Main article: United Arab Emirates
Population
After the COVID-19 pandemic, by the end of the first quarter of 2024, the emirate attracted about 400,000 people.
This led to an increase in rents and housing costs, and also increased the burden on schools.
Economy
Financial system
Sovereign Wealth Fund
Dubai property
Main article: Dubai Real Estate
Tourism
2024:10 million tourists in 7 months
2023: 17.15 million tourists (+ 19.4 %)
At the end of 2023, Dubai received a record 17.15 million foreign tourists for 2023, which is 19.4% more than a year earlier. This is evidenced by data from the Dubai Department of Economics and Tourism, which TAdviser got acquainted with in September 2024.
The largest number of tourists came from the West Europe - almost 3.3 million, the share of these countries in the total tourist flow was 19%. The second place with a slight lag was taken by South (Asia 3.1 million, 18%). Closes the top three, the Russia countries of the CIS and Eastern Europe, from where 2.26 million guests arrived, and the share of travelers in the total foreign tourist flow was 13%.
758 thousand tourists from Russia visited Dubai
The Russian tourist flow to Dubai in 2022 exceeded the pre-pandemic level, in 2022 the emirate was visited by 758 thousand tourists from the Russian Federation - ATOR.
Russians in Dubai
- Drugalev Stanislav Konstantinovich - died in Dubai in 2021 as a result of a fall from a bridge.
- Durov Pavel Valerievich - the founder of the social network VK announced his move to Dubai in 2017, he then explained this decision by the lack of taxes in the free economic zone.
- Orlov Alexander is a restaurateur in Russia and Ukraine.
- Irina Gennadyevna Soldatova - Minister of Health of the Omsk Region.
A list of other Russians in Dubai is here.
2022: Russian co-working company Codevelopment bought 4 thousand square meters. m. In a business center for 2 billion rubles
On October 20, 2022, it became known that the Russian co-working company Codevelopment bought 4 thousand square meters. m. At the Burj Daman business center in Dubai for 2 billion rubles. It is planned to develop flexible offices there. Read more here.
2023
Start compensating entrepreneurs for 90% of the costs of opening companies in the field of Web3 and AI
On August 14, 2023, the Dubai International Financial Center (DIFC) announced a new initiative aimed at attracting companies developing projects in the field of Web3 and artificial intelligence. Such enterprises will be provided with commercial licenses with a subsidy of 90%. Read more here.
Abolition of a 30% tax on alcohol for business and tourism development
In early January 2023, it became known that the Dubai authorities decided to abolish the 30% tax on the sale of alcohol. It is assumed that this will contribute to the development of tourism and entrepreneurship.
Spirits are widely available in Dubai but are quite expensive. So, for a bottle of ordinary wine they can ask for $100 or more. Therefore, many residents prefer to travel to other emirates, such as Umm al-Kaivain, about 80 km from Dubai, where prices are much lower. Abolishing the high alcohol sales tax would boost local businesses. In addition, under the new initiative, licenses for the sale of alcoholic beverages, which cost about $70 a year, will now be free. Dubai-based alcohol distributors Maritime and Mercantile International and African & Eastern were enthusiastic about the project, promising to lower product prices.
 | Dubai Municipality has temporarily suspended the collection of 30% of the fee from producers of alcoholic beverages for a period of one year - from 01.01.2023 to 31.12.2023. Companies authorized to sell alcohol in the emirate of Dubai have been notified of this decision, the authorities said in an official statement. |  |
Tourism is a key element of the emirate's economy, but it focuses primarily on the luxury segment. The new measure will make Dubai more attractive to middle-income tourists. According to statistics, Dubai received 7.1 million guests in the first half of 2022, which is 183% more than in 2021, as the industry quickly recovered from the coronavirus crisis. According to the government, hotel occupancy during the same period reached 74%. Dubai is already one of the most visited cities in the world, and the government is working on a plan to attract 25 million tourists a year by 2025. If the temporary abolition of the tax on the sale of alcohol has a positive effect, it will be extended.[1]
2022
2nd place in the number of skyscrapers above 200 meters: 107
Copies of Dubai and Abu Dhabi began to be created in the metaverse for $54.5 million
In early September 2022, information appeared that real copies of Dubai and Abu Dhabi would appear in the metaverse. The project launches Metaverse Holdings, which plans to invest $54.5 million in it. Read more here.
Dubai announces plans to create 40,000 jobs in metaverse
Dubai authorities announced the launch of the Dubai Metaverse project, designed to create 40,000 additional virtual jobs in five years and bring $4 billion to the budget. This became known on July 19, 2022. In Dubai, there are already more than 1000 companies operating in the metaverse and blockchain sector, which contribute $500 million to the national economy, and in general, the Emirates, according to experts, in 2022 may become the main point of attraction of rich emigrants[2].
| | We launched the Dubai Metaverse strategy, which is aimed na encouraging innovation in new technologies, "Sheikh Hamdan bin Mohammed said in the crown prince of the emirate. | |
The strategy aims to increase the number of blockchain companies in Dubai fivefold in five years. The government aims to develop global standards for safe and reliable platforms for users, as well as create infrastructure and regulations to accelerate the adoption of these technologies.
| | The strategy emphasizes talent development and investment in future opportunities by providing the necessary support to train developers, content creators and users of digital platforms in the metaverse community. | |
Lisbon, Miami and Dubai top hybrid jobs rankings for executives
According to Savills, presented in April 2022, Dubai and Lisbon Miami Dubai top the ranking of hybrid jobs for executives traveling around the world.
Dubai is the centre of attraction for fintech start-ups
In mid-February 2022, an article was published on The Next Web portal telling about how Dubai it became a place of attraction fintech-. startups The emerging digital economy, coupled with innovative solutions in the region, uniting the Maghreb and Middle East countries make Dubai an attractive place to launch or scale a startup for an increasing number of global entrepreneurs, observers said.
Microsoft Google Amazon Big players like,, and are also investing in the region, with the latest investment trending towards late-stage deals. For fintech companies in particular, Dubai has become an attractive point from which founders can expand their activities in the Maghreb and Middle East region (MENA).
For February 2022, the United Arab Emirates (UAE) is home to 33 of the region's top 50 startups, followed by Saudi Arabia and Egypt, with the vast majority of success stories centered in Dubai. When choosing a location in the region, one of the key decisive factors is the availability of financing opportunities. UAE start-ups received a larger share of total funding and the largest number of transactions in the MENA region in 2021, according to Magnitt's Emerging Venture Markets Report.
One of the biggest challenges in creating a market is overcoming market processes from familiarization with local legislation to obtaining the necessary licenses to start operations. To help develop local business and attract international founders, a number of special economic zones were created in the UAE authorities with their own independent jurisdiction and business-friendly civil and commercial legislation.
The leading platform in the region is the Dubai International Financial Center (DIFC), created in 2004 to promote financial growth. As of February 2022, the platform is one of the 20 best financial centers in the world and receives more than 3.2 thousand active companies, including more than 1 thousand companies related to finance and innovation.
| | To attract start-ups, especially in technology, you need to create an attractive ecosystem that allows them to access the sector. This is access to regulation and access to funding. For example, the Dubai International Financial Center has created a $100 million fund designed to invest in fintech. This is where our business accelerator program begins, where we enable start-up companies to offer their solutions to more than 22 financial institutions, "said Raja Al Mazrouei, Executive Vice President of DIFC FinTech Hive. | |
Being a special economic zone, Dubai offers key benefits such as zero income tax for businesses, the possibility of 100% ownership of business by a foreigner, the absence of restrictions on currency exchange and repatriation of capital/profits. In addition, business-friendly laws based on the principles of English common law, governing insolvency issues, advanced employment and pension provisions, and data protection rules compatible with world standards are at the heart. A flexible business and legal framework provides a safe environment for newcomers to the market. Another advantage for fintech companies, in particular, are licensing opportunities, including subsidies and a license for testing introduced to conduct experiments.
Another attractive aspect of Dubai is the community centre created for tech companies with the Innovation Centre. Dubai is home to the largest innovation ecosystem in the region and is paving the way for start-ups at an early stage, at a growth stage, unicorns and big tech companies. Along with favorable regulation, innovation requires a robust digital infrastructure. It so happened that the main goal of Dubai is to turn into an international technology center. As a result, the state is rapidly introducing new technologies and, more importantly, introducing new legislation to advance this process.
The Chamber of the Digital Economy has also been established in Dubai, which should develop an economic growth plan focused on digital technologies and aimed at attracting investment, international talent and entrepreneurs, as well as propose policies and legislation favorable to the digital economy.[3]
2020
Dubai introduces special visa programme for pensioners
Since 2020, any pensioner over 55 years old can use the special Retirement in Dubai program, designed for pensioners from all over the world. The visa for pensioners will be valid for five years. You can apply for a visa on a website specially created for the program.
One important condition: a pensioner must be quite wealthy - have a monthly income of at least 20,000 dirhams (slightly more than USD 5.5 thousand) received from investments or pensions, or have one million dirhams in a bank account, or own real estate in Dubai worth from two million dirhams (about USD 550 thousand).
The program has been running since September 2, 2020.
Drone handling of streets during Covid-19 epidemic
Main article: Drones and drones in medicine
1996
Notes
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |