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
November 21,2024

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Hamas says the Israeli regime’s sole objective lies in “erasing” the entirety of the Palestinian population from across the Palestinian territories.

Khalil al-Hayya, a ranking official with the Gaza Strip-based Palestinian resistance movement, made the remarks to the Palestinian al-Aqsa TV on Wednesday.

“The occupation targets everyone—it strikes hospitals, civil defense, women, children, and the elderly,” he said, adding that the regime sought to “empty Gaza of its residents, and displace the Palestinian people to fulfill its dreams of building a Zionist Jewish state across all of Palestine.”

The remarks came amid the regime’s October 2023-present war of genocide on the coastal sliver that has so far claimed the lives of nearly 44,000 Palestinians, mostly women and children.

“This unprecedented aggression in modern times evokes scenes from the dark ages of human history, having crossed all red lines and exceeded every expectation of brutality in the modern era,” the Palestinian official lamented.

He also regretted that the regime had added “systematic and dangerous starvation to its aggression, falsely claiming before the world that it allows 250 [aid] trucks into Gaza daily. In reality, the number of trucks is far fewer.”

Hayya, meanwhile, regretted that “scenes of children torn apart, women screaming over their children, and heart-wrenching destruction have failed to stir enough humanity to stop these crimes.”

He decried the United States for vetoing the United Nations Security Council’s resolutions that are aimed at bringing about a potential ceasefire in the war, saying this indicated Washington’s “partnership in the aggression” and a simultaneous siege that the Israeli regime has been enforcing on Gaza.

Addressing Israeli Prime Minister Benjamin Netanyahu, the official asserted that, despite what the Israeli official is after, Hamas would not hand over the regime’s captives “without [the regime’s] stopping the war.”

He called Netanyahu “the main obstacle” in the way of cessation of the aggression, saying the Israeli premier “blocks any progress for political reasons,” and citing his preventing conclusion of a ceasefire agreement in July.

Hayya also warned that the regime sought to expand the war beyond Gaza, but asserted that its goals are “impossible and will never happen.”

“Today, the enemy exposes its true intentions of extermination and displacement, but it will fail,” he stressed.

“The Palestinian people are resilient and will not surrender, as they believe in their humanitarian and political cause. The enemy and its allies will not succeed in achieving their goals. This steadfast people will endure, and the occupation will not prevail against them.”

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News Network
November 25,2024

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Bengaluru: Karnataka Chief Minister Siddaramaiah has instructed the Hindu Religious Endowment Department to submit a proposal for constructing a gold chariot for the presiding deity of the state, Chamundeshwari, official sources said on Monday.

The directive follows a request from Member of Legislative Council (MLC) Dinesh Gooligowda, who highlighted the historical and cultural significance of the Chamundeshwari Temple on Chamundi Hill in Mysuru, which dates back to the 12th century AD.

Gooligowda noted that the existing wooden chariot, donated by devotees from Coimbatore, Tamil Nadu, has deteriorated over time.

“Devotees have expressed their desire to organise a ‘rathotsava’ using a gold chariot for Goddess Chamundeshwari. This proposal has been under consideration for some time, with an estimated cost of Rs 100 crore,” the MLC said.

He emphasised that the government’s financial involvement would not be required, as devotees are willing to contribute towards making the chariot a reality.

Gooligowda proposed a deadline for the 2025 Dasara festival for the completion of the chariot, ensuring it is ready for the grand procession featuring the idol of Chamundeshwari.

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News Network
November 15,2024

Udupi: The Tourism Department is planning a major eco-friendly development initiative for Kamini Island, located near the Blue Flag-certified Padubidri End Point beach, aiming to attract more visitors while maintaining environmental sustainability.

Assistant Director Kumar CU emphasized that, given the island’s proximity to the Blue Flag beach, all development efforts will center around eco-friendly practices. “We are looking to enhance the Kamini River and the island’s surroundings by adding a hanging bridge, nature trails, and eco-friendly food courts offering traditional cuisine. Visitors will also be able to reach the island by pedal boats or kayaking,” he said.

The development project is estimated to cost between Rs 3 crore and Rs 4 crore. Meanwhile, the Blue Flag beach, Padubidri, continues to see a steady flow of visitors. Vijay Shetty, manager of the beach, shared that tenders for food courts and water sports have been awarded to private parties. Recently, three new coracles have been introduced, which are proving to be a hit with visitors. Additionally, three more shelters are expected to be ready by November 20.

Shetty mentioned that the beach can now accommodate between 2,500 and 3,000 visitors daily, although footfall remains lower than other district beaches due to user fees and activity restrictions. “Initially, most visitors were from Mangaluru, but now nearly 40% come from other districts, showing a shift in the visitor demographics,” Shetty noted.

To further boost tourism and promote a healthy lifestyle, a Beach Carnival is set to take place on November 23-24, featuring the National Sea Swimming Championship and a sea marathon in collaboration with the Padubidri JCI, which is celebrating its golden jubilee. Cultural events will be held at the main beach, with some sports events taking place at the Blue Flag beach. Emphasis will be placed on making all activities environmentally friendly.

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