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<ul class="summary-list"><li>Armand Arton's firm helps wealthy families secure golden visas and passports.</li><li>He shared the top five countries where clients are interested in relocating to via investment.</li></ul>This as-told-to essay is based on a transcribed conversation with Armand Arton, 47, president of Arton Capital, a financial advisory firm, about golden visas and passports. The following has been edited for length and clarity.I founded Arton Capital in 2006. We advise governments on how to attract wealthy global citizens to their countries through <a target="_blank" href="https://www.businessinsider.com/cheapest-countries-where-you-can-buy-citizenship-or-residency-2022-8">residence-by-investment programs</a>, and we also have a private client division where we advise ultra-high and <a target="_blank" href="https://www.businessinsider.com/inheriting-wealth-high-net-worth-wealthy-families-2024-9">high-net-worth families</a> about how to obtain residencies in other countries.Our clients are based all over the world. Some have relocation needs because they're in a country where lives are in danger, while for others, it's more of a lifestyle decision. They want mobility to access more countries worldwide. We advise them about <a target="_blank" href="https://www.businessinsider.com/golden-visas-greece-portugal-spain-boosted-economy-housing-crisis-2024-5">golden visas</a> and <a target="_blank" href="https://www.businessinsider.com/countries-buy-citizenship-golden-passport-countries-list-2022-8">golden passports</a> — government programs that offer residency or citizenship rights to foreign investors.When I first entered this industry nearly 20 years ago, the perception was that people living in the East wanted to move west. But in recent years, migration has been happening in all directions. During the COVID-19 pandemic, many American investors couldn't enter Europe, so they are now looking for residency programs in European countries. After this year's elections in France and the UK, we're also seeing millionaires in those countries looking to relocate.Here are the top five countries that my clients, who are looking to <a target="_blank" href="https://www.businessinsider.com/what-is-golden-passport-visa-russian-oligarch-dual-citizenship-2022-4">relocate through investment</a>, are interested in moving to:<h2 id="03690ace-4528-4ff2-893d-56a43bf85ac0">Hungary</h2>In 2013, Hungary launched a program granting citizenship in exchange for investing in government bonds, with the promise of repayment after five years.They decided to reopen it this year with an additional focus on real estate investment.It comes with a residency card that can be renewed after 10 years.Hungary offers a European lifestyle, is safe, and offers huge opportunities to invest in real estate.Unlike countries like Portugal and <a target="_blank" href="https://www.businessinsider.com/spain-scrapping-golden-visas-real-estate-investment-wealthy-foreigners-2024-4">Spain</a> that want to <a target="_blank" href="https://alpenpartners.com/insights/exploring-portugals-updated-golden-visa-a-guide-to-the-recent-changes/#:~:text=Investors%20can%20no%20longer%20apply,other%20areas%20of%20the%20economy.">abolish</a> or <a target="_blank" href="https://www.euronews.com/travel/2024/07/25/what-is-a-golden-visa-and-why-are-some-countries-giving-them-up-for-good#:~:text=Earlier%20this%20year%2C%20Spain%20also,for%20all%20types%20of%20investment.">redirect</a> funds away from the property sector, Hungary encourages people to invest in real estate.<a target="_blank" href="https://schengen.news/moving-to-europe-heres-how-much-buying-a-house-in-each-member-state-can-cost/">Property in Hungary is relatively inexpensive</a>, which creates opportunities for investors. Hungary also has a stable political ecosystem. Governments haven't changed as rapidly as in Greece or Italy.There's an option to apply for a passport in Hungary, but you will have to reside in Hungary for eight consecutive years and pass a test in the local language.<h2 id="bf17bf12-1fef-4b09-ae72-d599d7f7e619">Greece</h2>Because Hungary has just relaunched its program, there's a lot of hype around it, but recently, I've been seeing more people invest in <a target="_blank" href="https://www.businessinsider.com/best-places-to-visit-in-greece-this-summer-2022-7">Greece</a>.Greece's program stipulated a 250,000 euro minimum investment in real estate, but recently, the government announced it would increase the price to 400,000 euros. This came into effect at the start of September.We saw a surge in clients applying for visas in Greece because everyone got their applications in before the price hike. We don't expect demand to slow down. The opportunity for easy access to Greece's storied cities, beaches, and culture will never lose its appeal, whatever the price.Greece is a popular tourist destination, so clients buy properties they can rent out for income.