A new generation of wealthy people are basing themselves in Dubai

A new generation of wealthy people are basing themselves in Dubai

Be the first to know about every new Coronavirus story

Before the Covid-19 pandemic, Ziad Dannaoui was spending two-thirds of the year in a hotel. As president of Safanad, a global investment company, he was making four or five flights a week between its offices in New York, London and Dubai from his home in Beirut.

But Covid-19 led to him being stuck in Lebanon, isolated from global markets and colleagues, so he decided to move his family home to an office location, choosing Dubai. "It is safe and open,“ he says. "Dubai has the right kind of leadership, very proactive and robust with quick decision making and an unwavering commitment to functioning infrastructure.“

Last August, he moved his family to the region's business and tourism hub, buying a home in the popular residential district surrounding the Burj Khalifa skyscraper. "The lack of travel meant I needed to be in a place where we had an office and which had relevance for our business “” with partners and counterparties there,“ says Dannaoui.

His story is echoed by many new residents of Dubai. From tech workers to crypto enthusiasts, a new generation of wealthy individuals are basing themselves there “” despite it being an autocratic