"Dubai has built a reputation as an oasis of stability in the volatile Middle East region, positioning itself as a secure financial hub for high-net-worth individuals. However, the Iran war has shattered this image, triggering economic shocks and a downturn in stock markets."
"Tourism in Dubai has cratered, with hotel occupancy dropping to 20% from the usual 70 to 80%, and flights to and from Dubai International Airport plummeting by around two-thirds, according to Capital Economics."
"Many high-net-worth individuals have questioned whether Dubai is still the safe haven it promised to be, leading some to turn to Singapore and Switzerland for asset management."
"Switzerland tends to appeal to European and global clients, while Singapore is more likely to benefit from Asian origin wealth, indicating that the two hubs attract different types of wealth."
Dubai has been recognized as a stable financial hub in the Middle East, attracting high-net-worth individuals. However, the ongoing Iran war has caused significant economic disruptions, including a downturn in stock markets and a drastic drop in tourism and hotel occupancy. While there are signs of recovery in air traffic and business arrivals, concerns remain about Dubai's status as a safe haven. Many wealthy individuals are now considering alternatives like Singapore and Switzerland for asset management, indicating a shift in confidence.
Read at www.dw.com
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