<a target="_blank" href="https://www.businessinsider.com/moved-dubai-nyc-british-expat-been-tough-2024-9">A golden visa</a> in Greece does not automatically confer the right to work. Instead of being employed by others, investors can establish and own a business in the country. This can benefit Greek citizens, who can seek employement by the companies that golden visa applicants establish.Similarly to Hungary, there's a flexible long-term residence pathway that offers access to the Schengen area, a border-free zone of 29 European countries where citizens and residents can travel easily.To obtain citizenship in Greece, you must have resided in the country for seven years and passed Greek language and cultural knowledge tests.I've found that for people applying for residency by investment, citizenship is a possibility but not the end goal. A permanent residency in a European country gives them similar rights to citizens.<h2 id="c2853128-0919-474d-8c06-3cc88ee31c8d">Italy</h2>Italy's program has been under the radar for a long time.The program requires investment directly into the economy, such as the stock market, instead of real estate. It's not been as popular because it doesn't have a real estate option.However, since <a target="_blank" href="https://www.businessinsider.com/brexit-is-a-disaster-britain-trade-european-union-boris-johnson-2021-3">Brexit</a> created instability in Europe, Italy has become a more popular destination among ultrawealthy people already in Europe. This is thanks to its amazing tax package for anyone who decides to live in Italy and become a permanent resident.Until August 2024, foreign income, with some exceptions, was taxed at a flat rate of 100,000 euros a year for 15 years for applicants who became tax-paying residents of Italy.This has now been <a target="_blank" href="https://www.reuters.com/world/europe/italy-retains-appeal-super-rich-new-residents-despite-tax-hike-2024-08-09/">doubled to 200,000 euros per year</a> on foreign worldwide income. We've noticed demand from people in other European countries such as England, France, and Germany, eager to take advantage of the 15-year plan.<h2 id="707bfe7b-0e27-408f-90ea-9031f49dac6e">The UAE</h2><a target="_blank" href="https://www.businessinsider.com/millionaires-moving-uae-highest-inflow-wealth-magnet-usa-china-uk-2024-6">The UAE</a> has quickly developed into a country that attracts the wealthy and investors.Options for obtaining a golden visa in the UAE include investing at least AED 2 million in a bank, investment fund, or property. However, the government can also nominate applicants for a golden visa.Residencies are typically valid for 10 years before they need to be renewed, and the UAE has been <a target="_blank" href="https://www.forbes.com/sites/dominicdudley/2021/01/30/uae-offers-citizenship-to-rich-and-skillful-foreigners-in-attempt-to-boost-economy/">awarding citizenship</a> to some of its biggest investors. We've worked with more than four investors who've made impressive investments in the economy, and the country has rewarded them with a UAE passport.<a target="_blank" href="https://www.businessinsider.com/second-passport-application-steps-to-consider-2024-7">Citizenship-by-investment</a> in the UAE is not an official program that everyone can apply to, and that exclusivity is a draw for people. Our information is that less than a hundred passports have been awarded.Once you have a UAE passport, there are economic benefits. Expats are usually restricted to purchasing property in designated areas known as freehold areas. But with a UAE passport, these restrictions no longer apply.<h2 id="8b778372-a05a-43fe-9459-807bfe55f01f">The Caribbean Islands</h2>Among the Caribbean Islands, <a target="_blank" href="https://www.businessinsider.com/caribbean-island-redonda-rats-restoration-wildlife-endangered-species-antigua-barbuda-2023-10">Antigua and Barbuda</a> has attracted most of our clients this year.We feel that ultra-high-net-worth clients want a less popular program than one that everyone has, which is what's drawn people here.Antigua is also experiencing phenomenal economic growth and attracting brands and tourism. There's a focus on luxury hotel developments.Though it was completely devastated by hurricanes Irma and Maria in 2017, it's becoming a <a target="_blank" href="https://www.theguardian.com/global-development/2023/sep/26/billionaire-club-the-tiny-island-of-barbuda-braces-for-decision-on-land-rights-and-nature">playground for billionaires</a>.<h2 id="c0207e16-d938-4d8f-b29f-b43232439026">I'd advise wealthy migrants to get in on programs sooner rather than later</h2>The number of applicants for golden visas increases every year. I've witnessed ups and downs in the number of residence-by-investment programs available to wealthy migrants. Countries including Bulgaria, the UK, and Ireland have recently closed programs, so at the moment, I think more programs are closing than opening, but demand for these programs constantly grows.Programs are becoming more limited and more expensive, so I'd advise people who can afford to make these investments to do so now before processes become more difficult.

