of working in the hospitality field within Jumeirah Group. She began with personal consulting and executive estate management services, which grew to also encompass concierge and private lifestyle operations because of the demand.

While historically many of the millionaires moving to the UAE came from Russia, China, Britain and India, she said she is now also seeing an influx from Germany, Sweden, Switzerland, South Korea and Japan.

“You can notice the change in the type of people coming and their motivations. For people from Japan, South Korea and Russia, it's all about investment.

“Europeans, the Germans, Swiss, British and also Americans, they're more family orientated. Husbands have come here on business and now they're going back home and convincing their families to move here.”

Zarah Evans, owner and managing partner of real estate broker Exclusive Links, said she has also seen an increase in people moving from western countries over the past 12 months, as well as younger people, entrepreneurs and technology professionals.

The company's luxury brand, The Elite Collection, has noted a 20 per cent increase in inquiries and clientele from wealthy individuals over the past year.

“The reasons for moving to the UAE vary,” she said. “Western high-net-worth individuals often seek tax benefits and a high standard of living, while those from Asia and the Middle East are attracted by business opportunities and the city's cosmopolitan environment.

“Entrepreneurs and younger professionals are particularly drawn to Dubai's vibrant economy and because it’s the place to be and to be seen.”

Luxury real estate a major draw

While many still view the UAE as an ideal location for secondary or third homes, Ms Evans said they are seeing more of their clients making it their permanent base.

This is thanks to government initiatives such as the golden visa residency programme, she added.

Earlier this year, the UAE also cancelled the Dh1 million ($272,294) minimum down payment required for people to qualify for a golden visa through real estate investment, making it easier for more residents and investors to establish deeper roots in the country.

Ryan Almond, senior private client adviser at Maria Morris Real Estate, said decisions like this will ensure the trend continues.

“Improved regulatory frameworks are likely to also further secure investments among ultra-high-net-worth individuals moving to the UAE, through initiatives such as the golden and nomad visas with favourable tax conditions always at the forefront of Dubai's appeal, reconfirming its position as a global city of choice for wealthy individuals.”

The luxury real estate market, newly launched branded residences and privileged services offered to this affluent group also play significant roles in drawing wealthy families to the region, said Ms Evans.

For both Ms Peer and Mr Harvey, however, it's the people they've met since moving here that have turned this country into a “forever home”.

“It is such a big expat community and everybody has the same thing in common,” said Mr Harvey. “They’ve all been brave enough to move to another country, building a career or business and setting up a new life. As a result, you find people are way more open, willing to make friends, to talk, to communicate.

“It is the most friendly [country] I've ever lived in,” he said.

Watch: Inside Dh56, property on Dubai's Palm Jumeirah

How much sugar is in chocolate Easter eggs?
  • The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
  • The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
  • The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
  • The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
  • The Cadbury Creme Egg contains 26g of sugar per 40g egg
Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

Profile

Company name: Jaib

Started: January 2018

Co-founders: Fouad Jeryes and Sinan Taifour

Based: Jordan

Sector: FinTech

Total transactions: over $800,000 since January, 2018

Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Where to donate in the UAE

The Emirates Charity Portal

You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.

The General Authority of Islamic Affairs & Endowments

The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.

Al Noor Special Needs Centre

You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.

Beit Al Khair Society

Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.

Dar Al Ber Society

Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.

Dubai Cares

Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.

Emirates Airline Foundation

Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.

Emirates Red Crescent

On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.

Gulf for Good

Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.

Noor Dubai Foundation

Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).

The specs: 2019 Audi A8

Price From Dh390,000

Engine 3.0L V6 turbo

Gearbox Eight-speed automatic

Power 345hp @ 5,000rpm

Torque 500Nm @ 1,370rpm

Fuel economy, combined 7.5L / 100km

Know your Camel lingo

The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home

Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless

Asayel camels - sleek, short-haired hound-like racers

Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s

Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival

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360Vuz PROFILE

Date started: January 2017
Founder: Khaled Zaatarah 
Based: Dubai and Los Angeles
Sector: Technology 
Size: 21 employees
Funding: $7 million 
Investors: Shorooq Partners, KBW Ventures, Vision Ventures, Hala Ventures, 500Startups, Plug and Play, Magnus Olsson, Samih Toukan, Jonathan Labin

Russia's Muslim Heartlands

Dominic Rubin, Oxford

Results

2pm: Serve U – Maiden (TB) Dh60,000 (Dirt) 1,400m; Winner: Violent Justice, Pat Dobbs (jockey), Doug Watson (trainer)

2.30pm: Al Shafar Investment – Conditions (TB) Dh100,000 (D) 1,400m; Winner: Desert Wisdom, Bernardo Pinheiro, Ahmed Al Shemaili

3pm: Commercial Bank of Dubai – Handicap (TB) Dh68,000 (D) 1,200m; Winner: Fawaareq, Sam Hitchcott, Doug Watson

3.30pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Xavier Ziani, Salem bin Ghadayer

4pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,600m; Winner: Rakeez, Patrick Cosgrave, Bhupat Seemar

4.30pm: Al Redha Insurance Brokers – Handicap (TB) Dh78,000 (D) 1,800m; Winner: Capla Crusader, Bernardo Pinheiro, Rashed Bouresly

SPECS
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The biog

Name: Timothy Husband

Nationality: New Zealand

Education: Degree in zoology at The University of Sydney

Favourite book: Lemurs of Madagascar by Russell A Mittermeier

Favourite music: Billy Joel

Weekends and holidays: Talking about animals or visiting his farm in Australia

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Company%20profile
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Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The%20specs
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Company%20profile
%3Cp%3EName%3A%20Tabby%3Cbr%3EFounded%3A%20August%202019%3B%20platform%20went%20live%20in%20February%202020%3Cbr%3EFounder%2FCEO%3A%20Hosam%20Arab%2C%20co-founder%3A%20Daniil%20Barkalov%3Cbr%3EBased%3A%20Dubai%2C%20UAE%3Cbr%3ESector%3A%20Payments%3Cbr%3ESize%3A%2040-50%20employees%3Cbr%3EStage%3A%20Series%20A%3Cbr%3EInvestors%3A%20Arbor%20Ventures%2C%20Mubadala%20Capital%2C%20Wamda%20Capital%2C%20STV%2C%20Raed%20Ventures%2C%20Global%20Founders%20Capital%2C%20JIMCO%2C%20Global%20Ventures%2C%20Venture%20Souq%2C%20Outliers%20VC%2C%20MSA%20Capital%2C%20HOF%20and%20AB%20Accelerator.%3Cbr%3E%3C%2Fp%3E%0A
Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

The Outsider

Stephen King, Penguin

The specs

Engine: 6.2-litre V8

Power: 502hp at 7,600rpm

Torque: 637Nm at 5,150rpm

Transmission: 8-speed dual-clutch auto

Price: from Dh317,671

On sale: now

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Company%C2%A0profile
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Classification of skills

A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation. 

A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.

The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000. 

Updated: June 24, 2024, 8:55 AM