Dubai has climbed significantly to rank as the seventh most expensive city globally for high-net-worth individuals (HNWIs) in Julius Baer’s Global Wealth and Lifestyle Report 2025, marking a notable ascent from its 12th position in the previous year.

This rise, the largest within the Europe, Middle East, and Africa (EMEA) region, occurred despite only a marginal 1 per cent increase in average local currency prices, according to the report published by Julius Baer.

Global shifts in wealth and lifestyle

The report, released at a juncture of slowing global consumption and rising geopolitical tensions, indicates a shift in priorities for HNWIs towards longevity, both physical and financial.

Globally, the Julius Baer Lifestyle Index recorded an exceptional 2 per cent decline in prices in US dollar terms, with goods falling by 3.4 per cent and services modestly by 0.2 per cent.

Christian Gattiker, head of Research at Julius Baer, commented, “In light of ongoing uncertainty, trade tensions, and tariffs, our findings represent the final moment ‘before’ the current situation, and next year’s Global Wealth and Lifestyle Report will likely provide a fascinating ‘after’ perspective.”

The city ranking remains highly competitive. Singapore retained its position as the most expensive city for HNWIs globally, followed by London, which moved into second place, and Hong Kong in third.

Regional dynamics: EMEA’s strong showing

Within EMEA, cities now account for more than half of the global top ten, with London leading the region, climbing to second place globally. Monaco and Zurich both moved up one position to fourth and fifth respectively. Dubai’s five-place jump to seventh consolidates its position as a serious challenger among traditional wealth hubs.

Milan and Frankfurt held their positions, while Paris fell slightly in the rankings. Johannesburg remained at the bottom despite some price increases.

Price developments within EMEA have been moderate overall, with local currency prices remaining stable or even falling in cities such as Zurich.

The region’s most notable price increase came in Paris, where rising travel and hospitality costs led to a 5 per cent year-on-year rise. Private education costs in London also surged, driven by recent legislative changes.

Dubai’s ascent: A magnet for HNWIs

The cost of living for wealthy residents in Dubai saw notable increases in specific “big-ticket items.” Car prices rose by 13 per cent, and residential property values increased by 17 per cent. This aligns with Dubai’s real estate market experiencing exceptional growth in 2024, with property sales values rising 27 per cent year-on-year.

This surge reflects the city’s increasing appeal as a long-term residence for HNWIs and their families, many of whom have already relocated to the emirate.

The report highlights a continuing momentum of millionaires relocating to Dubai, a trend that began during the pandemic and is predicted to surpass inflows to all other countries.

According to a Henley & Partners report, the number of millionaires living in Dubai has risen by 102 per cent over the last decade due to increased residency applications.

Dubai’s attractiveness is further strengthened by its favourable tax environment, high quality of life, and forward-thinking residency programmes, including the golden and entrepreneur visas.

Its status as a leading global financial centre is also noted, with the Dubai International Financial Centre (DIFC) recording a 25 per cent increase in active companies operating there during 2024.

Read: 6,700 millionaires relocated to the UAE in 2024, report reveals

Middle East luxury and economic resilience

Middle Eastern HNWIs continue to demonstrate a strong appetite for both experiential and material luxury, particularly in premium hotels, luxury menswear, and fine dining. Business and leisure travel in the region also surged, with 53 per cent and 47 per cent of respondents, respectively, reporting increased activity.

Read: GCC luxury market has defied global slowdown, says Chalhoub Group’s Jasmina Banda

Rishabh Saksena, co-head Global Asset Class Specialists at Julius Baer, stated that GCC economies remain resilient amidst global macroeconomic uncertainty. “While oil-related growth has moderated, the broader outlook for 2025 is positive, supported by robust non-oil performance, strong fiscal buffers, and a continued commitment to economic reform,” he said.

In the UAE, non-oil economy growth remains strong, with Abu Dhabi’s non-oil economy grew by 8.6 per cent in 2024, contributing over 55 per cent of GDP. Dubai continues to lead the region’s services and tourism rebound, with visitor numbers projected to exceed 22 million in 2025.

Dubai Airports, serving 92.3 million passengers in 2024, remains the world’s busiest for international travel, with an extensive upgrade to the city’s second airport underway.

The rise of financial centres like DIFC and Abu Dhabi Global Market (ADGM) underscores the UAE’s growing role as a regional hub for investment, private capital, and global finance.

These centres are increasingly at the forefront of innovation, particularly in the fields of digital assets, fintech, and AI, serving as new building blocks for diversified, future-ready economies.

The region is also experiencing a significant inflow of global talent and capital, recognising the GCC, particularly the UAE, as a safe and stable jurisdiction for families and wealth preservation, supported by long-term residency programs, advanced healthcare, high-quality education, and a pro-business environment.

