A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high net worth investor and consumer. Sign up to receive future editions, straight to your inbox.

The Iran war has shaken Dubai’s status as a global wealth hub, as legions of expatriates scramble to escape and family offices and wealth managers reconsider their Middle East footprint.

For the past decade, Dubai has successfully marketed itself as a safe haven for the global elite. Attracted by the sun, safety and tax-free income, Dubai’s millionaire population has doubled since 2014 to more than 81,000, according to Henley & Partners. Dubai’s luxury real-estate market has grown for five straight years, with 500 properties selling last year for more than $10 million – up from just 30 in 2020.

Now, however, Dubai’s reputation for safety has been shattered.

Over the past week, Dubai’s five-star Fairmont The Palm Hotel, on its famed man-made, palm-shaped archipelago, was struck by an explosion. Debris from a downed Iranian drone set fire to Burj Al Arab hotel and the Dubai airport was damaged by a missile strike. On Tuesday, the U.S. Consulate in Dubai was targeted by a suspected drone strike, causing a fire nearby.

“The U.S.-Israel war on Iran is upending that crucial aura of security in Dubai,” said Jim Krane, a fellow at Rice University’s Baker Institute. “Dubai’s economic model is based on expatriate residents providing the brains, brawn and investment capital. You need stability and security to bring in smart foreigners.”

Dubai and the United Arab Emirates sought to quickly reassure investors. The UAE’s National Emergency Crisis and Disasters Management Authority announced Saturday that “the situation was under control.” Dubai’s police force this week threatened to arrest and jail social media influencers who share social content that “contradicts official announcements or that may cause social panic.”

Other wealth hubs in the region — including Abu Dhabi, Doha and Riyadh — are also caught in the fallout of the war. And like Dubai, they’ve made attracting the wealthy a key economic policy. Yet Dubai’s ascendance and dependence on wealth capital stand out in the region. Kane said that’s because Dubai no longer relies on oil revenue like its neighbors, instead banking on the confidence of foreigners.

“The city cannot function if everyone with a foreign passport flees,” he said. “Dubai will literally shut down. Dubai is more exposed to the risks of an expat exodus.”

Dubai is now home to 237 centimillionaires (those worth $100 million or more) and at least 20 billionaires, according to Henley & Partners. An estimated 9,800 millionaires moved to Dubai in 2025, bringing $63 billion in wealth — more than any other country in the world, according to Henley. Most of Dubai’s income wealthy are arriving from the U.K., China, India and other parts of Europe and Asia. With the ruling Maktoum family starting to diversify the economy away from oil decades ago, Dubai created special economic zones and golden visas programs to effectively industrialize wealth attraction as a national strategy.

Dubai has no personal income tax, no capital gains tax and no inheritance tax, making it ideal for the ultra wealthy and family offices. The Dubai International Finance Center (a special economic zone) reported in early January that the top 120 families in the economic zone managed more than $1.2 trillion combined. Last month, the DIFC stated that it was home to 1,289 “family-related entities,” up 61% from a year ago. 

For now, many wealthy families and wealth professionals are focused on getting out. Charter companies report that demand for private jets is far exceeding available seats and flights. Ameerh Naran, CEO of Vimana Private Jets, said on Tuesday that the broker received more than 100 client inquiries overnight. He said he hasn’t seen such demand since the pandemic. A jet from Riyadh to Europe can cost up to $350,000, he said.

He added that the Dubai residents he spoke to are traveling for business meetings, not fleeing to safety.

“They don’t feel unsafe,” he said. “It’s pretty much life as normal was just a bit of extra noise in the background with all these missiles. But life has to go on. They need to travel.”

Dale Buckner, CEO of security firm Global Guardian and a former Green Beret, said the exodus shows no signs of slowing. By Tuesday morning, Buckner had seven corporate clients including large finance and consulting forms looking to evacuate 1,000 to 3,000 employees.

“This looks very much like Ukraine,” he said.

“I think everyone has realized the Iranians are successfully targeting five-star hotels and airports at scale, and now they’re starting to shut down the oil infrastructure,” he said. “I do not believe anyone thought that was possible.”

Many companies and professionals in Dubai said the business case for staying remains strong. And they are careful not to cross the government at a time of crisis. Hasnain Malik, who leads emerging-markets equity and geopolitics strategy at Dubai-based Tellimer, said hedge funds and family offices are mainly drawn to Dubai’s tax, regulatory and stable banking regimes. All those attributes remain in place, he said.

“Those reasons have not changed,” he said. “It is only in one aspect of the lifestyle driver, pristine security, that recent events have called into question.”

