The United Arab Emirates (UAE), a magnet for the globe’s ultra-rich, has also emerged as one of the fastest-growing corporate tax havens, according to a study released on Tuesday that highlighted $200 billion-plus flowing into the country, Reuters reported.

The index by the Tax Justice Network, which documents countries that attract companies to shrink their tax bills, added the UAE to its top-10 ranking, which includes Switzerland and Bermuda.

The UAE joined the top ranking at number 10 after multi-nationals rerouted over $218 billion of foreign direct investment via the Netherlands to the UAE to save taxes, the study said, bolstering financial activity by almost 180%.

Dubai, a party capital in the United Arab Emirates and a magnet for social media influencers, was hit hard by the pandemic as lockdowns hurt tourism and shopping while lower oil prices weighed on the Gulf state’s revenues.