Latest news with #DubaiCity
Khaleej Times
a day ago
- Business
- Khaleej Times
Why millionaires are migrating to Dubai and what it signals
Amid intensifying global scrutiny of wealth and rising tax pressures, Dubai is emerging as a strategic base for high-net-worth individuals seeking long-term security, capital preservation, and global mobility, a new report says. Betterhomes' latest mini-paper, Dubai: No Longer a Pit Stop, But the Finish Line for Global Wealth, shows that in less than ten hours, residents can easily connect with major cities worldwide, whether it's for business or leisure, highlighting Dubai's strategic location and seamless access to global markets. 'Far from being a transient luxury hub, the city is becoming a permanent home for the world's elite, drawn not only by its favourable tax regime and political stability but also by its infrastructure, safety, and unmatched global access,' the report says. This shift reflects more than a property trend; it signals a structural recalibration of global wealth flows. As legacy cities like London, San Francisco, Hong Kong, and Paris grapple with rising taxes and growing instability, Dubai offers rare clarity: low tax, luxury lifestyle, and a robust infrastructure. In a world increasingly challenging wealth creation, Dubai stands out as a stronghold for the financially free, where wealth is not only respected but celebrated. Here, policies are designed to attract, not restrict, enabling individuals to safeguard their wealth, plan their legacies, and influence global markets from a secure base. As of December 2024, the UAE was ranked as the 14th largest wealth market globally, with 130,500 dollar millionaires, reflecting a 98% surge over the past decade, data shows. A historic migration surge Betterhomes anticipates a substantial surge of international wealth flowing into Dubai in 2025. This influx is projected to significantly reshape Dubai's standing within the global financial system. 2024 marked a significant peak in global millionaire migration, with over 134,000 individuals possessing at least $1 million in liquid investable assets relocating across borders. Early forecasts for 2025 suggest this figure will rise further, with approximately 142,000 high networth individuals expected to move internationally in search of security, stability, and opportunity. If even 5% of this cohort were to choose Dubai, the emirate would welcome an estimated 7,100 new millionaires, Betterhomes estimates. These are not transient tourists, but capitalised entrants arriving with substantial liquidity. At a conservative estimate, this would represent an inflow exceeding $7.1 billion (Dh26 billion), equivalent to nearly half of Dubai's total foreign direct investment for 2024. In a market defined by momentum and investor confidence, such capital inflows serve as both signal and catalyst. Diverse origins of wealth migration The origins of this capital migration are as diverse as they are strategic. Some arrive from East Asia, including Chinese entrepreneurs establishing offshore holdings in response to domestic policy shifts. Others are Vietnamese investors diversifying against rising political and economic uncertainty. From Turkey and Argentina come wealthy individuals seeking refuge from currency depreciation and systemic volatility. Even within established markets, such as the United Kingdom or the United States, Dubai is increasingly perceived as a pragmatic choice for capital preservation and growth, analysts say. These new arrivals are not mere spectators; they are institution builders, family office founders, and long-term strategists. They bring with them enterprises, teams, and a forward-looking mindset. Their presence underscores a growing recognition of Dubai not simply as a taxefficient jurisdiction, but as a platform for legacy, influence, and sustained wealth creation. 'Dubai's real estate market is no longer driven by speculation, but by strategic, long-term capital. We are seeing global wealth not just arrive, but anchor itself here, in branded residences, legacy properties, and high-quality developments built for permanence. As millionaire migration accelerates, the city's property sector will continue to evolve from a cyclical opportunity into a structural asset class. Dubai is not only a magnet for capital, it is becoming the benchmark for global residential investment,' said Louis Harding, CEO of Betterhomes.
Arabian Business
6 days ago
- Automotive
- Arabian Business
Parkin announces 2 new Dubai paid parking zones
Parkin has announced the expansion of its Dubai parking portfolio with the introduction of new public parking zones in Mirdif. This initiative is in line with Parkin's commitment to enhancing accessibility, improving the availability of parking, and supporting efficient traffic flow in high-demand neighbourhoods. As part of this rollout, public parking tariffs will apply to the following newly designated zones in Mirdif: Zone 251C: On-street parking Zone 251D: Off-street parking Paid car parking in Dubai These areas are located within commercial and high-density locations in Mirdif and have been identified as requiring regulated parking due to sustained demand throughout the day. Parking will be charged from Monday to Saturday, 8am to 10pm, with free parking on Sundays and official public holidays. The tariff structure is differentiated based on parking type (on-street vs off-street), parking duration, and whether the service is used during peak or off-peak hours, as defined below: Note: 24-hour parking is available only in off-street Zone 251D. Peak hours are: 8am–10am 4pm–8pm Off-peak hours are: 10am–4pm 8pm–10pm This initiative is part of Parkin's broader strategy to implement a Variable Pricing Tariff Policy, which reflects demand-responsive pricing to manage parking occupancy more effectively. These measures help maintain optimal turnover of parking spaces in key areas and align with international best practices in urban mobility management.
Gulf Business
19-05-2025
- Automotive
- Gulf Business
Dubai motorists alert: New flexible parking subscriptions launched
Image credit: Getty Images Motorists in Dubai can now benefit from new flexible parking subscription packages introduced by Parkin UAE, designed to simplify and enhance the parking experience across the city. Download the app to explore subscription options near you or check our website: — ParkinUAE (@ParkinUAE) The announcement with regards to this was made on ParkinUAE official X account. Read- The Roadside parking Motorists can access convenient roadside parking across Dubai's main streets and areas. These spaces are typically regulated by meters or zone codes (A & C) and are ideal for short-term parking during errands or brief visits. Key benefits of the subscription model Unlimited parking: Enjoy unrestricted daily parking in multiple areas without individual payments. Exclusive savings: Access special rates available only to subscribers, offering more value for frequent users. Worry-free convenience: Avoid the hassle of extending sessions or incurring fines, with seamless parking access. Available parking zones and pricing Wasl Real Estate: Park in popular Wasl-managed areas with subscriptions starting from Dhs300/month for zones W and WP. Silicon Oasis (Zone H): Convenient parking near homes and offices, with subscriptions from Dhs1,400 for three months. Silicon Oasis (Limited Area): Dedicated parking from Dhs1,000 for three months in select Silicon Oasis areas. Dubai Hills (Zone 631G): Annual subscription options available for frequent commuters and residents. Roadside and plot parking (Zones A, B, C, D): Subscriptions from Dhs500/month allow for seamless access without the need for meter payments. Plot-only parking: Starting at Dhs250/month, users can park up to three vehicles in designated plots across zones B and D. Parkin's new subscription plans are aimed at delivering a more streamlined, cost-effective parking solution for all types of motorists in Dubai. Users can choose the package that best suits their lifestyle and parking habits.
