Dubai is not a global financial center. The world's financial centers are still three: New York, London, and Hong Kong. Once war breaks out, you realize that global financial centers need military protection. Dubai took 40 years to build but could collapse in as little as 40 days. Dubai is a city built in the desert, located in one of the most unstable regions on Earth. This model has never worked long-term. People won't tell you 10 truths about Dubai, all of which happened recently:

1. Airspace closed. Except for state airlines like Emirates and Etihad, no other airlines dare to fly there anymore. And the latter are flying at enormous risk.

2. The UAE implemented capital controls. Tried to transfer over $100,000 out of the country recently? Good luck. You're locked down, whether you like it or not.

3. Real estate crash. Already down over 35%, wiping out all gains from 2024 to 2026. Even if you sell your property, you can't get the money out.

4. Other airlines canceled flights because insurance premiums skyrocketed, increasing 3 to 10 times. The same applies to cargo and oil transportation. These costs are unlikely to drop anytime soon.

5. Mass population exodus, leaving businesses behind—resorts, hotels, bars, malls, restaurants? All empty. What about employees? All unemployed.

6. You caught footage of a rocket or explosion in Dubai? Bad luck, you're facing two years in prison. At minimum, immediate deletion required. Press freedom? Where's the freedom?

7. In the 90s, you could see the desert anywhere in Dubai. Today you can barely see any. The harsh reality: 90% of the UAE is foreign nationals, only 10% are true local citizens.

8. Once capital flight begins, it's nearly impossible to return in the short term. Foreign nationals are also hastily evacuating, leaving pets on balconies or in empty apartments to die. Because the procedures to bring pets out of the country are too complicated.

9. But the greatest damage is the destruction of Dubai's reputation as a "safe, free, tax-haven paradise for the wealthy." It turns out that once missiles start flying, it's just an elaborate trap.

10. Worse still, the truly wealthy left before the conflict even started; the rich knew in advance. They flew out on private jets before the first attack.

Dubai sold an image, but that image was never real. The reality is, Dubai has always been at risk—it's just that nobody priced this risk in. They simply got caught up in the FOMO fear of missing out narrative, just like crypto traders. Dubai is the flagship image, but the same logic applies to most Gulf countries. Those who say it's not like this are either comforting themselves or selling you a PR narrative.