As the Middle East frets about conflict, Dubai booms with an influx of anxious wealth
As conflict casts a shadow across the Middle East, people are getting rich in Dubai
DUBAI, United Arab Emirates (AP) — As conflict casts a shadow across the Middle East, people are getting rich in Dubai.
The desert sheikdom’s economy is buzzing with tourism and construction as it positions itself as a safe haven in a region that's resting on a knife’s edge following the assassination of Hamas leader Ismail Haniyeh in Iran.
“Dubai is in a very unique position. We happen to be the net beneficiary of crisis in the region, for good or bad,” Zhann Jochinke, the chief operating officer of real estate consultancy Property Monitor, told The Associated Press.
Dubai has a long history of indirectly benefiting from crises in the region. When the ultra-wealthy worry about turmoil, the city offers stability, low taxes and a friendly visa system.
