> living there and doing well
I 'm sure there are but its not clear a) if they started their businesses there and b) if dubai played an essential role other than being low-tax.
I 'm sure there are but its not clear a) if they started their businesses there and b) if dubai played an essential role other than being low-tax.
However, they are all spending their money in Dubai (property, purchases, etc), so generally a net win for the local economy.
A lot of foreign brands (i.e. supermarkets, car manufacturers, certain fashion brands) are concessions that are held by local Emirati families granted to them decades ago by the Sheikh. So those profits mostly flow back to the local Emirati population.
Dubai is also benefiting from the general tax and secrecy crack-down in all of EU and OECD countries like malta, cyprus ireland, switzerland, singapore (Dubai was until very recently non-cooperative jurisdiction) but it's not clear whether this will last forever. It will be interesting to see whether the UK will seek to lower taxes post-brexit.