Wealthy Asians start to withdraw assets from Dubai
Wealthy investors from Asia have started to move their assets out of Dubai to financial centres closer to their home countries due to fears of an escalation of the war with Iran. This is reported by the agency Reuters.
After Iran's missile and drone attacks on targets in the region, some entrepreneurs and investors began trying to transfer tens of millions of dollars from accounts in Dubai to other financial centres.
Assets are moving to Asia
According to financial advisers, clients are increasingly considering transferring capital to cities such as Singapore and Hong Kong.
Some attempts to transfer funds have been temporarily hampered by technical disruptions and bank checks, but some investors have already been able to transfer their assets. At the same time, many clients are only preparing such transactions.
Why Dubai was popular
Over the past few years Dubai has become one of the main financial centres for wealthy families from Asia.
Investors were attracted:
Low or no taxes
loyal business regulation
Stable banking system
Developed property and investment market
However, the recent attacks in the region have undermined the sense of security that has long been a key attraction for international investors.
Some investors are not in a hurry yet
Despite the growing concern, not all investors are planning to withdraw assets immediately. Some wealth managers believe that the financial system United Arab Emirates remains stable, and the situation will depend on further developments in the conflict.
The country's authorities also assure that the banking sector and economy remain resilient, despite the tense geopolitical situation.
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