One of the good ways to take the pulse of Dubai, the Arabian Peninsula’s Tower of Babel, is to survey relocation companies. These companies, which orchestrate the migrations of the globalized elite, from the transfer of furniture to the visa of servants through the registration of children in school and the lease of the villa, are at the forefront of the movements which occupy the city. -Gulf State. And, for several weeks, this unofficial seismograph has shown a new phenomenon, a product derived from the war in Ukraine: the influx of large Russian fortunes.
“Dubai has always been an investment destination for the wealthy, says Audrey Delaitre, a French lawyer in charge of development at SAM Relocation Group. Before the war broke out in Ukraine, we accompanied Russian clients for the establishment of their companies or the identification of investment opportunities in real estate. The novelty for a few weeks is that the Russians are coming to stay. They resettle all their life in Dubai, with the transfer of assets, family and nanny. »
The neutrality shown by the United Arab Emirates (UAE) vis-à-vis the Russian offensive in Ukraine, illustrated by their refusal to support the sanctions adopted by the West, sent the Russian Nomenklatura a message that could not be more clear: your money is safe here. A guarantee of tranquility that London and Geneva, two other popular vacation spots for this population, can no longer offer, the British and Swiss authorities having adopted the punitive measures of the European Union (EU).
As a result, the very hospitable Emirati principality sees an influx of members of high, even very high Russian society. And among them, oligarchs, those wheeler-dealers close to President Vladimir Putin, enriched by the looting of national resources, whose assets are threatened with seizure by Western countries.
“Not necessarily the oligarchs”
“The number of Russians approaching us is up 30% to 35%, observes Owais Mehboob, an Indian from Kashmir, manager of real estate portfolios within the firm Apex, also based in Dubai. They have been pulling the market for several months, but for the past week it has accelerated significantly. The peculiarity is that most of them no longer come from Russia, as before the war, but from Europe. »
While waiting to find an apartment with a view of the sea or, for the most obstinate, a villa by the beach, these displaced luxury settle in the palaces of the emirate. “We have changed hotels three times since we arrived at the beginning of March, and each time 90% of the clientele were Russian or Ukrainiansays a former Moscow bank manager, who wishes to remain anonymous. In the business world, among lawyers, bankers and managers with international ties, many have moved to Dubai. It’s the upper class, not necessarily the oligarchs. »
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