Amidst the war in Ukraine, Russian billionaires seem to have chosen the United Arab Emirates (UAE) as their new favourite destination as they continue to arrive in Dubai in unprecedented numbers, according to the BBC.
Property purchases made by Russian oligarchs in Dubai have spiked up by 67 percent in the first three months of 2022.
For instance, Virtuzone, a company that helps companies set up operations in Dubai, has seen a massive inflow of Russian clients.
"We are receiving five times more enquiries from Russians since the war began," said chief executive George Hojeige.
This is of course made possible by the fact that the UAE has not slapped sanctions on the Kremlin or on Russian banks and businesses. It also has not criticised the invasion of Ukraine so far.
Economists and analysts have estimated that hundreds of thousands of Russians have left the country since the war in Ukraine began.
"They are worried about an economic meltdown that's coming. That is why they are moving here to secure their wealth," Hojeige added.
"Russians who are coming down are not buying just for investment, they are looking at Dubai as a second home," said Thiago Caldas, the chief executive of a real estate agency named Modern Living.
Additionally, because global firms like Goldman Sachs, JP Morgan and Google have either suspended or terminated their operations in Russia, many Russian employees of these companies are relocating to Dubai.
"There is definitely a brain drain that is happening. A lot of people are leaving because there are a lot of business restrictions right now," Fuad Fatulley, co-founder of WeWay (a blockchain technology company that had offices in both the warring countries) told the BBC.
(With inputs from BBC.)
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