Indian investment influx in the UAE
- July 20, 2021
- Posted by: axiom_admin
Historians specialising in Indo-Arab relations have indicated that Arab merchants were a familiar sight in Indian coastal towns, long before recorded history. UAE-India relations go back not hundreds, but thousands of years ago.
Both countries have nurtured a strong bond built on mutual trust, respect, trade, and commerce laced with a generous sharing of and influencing food, culture, religious practices, literature, myths, and more. This is why it is not uncommon to find Indian families who have been living and doing business here for decades and some close to a century.
The UAE has been a preferred destination for Indians for many years now. Indians make up almost 30 percent of the UAE’s nearly 10 million population.
Dubai is second home to a multitude of Indians from various walks of life; many own property here for investment, leisure or to live in. Over the last few years, there has been a steady rise in the number of Indian residents opting to buy a home in Dubai. Dubai Land Department (DLD) data shows 5,246 Indian nationals invested in Dubai’s real estate sector in 2019, pumping in more than AED 10.89 billion. This trend received a further boost during the pandemic as real estate prices in the country became more favourable for buyers along with the rise of work from home culture.
Towards the end of 2019, the pandemic forced most parts of the world into a complete lockdown. We were hoping that Covid-19 would be old news in 2021 but the virus continues to have a strong grip on lives and headlines around the globe. Pre-Covid, a typical sentiment for many Indians residing in the UAE was to invest in a home in India and have a holiday home here. This is rapidly changing; there is an increased preference for a long-term home here in Dubai and owning holiday homes in India.
For years, the UAE has been a popular choice for High net worth individuals (HNWIs) in India to migrate to. It features regularly among the top 10 countries in the world in the Global Wealth Migration Review. Financial concerns, taxes, the standard of living, government policies are some of the reasons why HNWIs leave a country and opt for those that offer a good quality of life, health and education facilities, and good business opportunities.
Source: Lal Bhatia, Arabian Business