United Arab Emirates: Country Overview

The desert oasis of innovation and luxury

The United Arab Emirates are known for their mix of modern cities and wild deserts. Enjoy the world’s largest skyscrapers and most luxurious lifestyle in this desert oasis. The federation of seven emirates has a growing economy based on oil, finance and tourism. Enjoy the UAE’s futuristic cities like Dubai and Abu Dhabi with fascinating deserts and historic sites.

People from around the world are drawn to the UAE because of the year-round sunshine, the booming real estate and the countless beach resorts. The low-tax environment attracts entrepreneurs and businesses from around the world.

United Arab Emirates – Country Highlights

Economy

GDP (nominal): $509.18bn
Comparable to Thailand and Singapore

GDP/capita: $50,602
Comparable to the UK and Hong Kong

GDP growth: 3.4% (annual, 2023)
Increasing rate from 4 – 4.5% forecasted (2024-2028)

Population

Size: 9.4 million people

Median age: 33.7 years
Compared to 43.3 in Singapore and 38.7 in Ireland

Density: 131.9 people/km²
Comparable to France and Thailand

Climate

Average temperature: 29°C
Ø low of 24°C and Ø high of 40°C

Sunshine hours/year: 3,494h
Compared to 1,197h in Norway and 2,634h in Thailand

Average precipitation/year: 78mm
5th driest country in the world

Language

Arabic (official)
English (90%), Hindi, Malayalam, Urdu, Pashto, Tagalog, Persian

Religion

Muslim (official) 76%
Christian 9%, Buddhist 8% and Hindu 6%

Security

Legatum Safety Ranking: 50th of 167
Comparable to Panama and Kuwait

United Arab Emirates Armed Forces: 150,000 (active)
Budget: 24.4bn (5.6% of GDP)

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Real estate market

Housing prices rising steadily
Average of 12-20% annual appreciation
Foreign buyers dominate luxury market

Government

Not Free Country
Freedom Score 18/100 according to the Freedom House World Report

Federal Absolute Monarchy
Executive: President (Sheikh MbZ)
Legislative: Federal National Council (advisory)
Judiciary: Federal Supreme Court (independent)

There are no elections.

Taxes

There is no individual tax registration or reporting obligation.

Territorial tax law
0% personal income tax
9% corporate tax on local profits
5% value added tax

Tax haven
0% capital gains tax
0% crypto tax
0% dividend tax
0% inheritance tax

Cost of living

Annual Inflation (CPI): 3.12% (2023)
Latest 2.9% (Feb 2024); forecasted at 2.5%

Cost of fuel: $0.75/liter

Cost of electricity: $0.08/KWh

Annual cost of food: $1,961
Compared to $3,070 in USA and $3,671 in Hong Kong

Healthcare

Free Universal Healthcare
Quality and service are very high. Private health sector is booming and one of the most attractive medical tourism locations in the world.

Doctors per capita: 2.88
per 1,000 people, WHO Global Workforce Statistics, 2020

Life expectancy: 78.7
(HMD 2023)

Education

Free education for citizens
98.13% adult literacy rate

Tertiary Education attainment: 47.18%
of adult population; The UAE ranks 1st globally

Foreigners have to pay to attend public schools. Many private options available.

Living in United Arab Emirates: Unique Benefits

Best direct flight connections

The United Arab Emirates have some of the best direct flight connections in the world: You can fly to 268 destinations in 102 countries directly from Dubai. And even from Abu Dhabi you can still get direct flights to 129 destinations in 66 different countries.

Outstanding quality of life

Enjoy an extremely high standard of living: Dubai alone has 61 different 5-star-hotels to offer. The Michelin Guide of Dubai features 90 restaurants, with 14 Michelin-Star restaurants, 17 Bib Gourmand recipients and 3 green-star-awards.

Member of United Nations, Arab League & Gulf Co-operation Council

The United Arab Emirates are both embedded internationally into the community of nations at the UN, as well regionally well connected and respected within the Arab League and the Gulf Co-operation Council.

Ease of doing business

According to the world bank the UAE are among the top 20 countries of doing business. This factors in, for example, how quick a business can be started, how easy construction permits can be obtaining or how easy it is to pay taxes.

Booming real estate sector

After the real estate properties increased on average by 20% in value in the year 2023, it is expected that they further increase by around 12% in the following year 2024. With this performance the UAE is among the most exciting real estate markets of the world.

United Arab Emirates: surprising must-knows and fun facts

Tallest building in the world

The Burj Khalifa in Dubai, UAE, is the tallest building in the world, reaching the enormous height of 828 meters (2,717 feet). In comparison, second largest building in the world is 149 meters shorter, the Merdeka Tower in Malaysia. The Burj Khalifa is a strong symbol of the economic success of the UAE.

First minister of artificial intelligence

The UAE appointed the world’s first Minister of State for Artificial Intelligence in 2017, showcasing its commitment to leading in technological innovation. It’s a place where once can get inspired to innovate and grow faster.

Louvre Abu Dhabi

The Louvre in Paris is one of the most famous museums in the world with only two other Louvre branch museums: One is the Louvre-Lens in France and the other one is the Louvre-Abu Dhabi in the UAE. The Louvre Abu Dhabi is the first universal museum in the Arab world, which bridges Eastern and Western art. It’s a unique center of culture within the whole region.

