Dubai Losing Billions as Insecure Expats Send Money Abroad
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Even after 40 years of living in Dubai, Wissam Haroun says his status there isn’t secure enough to invest his savings locally. The emirate’s rulers have an $11 billion reason to make him feel more at home.
“My long term investments here tend to be limited,” because of rules including caps on residency visas, said Haroun, a Syrian who founded Haroun Multimedia FZ LLC, a Dubai-based entertainment and technology company. A pension plan would address the needs of those looking for increased stability, he said. “I would seriously consider investing.”