I help the ultrawealthy secure golden visas and golden passports. Here are the top 5 countries they want to move to. 

The <keyword id="6354870" type="General" weightage="50" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> has granted well-known actress, producer and politician <keyword id="2023134" type="General" weightage="80" keywordseo="khushbu-sundar" source="Orion">Khushbu Sundar</keyword> its prestigious <keyword id="4519141" type="General" weightage="100" keywordseo="golden-visa" source="Orion">Golden Visa</keyword>. Taking to social media, Khushbu said: "And here I come with my Golden gift from the UAE government. Sorry for picking it up after a long time. Humbled and thank you." "And a big thanks to ECH and Iqbal Macroni for initiating and making this happen. Thanks to everyone at ECH, Dubai #GoldenGirl" Khushbu is not the only one to have been granted the Golden Visa. Prior to her, several actors including <keyword id="6354603" type="General" weightage="50" keywordseo="kamal-haasan" source="Orion">Kamal Haasan</keyword>, Nasser, Mammootty, Mohanlal, Tovino Thomas, Parthiepan, Amala Paul and Shah Rukh Khan have received it. The <keyword id="7848628" type="General" weightage="50" keywordseo="uae-golden-visa" source="Orion">UAE Golden Visa</keyword> is a long-term residence visa system, extending from five to 10 years. The visa is automatically renewed. It is granted to achievers from various fields, professionals, investors and those with promising abilities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/i-dont-believe-i-fall-into-the-category-of-eminent-personalities-amitabh-bachchan/articleshow/94739213.cms">'I don't believe I fall into the category of eminent personalities': Amitabh Bachchan</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/jungles-teach-you-patience-says-actress-sadaa/articleshow/94705693.cms">Jungles teach you patience, says actress Sadaa</a>

Tamil actress and politician Khushbu Sundar gets Golden Visa for UAE

<ul class="summary-list"><li>A record 128,000 millionaires are expected to move countries in 2024, according to a new report.</li><li>Data from Henley &amp; Partners shows the UAE has the largest predicted inflow of millionaires.</li></ul>Millionaires are choosing one place above all to move to, according to a new report: the <a target="_blank" href="https://www.businessinsider.com/hedge-funds-talent-middle-east-capital-dubai-abu-dhabi-2024-5">United Arab Emirates</a>.According to data from the latest report by <a target="_blank" href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024">Henley &amp; Partners</a>, a firm that advises the wealthy on where to move to protect and grow their assets, <a target="_blank" href="https://www.henleyglobal.com/publications/henley-private-wealth-migration-report-2024/top-10-country-inflows">6,700 millionaires</a> are projected to move to the UAE this year.That's nearly double the inflow to the US, which had the second-highest expected <a target="_blank" href="https://www.businessinsider.com/millionaires-migration-hnwi-wealthy-tax-breaks-investments-business-owners-immigration-2024-5">migration of millionaires</a>, at 3,800.The US, however, still has the largest overall population of millionaires, followed by China, it said. The UAE came in 14th.The annual wealth report suggested that a record-breaking 128,000 millionaires, defined as individuals with liquid investable assets over $1 million, are expected to move countries this year.The firm dubbed 2024 a "watershed moment in the global migration of wealth."The firm's calculations are based on millionaire migration data from the first six months of 2024, rounded to the nearest 100, supplied by wealth intelligence firm New World Wealth.<a target="_blank" href="https://www.businessinsider.com/category/china">China</a> is actually on track to lose the greatest number of millionaires in 2024, with 15,200 high-net-worth individuals, or HNWIs, expected to leave the country, it said.This is a 10% increase from last year, it added, when China also had the highest outflow of millionaires.The UK is predicted to see the second-highest expatriation of millionaires in 2024, it said, with 9,500 likely to leave. This is double the 4,200 who left the UK last year.The UK, particularly London, is feeling a steep reversal in its status as a hub for the ultrawealthy. Policy changes targeting the ultrawealthy ahead of elections this summer are to blame, according to Hannah White, director of the UK think tank Insitute for Government, per the report's press release.According to the release, the UAE has positioned itself as a global "wealth magnet" thanks to its nonexistent income tax, "golden" <a target="_blank" href="https://www.businessinsider.com/live-work-dubai-digital-nomad-remote-visa-2020-10">visas</a>, and luxury lifestyle.This is the third year in a row that the Emirates has landed the top spot on the list.Dubai, the UAE's luxurious epicenter, has seen a <a target="_blank" href="https://www.businessinsider.com/dubai-luxury-real-estate-scene-agent-insight-hot-property-2022-3">boom in real-estate investment</a>, with luxury apartment complexes due to be completed in 2024 and 2025 selling out in just one day.Attracting and retaining HNWIs is an important strategy in geopolitical relations.Dominic Volek, the head of private clients at Henley &amp; Partners, said millionaire migration could inject capital and talent into the host nations as a "debt-free source of funding for governments," per the report.

