Russian billionaires are moving to Dubai in droves as they seek to dodge sanctions from western countries
According to BBC, the oil rich Middle East city is witnessing an unprecedented influx of Russian Oligarchs, providing them a haven that is becoming increasingly elusive in the west
According to business leaders in the most populous city in the United Arab Emirates (UAE) Russian billionaires and entrepreneurs have been arriving in the UAE in unprecedented numbers.
Property purchases in Dubai by Russians spiked by 67% in the first three months of 2022, a report said.
The UAE has not imposed sanctions on Russia or openly condemned its invasion of Ukraine.
It is also providing visas to non-sanctioned Russians while many Western countries have restricted them.
It is estimated that hundreds of thousands of people have left Russia over the last two months – although exact figures are not available.
Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.
“We are receiving five times more enquiries from Russians since the war began.
“They are worried about an economic meltdown that’s coming. That is why they are moving here to secure their wealth,” said chief executive George Hojeige.
The report added that the influx of Russian nationals has bolstered demand for luxury villas and apartments across the city, as real estate agents report a surge in property prices, as Russians arriving in Dubai are looking to purchase homes.