Henley & Partners, which helps the wealthy secure visas in other countries, said Dubai has always proven resilient in times of uncertainty. Dominic Volek, group head of private clients at Henley & Partners, said the attacks in Dubai are also a reminder of the importance of geographic hedging.

“Situations like this reinforce a core principle we often discuss with clients: the value of global optionality,” he said. “Internationally mobile families typically diversify their residence and citizenship exposure across multiple regions — including the Americas, Europe, the Middle East, and Asia — so they retain flexibility in the face of geopolitical uncertainty, wherever and whenever it may arise. These decisions are generally strategic and long-term in nature rather than reactions to short-term events.”

One sector that could feel longer-term pressure is Dubai’s real estate market. Dubai’s real estate prices have been surging for five years straight, boosted by its golden visa program that gives foreigners a 10-year renewable visa for buying a property of $550,000 or more. Last year a 47,200-square-foot penthouse at the new Bugatti Residences set a price record for Dubai and the UAE when it sold for AED 550, or about $150 million.

Yet even before the Iran war, there were some signs that Dubai’s breakneck building spree, soaring prices and widespread speculation could start to cool. In September, UBS estimated the Dubai had the fifth-highest bubble risk of 21 major cities, ranking behind Zurich and Los Angeles. In the spring, Fitch Ratings predicted a correction in late 2025 and in 2026 with prices falling as much as 15%.

Fitch Ratings’ Anton Lopatin said the effect on real estate values will depend on the conflict’s scope and duration. For now, he said, expatriate departures could “put pressure” on Dubai’s housing market.  

The UK government has urged employers to remove “stereotypically masculine” language from job advertisements in a bid to encourage more women to apply for roles, particularly at senior levels.

The guidance has triggered a political row, with critics branding the recommendations “patronising” and unnecessary.

The new advice was issued by the Office for Equality and Opportunity as part of a wider initiative aimed at reducing barriers to women entering and progressing in the workplace. Ministers say the move is intended to address subtle biases in recruitment practices that may discourage female candidates from applying for jobs.

Under the guidelines, employers are encouraged to review the language used in recruitment adverts and remove terms that researchers believe may carry gendered connotations. Words such as “competitive”, “dominant”, “independent”, “strong” and even “ambitious” are cited as examples of phrases that may unintentionally reinforce male stereotypes in hiring processes.

The initiative forms part of a broader strategy unveiled by Bridget Phillipson ahead of International Women’s Day. The government says the guidance is designed to help employers attract a broader pool of candidates and ensure women have equal opportunities to progress in their careers.

Phillipson said the new recommendations were based on research suggesting that gender-coded language can influence how potential applicants perceive job roles and whether they see themselves as suitable candidates.

“Too many women are still not paid fairly, held back at work due to inconsistencies in support or find common sense adjustments for their health needs overlooked or dismissed,” she said.

“We’re acting to empower women at work and work with business so we all benefit from unleashing women’s talents.”

Ministers argue that removing potentially exclusionary language can help companies tap into wider talent pools and improve diversity in leadership positions. The government also believes such changes could support broader economic productivity by ensuring skilled candidates are not discouraged from applying for roles.

The government’s recommendations draw on behavioural and labour market research which suggests that certain personality traits commonly used in recruitment advertising can carry gendered associations.

Studies have indicated that terms like “competitive” and “dominant” may be more strongly associated with traditional male leadership stereotypes, while alternative wording can create a more inclusive tone.

Officials say that small changes to language can influence how job descriptions are perceived. For example, phrases such as “collaborative”, “supportive” or “motivated” are sometimes recommended as alternatives because they are considered more neutral or inclusive.

The guidance also warns employers to examine how emerging technologies could perpetuate bias in recruitment processes. In particular, the government highlighted concerns around artificial intelligence tools used to generate job descriptions or screen applications.

According to ministers, some AI-driven recruitment systems rely on historical employment data which may contain gender biases. Without careful oversight, these systems could unintentionally replicate those patterns when generating new job advertisements or evaluating candidates.

The recommendations have drawn sharp criticism from opposition politicians, who argue the advice is unnecessary and risks stereotyping women.

Claire Coutinho dismissed the guidance as “patronising gibberish”.

“Telling companies that women find the words ‘ambitious’, ‘competitive’ or ‘entrepreneurial’ too masculine is frankly insulting to women,” she said.

Critics within the Conservative Party say the government should focus on addressing structural barriers such as childcare costs, career breaks and pay inequality rather than encouraging businesses to modify job advert wording.

Some commentators have also suggested that the advice risks oversimplifying the causes of gender disparities in certain professions.