The UAE is set to be the world's 'wealth magnet' this year, with 6,700 millionaires expected to move there

The <keyword id="6358356" type="General" weightage="100" keywordseo="uae" source="Orion">UAE</keyword> had adopted a new liberalised <keyword id="13649688" type="General" weightage="80" keywordseo="entry-and-residence-scheme" source="Orion">Entry and Residence Scheme</keyword>, including new categories and expanding the scope of beneficiaries. The initiative is aimed at supporting the country's competitiveness in the tourism, economic and educational sectors. Aiming at attracting and retaining global talent, the UAE has updated the <keyword id="13647189" type="General" weightage="20" keywordseo="Golden-Residence" source="Orion">Golden Residence</keyword> rules as a part of the new Entry and Residence Scheme. The scope of beneficiaries has been expanded to offer more benefits, including 10 years of renewable residence. The new Entry and Residence Scheme also offers 10 types of entry visas with simplified requirements and more benefits. The new visas require no host or sponsor, offer more flexibility, multi-entry, 60-day validity, and one unified platform for applications. The new system for residence <keyword id="6359421" type="General" weightage="20" keywordseo="visa" source="Orion">visa</keyword>s and entry permits offers new types of residence permits for investors, skilled employees, self-employed individuals and family members. The new visa types provide <keyword id="13649689" type="General" weightage="20" keywordseo="customised-benefits" source="Orion">customised benefits</keyword> to each category. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/nearly-400-million-people-in-china-under-full-or-partial-lockdown-due-to-a-strict-zero-covid-policy/articleshow/90927364.cms">Nearly 400 million people in China under full or partial lockdown due to a strict zero-Covid policy</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/after-elon-musk-founder-jack-dorsey-slams-twitters-board-amid-takeover-push/articleshow/90914374.cms">After Elon Musk, founder Jack Dorsey slams Twitter's board amid takeover push</a>

UAE announces 10 types of new entry residence visas to attract global talent

<ul class="summary-list"><li><keyword id="13281691" type="UNKNOWN" weightage="60" keywordseo="oligarchs" source="Orion">Oligarchs</keyword> are moving to countries with a neutral stance on <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword>'s invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, per Forbes.</li><li>The <keyword id="11897976" type="UNKNOWN" weightage="60" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword>' golden visa program offers long-term residency to investors. </li></ul>Sanctioned <keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> are fleeing to countries that have adopted a neutral stance on the Ukraine war, where they could also gain long-term residence visas. <a href="https://www.forbes.com/sites/johnhyatt/2022/04/08/russian-oligarchs-fleeing-sanctions-are-house-hunting-in-dubai/?sh=338e02e58ce4">Forbes</a> first reported the story.Brokers told Forbes that not only are the sanctioned individuals house-hunting in <keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword> but they are also interested in full residence. One real estate broker at Vartur Real Estate told Forbes: "Those kinds of people are looking for bigger investments, they're scared to keep their assets in European countries."The United Arab Emirates offers long-term residence visas through its <a href="https://u.ae/en/information-and-services/visa-and-emirates-id/residence-visa/long-term-residence-visas-in-the-uae">"golden visa" program.</a> This enables foreigners to live, work, and study in the UAE without the need for a national sponsor and with 100% ownership of their business. To be granted golden visas, which are issued for five or 10 years and renewed automatically, applicants must be investors, entrepreneurs, specialized talents and researchers in various fields of science and knowledge, or bright students with promising scientific capabilities.The Russian oligarchs could get golden visas if they invest at least 10 million dirhams ($2.7 million) in a local company or investment fund. The UAE government did not immediately respond to Insider's request for comment, made outside of normal working hours. Abdullah Alajaja, CEO of Dubai real estate brokerage Driven Properties, told Forbes: "It's effectively a lifetime residency that you get granted by the Dubai government [and] it's very affordable for many of these affluent Russians."Another real estate agent told said that Dubai's market had always been successful with Russian investors.The <a href="https://news.un.org/en/story/2022/04/1115782">UAE abstained</a> from adopting a resolution on Thursday, which suspends Russia from the Human Rights Council. Insider's Grace Dean previously reported that <a href="https://www.businessinsider.com/sanctioned-russian-billionaire-roman-abramovich-house-property-dubai-ukraine-uae-2022-3">Roman Abramovich</a>, who has been continuously scrutinized since the sanctions hit, was looking for a house in Dubai. From superyachts and properties to private jets, oligarchs are increasingly having their most <a href="https://www.businessinsider.com/russian-oligarchs-roman-abramovich-superyachts-properties-jets-seized-2022-3">precious assets </a>seized. Alan Pinto, a leasing consultant at Espace Real Estate in Dubai Marina, told <a href="https://www.theguardian.com/world/2022/mar/26/dubai-throws-open-the-doors-for-the-rich-russians-escaping-sanctions">The Guardian</a> last month that Russian investors "know how to deal with local authorities and to make themselves good neighbors."

