New Delhi: As the war in the Gulf intensifies, several Indians based in Dubai are moving their money out of the emirate and transferring it to Singapore, reports claim.
Soon after the first Iranian strikes targeted Dubai last week, two Indian entrepreneurs attempted to transfer more than $100,000 each from their local bank accounts to Singapore, according to a Reuters report.
The moves come as escalating tensions linked to the ongoing Iran-Israel conflict have unsettled investors across the Gulf. Dubai had emerged in recent years as a preferred wealth destination for affluent Asian investors. Dubai seemed to have supported a business-friendly atmosphere. But the attacks have now led to unstable business scenes.
Wealth managers claim to have been receiving increased queries from their customers, also Indians, to shift their financial assets from Dubai to Singapore or Hong Kong. These destinations are being seen as safer financial centres. Some investors are prioritising capital preservation, claim reports.
Some investors are relocating assets. There are others who remain confident in the resilience of the UAE’s economy.
