Over 1,000 millionaires flocked to UAE in 2018

Agencies
April 19, 2019

Dubai, Apr 19: Dubai attracted more than 1,000 millionaires from outside the country, surpassing major cities like Los Angeles, Melbourne, Miami, New York, San Francisco and Sydney, according to the 'Global Wealth Migration Report' for 2019, developed recently by AfrAsia Bank and New World Wealth.

The report described Dubai as the most prominent financial centre in the Middle East, and one of the safest cities in the region as well as a popular destination for High-Net-Worth-Individuals (HNWIs) and wealthy expatriates.

It also said that Dubai is an example of the power that business incentives have in encouraging business formation.

Approximately 2,000 HNWIs, each with at least $1 million worth of net assets, moved into the UAE in 2018, boosting the local economy. The number of affluent migrants in the UAE rose by two per cent in 2018, compared to the previous year, according to the report.

The 2019 'Global Wealth Migration Report' said that global wealth migration saw an acceleration in 2018. Approximately 108,000 millionaires (HNWIs) migrated in 2018, compared to 95,000 in 2017. China saw a mass exodus of 15,000 millionaires in 2018, the most significant of any country in the world, followed by Russia, which saw an exodus of about 7000 millionaires. India saw an exodus of 5000 millionaires, while Turkey saw 4000, and France and the United Kingdom 3000 millionaires each.

The report reviewed the major factors that led to HNWIs moving outside their country to find a home that meets their needs. Key elements driving their relocation included security and safety, modern lifestyle, high standards of living, better educational opportunities and healthcare.

Driven by its success as a focal point for global trade, and an important transportation hub, Dubai has built a global reputation as a city with a highly developed infrastructure that boasts world-class standards in every sector. Based on an ethos of peaceful coexistence and tolerance, the UAE has become a worldwide model for harmony between people of different religions and ethnicities.

The country is home to people of over 200 nationalities. Its strong legislative framework provides high levels of safety and security while its exceptional infrastructure provides high-quality tourism facilities, service levels and entertainment offerings.

The city offers many advantages that make it a haven for the world's wealthy. Millionaires flock to the emirate due to a range of exceptional business incentives, robust foreign trade and international connectivity. Dubai attracted over 16 million tourists in 2018 and has the ambitious target of welcoming 25 million tourists by 2025.

Dubai International Airport (DXB) has retained its position as the world's busiest airport with the number of travellers passing through its terminals hitting nearly 90 million last year, up by one per cent from the previous year. Dubai International has been crowned as the world's busiest hub for international travel for a few years now since outranking London Heathrow in 2014.

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News Network
October 26,2024

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Udupi, Oct 26: In a heartbreaking incident in Beejadi village near Kundapur in Udupi district, two young men were swept away by a powerful wave while swimming in the sea on Saturday morning. 

Santosh, 21, was pulled from the water by local fishermen and residents, but tragically, he succumbed to his injuries on the way to the hospital. Ajay, who was also caught in the wave, remains missing, according to Kundapur police.

The duo, along with friends Shreyas and Mokshith, had been staying at the Sahana Sun Caste Resort to attend a wedding. Ignoring warnings from locals about the dangers of entering the sea, the group ventured into the water. Around 9:30 a.m., a large wave suddenly engulfed them, sweeping Ajay and Santosh into deeper waters.

Police reported that Ajay hailed from Hangalli village near Kundapur, while Santosh was from Dasarahalli near Bengaluru. Expert divers have been dispatched to the scene in hopes of locating Ajay’s body.

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News Network
October 22,2024

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Bengaluru, Oct 22: Heavy rainfall has once again turned Bengaluru’s streets into rivers, with large-scale waterlogging paralyzing India’s IT capital. As residents brace for more storms, the India Meteorological Department (IMD) forecasts a day filled with thunderstorms, predicting minimum temperatures around 21°C.

"Bengaluru is expected to see a cloudy sky today, with light to moderate rainfall and thunderstorms impacting both urban and rural regions," stated the IMD. The maximum temperature is likely to reach 29°C, while the minimum will hover at 21°C.

Waterlogged streets have significantly slowed down traffic, with major bottlenecks reported along Sarjapura Road near the Wipro and RBD Layout junctions, according to police reports.

The flooding has sparked fresh criticism from opposition parties, who have seized the opportunity to target the Congress-led state government’s handling of the city's infrastructure.

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coastaldigest.com news network
October 17,2024

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Great news for Indian nationals! If you hold a tourist visa for the European Union (EU), United States (US), or United Kingdom (UK), you no longer need a pre-entry visa to visit the UAE.

Here’s a simple breakdown of what you need to know:

Who’s Exempt?

Indian nationals who:

Have a valid tourist visa for the EU, US, or UK.

Previously, only those with residence permits from these countries were exempt.

How Long Can You Stay?
 

14-Day Entry Visa: For Indian travelers (and family members) with ordinary passports and a valid tourist visa, residency, or green card from the US, EU, or UK.

> Fee: AED 100 (about INR 2,250)

Extend Your Stay: You can stay an additional 14 days.

> Fee: AED 250 (about INR 5,600)

60-Day Visa: If you plan to stay longer, you can opt for a 60-day visa.

> Fee: AED 250 (same as above)
 

Important Requirements:

Your tourist visa for the EU, US, or UK must be valid.

Your passport must have at least six months of validity.

This update, announced by the Federal Authority for Identity, Citizenship, Customs, and Ports Security, makes travel easier for Indian tourists. Enjoy your visit to the UAE!

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