Sanctioned Russian oligarchs could benefit from the UAE's golden visa program, which offers long-term residency in exchange for a multimillion-dollar investment

<ul class="summary-list"><li>The 390ft <keyword id="12425898" type="UNKNOWN" weightage="60" keywordseo="superyacht" source="Orion">superyacht</keyword> has been anchored in the <keyword id="11897976" type="UNKNOWN" weightage="60" keywordseo="united-arab-emirates" source="Orion">United Arab Emirates</keyword> for weeks.</li><li>The vessel belongs to Russian <keyword id="13329911" type="UNKNOWN" weightage="60" keywordseo="oligarch" source="Orion">oligarch</keyword> <keyword id="14095989" type="UNKNOWN" weightage="60" keywordseo="andrey-melnichenko" source="Orion">Andrey Melnichenko</keyword>, worth an estimated $23 billion.</li></ul>A superyacht belonging to a sanctioned Russian oligarch has been spotted in the port of Ras al-Khaimah, in the United Arab Emirates, according to AP journalists who saw the vessel on Tuesday. Andrey Melnichenko's 390ft Philippe Starck-designed Motor Yacht A, worth $300 million, was last reported in <keyword id="6354539" type="UNKNOWN" weightage="60" keywordseo="dubai" source="Orion">Dubai</keyword>, according to <a href="https://www.marinetraffic.com/en/ais/details/ships/shipid:371455/mmsi:232039748/imo:1009340/vessel:A">vessel-tracking website MarineTraffic</a>.<a href="https://www.businessinsider.com/russian-oligarch-andrey-melnichenko-578-million-yacht-seized-by-italy-2022-3">Melnichenko's other yacht,</a> worth $600 million, was seized by Italian authorities in early March as part of western sanctions imposed following Russia's invasion of Ukraine.Remaining in the UAE port puts the yacht beyond the reach of western sanctions.UAE has publicly expressed neutrality about the war in Ukraine. <a href="https://www.businessinsider.com/russian-oligarchs-long-term-residency-united-arab-emirates-dubai-2022-4">Insider previously reported </a>that sanctioned oligarchs can obtain golden visas by investing at least 10 million dirhams ($2.7 million) in a local company or investment fund.<a href="https://www.abc.net.au/news/2022-06-01/sanctioned-russian-oligarchs-superyacht-hides-in-uae-port/101118476">The Australian broadcaster ABC News </a>and the <a href="https://www.ft.com/content/0b4d7171-f632-4901-aafe-e283a732a1a9">Financial Times</a> first reported the story.<div type="image" title="The Philippe Starck-designed boat is seen moored next to HMS Belfast on the River Thames on September 7, 2016 in London" height="1442" width="1923" msid="91959974" hostid="261"></div>According to MarineTraffic, the superyacht used to sail under the UK flag.However, in March, the government of the Isle of Man, a British crown dependency in the Irish Sea, said it had deregistered Melnichenko's yachts including Motor Yacht A because of western sanctions. It added: "We will continue to act with appropriate robustness should the situation warrant it."European officials told the FT that they don't want "our allies to become facilitators for the Putin regime," and raised concerns with Emirati counterparts that sanctioned individuals could treat the UAE as a financial haven. Melnichenko, worth $23.5 billion<a href="https://www.forbes.com/profile/andrey-melnichenko/?sh=44fa88543086"> according to Forbes</a>, founded one of Russia's most successful lenders, MDM Bank. He also founded the fertilizer producer Eurochem and coal energy company SUEK.<keyword id="12690587" type="UNKNOWN" weightage="60" keywordseo="russian-oligarchs" source="Orion">Russian oligarchs</keyword> have also turned to alternative routes regarding financial transactions, such as <a href="https://www.businessinsider.com/russian-oligarchs-sanctions-movement-money-hawala-ukraine-war-2022-4">hawala</a>, an <a href="https://www.businessinsider.com/russian-oligarchs-payment-system-akin-terrorist-financing-hawala-2022-5">informal money exchange</a>.A Russian businessman told the FT: "Big banks are more cautious but smaller banks are offering help to those wishing to relocate. It's just taking a lot of time."

Russian oligarch's $300 million superyacht hides in plain sight in UAE's neutral waters, avoiding sanctions

