DUBAI, LINews – Dubai has emerged as a haven for Russian billionaires fleeing the fallout from Western sanctions over the Ukraine war. Russian billionaires and businessmen have arrived in the United Arab Emirates (UAE) in unprecedented numbers, business leaders have told the BBC.
Property purchases in Dubai by wealthy Russians saw a 67% jump in the first three months of 2022, a report said. The UAE has so far not imposed sanctions on Russia or criticized its invasion of Ukraine.
They have also granted visas to Russians who have been rejected by many Western countries due to sanctions. It is estimated that hundreds of thousands of people have fled Russia over the past two months, although exact figures are not yet available.
A Russian economist said as many as 200,000 Russians had left in the first 10 days after the Ukraine war broke out. Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of clients coming from Russia.
“We have received five times as many inquiries from Russia since the war started. They are worried about the impending economic crisis. That’s why they have moved here to secure their wealth,” said Chief Executive George Hojeige.
The large number of Russian citizens coming to Dubai has increased the demand for luxury villas and apartments across the city. Real estate agents reported that property prices had spiked as Russians arriving in Dubai wanted to buy houses.
Dubai-based real estate agency Betterhomes noted property purchases by Russia jumped by two-thirds in the first quarter of 2022. Another real estate agency, Modern Living, told the BBC that it had hired many Russian-speaking agents to meet the growing demand.
The chief executive, Thiago Caldas admitted, they received many calls from Russian nationals who wanted to move to Dubai immediately.
“Russians who come don’t just buy for investment, they see Dubai as a second home,” he said. (*)