Largest artificial islands

The Palm Jumeirah, one of the three Palm Islands in Dubai, UAE, is the largest artificial island in the world, visible even from space. In the United Arab Emirates demonstrates how everything imaginable can become reality here.

World’s most luxurious hotel

The Burj Al Arab in Dubai, UAE, often cited as the world’s only “seven-star” hotel, sets the benchmark for luxury with its opulent design and extravagant services. Their shuttle service, for example, operates with a variety of luxury cars, amongst, Rolls-Royce and Lamborghini.

Air-conditioned bus stops

Even if you were to take the bus in Dubai, you will experience luxury and innovation. To combat the desert heat the city has introduced air-conditioned bus stops, ensuring comfort for its residents and visitors alike.

Discover the United Arab Emirates: Opportunities in the Middle East

The United Arab Emirates is a unique combination of innovation and tradition. Home to the world’s tallest skyscrapers and luxurious lifestyles, the UAE, especially Dubai and Abu Dhabi, invite you to enjoy sun every day. From the shimmering sands of its deserts to the lively streets of its futuristic cities, the Emirates offer a sanctuary for those seeking a premium living experience. Whether it’s Dubai’s real estate or Abu Dhabi’s cultural sites, investors, entrepreneurs and influencers from around the world are moving to the UAE.

Why choose the UAE for your next home?

Year-round sunshine, a thriving real estate market, and a welcoming low-tax environment are just the start of what makes the UAE a hotspot for global citizens. Investors and families alike are drawn to the many beach resorts and the promise of a high-standard living without the burden of income taxes. Cities like Dubai not only offer luxurious residential options but also serve as a hub for international business, making them ideal for those looking to invest in a dynamic, growing economy.

Economic landscape: Strong and welcoming

With a GDP growth consistently outpacing global averages, the UAE’s economy is a fertile ground for investment. The federation’s strategic focus on oil, finance, and tourism has cultivated an environment ideal for business opportunities. The real estate sector, in particular, has seen impressive growth, with properties appreciating annually, attracting investors worldwide to look at Dubai for lucrative investment opportunities.

A growing market for real estate investors

Dubai’s real estate market is flourishing. With properties appreciating by an average of 20% in 2023 alone and forecasts showing continued growth, the market presents a compelling case for investors. From luxury mansions in Dubai to innovative projects like the Dubai Creek Tower, the city offers a range of properties that promise not only luxury but also profitability.

Navigating Dubai’s real estate investment opportunities

Investing in Dubai’s real estate is becoming increasingly attractive because of the large inflow of wealthy individuals who move to the UAE every year. In the year 2023 alone around 4,500 millionaires were moving to the Emirates. They seek well-known properties like the iconic villas at Palm Jumeirah or the state-of-the-art apartments in Dubai Marina and of course there are plenty of new luxury developments being constantly finished. Pallas helps you by providing expert insights and streamlined services to make property investments in Dubai both profitable and effortlessly easy.

Unmatched luxury and world-class amenities

Dubai is synonymous with luxury. The city hosts countless five-star hotels, such as the Burj Al Arab, recognized globally for it’s opulent glamour. Dining options include many Michelin-starred restaurants, offering everything from haute cuisine to authentic local dishes. For those seeking leisure and shopping, places like the Gold Souk and the Dubai Mall are just the starting point… there is nothing you can’t buy in the UAE!

A business hub with global connections

The UAE stands out as a top-tier destination for business, mainly because of its excellent flight connectivity. Imagine being able to take direct flights from Dubai airport to 102 different countries: Travelling has never been so easy. Entrepreneurs can benefit from the business-oriented regulatory framework and the ease of setting up new ventures. Supported by modern infrastructure and a progressive business environment, the UAE’s policy of no corporate income tax on most businesses further enhances its attractiveness as a business hub.

Residency by investment in the UAE

The UAE offers one of the most popular immigration programmes for obtaining a second residency worldwide: the UAE Golden Visa. This program allows investors to secure a 10-year residence visa through a real estate investment of a minimum of 2 million AED which equals around $550,000 USD. This visa not only grants the holder and their family security but also opens up a world of opportunities within the UAE.

Simple process, profound benefits

At Pallas we make the process of obtaining a residence visa through investment for you efficient and enjoyable. Pallas takes care of all the details so that you can fully focus on your new venture and lifestyle. This residency gives you both unrestricted entry and exit and also gives you the ability to live, work, and study in the UAE while enjoying the benefits of a tax-free salary.

A promising destination for families and businesses

The UAE’s commitment to maintaining a high quality of life is evident in its world-class healthcare, innovative educational facilities, and comprehensive security measures. With its growing modern cities, life in the UAE offers a combination of security, luxury, and opportunity unmatched by any other country.

Why Pallas?

At Pallas, we specialize in helping our clients navigate the complexities of real estate investment and immigration in the UAE. Our team of experts ensures that every step of your investment journey is seamless and profitable. From choosing the right property to securing your golden visa, Pallas is your trusted partner in unlocking the potential of the UAE real estate market. Discover the benefits of living and investing in the UAE with Pallas – your fast track to a luxury lifestyle and successful investment opportunities in the Emirates. Contact us today to learn how you can start your journey.