UAE, GCC Millionaires Investment Hub

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The UAE has appeared as the most favored investment destination by a majority of theUAE, GCC Millionaires Investment Hub region’s millionaires, whipping other high-growth markets, new research reveals.

Approximately, a third (28%) of the global investors voted the UAE as the number one place to invest in, a research commissioned by Emirates Investment Bank (EIB). China came second on the list, with 21% of the votes, followed by Europe (21%), US (17%) and India (17%).

The survey results were published in EIB’s Wealth Insight Report 2014 which was conducted between November 2013 and January 2014. This survey was gathered the views of HNWIs (high net-worth individuals) with $2 million (Dh7.3 million) or more in invest-able assets from the UAE, Qatar, Kuwait, Saudi Arabia, Oman and Bahrain.

Industry experts said it is not astonishing to see the majority of the rich preferring to place their money in the UAE, considering that the country has been outpacing other global economies, thanks to its increasing services, retail, tourism, transportation, logistics and real estate sectors.

Dubai’s real gross domestic product (GDP) was approximated to have grown at an annual rate of 4.5% in 2013, compared to 2.4% in the US and 0.30% in the European Union countries.

At present, UAE created big noise about mega-projects, visions, ideas and improvement.

In a press conference, the chief executive officer of EIB said that UAE’s pro-investment policies, growing population and fantastic infrastructure are enticing wealthy individuals to invest in the country.

The majority of the HNWIs surveyed (87%) are also confident on the prospects for the Gulf region over the next five years. More than half (56%) said they think the economic situation in the region is making better.

The global recession, on the other hand, has affected the banking and investment results of (66%) of the well-off. Along with those who have been affected, 38% are now more conscious and vigilant of the risks related to their investments, while 21% have controlled or reduced their global investment activities.