I don't like that song, even though I am not from UAE (just a resident), I find it offensive somehow..
anyway, the cost of living here is not different from any other country, we just don't have taxes. I don't know how much is the cost of a gallon of milk (no I don't drink milk

).
The Automobile industry is going really well here, and as you know we Arabs love cars. Unfortunately all aftermarket companies take advantage of this and provide insane prices, so it is expected that some people would pay that much for their cars.