Rising uncertainty about the course of the US-Israel war on Iran is leading some wealthy Asian investors to shift assets out of Dubai to other financial centers such as Singapore and Hong Kong, wealth advisers and lawyers told Reuters.
The reports follow days of Iranian missile and drone attacks targeting the United Arab Emirates.
Two Indian entrepreneurs based in Dubai tried to transfer more than USD 100,000 each from local bank accounts to Singapore shortly after the attacks, though initial technical disruptions delayed the transactions, they told Reuters.
Wealth advisers say inquiries from clients about moving funds have increased. A Singapore-based private wealth lawyer said six or seven of his roughly 20 Dubai-based clients, each with about USD 50 million in assets, contacted him this week to discuss relocating part of their holdings.
A corporate services firm also reported that between 10 and 20 family offices had asked about transferring assets to Singapore.
Dubai has, in recent years, become a major wealth hub for entrepreneurs and wealthy families from Asia, particularly from China, attracted by low taxes and business-friendly regulations.
The UAE has sought to reassure investors that its financial system remains stable. The central bank governor, Khaled Mohamed Balama, said the country’s banks and financial institutions are operating as usual.
Some wealth managers say many investors are taking a wait-and-see approach, noting that clients often diversify assets over several jurisdictions and are still confident in the UAE’s long-term economic outlook.
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