Wealthy citizens of East Asia are withdrawing their assets from Dubai.
They are transferring their investments to Singapore and Hong Kong.
Following the first Iranian missile and drone attacks on Dubai last week, two Indian entrepreneurs living there attempted to transfer over $100,000 each from their bank accounts to Singapore. Reuters reported this.
According to the entrepreneurs' statements to the agency, initial technological disruptions following the Iranian attacks made executing these transfers difficult. However, one of the entrepreneurs later successfully transferred the amount to a Singapore bank account via another Dubai bank.
According to industry consultants and lawyers, many other wealthy Asians are also considering similar measures or sending inquiries to transfer their assets in Dubai to regional financial centers like Singapore and Hong Kong, as the U.S.-Israel war has damaged Dubai's "safe haven" status in the Persian Gulf and alarmed investors.
Financial advisors in Singapore say that out of 20 clients, each with an average of $50 million in assets, 6-7 are planning to move their assets to Singapore this week. The global finance company Anderson Global also reported receiving inquiries from 10-20 family offices to transfer their assets from the Middle East to Singapore.
