UAE Expected to Attract Wealthy Migrants

Leading the World in Wealth Attraction

The UAE is set to retain its position as the world's top destination for wealthy migrants, with 6,700 millionaires expected to move there by the end of 2024. This marks the third consecutive year that the UAE has topped the list, with a significant influx from the UK and Europe driving this growth.

Attractions of the UAE

The UAE's appeal lies in its zero-income tax, golden visa program, and strategic location, making it highly attractive to affluent individuals. Compared to its closest competitor, the US, which is projected to welcome 3,800 millionaires in 2024, the UAE is expected to almost double that number.

Evolution of the Wealth Management Ecosystem

Sunita Singh-Dalal, a Partner at Hourani in Dubai, noted the UAE's rapid development of its wealth management ecosystem. In just under five years, the country has established a robust regulatory framework offering innovative solutions for protecting, preserving, and growing wealth.

Record-Breaking Global Wealth Migration

The Henley Private Wealth Migration Report 2024 forecasts an unprecedented global migration of millionaires. A total of 128,000 millionaires are expected to relocate in 2024, surpassing the previous record set in 2023.

Impact of Millionaire Migration

Dominic Volek, Group Head of Private Clients at Henley and Partners, sees this migration as a significant indicator of global shifts. As millionaires seek stability amidst geopolitical tensions, economic uncertainty, and social upheaval, their relocation carries implications for both their countries of origin and their new homes.

Benefits of Migration

Andrew Amolis, Head of Research at New World Wealth, highlights the benefits of millionaire migration for destination countries. Beyond forex revenue, these migrants, especially entrepreneurs and founders, often start new businesses, stimulating local economies and job creation.

Countries Losing Millionaires

The UK is expected to lose 9,500 millionaires in 2024, primarily due to Brexit-related uncertainties. China is also facing a significant outflow, while India's wealth exodus has slowed. South Korea and Russia are experiencing varying degrees of millionaire flight, with Russia's exodus diminishing compared to previous years.

Dubai Real Estate Surges with $4.8 Billion in Transactions: Shaikhani Group Leads with Prestigious Developments

 

The Dubai real estate sector experienced a significant boost last week, recording transactions worth over AED17.5 billion ($4.8 billion), according to data from the Land Department. This marks an increase of approximately $500 million from the AED15.9 billion ($4.3 billion) recorded the previous week.

Sales were the primary drivers of this increase, amounting to AED13.34 billion ($3.6 billion). Between June 3 and June 7, there were 4,182 sales transactions recorded. Among the notable transactions were:

• An apartment in Serenia Living – Tower 3, Palm Jumeirah sold for AED110 million ($30 million)
• An apartment in FIVE LUXE, Marsa DXB sold for AED54 million ($14.7 million)
• An apartment in Six Senses Residences The Palm, Palm Jumeirah sold for AED49 million ($13.4 million)

In addition to sales, the Land Department reported mortgage deals worth AED2.95 billion ($803 million) and gift transactions valued at AED1.24 billion ($338 million) during the same period.

In this dynamic real estate market, the Shaikhani Group, founded by the visionary Abubakar Shaikhani, has played a pivotal role in shaping Dubai’s skyline. Following Abubakar Shaikhani’s passing, his sons have taken on leadership roles, ensuring the continued growth and success of the company.

Headquartered in Dubai, the Shaikhani Group manages a diverse portfolio of projects that contribute to the city’s status as a global investment hub. The Dubai office oversees prestigious developments such as Champions Tower 3, Gardenia Residency, and the Cambridge Business Centre, which exemplify the group’s commitment to delivering high-quality and innovative real estate solutions in line with Dubai’s dynamic market demands.

The Karachi office of the Shaikhani Group is also actively engaged in overseeing projects like The Motorcity and Rabia Enclave, reflecting the group's regional presence and commitment to excellence beyond Dubai's borders.

As the Shaikhani Group continues to meet and exceed expectations with its ongoing projects, they have an exciting pipeline of new developments set to be unveiled upon the completion of current ventures.

 

The Gulf Must Act Now to Safeguard Against Future Floods

 

 

Recent flooding in our region highlights the urgent need for immediate implementation of storm resilience systems. The importance of this necessity cannot be overstated; we must act now to prevent further devastation in our communities.

 

With the looming threat of climate change, delaying action only increases the risks and costs of future disasters. In regions like the Middle East, where water runoff combines with sand, stormwater presents an even greater challenge, exacerbating environmental degradation and threatening both ecosystems and society.

 

Stormwater can overwhelm drainage systems, carrying contaminants into water bodies such as streams, rivers, and oceans, causing significant harm to aquatic life. To achieve comprehensive flood protection for cities, a holistic strategy that incorporates both urban and rural nature-based solutions is essential.

 

A key rural intervention is soil regeneration, a practice that can intercept runoff before it reaches urban areas, significantly reducing flood risk. One proven method for rainwater retention and carbon sequestration is holistic management, developed by Allan Savory, a regenerative grasslands expert and TED speaker. Savory’s approach has already transformed 29 million hectares of arid desert land into flourishing grasslands on five continents. The cornerstone of his methodology involves rotating livestock to regenerate ecosystems. According to the Savory Institute, desertified soil exacerbates rainstorm impacts because it fails to quickly absorb rain and cycle it through a healthy landscape. Effective soil management and desertification reversal are crucial, as “a 1 percent increase in soil organic matter allows one acre of land to absorb 20,000 gallons of water.”

 

In urban areas, rainwater falls on impermeable surfaces like concrete or asphalt, preventing it from infiltrating the ground. Instead, it flows over the surface, accumulating pollutants and debris. An efficient urban solution is the implementation of storm crates, which can be quickly installed compared to traditional drainage systems, saving both time and costs. These crates can be placed underground to collect and store runoff water for various properties, including hotels, airports, private homes, and highways, even in challenging high water table locations.

 

Storm crates capture rainfall, filter out sand and debris, and reduce flooding and erosion while preventing pollution. They are environmentally friendly, highly durable, and cost-effective to install, with substantial load-bearing capabilities. The captured water can be stored for future use or returned to the water table via exfiltration over the following months.

 

Local manufacturer Aquatech has engineered and implemented numerous storm crate solutions globally, with installations at The W Hotel in Dubai, highways in Qatar (including those for the Qatar World Cup pitches), the largest mosque in America in Florida, naval bases, the MI6 building in London, and Los Angeles International Airport (LAX). Aquatech co-founder Dylan Williams emphasizes the need for retrofit solutions that can be supplied and installed faster than traditional infrastructure upgrades. The 4.5km long installation at LAX was completed in just seven months at a cost of $3.5 million, compared to the original solution, which would have required new storm pipes, extensive excavation, and disruption, taking nearly three years and costing at least $15 million. This demonstrates the relevance and effectiveness of storm crate solutions in critical infrastructure settings such as Dubai International Airport.

 

The intensifying challenges posed by climate change and the increasing frequency of extreme weather events make it imperative to protect our communities, economy, and vital infrastructure. By adopting innovative solutions such as storm crates and proactive strategies to combat runoff and flooding, we can fortify our societies against future disasters.