As with previous upturns in Dubai, war is a driving force. But this time it’s Russian investors fleeing Moscow’s war on Ukraine, rather than people escaping Mideast battlefields.
“There’s lots of parts of the world where there are real challenges and people looking for a safe haven,” said Richard Waind, group managing director for Betterhomes, a real estate brokerage in the emirate. “I think that’s a safe haven both for the capital but also for their families.” While there’s no sign the market could be in similar trouble as in 2009, some concerns have started to surface. Skyrocketing rental costs are worsening a cost-of-living squeeze for the foreign workforce that powers the emirate.Meanwhile, the U.S. Treasury is worried about the amount of Russian money flowing into the real estate market of the most populous city in the United Arab Emirates.
“In theory, there should be significant reputational risk with the UAE apparently acting as a willing bridge, enabling Russian oligarchs to use the Emirates as a waystation between the Russian financial system and that of the West,” said Jodi Vittori, a nonresident scholar at the Carnegie Endowment for International Peace
Hey there, now do a story on how they treat women instead of free propaganda. Be better
Some of this money
WAR Is Mans MOST Profitable “Industry”…Never in history started by a working stiff…only ever by some Greedy PROFITEERING psycho power crazed Megalomaniac using those working stiffs as His personal CANNON FODDER & lining his friends pockets‼️ NATO SecDef
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