Dubai hopes rich pensioners will fill empty homes

SourceMiddle East & Africa
SectorEconomy
CountryUnited Arab Emirates

Old is goldDubai hopes rich pensioners will fill empty homesBut they won’t fix its flawed economic modelYOU CAN find almost anything in Dubai—except old people. The migrants who run its economy are a young bunch; with residency tied to work, retirement usually means a flight home. The tourists dancing in nightclubs and lounging on beaches tend to be young, too. But the emirate may soon sprout some grey hairs.In September Dubai announced a new residence visa for over-55s. Only the well-off need apply. Applicants must have a comfortable nest-egg or buy a property worth 2m dirhams ($540,000). The hope is that old folk who might settle in Portugal or Palm Beach will opt for the Persian Gulf instead. The scheme, two years in the making, could boost Dubai’s sputtering economy, ...read more...