Asian millionaires are postponing their move to Dubai and are ready to withdraw assets.
Wealthy Asians have decided to postpone their move to Dubai and are looking for ways to reduce their assets in the Middle East.
This was reported by Bloomberg with reference to representatives of investment companies.
In recent years, Dubai has become the best center for accumulating capital for entrepreneurs and wealthy families from Asia. However, the ongoing military conflict between the United States and Israel with Iran has called into question the city's reputation as a safe financial and investment center, the agency notes.
According to the Boston Consulting Group, in 2024 the UAE became one of the fastest-growing centers for attracting financial assets in the world. An important engine of this growth was precisely "Asian wealth".
Now investors from Asia are reviewing their strategy and are likely to transfer their money back to Hong Kong or Singapore, Nick Hsiao, CEO of Hong Kong-based Annum Capital, told Bloomberg. The head of Enness Global, Islay Robinson, suggested that this is only a precautionary measure.
Earlier, the Financial Times and Bloomberg wrote that the fighting in the Middle East creates a risk of food shortages in the region. Due to the impossibility of air transportation of fresh produce, Dubai has only enough stocks for 10 days.
