Is Everyone in Dubai Rich?
Did you know that Abu Dhabi and Dubai control 83.2 percent of the wealth of the UAE? According to the UAE 2018 Wealth Report, there are approximately 88,700 millionaires and 3,800 multi-millionaires living in the UAE. Oil is the primary source of income in Dubai. Self-made millionaires in the UAE include investment bankers, surgeons, and police. Even the police drive Lamborghinis, Ferraris, and other exotic cars.
Abu Dhabi and Dubai control 83.2 percent of the UAE’s total wealth
Oil is a major part of the UAE economy, but the government is trying to diversify the country’s economy and rely less on its unsustainable hydrocarbon industry. The two cities are now developing sectors outside of oil and gas, such as tourism and trade. Tourism has become a key part of the UAE economy, and in 2016 it accounted for nearly half of all foreign visitor spending.
In fact, Abu Dhabi and Dubai control 83.2 percent of total wealth in the UAE, making it a wealthy nation. The rest of the emirates depend on the federal government for financial support. But not everyone is so lucky. Among the richest children in the country is Rashed Saif Belhasa, who was born on January 5th, 2002. Though he is still young, he already owns a substantial amount of money and is known as the richest kid in Dubai.
The UAE constitution stipulates that each emirate may have its own judicial system. But at the federal level, federal courts have exclusive jurisdiction in seven categories of cases: disputes between emirates, disputes between the federal government and individual emirates, and constitutional cases. These courts are also responsible for the courts in Abu Dhabi, Fujairah, Umm al Quwain, and Sharjah.
In addition to property ownership, foreign nationals can own a freehold interest in real estate in Abu Dhabi. However, under Abu Dhabi law, at least 51 percent of a company’s owners must be nationals. Previously, foreign nationals could only own land by way of a 99-year “musataha” lease, which can be renewed by both parties.
Although the UAE is a member of the Gulf Cooperation Council, it maintains regulatory independence and coordinates with other members through the GCC Standardization Organization. The UAE submitted 72 notifications to the WTO committee in 2020 on various issues, including emergency measures and IP rights. These notifications include regulations, labor rights, and licensing restrictions. A full list of these notifications will be published in the coming months.
Oil is the primary income source in UAE
The UAE’s major income comes mainly from oil. Dubai and Abu Dhabi are the world’s biggest oil producers, and oil exports account for over 85 percent of Dubai’s GDP. However, oil isn’t the only source of Dubai’s economic growth. Tourism and the travel and tourism industry have also contributed significantly to Dubai’s growth, and these sectors are key to the government’s strategy to keep cash flowing in the city.
However, the economic outlook of the UAE isn’t always positive. In recent years, the oil price has dropped almost seventy percent, and the Gulf countries have felt the impact. While the UAE has diversified its economy, oil still represents the majority of government revenue and spending. Despite the high price of oil, the UAE government still maintains its positive view of its economy. As a result, the government has introduced various measures to diversify the economy. One such measure is the introduction of a value-added tax (VAT), aimed at increasing non-oil revenue. Another problem is the lack of harmonized business start-up regulations. Every emirate has its own rules for setting up a business.
Although oil is the primary source of income in Dubai, the city is not overly dependent on it. Although oil contributed over 50% of Dubai’s GDP in 1975, it only represents a small percentage of the city’s GDP today. The economy of the UAE is now based on manufacturing, construction, and financial services, with oil making up about 1% of its GDP. As a world-class tourist destination, the oil industry has become a major part of the local economy, as it has helped Dubai maintain its position as an attractive tourist destination.
Before oil was discovered, the amirates in the UAE had similar economies. In the past, they relied on fish and pearls from the gulf, meager soil, and scarce water. They also relied on wealthy pearl merchants and had the political power to impose levies on the date groves. Their wealth boosted the economy of the UAE, and in the process helped them to develop the city they know today.
Investment bankers and surgeons are among the wealthiest self-made millionaires in Dubai
Indians have made up the largest percentage of self-made millionaires in Dubai, with surgeons and investment bankers accounting for nearly half of the total list. Sunil Vaswani, the chairman of Stallion Group and a self-made billionaire from India, has earned over US$2 billion through his varied interests in the Middle East and Africa. In addition to his work in healthcare, he also has interests in the financial sector.
Surgical and investment banking careers attract the best minds in the world, and many self-made millionaires in Dubai are self-taught. While many investment bankers start out as analysts, they quickly rise the ranks to become leading producers, and they can work up to 120 hours per week. They may even work even longer hours to become world-famous investors.
While doctors and investment bankers are among the wealthiest self-made entrepreneurs in Dubai, many large companies have their own family offices. They develop business policies and strategies to increase company revenues. These careers can be lucrative, but they are also risky. Surgeons in Dubai treat injuries and treat illnesses, and the city’s aging population means that salaries in the medical field are high.
Another group of wealthy self-made millionaires in Dubai is comprised of investment bankers and surgeons. Their salaries are higher than most, but their salaries are well above average. Their net worths are high, too, and some are also philanthropists. Surgeons and investment bankers are among the richest self-made millionaires in Dubai.
Dr. A. Yusuff Ali, an Indian, is among the wealthiest self-made millionaires in Dubai. He is the chairman of the LuLu Group International (LuLu), a company that includes the LuLu Hypermarket chain. Forbes ranks him as the wealthiest businessmen in the Arab World. The Landmark Group has over 3,000 stores in the Middle East and the Persian Gulf.
Several billionaires have built their fortunes by extracting natural resources, such as gold and oil. However, some of them have faced criminal charges and sanctions in relation to their business practices. While a high percentage of self-made millionaires in Dubai have been convicted of bribery, others remain silent, making them untouchable targets for criminals.
Police drive Ferraris, Bugattis, and Lamborghinis
It’s no secret that the police force in Dubai drives luxury supercars. They’ve got 14 of them, and they’re not afraid to flaunt them. It’s a way of strengthening police-public relations. It also attracts attention. The police in Dubai don’t drive these cars on high-speed pursuits, though. They’re more likely to be seen taking photo ops.
Not only do the police drive expensive cars in their daily duties, but the vehicles are also a show of wealth. Lamborghinis and Ferraris are popular among law enforcement departments, and many of them are driven by Dubai police officers. In addition to their high-end vehicles, they are also very efficient and helpful. A woman who’s lived in Dubai for 17 years, Jerusha Sequeira, has always found the police officers to be efficient and polite.
One of the police cars in Dubai is the Bugatti Veyron, which is worth a million dollars. It has a massive 8.0-litre engine and is one of the most expensive cars in the Dubai police fleet. In addition to the Bugatti Veyron, the police also have a Chevrolet Camaro. The 6.2-liter Camaro can reach 100 kph in 5.5 seconds and is a classic American muscle car.
In addition to Lamborghinis, Ferraris, and Bugattis are also used by the Dubai police force. Their supercar fleet includes Aston Martin One-77s, Audi R8s, Bentley Continental GTs, Lamborghini Aventadors, and a variety of other cars. Most cars are SUVs or sedans, but a few are supercars. Supercars help police connect with the community and attract tourists.
In fact, Dubai police have a Ferrari DD patrol car. These cars can recognize tracked vehicles. The Ghiath has a communication system that links directly to the police’s command operations room. W Motors, a company that makes the Lykan Hypersport, also builds these patrol cars. A Ferrari FF looks like a Ferrari in front and a station wagon in back, but the extra space helps it function as a legitimate police car.