Is no secret that Dubai is now an extremely popular place where the capital of wealthy Russians flocks. However, the popularity of Dubai is due not only to direct flights or the reduction of alternatives for Russians to buy real estate. For the past couple of years, Dubai has been attracting people from all over the world thanks to a strong economy, convenient immigration programs and opportunities to make money on real estate.

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Dubai’s economy is the second largest in the region

Last year, the UAE accounted for 10.2% of the financial wealth of the Middle East and Africa, and this share will only increase, according to Boston Consulting Group forecasts. By 2026, the financial wealth of the UAE should grow to $1 trillion.

Oil in the Dubai Economy: Overcoming Addiction

The UAE is considered the most diversified economy among the countries of the Persian Gulf, but so far Dubai is the only emirate whose welfare does not depend on oil.

Diversification of the economy of the rest of the emirates is one of the main goals of the UAE government. In the first half of 2022, UAE non-oil trade exceeded a trillion dirhams for the first time. It grew by 17% and amounted to $431 billion. Non-oil exports in the same period grew by 8% to $49 billion, while imports grew by 19% to $158 billion.