<ul class="summary-list"><li>The United Arab Emirates wants to become an AI leader by 2031.</li><li>It's leveraging its oil wealth to attract new talent and fund new research initiatives.</li></ul>The AI revolution is expanding far beyond Silicon Valley.From the <a target="_blank" class="" href="https://www.businessinsider.com/malta-ai-startups-artificial-intelligence-hub-destination-travel-2024-5">shores of Malta</a> to the streets of Paris, hubs for AI innovation are forming worldwide. And the United Arab Emirates is emerging as a key center in the Middle East.Last week, the UAE made headlines by participating in the most lucrative funding round in Silicon Valley history: the $6.6 billion <a target="_blank" href="https://www.businessinsider.com/openai-investors-latest-funding-round-2024-10">deal closed by OpenAI</a>. The investment was made through MGX, a state-backed technology firm focused on artificial intelligence and semiconductors.The move was part of the UAE's bid to become a global AI leader by 2031 through strategic initiatives, public engagement, and research investment. Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model.Another indication of the UAE's commitment to AI is its appointment of Omar Sultan Al Olama as the country's AI Minister in 2017.The minister acknowledges that the UAE faces tough competition from powerhouses like the United States and China, where private investment in AI technology in 2023 totaled $67.2 billion and $7.8 billion, respectively, according to Stanford's Center for Human-Centered Artificial Intelligence.So he says he is embracing cooperation over competition."I don't think it's going to be a zero-sum game where it's only going to be AI that's developed in the US, or only going to be AI that's developed in China or the UAE," Al Olama said at an event hosted by the Atlantic Council, a DC think tank, in April. "What is going to happen, I think, is that we're going to have centers and nodes of excellence across the world where there are specific use cases or specific domains where a country or player or a company is doing better than everyone else."The UAE's strengths are evident.It is one of the wealthiest countries in the world, mostly due to its vast oil reserves. The UAE is among the world's 10 largest oil producers, with 96% of that coming from its wealthiest emirate, Abu Dhabi, <a target="_blank" href="https://www.trade.gov/country-commercial-guides/united-arab-emirates-oil-and-gas">according to the International Trade Administration</a>.Abu Dhabi's ruling family also controls several of the world's largest <a target="_blank" href="https://www.businessinsider.com/trump-and-biden-us-should-have-a-sovereign-wealth-fund-2024-9">sovereign wealth funds,</a> including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX.These funds have been used to diversify the country's oil wealth and could now be diverted to funding new AI companies. AI could contribute $96 billion to the UAE economy by 2030, making up about 13.6% of its GDP, according to a <a target="_blank" href="https://www.pwc.com/m1/en/publications/potential-impact-artificial-intelligence-middle-east.html">report</a> by PwC, the accounting firm.But capital is only part of the equation. The bigger question is whether the tiny Gulf nation can attract the requisite talent to keep up with Silicon Valley.Recent developments show promise. Between 2021 and 2023, the number of AI workers in the UAE quadrupled to 120,000, Al Olama said at the Atlantic Council event. In 2019, it rolled out a 'golden visa' program for IT professionals, making entry easier for AI experts. It's also making the most of its existing talent. In May, Dubai launched the <a target="_blank" href="https://www.wam.ae/article/b39jbfx-hamdan-bin-mohammed-launches-%E2%80%98one-million">world's biggest prompt engineering initiative</a>. Its goal is to upskill 1 million workers over the next three years,Abu Dhabi, meanwhile, has — over the last decade — become a nexus for AI research and education.In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. And, in 2019, Mohamed bin Zayed University of Artificial Intelligence opened as a "graduate research university dedicated to advancing AI as a global force for good." Professors from the university also helped organize the inaugural <a target="_blank" href="https://ioai-official.org/1st-international-olympiad-in-ai-founders-we-have-a-record-number-of-participating-countries/">International Olympiad in Artificial Intelligence</a> in August, which drew students from over 40 countries worldwide."Abu Dhabi may not directly surpass Silicon Valley, however, it has the potential to become a significant AI hub in its own right," Nancy Gleason, an advisor to leadership on AI at NYU Abu Dhabi and a professor of political science, told Business Insider by email. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry. The UAE has also made strategic educational investments in higher education like the Mohamed bin Zayed University of Artificial Intelligence and NYU Abu Dhabi."Beyond that, she noted, it's "very nice to live here."

Want to get into the AI industry? Head to Abu Dhabi.

