Is Dubai over? Millionaire Mecca meets the harsh reality of great power politics – RT World News

Dubai, with clean, safe streets, discreet banks, abundant air travel options and red carpets rolled out for the rich, is watching its reputation unravel under the weight of foreign military ambitions.

The United Arab Emirates’ most populous city is paying the price of the US-Israeli war over Iran along with the rest of the Middle East. The attackers want to overthrow the government in Tehran. Defenders hope to make that goal too expensive even for Americans to afford.

Meanwhile, Arab countries that have welcomed US military bases for their security are seeing the limits of that protection — and expats living in Dubai have suffered, at least emotionally.

A millionaire’s haven in the Middle East

Dubai has earned a reputation as the most cosmopolitan city in the Arab world – a direct result of decades of strategic effort by the UAE leadership. Have money to spend? Come as a tourist, and the world is your oyster. Have money to invest? Better yet – remember that local partnerships are mandatory outside of certain sectors. Either way, enjoy the safety and hospitality, leaving your culture-war baggage at the door.

That appeal helped double Dubai’s population from two million in 2011 to four million last August. Its 90% foreign-born residents include an estimated 81,200 millionaires and 20 billionaires.

Departure of immigrants

Regional warfare triggered an exodus of those who could afford it. According to the Financial Times, tens of thousands of people reportedly fled Dubai in the first week of hostilities, even as the cost of evacuating a family of four by private jet reached $250,000.

The flights included tourists and members of Dubai’s wider expat community. International organizations have asked Gulf-based employees to work remotely. Bloomberg, which has its regional headquarters in Dubai, allowed staff to temporarily relocate and work from outside the Middle East.

Whether this outflow is temporary or more permanent remains to be seen. But stock traders look pessimistic: Dubai’s real estate and construction index (DFMRE) has fallen 30% in the past two weeks.

The end of the Dubai dream?

For many, the future looks bleak. “We are now thinking of moving to another country. Everyone knows Dubai is over.” A Pakistan-based taxi driver told The Guardian after his car was destroyed in a missile attack. “There’s no business, we’re not gaining anything from this war, and I don’t see tourism coming back.”

The West is giving chase “Dubai Dream” found their normal liberties curtailed. Influencers who helped shape the city’s glamorous image were told to turn off cameras and keep their mouths shut when watching buzzing drones or streaking interceptors. Harmful “Public Order” Or “National Unity” Officials have warned that unnecessary things can bring fines and prison terms.

The most valuable demographic — millionaires — had their own reasons for concern. In the early days of the outbreak, some people were prevented from transporting money to Singapore “Technical Errors” Reuters reported.

Things could get worse

Two weeks later, Dubai may be bruised but hard “Done.” Yet the risk of long-term damage is associated. Strikes on data centers operated by Amazon Web Services (AWS) in the UAE and Bahrain – framed by Tehran as aimed at harming US AI-enhanced intelligence activities – have also threatened the backbone of the region’s digital economy.

And there is the shadow of a real humanitarian disaster: disruption of food imports from the closure of the Strait of Hormuz or damage to desalination plants could make physical survival uncertain. However unlikely, such contingencies leave true reputation marks.