The guidance forms part of the government’s wider programme to tackle gender inequality in the workplace. Ministers have previously announced plans encouraging large employers to publish action plans detailing how they intend to reduce gender pay gaps and improve support for women at work.

Policy advisers say addressing workplace culture, recruitment practices and career progression barriers are all essential components of closing the gender pay gap.

The government maintains that improving gender equality in the workforce is not only a social objective but also an economic one. Research frequently cited by policymakers suggests that increasing women’s participation in the labour market could significantly boost productivity and economic growth.

Reaction from employers has been mixed. Some companies have already adopted gender-neutral language analysis tools to review job descriptions and identify potentially biased wording.

Large corporations, particularly in sectors such as finance and technology, increasingly use automated software that flags language patterns believed to discourage underrepresented groups from applying.

However, smaller businesses have expressed concern that constantly changing recruitment guidelines may add complexity to hiring processes without addressing the deeper issues affecting workplace equality.

Despite the debate, the government says the guidelines are voluntary and intended as practical advice rather than mandatory rules. Ministers say they hope businesses will adopt the recommendations as part of broader efforts to create more inclusive workplaces across the UK.

The issue is likely to remain a topic of debate as policymakers, employers and campaign groups continue to discuss how best to reduce gender disparities in the labour market while maintaining effective and transparent recruitment practices.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

Morgan Stanley is set to cut around 2,500 jobs globally despite reporting record revenues last year, highlighting growing tension between strong financial performance and ongoing cost-cutting across the banking sector.

The Wall Street giant plans to reduce its workforce by roughly 3 per cent across several divisions, including investment banking and trading, wealth management and investment management. The reductions, first reported by The Wall Street Journal, were understood to have begun earlier this week.

The cuts come despite the bank posting one of the strongest financial performances in its history. Morgan Stanley reported annual revenues of $70.65 billion for the year, representing a 14 per cent increase compared with the previous year. Net income rose even more sharply, climbing 26 per cent to $16.9 billion.

Sources familiar with the restructuring said the layoffs were linked to shifting business priorities, location adjustments and performance reviews rather than a single strategic overhaul.

Unlike some previous rounds of restructuring in the financial sector, the bank’s wealth management financial advisers are understood not to have been affected by the job cuts. Instead, reductions are concentrated in support roles and operational teams across several departments.

The bank has not publicly linked the job cuts to artificial intelligence, although speculation has intensified across the financial industry about whether new technologies are beginning to reshape white-collar employment.

Morgan Stanley’s chief executive, Ted Pick, has previously spoken about the transformative potential of artificial intelligence across the firm’s operations.

Speaking to investors last year, Pick said AI could save financial advisers between 10 and 15 hours each week by automating administrative tasks such as transcribing client meetings and logging key details into internal databases.

“This is potentially really game-changing,” he said at the time.

The bank has been developing tools that automatically capture information from client conversations, generate summaries and suggest tailored investment strategies based on a client’s profile and portfolio history.

Executives believe such systems could improve productivity significantly, enabling advisers to spend more time with clients while reducing administrative overheads.

Morgan Stanley’s job cuts come amid a broader wave of corporate restructuring across the global technology and financial sectors as companies invest more heavily in artificial intelligence.

Several major companies have already linked workforce reductions directly to AI adoption.

At Amazon, the company recently announced plans to cut around 14,000 corporate roles. Senior vice-president of people experience and technology Beth Galetti said generative AI would fundamentally reshape how the company operates.

“We’re convinced that we need to be organised more leanly, with fewer layers and more ownership,” Galetti wrote in a company blog post announcing the layoffs.

Similarly, Marc Benioff revealed last year that his company had eliminated roughly 4,000 customer-support roles after deploying AI systems capable of handling many service enquiries automatically.

More recently, technology entrepreneur Jack Dorsey said his payments company Block would cut nearly half of its workforce, amounting to around 4,000 jobs.

Dorsey said the decision was part of a broader transformation driven by what he described as “intelligence tools” that enable companies to operate with smaller, flatter teams.

“We’re going to build this company with intelligence at the core of everything we do,” he said in an internal memo.

Many argue that several large corporations expanded rapidly during the pandemic and are now adjusting staffing levels after years of aggressive hiring.

Some Wall Street analysts have suggested that banks and technology companies may be using AI as a convenient explanation for workforce reductions that are primarily driven by cost management or changing market conditions.

In Morgan Stanley’s case, the job cuts come after several years of strong hiring across wealth management and investment banking operations.

The bank has significantly expanded its wealth management arm since acquiring brokerage firm E*TRADE in 2020 and asset manager Eaton Vance later that year, moves that transformed the company’s business model and boosted its client base.

