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The United Arab Emirates — of which Dubai is a part — started to break away from a decades-old economic model that prevails across the oil-rich region, linking residency to employment.

“While a lot of western markets are still working on a hybrid or work from home model, here there is a surge in demand and almost everyone is back in the office.”

Dubai's economy is thriving as it attracts expatriates, expands business licenses, and experiences high demand for commercial real estate. From crypto investors to rich Indians looking for second homes, as well as young job seekers, the city's reforms and flexible residency rules have made it a desirable destination for individuals and businesses, leading to population growth and increased investment.

(Bloomberg) -- At the height of the global pandemic, as Dubai faced an exodus of expatriates and mounting competition from neighboring business hubs, the government opened up. That decision is now helping the city dodge the commercial real estate crisis rippling across the globe.Most Read from BloombergTrump Keeps NY Empire Intact as Judge Rescinds Asset-Sale OrderSystemic Risk Concerns Grow Among Money Managers as Real Estate Woes Cause TurmoilTop Investors Share the Toughest Lessons They Had t