War Grows Fierce as Wealthy Asians Move Assets Out of Dubai
Jakarta – The Gulf conflict is intensifying as the US-Israel-Iran confrontation spills into the United Arab Emirates, triggering a wave of panic among blue‑chip investors. A number of wealthy Asians who had parked assets in Dubai are moving quickly to relocate their wealth back to safer financial hubs such as Singapore and Hong Kong.
Tensions peaked after Iran’s missiles and drone attack hit Dubai last week. Two Indian businessmen based in Dubai were reported to have moved more than US$100,000 each (about Rp 1.5 billion) from their local bank accounts to Singapore to mitigate risk. The transfers were hampered by technical glitches following the attack, but one of the businessmen later said he had managed to transfer the funds to his Singapore bank account via another Emirates-based bank.
“This is not limited to one or two people,” Reuters quoted one of the entrepreneurs.
The phenomenon is not isolated. Dozens of other wealthy Asians are reportedly consulting legal and industry advisers to take similar steps. The ongoing conflict has damaged Dubai’s image as a safe haven for global investors in the Gulf region.
A Singapore-based private wealth lawyer, Ryan Lin, said around six or seven of his 20 Dubai-based clients had contacted him this week. The clients typically hold assets around US$50 million, and three of them plan immediate large transfers to Singapore.
“One client is checking how quickly they can transfer everything to Singapore,” Lin said.
In parallel, Iris Xu, head of Anderson Global’s corporate services and global funds, noted around 10 to 20 family offices were asking about relocating assets back to Singapore from the Middle East. Their main concern is the risk of a prolonged conflict.
“Dubai has always been about tax advantages, but now I think tax advantages may not be the top priority for them,” Xu said.
A Singapore wealth-management adviser also said he had spoken to 13 UAE-based clients, more than half of whom were seriously considering moving assets to Singapore. He stressed that the issue was not merely logistics but investor confidence in the region’s stability.
“Flying back and forth would be challenging even if the conflict ends tomorrow. This is a matter of trust,” the adviser said.
Grace Tang, CEO of Phillip Private Equity, added that her clients, predominantly Asian, were very anxious. At least 10 to 20 clients were asking about transferring wealth to Singapore to safeguard their capital from being wiped out by war.
“My clients, most of whom are Asian, are anxious, with 10 to 20 inquiries about moving wealth to Singapore to preserve capital,” Tang said.
However, not all wealth managers view this as an instant mass exodus. Dhruba Jyoti Sengupta, CEO of WRISE Private Middle East in Dubai, said his team had not observed serious discussions of flight, as clients remain confident in the UAE’s long-term resilience.
“They are global investors who are already internationally diversified, but investing deeply in the UAE’s growth story. Despite broader geopolitical volatility in the region, clients feel safe and secure,” Sengupta explained.
The UAE government continues to reassure markets that its financial sector remains solid. UAE Central Bank Governor Khaled Mohamed Balama emphasised that banking and insurance firms in the country are operating normally with no meaningful disruption, even as regional tensions rise.
Meanwhile, some large investors choose to stay the course on expansion plans as long as the UAE is not directly involved in the war. Jeremy Lim, founder of GrandWay Family Office, which is in the process of opening a family office in Abu Dhabi, said he would not alter his plans unless the situation escalates into direct military involvement.
“What would truly wreck business is if the UAE is directly involved alongside one side in a conflict,” Lim said.