Dubai is one of the seven emirates that make up the United Arab Emirates. Its wealth has been built on its oil industry, but it has successfully diversified its economy and relies now on different economic sectors for its growth such as tourism, real estate, financial services, health, and education.
Unlike other emirates in the UAE, foreigners in Dubai are allowed to own the freehold title to properties in certain areas. Dubai has recently become an exceptional choice for expats to relocate to for the following reasons:
- Though the economy saw a contraction after the 2008 world recession, Dubai now is still a booming economy witnessed by an abundance of employment prospects and a rising property market.
- Living in Dubai is so appealing to expats because the standard of living is quite high and exceptionally good coupled with excellent climate for most of the year and wonderful leisure facilities. It is a relatively laid-back pace of life with good educational and health standards.
If you want to consider moving to Dubai, or investing in Dubai, here is what you need to know about why Dubai is becoming a city for expats and international investors.
- A lot of people who worked in Dubai or invested in Dubai made strong fortunes, and even to this day, it is a center of wealth and prosperity.
- Being a tax-free haven, Dubai attracts both those who wish to invest and those who wish re-locate their jobs to take advantage of the tax free system and still enjoy a high standard of living.
- Dubai is aiming to become one of the strongest global tech and innovation hubs in a bid to reduce oil dependency and diversify the economy even further. Dubai today is considered a smart city by many standards.
- It has an excellent infrastructure and connectivity, and the government is doing a lot to promote Dubai as a perfect destination for global talent and start-ups. It has recently launched a “remote work” visa program where you will be allowed to travel and stay there for a year working as a self-employed or for your employer abroad.
- There is also a “retire in Dubai” scheme that was introduced in 2020.
Lifestyle in Dubai is one thing you won’t hear expats complaining about. Although due to the heat it is mostly limited to indoor air-conditioned activities, nevertheless there are plenty entertainments of all sorts including amazing shopping.
From a range of theme parks to private beach clubs, from incredibly opulent shopping malls to cinema complexes and an abundance of restaurants, from indoor snowboarding to the most remarkable music festivals – Dubai really does have it all.