The United Arab Emirates , a magnet for the globe's ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted US$200 billion-plus flowing into the country.
The UAE joined the top ranking at number 10 after multinationals rerouted over US$218 billion of foreign direct investment via the Netherlands to the UAE to save taxes, the study said, bolstering financial activity by almost 180%. Dubai, a party capital in the United Arab Emirates and a magnet for social media influencers, was hit hard by the pandemic as lockdowns hurt tourism and shopping while lower oil prices weighed on the Gulf state's revenues.
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