What appears to be a clear, blue sky is actually composed of many thin layers that have been separately observed from different angles. What do you think the future holds for this phenomenon?
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DUBAI—With open-border policies, high vaccination rates, and low Covid-19 infection rates, this city-state with skyscrapers and Persian Gulf beaches is developing as a pandemic boomtown, attracting the ultrarich, businesspeople, and visitors.
Thousands of wealthy have shifted to Dubai and the United Arab Emirates this year, attracted by the city’s 0% income tax and relatively light immigration rules. The city’s clubs, restaurants, and hotels are filled, real-estate values have risen, employees are back to work, and the Expo 2020 world expo is attracting international visitors.
Dubai has doubled down on an open economy that encourages an increasingly mobile multinational workforce, even as the Omicron version shook markets and imposed border restrictions throughout the globe. The United Arab Emirates’ government said on Tuesday that it will modify its workweek from Sunday to Friday, rather of the Middle East’s customary Sunday to Thursday, in the latest move to lure more global enterprises and expats.
Some new residents in Dubai see the emirate as a safe refuge in contrast to other internationally minded cities. Most passengers are still subject to quarantine restrictions in Singapore, Hong Kong is seeing political turbulence, Covid-19 waves are wreaking havoc on European cities, and New York is grappling with crime.
Dubai is one of the few places in the world that has attracted and welcomed cross-border migration. Austin and Phoenix have attracted individuals searching for less expensive real estate and fewer taxes, although mostly from inside the United States. Kyiv has long been a hotspot for foreign hipsters, but it hasn’t attracted the same level of wealth or enterprise.
During a two-week holiday in Dubai in January, Scot Drummond, a British property developer, decided to relocate part of his Portugal and UK-based firm to Dubai.
Mr. Drummond, 57, stated, “The entire of Europe was closed for business, but Dubai was totally open.”
Mr. Drummond said he swiftly set up a business, obtained a residency card, and checked into a five-star hotel that offered a discount to remote workers. He claimed he had his vaccinations here instead of waiting at home, and he spent a few thousand dollars on a hair transplant so he wouldn’t have to face his friends and family while his hair grew in Dubai.
Expo 2020 visitors to Dubai’s global exhibition.
In recent years, Dubai and the entire United Arab Emirates, which includes Abu Dhabi, have approved new rules aimed at improving its image among foreigners and making it more appealing when the epidemic hit, including a new 10-year visa and regulations that ease foreign ownership of enterprises. Cohabitation between unmarried couples, the drinking of alcoholic beverages without a license, and transporting marijuana-containing items have all recently been decriminalized in the United Arab Emirates.
“It seems like the right time for Dubai to compete with more established global cities,” said Alastair Glover of Trowers & Hamlins, a private wealth lawyer headquartered in Dubai.
After hitting levels of over 4,000 cases in January, the deadliest stretch of the epidemic in the UAE, daily Covid-19 cases have been below 100 for weeks. Officials attribute a vaccination rate of 90%, one of the highest in the world, and adherence to rules to wear masks inside and in certain busy outdoor situations for the high immunization rate.
The authorities of the United Arab Emirates have pushed the illusion that the virus has been defeated. The UAE’s de facto ruler, Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, claimed in October that the nation had “overcome this issue.”
In a public speech, Sheikh Mohammed remarked, “Our lives must return to normal.”
A request for response from the Dubai administration was not returned.
The infusion of riches has a positive impact on the economy. According to property consultancy company Knight Frank, real-estate prices in Dubai surged 21% year over year through October this year after plummeting the previous two years. According to an IHS Markit indicator, the UAE’s non-oil economy is at its best since June 2019. Employment grew during the five months leading up to November, and company licenses have climbed by over 70% this year.
After falling over the previous two years, real estate prices have risen in 2021.
Tourism also has a role. Expo 2020 has attracted around 5.6 million visitors since it opened on October 1st. According to research company STR, hotel room prices are at an all-time high, with average occupancy at 81 percent. The cricket T20 World Cup, a major rugby event, and one of the most important tournaments on the European Tour season were all held in Dubai in recent weeks.
According to Google data provided by property company CBRE, the mobility of people in Dubai for retail and leisure activities has increased by 20% since the epidemic began. Movement in New York, London, Singapore, and Tokyo is still below pre-pandemic levels, according to the statistics.
Sushi Samba, a new restaurant on the man-made Palm Jumeirah island, has a one-month waitlist. Aura, a 50th-floor bar with the world’s tallest 360-degree infinity pool, has announced that December is completely booked.
“Restaurants are out of this world. Kunal Savjani, a venture entrepreneur and banker who relocated to Dubai from London in 2014, remarked, “I’ve never found it tougher to acquire a restaurant booking.”
Dubai’s workplaces are once again bustling with activity. According to Google statistics, although visits are still fewer than pre-pandemic levels, they have recovered faster than New York, London, or Singapore, while high-end office occupancy has risen to levels above pre-pandemic levels.
Even still, Omicron’s shadow remains enormous. Restrictions in other places might stifle tourism. The city’s importance as a transportation and logistics center would be harmed if global economic development slowed.
Kunal Savjani, a venture entrepreneur and banker, said getting a restaurant reservation in Dubai had never been more difficult.
The influx of cash into Dubai may exacerbate inequality. The rising cost of living might dissuade blue-collar migrant laborers who construct homes, drive taxis, and work in restaurants and hotels to service the ultrarich in a city where employees from South Asia, Africa, and the Philippines work long hours for little pay.
People from all over the globe are now migrating to the city.
Dustyn Smith, an IT worker, relocated to Dubai in September from Singapore, where new visa requirements have made employment more difficult for expats and pandemic restrictions have delayed travel. He and his wife were drawn to the area because of the weather and the open border, and they have since found work. Mr. Smith, 36, added, “Dubai simply checked all the boxes.”
People migrating to Dubai are purchasing houses—and they’re buying them for a lot of money. According to official numbers, Dubai had its best-ever third quarter for property sales this year. According to Knight Frank, sales of residences worth at least $10 million currently account for 7% of the total value of all transactions, compared to a long-term average of 2%. Some real estate agents in Dubai claim to have made $1 million this year.
Dustyn Smith and his family relocated from Singapore to Dubai to take advantage of the relaxed Covid-19 regulations.
According to New World Wealth, a South African research agency that follows the wealth and travels of millionaires, Dubai’s population of high-net-worth people increased to 54,000 in June 2021 from 52,000 in December.
The shifting character of her customers has startled real estate salesperson Khadija El Otmani the most. Dubai, which used to be a haven for wealthy Gulf and Indian investors, is now drawing “old money” from the West, as well as young tech and crypto billionaires, she added.
“They walk in dressed as if they’re going to play basketball and want for a $10 million home,” she said. “It’s awe-inspiring.”
According to Neil Petch, chairman of Virtuzone, a company that assists foreigners in establishing businesses, demand for assistance on how to manage the UAE bureaucracy is greater than ever.
“The boom is only getting started,” he remarked. “And although Covid undoubtedly sparked it, it is simply that individuals are evolving into true global citizens; there has been a shift in mindset among corporate leaders all around the globe.”
Expo 2020 has attracted around 5.6 million visitors since it opened on October 1st.
Rory Jones and Stephen Kalin may be reached at [email protected] and [email protected], respectively.
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