New UAE expat laws could see it make top 10 financial hub in 10 years

Thanks to the new law that was passed on Sunday, which allows expats to remain in the UAE after retirement, I’m certain we’ll see Dubai and Abu Dhabi joining the likes of London, New York and Hong Kong in the world’s top 10 global financial centres.

Both Dubai and Abu Dhabi are incredibly popular locations for driven expatriates who are looking to start or advance their careers, due to the significant opportunities in finance, trade and commerce, as well as the renowned ‘can do’ stance and low tax environment in these destinations.
However, now, thanks to this new law passed over the weekend, expats are now permitted to remain in the UAE after they retire, making these areas even more appealing.

This will also mean that firms based in these emirates will find it much easier to recruit top talent, and further boost confidence in the UAE being a place for overseas companies to invest and do business.

As it stands, Dubai is already viewed as one of the world’s most powerful, influential financial centres. Therefore, this new legislation will add considerable strength to this position.

This substantiates my opinion that within the next 10 years we can expect Dubai and Abu Dhabi to be part of the top 10 global financial hubs, and compete with the likes of London, New York, Tokyo and Hong Kong.

I can’t see any reasons why not. Of course, both these emirates have an independent regulator and judicial system, a global financial exchange, solid pro-business government, many HNWIs, a dynamic business community and world-class infrastructure and telecommunications network.

Not to mention English being the principal business language.

As such, I am in full support of the UAE government’s new legislation. It will entice more and more people to reside, work and remain in the country for the long-term, further enhancing its long-standing economic growth.

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