They are looking for another place: Dubai is losing its attractiveness for Russians – Bloomberg

The flow of Russian money into the United Arab Emirates, of which Dubai is part, is showing signs of slowing sharply, bankers, executives and investment experts say. None of them predict a large-scale outflow of funds from the UAE, but it is noted that economy The city appears to have already absorbed most of the benefits of Russian money and is unlikely to see a larger influx.

Bloomberg reports that the city's appeal is now dimming as the cost of living in the glittering emirate rises and its banks tighten their compliance with US sanctions. Russians who left their country are looking for another place for their voluntary “exile.”
Some arrivals from the Russian Federation are still considering the possibility of moving and transferring their businesses to new jurisdictions or even returning home, as the influx of wealthy expats to Dubai leads to rising rents and daily expenses.



The UAE has not imposed sanctions against the Russian Federation and its citizens. However, Russian entities opening bank accounts are now more likely to face scrutiny from local banks as state authorities come under increased pressure from Washington to crack down on potential evasion of Western sanctions.


– Bloomberg quotes a realtor from the UAE.

Due to the large number of relocants from Russia, they now have their own medical facilities, dentists and even a football academy in the emirate. However, the factors described above do not convince people to stay.


– one of the Russian businessmen, who settled in the UAE two years ago, said in an interview with the agency.