Chinese tycoons choose UAE instead of Singapore

In the past two years, a distinctive new trend has been observed among wealthy Chinese citizens. This was reported by Zamin.uz.

Previously, they prioritized Singapore for investment and business, but nowadays they prefer to move to the United Arab Emirates (UAE). This was reported by the *Financial Times* publication.

Singapore used to be the most attractive destination for Asian businessmen. However, now Dubai and Abu Dhabi are leading as new economic centers.

Chinese entrepreneurs aim not only to live in these regions but also to obtain permanent citizenship. According to UAE government data, nearly 80,000 "golden visas" were issued to foreigners in 2022.

This special visa allows foreign citizens to live and work in the country for an extended period. According to Yan Mrazek, head of M/HQ company, many Chinese families have sold their properties in Singapore to implement new investment projects in the UAE.

He notes that the strict quarantine restrictions imposed in China and Singapore during the pandemic directed many investors towards the UAE. Experts believe the main reasons for choosing the UAE are tax benefits, a safe environment, developed infrastructure, and connections with international business.

Thus, Dubai and Abu Dhabi are currently recognized as new economic havens for Asia's wealthy citizens.