Following recent Iranian missile and drone attacks on Dubai, some Indian entrepreneurs in the city moved to transfer significant funds to Singapore to protect their assets.
Two individuals reportedly tried to transfer more than $100,000 each from their Dubai bank accounts, although technological glitches initially delayed the process. One later succeeded through another Emirates-based bank.
Industry advisers and lawyers report that scores of wealthy Asians are exploring similar steps, considering relocating assets from Dubai to regional financial hubs such as Singapore and Hong Kong. The conflict involving the US and Israel with Iran has raised concerns about Dubai’s long-standing reputation as a safe financial haven.
Dubai has long been a preferred wealth hub for Asian entrepreneurs and affluent families, especially from China, attracted by tax advantages and investment opportunities in property and infrastructure. The UAE banking and financial sector currently holds assets exceeding $1.48 trillion, according to the central bank.
Private wealth lawyer Ryan Lin, based in Singapore, said that six or seven of his 20 Dubai-based clients, each holding roughly $50 million in assets, contacted him this week. Three are planning immediate transfers to Singapore. Similarly, Iris Xu from Anderson Global noted inquiries from 10 to 20 family offices seeking to move assets amid concerns the conflict may continue.
While some advisers report clients are increasingly prioritizing safety over tax benefits, others caution that immediate capital flight is not widespread. Dhruba Jyoti Sengupta, CEO of Dubai-based WRISE Private Middle East, said many clients remain confident in the UAE’s long-term resilience, emphasizing that sophisticated global investors are already internationally diversified and continue to invest in the country’s growth.
The UAE central bank reaffirmed that the nation’s banking and financial sectors remain strong and stable, with banks, insurers, and financial firms operating normally despite regional developments. Leading Singapore-based wealth managers, including Bank of Singapore and DBS Group, said clients are currently taking a cautious, wait-and-watch approach.
Some investors continue to expand in the UAE, provided the country does not become directly involved in the conflict. Jeremy Lim, co-founder of GrandWay Family Office, said his plans to open a family office in Abu Dhabi remain unchanged, noting that any escalation involving the UAE would be a critical factor for reassessing business operations.
