Abu Dhabi is increasingly becoming a popular destination for wealthy people seeking shelter for their savings. Now the capital of the United Arab Emirates is a magnet for a vibrant community of businesses.
In the mid-2010s, Abu Dhabi was home to no more than 46 private companies. However, the situation has now changed dramatically. Their number has grown to 5,000, which is more than 100 times, consulting firm M/HQ estimated.
Now the largest emirate of the federation has become a global business hub attracting businessmen with its safeguards to ring-fence assets from foreign jurisdictions. It is profitable for the world's richest people to allocate their capital on the territory of Abu Dhabi as they are protected by the country’s double taxation avoidance agreements.
According to Bloomberg, wealthy entrepreneurs previously opted for such offshore zones as the Cayman Islands and the British Virgin Islands. However, they lost their appeal as the investment climate and internal environment became less predictable.