The war in the Middle East has led to a security crisis in Dubai. Demand for private jets has increased sharply after drone and missile attacks caused damage to hotels, airports and consulates.
Dubai has attracted many wealthy people over the past decade. One reason is the lack of taxes on income, inheritance and capital gains. Another has been the high level of security.
The emirate currently has around 81,000 dollar millionaires. Of these, 9,800 moved to Dubai in 2025, with a combined wealth of $63 billion, writes CNBC.
During the last This week, the five-star Fairmont The Palm Hotel was hit by an explosion caused by debris from a downed Iranian drone. Dubai's airport was also damaged by a missile attack. On Tuesday, the US consulate in Dubai was targeted by a suspected drone attack, starting a fire nearby.
A total of three deaths have occurred in the United Arab Emirates, to which Dubai belongs.
At the moment, many wealthy individuals are focused on getting out of the country. Travel companies are reporting that demand for private flights is greatly exceeding available seats, and private airlines are reporting demand not seen since the pandemic.
Dubai Airport closed on Saturday, but has gradually resumed flights during the week.
Several airline stocks have fallen by double-digit percentage points this week. American Delta Airlines has fallen by just over 14 percent, and German Lufthansa by almost 12 percent.
In recent weeks, the security situation has changed due to the US and Israeli attack on Iran, which is located 120 kilometers away on the other side of the Persian Gulf, and subsequent retaliation against, among others, the United Arab Emirates.
Source: DI.SE