<ul class="summary-list"><li>Karen Osman moved from Dubai to New York City when her husband received a promotion in the US.</li><li>Osman, a writer, had a golden visa in the UAE but sought stability in the US.</li></ul>This as-told-to essay is based on an interview with Karen Osman, a 45-year-old author based in New York City. It has been edited for length and clarity.My family didn't plan to leave <a target="_blank" href="https://www.businessinsider.com/american-mom-expat-raising-kids-dubai-better-mother-relocation-uae-2024-8">Dubai</a>. We'd just renovated our apartment near Dubai Marina, and the UAE government had awarded me a <a target="_blank" href="https://www.businessinsider.com/golden-visas-greece-portugal-spain-boosted-economy-housing-crisis-2024-5">golden visa</a> as a writer, meaning I could live in the country for 10 years as an expat.But in May 2022, my husband, who works for a tech company, was offered a promotion to a role based in the New York office.While I was thrilled to be awarded the golden visa in the UAE, relying on a visa that covers a certain period can be a precarious way to live. We knew we'd have more stability if we moved to New York City.It was a big decision but also a no-brainer. I wondered, Will we regret not going? Three months later, we were living in New York City.<h2 id="92f155bd-b1b8-428e-9ef4-5a1153a9ec70">When I moved to Dubai from the UK 18 years earlier, I was a single woman who almost moved there on a whim</h2>I initially moved to Dubai to work in sales and marketing for a hotel chain. Now, as a mother of two, there was much more to consider.I did a lot of research, but one of the most useful sites I came across was the "British Mums NYC" Facebook group. One mom recently moved from Dubai and shared many useful tips, including school information.<h2 id="1783f799-afb2-47c2-afe8-12f1ea358f63">During our first year in the US, there was a lot of paperwork</h2>I had to sort out many things, from getting a <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/can-you-change-social-security-number">Social Security number</a> to finding a doctor. My husband's company managed the applications to obtain the correct family visa and residency.What surprised me most about New York was how friendly the people were. I didn't expect it to have such a sense of community. I thought it'd be a bit like London, where nobody talks to each other.I quickly made friends with other mothers at school pick-up and drop-off, in the PTA, at a writing conference in New York City, and through book clubs.<h2 id="f0b9f937-b9d6-4af9-92b2-54bf68aa88af">As we didn't pay income tax in Dubai, we also needed to understand the US tax system</h2>It was certainly an adjustment after living in Dubai for so long. We also needed to create a plan to build up our credit score, which included getting credit cards and opening bank accounts.Apartments in New York City are more expensive than in Dubai. We had an apartment in Dubai, which we sold before we moved. We paid triple in New York for a fraction of the space we had in Dubai. As we didn't have a credit score in the US, some landlords wouldn't rent to us.We also had to ensure we lived in the school zone for the school we wanted to send our kids to. Yet, while housing was more expensive, schooling was free. As expats, we had to pay for schooling in Dubai.When we first arrived, we moved to an apartment in the Upper West Side as the area has really good schools, but then we decided to move out of the city to get more space. We now have a four-bedroom house with a backyard for the boys to play in 30 minutes outside the city. They saw snow for the first time in New York and loved building snowmen in the backyard.<h2 id="8d70a8ab-fa35-4fa9-a3cd-b6a8e79018d2">One of the nicest things about living in the city is its walkability</h2>On a weekday, I walk the kids to school. When I get home, I start writing. New York City is a writer's paradise. There's always something bookish going on in the city, whereas in Dubai, I never really felt like part of this community.Our weekends are focused on the kids. When we lived in the city, we had a membership to the American Museum of Natural History and regularly visited <a target="_blank" class="" href="https://www.businessinsider.com/see-how-the-ultrarich-live-nyc-central-park-tower-photos-2023-6'">Central Park</a>. We were like tourists. When we lived in Dubai, we spent our weekends at the beach. I had a Privilee membership, which is like a ClassPass for beach clubs in the city.<h2 id="bde97041-69bf-47e6-8a34-ffe8a07ff944">Dubai is super safe, so the first year we lived in New York, I was hyper-vigilant with my kids</h2>You'll see kids as young as 11 walking to school alone. My sons are 10 and 7, and I want my children to be this independent. I do have a concern about guns, but we've tried to reduce the danger as much as possible by choosing the safest neighborhoods in which to live.I found the food confusing in the US, from huge portions to <a target="_blank" class="" href="https://www.businessinsider.com/trader-joes-vs-walmart-grocery-shopping-which-is-better-review-2024-8">grocery shopping</a>. The supermarkets here are massive and have so many options. The ingredients, which are more expensive than in Dubai, are also quite different. Some of the food additives they contain are not allowed to be sold for human consumption in Europe.I spent a lot of time reading the ingredients and finding the right brands. For the first three months we lived in the US, I ordered <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/hellofresh-review">HelloFresh</a> meal kits so I didn't have to think about what to serve the family every night.<h2 id="9cad8cf1-e1a2-45e3-a459-1b653720fe4e">I've finished writing my fourth book and am now job-hunting</h2>I've never worked in the US before, and when you move to a new country, work is such a community builder. Writing novels is great, but it's quite isolating, particularly in a new country. As I have a background in marketing and writing, I'm looking for editorial and marketing positions.I miss a lot about Dubai, but it was my home for 18 years. I miss our family and friends who live there. When I see all the trash on NYC's streets, I miss the cleanliness of Dubai, but we don't have any plans to move anytime soon.

I moved from Dubai to the US as a British expat. It's been tough to adjust to credit scores, groceries, and guns the American way.

