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Wednesday, February 28, 2024

Dubai becomes 2nd settlement for Russian rich

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The Russian rich are buying houses, offices, and land in the UAE, and are starting new companies there, and are opening up second branches of their businesses based out of cities like Petersburg and Moscow. From the time Russia has attacked Ukraine, the country has been facing a big shock on its economy, Ukraine has been ravaged, Europe is facing a power crisis, and inflation has increased all over the world.

As a result, the Russian rich are now finding safe havens for their investments and businesses, and amidst all this, Dubai has emerged as the best option for them. According to Henley and Partners immigration consultancy, the highest investment in personal property has been made in the UAE this year, which has resulted in a further boom in the country’s economy. After the war, UAE did not impose any restrictions on Russia or Russians, unlike the USA, EU, and UK, and this has become a major reason behind the increased investment.

In the last three years, business between the two countries has doubled and reached 41, 000 crore rupees, and 4, 000 Russian companies are operating in the UAE.

It is being estimated by Henley and Partners that by the end of this year, more than 4000 rich from across the world will invest in UAE, while Russia will lose more than 15, 000 of its affluent people, because they will move to other countries either in order to settle down or invest.

Sonakshi Datta
Sonakshi Datta
Journalist who wants to cover the truth which others look the other way from.

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