The decision to reduce headcount despite record revenues reflects a broader trend among global banks seeking to balance profitability with operational efficiency.

Investment banks have faced volatile deal-making conditions in recent years, with mergers and acquisitions activity fluctuating as interest rates rose sharply in 2023 and 2024.

Although markets have stabilised more recently, many financial institutions remain cautious about long-term staffing levels as economic conditions remain uncertain.

For Morgan Stanley, the latest restructuring appears aimed at ensuring the bank remains competitive while continuing to invest heavily in digital infrastructure and AI tools.

As financial institutions increasingly integrate automation into core operation, from trading systems to client management platform, the industry is likely to see continued debate about whether artificial intelligence will ultimately augment human roles or gradually replace them.

For now, Morgan Stanley’s latest move underscores a reality that is becoming more common across global finance: strong revenues do not necessarily translate into job security as companies restructure to adapt to technological change and evolving market dynamics.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

ChatGPT Health debuted in January to provide a generative AI companion for all health needs, but researchers have recently conducted a study to test its capabilities and reliability.

While there are several good qualities to the special version of the chatbot, the researchers found in their study that it downplayed various medical concerns and emergencies that should immediately warrant a trip to the emergency room.

ChatGPT Health: Study Finds It ‘Underestimating’ Concerns

A study conducted by researchers from the Icahn School of Medicine at Mount Sinai claims that they have conducted the first independent safety evaluation of ChatGPT Health, OpenAI’s specialized chatbot for medical concerns.

Here, the researchers found that ChatGPT Health has “underestimated” several medical concerns and possible emergencies from questions or scenarios raised by the researchers. In the study, the researchers assessed the capabilities of the chatbot to perform “triage,” the way medical professionals assess the patient, their state, and what they feel.

According to Gizmodo, instead of ChatGPT Health immediately directing patients to the emergency room, the chatbot suggested that they monitor their condition first for around one to two days. This happened for concerns like diabetic ketoacidosis and impending respiratory failure.

According to the study, this is despite ChatGPT Health already identifying the symptoms as early warning signs, particularly in the case of respiratory failure.

That said, for “textbook emergencies,” the chatbot did more triage. However, they also noted that ChatGPT Health failed in situations where it matters most.

Is ChatGPT Health Reliable For Concerns, Emergencies?

Previous studies have been done to test ChatGPT’s knowledge in the medical field, and it was found that it was not perfect in its capacity to provide advice or information.

While the chatbot may be able to answer your queries about a disease, illness, or condition, the recent study from the Icahn School of Medicine only showed that it is not yet fully reliable.

ChatGPT Health still has a lot to improve on, with studies like these looking to help improve its systems and raise awareness among the public.

Originally published on Tech Times

A Las Vegas hotel-casino was demolished on Thursday morning after the establishment closed during the COVID-19 pandemic and never reopened.

Eastside Cannery Hotel-Casino opened on the Boulder Strip in 2008, replacing the older Nevada Palace casino. It catered to locals rather than tourists, offering value-oriented gaming, dining and stays away from the crowded Las Vegas Strip.

The nearby Longhorn Casino hosted a demolition party to give guests a front-row seat to the implosion, selling parking spots for $25 and rooms for $250, FOX5 Las Vegas reported.

Las Vegas locals and people from across the country showed up at 2 a.m. to bid an explosive farewell to the building.

LAS VEGAS CASINO OWNER OFFERS UNIQUE DEAL TO ENTICE VISITORS BACK AMID SLUMP

Eastside Cannery Hotel-Casino opened on the Boulder Strip in 2008. It has remained shuttered since it closed in March 2020 due to the COVID-19 pandemic. (KVVU / Fox News)

“I’m from San Diego, and this is one of my favorite casinos,” Gus Biner told FOX5. “It’s just I have never seen a building come down live, you always see it on the news but never live.”

The Cannery was imploded at 2 a.m. local time on Thursday. (KVVU / Fox News)

“I want to watch it, I want to feel it,” Mark Carson told the outlet. “I’m a retired carpenter. I spent all my career building them. This will be the first time I watch it in real life, bring ’em down.”

The explosive event drew people from across the country who wanted to bid farewell to the establishment. (KVVU / Fox News)

IVANA TRUMP’S MANHATTAN TOWNHOUSE SELLS FOR $14M AFTER $12.5M PRICE CUT

The Cannery closed in March 2020 due to the COVID-19 pandemic shutdowns in Nevada.

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Boyd Gaming, which acquired the hotel-casino in 2016 as part of its purchase of Cannery Casino Resorts, said it remained shuttered after most other casinos reopened due to insufficient market demand after more than five years of closure.