I get that bankers found the tax free life appealing before, but surely no amount of tax saving is worth personal danger to family.
Will we see a mass exodus from Dubai?
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Based on the most helpful WSO content, Dubai remains an attractive destination for high finance professionals, including those in hedge funds, due to its tax-free salaries, luxurious lifestyle, and expat-friendly environment. While there are challenges, such as the difficulty of transitioning back to Western markets after working in Dubai or Abu Dhabi, there is no indication of a mass exodus from Dubai's financial sector.
The appeal of Dubai lies in its low-tax jurisdiction, high incomes, and the ability to build wealth over time. Many professionals, especially those in investment banking, private equity, and hedge funds, are drawn to the region for these reasons. However, the experience at some institutions, like sovereign wealth funds (SWFs), can be less favorable due to bureaucracy and red tape, which might influence individual career decisions.
Concerns about personal safety or family danger are not highlighted as significant deterrents in the WSO discussions. Instead, the focus remains on career growth, financial benefits, and lifestyle advantages. Therefore, while individual circumstances may vary, a mass exodus from Dubai's hedge fund or broader financial sector seems unlikely at this time.
Sources: A Regressive Tax | The Daily Peel | 8/9/22, Dubai: Still a Place to Work in High Finance & Build Wealth?, Q&A: MBB, BB S&T+IB, Top MBA, US/Global, Non US/Europe IB/PE Overview
NYC had 9/11, London had the 2005 bombings, and so on.
Depending on the length of this war, Dubai might take a pause, but it will absolutely come back.
Hopelessly naive take. You are assuming this is the worst of it. London bombings and 9/11 were one-time things in each of those places. Not weeks of bombardments and attacks from a number of unstable states (Yemen, Lebanon, Iran, etc). It's clear this is NOT one-time. London and US are not near terrorist hot zones at all. The Gulf states are and will be forever
Dubai is never going to go back to those glory days. The oasis of safety & tax free paradise attracting massive capital and talent -- this has been shattered. Maybe people forget in a few generations but for all intents and purposes, the Vision 2030 / modernization goals of these Gulf States have been crushed. They may do ok from here but the best is gone
Just wait until this gets even worse. Attacks on oil production / desalinization plants / etc. Then it's truly well and done
"In a few generations" LOL, in a couple of years many that left will be coming back.
I imagine you're too young to have lived through this, but people said the exact same post 9/11 and even post-Covid and yet here we are.
"Buy when there's blood on the streets" logic. Don't panic, people's memories are much shorter than you think.
keep trying to tell yourself you made the right decision moving to dubai lol
Have lived in NYC/London and invested in MENA for > decade. I agree with first poster that this is much closer to Kuwait post Gulf War 1 than the NYC/LDN terror attacks...note it still hasn't really recovered IYKYK.
It's over.
People getting arrested for getting injured by drone strikes and then talking about it.
No freedom. No morals.
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