Overall, the report showed that the Middle East, led by the GCC, is set to maintain strong fiscal and current account positions, even amidst external headwinds. Inflation remains among the lowest in emerging markets, while the region’s proactive approach to innovation, infrastructure, and investor confidence positions it as a key destination for growth in an increasingly fragmented global economy.

Shifting priorities: Longevity and experiences

The Julius Baer lifestyle survey findings reveal a near-universal focus on longevity among HNWIs, with 87 per cent (North America) to 100 per cent (APAC) actively taking steps to extend their lifespan.

Financial longevity has also gained critical importance. Wealth creation remains the top priority globally, but wealth preservation has gained importance, especially in Europe and North America.

In contrast, HNWIs in APAC, the Middle East, and Latin America continue to embrace higher risk levels and diversify portfolios, with real estate (18 per cent) and equities (13 per cent) being preferred asset classes in the Middle East.

Overall, the report confirms an ongoing shift from material consumption towards experiences, with demand for fine dining, exclusive travel, and curated experiences remaining robust. This reflects a broader evolution in how HNWIs define luxury, focusing increasingly on lifestyle, wellbeing, and meaningful experiences over possessions.

Emirates secured the top spot in YouGov’s Most Recommended Global Brands 2025 rankings, becoming the only airline to feature in the global top 10 list.

The airline scored 88.4 per cent in recommendation rates, based on over one million customer surveys conducted across 28 markets between June 1, 2024, and May 31, 2025.

The rankings, powered by YouGov BrandIndex, measure the percentage of a brand’s customers who would recommend it to others.

Emirates outperformed all other brands globally, reinforcing the reach and resonance of its “Fly Better” brand promise.

“This recognition underscores the deep connection and loyalty we’ve built with passengers all over the world,” said Sir Tim Clark, president of Emirates Airline. “We will continue to evolve our already exceptional experience and set new benchmarks in travel.”

Emirates: Key highlights this year

This year, Emirates expanded its network, introduced the A350 to 10 destinations, launched nine reimagined retail stores, and became the world’s first Autism Certified Airline.

By year-end, Emirates plans to serve over 70 cities with next-generation cabin interiors across its Boeing 777, A380, and A350 fleet, and offer more than two million Premium Economy seats.

The airline previously topped YouGov’s UAE Recommend 2024 rankings and was named the most satisfying airline among US travellers in YouGov’s US airlines report.

YouGov, a global analytics firm, bases its rankings on aggregated and weighted scores that reflect actual brand perception and loyalty across diverse demographics.

Read: Emirates soars to further success: CCO Adnan Kazim on its growth and global reach

International Holding Company (IHC) has acquired eFunder, the UAE’s private financing platform for small and medium-sized enterprises (SMEs).

The platform has also been rebranded as Zelo, signalling a new chapter for the company.

Fully licensed and regulated by ADGM’s Financial Services Regulatory Authority (FSRA), Zelo has been operating since August 2020, delivering receivables-based funding to address the region’s SME working capital gap.

It provides fast, digital-first access to liquidity by converting approved invoices into working capital within 24 to 48 hours.

Following the acquisition by IHC, Zelo now enters a new chapter as part of the holding company‘s broader commitment to enabling future-ready economies through responsible investment and fintech innovation.

The platform addresses one of the region’s most pressing challenges: a nearly$250bn SME credit gap across the Middle East and North Africa.

While SMEs account for over 95 per cent of the UAE’s registered businesses and generate more than half of national GDP, many face delays of 60 to 120 days in receiving payment for approved invoices, restricting growth and operational agility.

Zelo bridges this gap by offering a seamless, technology-driven platform for invoice financing across priority industries, including construction, logistics, healthcare, industrial services, and oil and gas.

IHC aims to build smart, scalable solutions and value networks that deliver impact

Syed Basar Shueb, CEO of IHC, said: “SMEs are the backbone of a diversified and future-ready economy. Through our strategic acquisition of Zelo, we are proud to support a platform that solves one of the most fundamental barriers facing SMEs, access to timely working capital.

“This rebrand signals a confident new chapter, one that is fully aligned with IHC’s long-term vision of building smart, scalable solutions and dynamic value networks that deliver real and lasting economic impact.”

Dhanush Arjun, CEO of Zelo, said: “Zelo exists to eliminate the wait. The wait for payments, the wait for growth, the wait for opportunity. Our rebrand signals not just a new name, but a renewed commitment to SMEs in the UAE who deserve faster, smarter access to capital. With IHC’s strategic backing, we’re accelerating that future.”

