Recent Iranian missile and drone attacks on Dubai have triggered\nunprecedented panic among major investors. Several Asian entrepreneurs\nand wealthy individuals are now taking drastic measures by withdrawing\ntheir assets from the United Arab Emirates (UAE) to relocate them to\nsafer financial centres such as Singapore and Hong Kong.<\/p>\n
The tension began when two Indian entrepreneurs based in Dubai\nattempted to transfer over US$100,000 (IDR1.69 billion) each from their\nlocal bank accounts to Singapore immediately following the attacks. The\ntransfers were initially hindered by technical disruptions following the\nstrikes, though one entrepreneur ultimately succeeded in redirecting\nfunds through another bank based in the Emirates.<\/p>\n
\u201cOne of them said he managed to transfer that amount to his Singapore\nbank account via another bank based in the Emirates,\u201d according to a\nreport cited by Reuters on Monday (16 March 2026).<\/p>\n
This is not an isolated case, as dozens of other wealthy Asian\nindividuals are reported to be undertaking similar investigations to\nrelocate their assets. Singapore-based private wealth lawyer Ryan Lin\nrevealed that approximately six or seven of his 20 Dubai-based clients\ncontacted him this week, with three planning to execute asset transfers\nimmediately.<\/p>\n
\u201cOne client is examining how quickly they can transfer everything to\nSingapore,\u201d Lin stated.<\/p>\n
Fears of prolonged conflict between the United States and Israel\nagainst Iran have damaged Dubai\u2019s reputation as a safe haven for foreign\ncapital. Iris Xu, principal at Anderson Global, a global fund services\nprovider, noted a surge in requests from 10 to 20 family offices seeking\nto relocate assets back to Singapore from the Middle East.<\/p>\n
\u201cDubai has always been about tax benefits, but I think tax benefits\nmay no longer be a top priority for them,\u201d Xu said.<\/p>\n
This negative sentiment is also felt by wealth management advisers in\nSingapore who serve UAE-based clients. One adviser, who requested\nanonymity, stated that more than half of the 13 clients they contacted\nwere seriously considering relocating their assets to avoid operational\nrisks resulting from the conflict.<\/p>\n
\u201cFrequent travel will become a challenge even if the conflict ends\ntomorrow. This is a matter of trust,\u201d the adviser said.<\/p>\n
Grace Tang, CEO of Phillip Private Equity, also confirmed that her\nclients, predominantly Asian residents, feel anxious. Approximately 10\nto 20 clients have enquired about wealth transfers to Singapore to\nsafeguard their capital amid heightened geopolitical tensions.<\/p>\n
\u201cOur clients feel anxious, with 10 to 20 people asking about\ntransferring their wealth to Singapore and seeking to preserve their\ncapital,\u201d Tang said.<\/p>\n
Despite the trend of capital withdrawal, some figures in Dubai\u2019s\nfinancial industry remain optimistic. Dhruba Jyoti Sengupta, CEO of\nWRISE Private Middle East, claimed that his organisation has not yet\nwitnessed serious discussions about capital withdrawal, as clients still\ntrust in the UAE\u2019s long-term resilience.<\/p>\n
\u201cThey are sophisticated global investors, already diversified\ninternationally, yet investing heavily in the UAE\u2019s growth story.\nDespite broader geopolitical turbulence in the region, clients feel safe\nand secure,\u201d Sengupta explained.<\/p>\n
The UAE government is also attempting to quell market concerns.\nKhaled Mohamed Balama, Governor of the UAE Central Bank, emphasised that\nthe country\u2019s banking and financial sector remains robust, strong, and\nstable in facing regional developments.<\/p>\n
\u201cThe UAE\u2019s banking and financial sector remains robust, strong,\nstable, and well-positioned to navigate regional developments. Banks,\nfinancial institutions, and insurance companies operate normally and\nwithout disruption,\u201d Balama stated firmly.<\/p>\n
In line with this, several major wealth managers such as Bank of\nSingapore and DBS Group stated that most clients remain in a\nwatch-and-wait position. Jeremy Lim, co-founder of GrandWay Family\nOffice, is even proceeding with plans to open an office in Abu Dhabi as\nlong as the UAE does not become directly involved in the conflict.<\/p>\n
\u201cA true deal-breaker for business would be if the UAE becomes\ndirectly involved alongside one of the parties in the conflict,\u201d Lim\nconcluded.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/escalating-conflict-prompts-wealthy-investors-to-withdraw-funds-from-dubai-1773669265", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }