I am sitting by a pool in Dubai and I am fascinated by the success of the UAE. A moderate Muslim country that is growing its population and skyline and is tolerant of all religions and nationalities. It welcomes migrants to work legally and earn more than they would in their home country. It attracts foreigners with their tax free policy allowing migrants to escape high taxed as well as war torned countries. It is an oasis from governments that tax away your money in the belief that they can spend and redistribute it better than you can. Seems ideal.
What's the catch? You have to obey the law or you will be deported. There is no option for citizenship, only a residence permit which can be withdrawn. There are no government service, specifically, no government supplied health care or retirement benefit. Of course, you can purchase insurance or pay for health care as needed. There is no safety net, so you either have to work or be able to pay your own way. Essentially, you are there voluntarily at the benevolence of the crown prince. Both the migrant and the UAE benefit.
It is a very international crowd with a heavy proportion of Indians and Pakistanis who make up a large proportion of the work force. You hear a lot of Russian being spoken which is no surprise as wealthy Russians escape the current war and also escape taxation. Many Brits as well have immigrated to the UAE to escape their declining standard of living in the UK.
It is ironic that Muslim immigrants to European nations have influenced their new countries toward a downward trajectory and a decreasing standard of life. Yet, the native populations in Europe escape to a Muslim country for a better life.
The UAE demonstrates what a moderate Muslim country can accomplish and contrasts with other Muslim countries that focus on hating non-Muslims. The quality of life rises dramatically once hatred of others abates. This must be so obvious to those visiting the UAE, yet the hatred is so deep that it trumps a better life for themselves and their children. I'm not sure if it is a different interpretation of the religion or repressive tactics by the rulers to focus on hate. Hard to figure but the UAE does so many things right.
The UAE is going to continue to attract worldwide wealth and to grow its population. As the West declines, the UAE will benefit by attracting the upper tiers from around the world. This includes successful businesses, innovators, scientists etc. Is the UAE the new land of opportunity?
Investing in the UAE seems to be good bet.
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