<keyword id="158887" type="General" weightage="50" keywordseo="filmmaker-karan-johar" source="Orion">Filmmaker Karan Johar</keyword> on Monday said goodbye to <keyword id="6354616" type="General" weightage="20" keywordseo="twitter" source="Orion">Twitter</keyword> as he wants to make space for more positive energies. Karan took to the micro-blogging website to share the news with his fans and followers. "Making space for more positive energies only and this is step one towards that. Goodbye Twitter!," he wrote. It is not clear as to what made Karan take the step. However, the filmmaker has often been trolled on social media platforms over his movies and castings. On the work front, Karan recently finished the seventh season of '<keyword id="3779" type="General" weightage="20" keywordseo="Koffee-with-Karan" source="Orion">Koffee With Karan</keyword>' on Disney+ Hostar. He is currently busy with his next directorial 'Rocky Aur Rani Ki Prem Kahani'. The film stars <keyword id="106133" type="General" weightage="50" keywordseo="ranveer-singh" source="Orion">Ranveer Singh</keyword>, <keyword id="6354526" type="General" weightage="50" keywordseo="alia-bhatt" source="Orion">Alia Bhatt</keyword>, Jaya Bachchan, Shabana Azmi and Dharmendra. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/tamil-actress-and-politician-khushbu-sundar-gets-golden-visa-for-uae/articleshow/94758028.cms">Tamil actress and politician Khushbu Sundar gets Golden Visa for UAE </a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/i-dont-believe-i-fall-into-the-category-of-eminent-personalities-amitabh-bachchan/articleshow/94739213.cms">'I don't believe I fall into the category of eminent personalities': Amitabh Bachchan</a>

Karan Johar makes space for 'positive energy' by quitting Twitter

As megastar <keyword id="6357912" type="General" weightage="80" keywordseo="amitabh-bachchan" source="Orion">Amitabh Bachchan</keyword> turns 80 on October 11, the tickets for his latest release 'Goodbye' has been priced at Rs. 80 to celebrate the thespian's birthday. A post from <keyword id="766823" type="General" weightage="80" keywordseo="balaji-motion-pictures" source="Orion">Balaji Motion Pictures</keyword> on <keyword id="819905" type="General" weightage="80" keywordseo="instagram" source="Orion">Instagram</keyword> read: "Big B turns 80 tomorrow and this calls for a grand celebration Celebrate his 80th birthday, his legacy, and his fandom by watching his latest film #Goodbye with your family in cinemas near you at the price of only Rs 80/- on 11th October 2022, Book your tickets now: link in bio!" Released on October 7, 'Goodbye' revolves around the dysfunctional Bhalla family. The film, directed by <keyword id="143066" type="General" weightage="80" keywordseo="vikas-bahl" source="Orion">Vikas Bahl</keyword> also stars <keyword id="1813" type="General" weightage="80" keywordseo="neena-gupta" source="Orion">Neena Gupta</keyword> with <keyword id="3677061" type="General" weightage="80" keywordseo="rashmika-mandanna" source="Orion">Rashmika Mandanna</keyword> (in her Hindi film debut), Sunil Grover, Pavail Gulati, Ashish Vidyarthi, Elli AvrRam, Sahil Mehta, Shivin Narang, Shayank Shukla, newcomer Abhishekh Khan and Arun Bali play supporting roles. 'Goodbye' is a story that touches every emotional chord in your heart and makes you realise the importance of your loved ones along with the downturns of life. The film is produced by Ektaa R Kapoor's Balaji Motion Pictures in association with Good Co. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/karan-johar-makes-space-for-positive-energy-by-quitting-twitter/articleshow/94761313.cms">Karan Johar makes space for 'positive energy' by quitting Twitter</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/tamil-actress-and-politician-khushbu-sundar-gets-golden-visa-for-uae/articleshow/94758028.cms">Tamil actress and politician Khushbu Sundar gets Golden Visa for UAE</a>

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I help the ultrawealthy secure golden visas and golden passports. Here are the top 5 countries they want to move to.

Charissa Cheong

Tamil actress and politician Khushbu Sundar gets Golden Visa for UAE

IANS

The UAE is set to be the world's 'wealth magnet' this year, with 6,700 millionaires expected to move there

Kiera Fields

UAE announces 10 types of new entry residence visas to attract global talent

IANS

Sanctioned Russian oligarchs could benefit from the UAE's golden visa program, which offers long-term residency in exchange for a multimillion-dollar investment

Sam Tabahriti

Russian oligarch's $300 million superyacht hides in plain sight in UAE's neutral waters, avoiding sanctions

Sam Tabahriti

Want to get into the AI industry? Head to Abu Dhabi.

Lakshmi Varanasi

I moved from Dubai to the US as a British expat. It's been tough to adjust to credit scores, groceries, and guns the American way.

Claire Turrell

Karan Johar makes space for 'positive energy' by quitting Twitter

IANS

On Big B's 80th birthday, 'Goodbye' tickets priced at Rs 80

IANS

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