It is no secret that the Middle East is one of the richest regions in the World - countries like the United Arab Emirates (UAE), Qatar or Saudi Arabia are a very good example. But we are all aware that not all of it is true. Therefore, research is fundamental and the best way to do it, is, doing it first hand. Although time consuming, the benefits that will be gained are huge. Here is a good stepping stone.
Cranes - Dubai holds a 20% share of operating cranes worldwide
To put it in figures, Dubai has around 30,000 operating cranes. These numbers are understandable if we take into account the extension of the Business Bay canal. A budget of Dh1.5 billion to connect the Shaikh Zayed Road to the Arabian Gulf. This is possible due to the inflation rates that have plummeted since 2008 when they reached a peak of 10.77 to the last statistic taken in 2012 -1.71 (according to the DSC).
Tax- No need to pay tax
The concept of having your income 100% free of charge does raise questions. Trying to make a complicated subject simple and understandable. It all depends on where you have your tax residence. Therefore, if you go to live to Dubai, but you still have your tax residence in the UK, you will still have to pay taxes. It is not as easy as just living there and like a magical potion your tax responsibilities disappear. In the UK for example, citizens have to take the Statutory Residence Test (SRT), created by the HMRC.
Population - In 1995 the number of residents was 7,00,000 at present the number has tripled 2.1 million
It’s important to know that only 10% of the population are local (Emirati), the remaining 90% are immigrants, mainly from India, Pakistan and the Philippines.
DID YOU KNOW: Dubai is one of the great touristic family destinations in the World?
Skyscrapers - In 1991 Dubai had one skyscraper now there are 400
The incredible skyline that Dubai has become, began in 1979 when the Dubai World Trade Centre was finished. At present there is a postponed project to build the first rotating skyscraper in the World. That, if executed, will be another landmark in the Dubai Skyline, like the Burj Khalifa, the highest building in the World (828m/2,715.5ft).
Not only does Dubai attract tourism, business is buzzing and business meetings are taking place all over the city. In hotels, meeting rooms, restaurants, business lounges or offices, Dubai’s future is constantly being transformed.
These facts that have been displayed, are a way of printing into a canvas the present picture of Dubai. In the end the decision must be taken by each individual, family or company. Living in the Middle East can be a dream come true, but at the same time one has to adjust and respect the society and culture of the region. It’s not easy, the western culture differs drastically from the arab culture and conflicts or misinterpreted behaviours can become problematic. A lot of patients and open mindedness has to come into the equation for a long term duration.
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