Dubai receives daily a large number of sports stars, tech billionaires, influencers and celebrities from all over the world, on board more than 30 flights. These stars and celebrities are spread in the emirate's famous restaurants and cafes, in which, during the last three years, these visits have tripled.
With the arrival of these stars and celebrities to the city, real estate prices soared, and the Michelin Guide began to classify restaurants in Dubai, while the city witnessed the famous concert of international singer Beyoncé during the lavish opening of Atlantis The Royal, a hotel that bears the status of a resort, but It is considered the "most luxurious" in the world, with prices reaching $37,000 per night.
Rents in Dubai have risen more than 25% over the past year, and the volume of real estate deals is at an all-time high, according to the GPRE Group, a US commercial real estate and investment services firm. Villas and skyscrapers overlooking the beach witnessed an unparalleled demand and an influx of foreign investment.
The lack of income taxes in Dubai has helped attract tech professionals and hedge fund employees from San Francisco, London and New York. New York-based Millennium Magnet established an office in Dubai in 2020, and other companies followed suit, including the private equity firm CVC Capital Partners and Exodus Point Capital Management, the largest emerging hedge fund company. Its initial capital amounted to eight billion dollars. Highly paid commodities traders based in the British capital also make regular visits to Dubai.
"Technologists and celebrities have all moved to this city, and fashion has also moved here," says Adel Mardini, CEO of Jetix, a global private airline company headquartered in Dubai.
And the UAE achieved its largest jump last year in the world in terms of the number of high-net-worth individuals, as the number of those with more than one million dollars jumped from 4,000 to more than 92,600 people, according to the consulting company “Henley & Partners”, which works in the field of Investments to secure citizenship.