Zelo has deployed more than $200m in funding

Zelo’s platform is purpose-built for speed and simplicity, offering a fully digital onboarding experience, automated funding decisions, and near-instant access to capital, eliminating cash flow delays and accelerating reinvestment into growth.

The platform also scales financing limits in line with business performance, creating a responsive and frictionless funding experience.

Zelo’s operations continue to be led by the co-founders of eFunder – Dhanush Arjun (CEO) and Deepak Sekar (COO), supported by a seasoned group of professionals with deep expertise in fintech, SME lending, and digital infrastructure.

To date, the platform has facilitated over 9,000 transactions and deployed more than $200m in funding, a testament to its impact and scalability within the region’s SME ecosystem.

The United Arab Emirates is accelerating its transformation into a global leader in autonomous mobility, as government entities and private companies unveil major initiatives across aviation, urban transport, and road travel. From baggage-handling robots at one of Dubai’s airports to Level 4 autonomous shuttles and taxis, the country is laying the groundwork for a smart, safe, and efficient future in transportation.

In a landmark development for airside operations, global air and travel services provider dnata has rolled out a fleet of autonomous electric baggage tractors at Dubai World Central – Al Maktoum International Airport (DWC). The initiative marks one of the first operational deployments of autonomous ground vehicles in a commercial airport environment anywhere in the world, a WAM report said.

Read-Timeline revealed: Driverless Ubers to hit Dubai roads

The six EZTow autonomous tractors, developed by TractEasy, are fully electric and capable of towing up to four baggage containers at speeds of up to 15 km/h. Operating on predefined routes, these vehicles are currently running with Level 3 autonomy, which allows for minimal human oversight.

dnata pioneers autonomous airport operations at DWC

“While autonomous vehicles have largely been limited to trials, this deployment brings the technology into regular, day-to-day operations,” said Jaffar Dawood, divisional senior vice president for UAE Airport Operations at dnata. “As global travel continues to rebound and operational demands increase, automation could be key to building smarter, safer, and more resilient infrastructure.”

Traditionally, airport baggage handling has relied heavily on human-operated vehicles, often under tight timelines and pressure. By automating this process, dnata aims to streamline operations, reduce turnaround time, and enhance ramp safety by minimizing human error. The shift also allows staff to transition from driving roles to more complex and strategic tasks within the airport ecosystem.

The Dhs6m ($1.6m) project is part of a broader vision to achieve Level 4 autonomy—full self-driving capability—by early 2026. At that stage, the vehicles will operate entirely independently within secure airside environments.

This progress is the result of more than a year of close collaboration between dnata, TractEasy, Dubai Airports, and the UAE’s General Civil Aviation Authority (GCAA). The stakeholders are also working together to establish a regulatory framework for autonomous airside operations, an area where global standards are still emerging.

Rich Reno, CEO of TractEasy, praised the partnership, saying, “TractEasy is proud and excited to partner with an industry leader like dnata and blaze a safe and efficient autonomous trail for others to follow.”

The dnata deployment is also being treated as a real-time testbed for broader applications of autonomous ground handling at DWC. With the airport expected to become the world’s largest in terms of capacity, projected to handle 260 million passengers and 12 million tonnes of cargo annually, scalable smart infrastructure will be critical to its success.

Autonomous vehicles gain momentum across the UAE

Meanwhile, in Abu Dhabi, Masdar City has begun testing Level 4 autonomous shuttles in partnership with Solutions+, a smart mobility provider and Mubadala company. The trials, launched on July 11, are overseen by Abu Dhabi’s Integrated Transport Centre (ITC), ensuring strict compliance with safety and regulatory standards.

Level 4 automation enables a vehicle to operate entirely without human intervention within a designated area, known as a geofenced zone. This represents a significant leap in autonomous technology and brings practical, driverless transport closer to reality.

In a parallel initiative in Dubai, the Roads and Transport Authority (RTA) has signed a landmark agreement with Chinese autonomous ride-hailing company Baidu to deploy 50 autonomous taxis across the city by the end of 2025.

Equipped with over 40 sensors and detectors, the RT6 offers full Level 4 autonomy and has already seen commercial success in China. The initial rollout will focus on data gathering and route testing, with a view to scaling up to 1,000 vehicles over the next three years based on performance metrics and passenger feedback.

Pushing boundaries in smart mobility

Together, these concurrent initiatives—from airside operations at DWC to city-wide AV trials in Masdar and Dubai—demonstrate the UAE’s cohesive and strategic approach to embracing next-generation transport technologies.

As smart mobility evolves from experimental phase to daily operations, the UAE is establishing itself as a global leader in the autonomous vehicle revolution—setting standards and offering a model for integrated, sustainable urban and aviation infrastructure.