Even before the Ukraine war, the United Arab Emirates was in the spotlight over its international money flows. The global financial crimes watchdog, the Financial Action Task Force, earlier this month placed the country on its gray list, which means it’s among jurisdictions such as Panama and South Sudan that FATF says don’t do enough to counter dirty money flows.
Now, outrage over Russian President Vladimir Putin’s actions is also drawing attention to the hub’s open door policy.
In Dubai’s swankiest neighborhoods, property brokers say inquiries from Russians looking for villas and apartments are skyrocketing. Among them: Roman Abramovich, the tycoon who is selling the Chelsea Football Club.
While the Russian billionaire’s present whereabouts aren’t publicly known, he has in recent weeks been house hunting on Dubai’s Palm Jumeirah, a man-made, palm-shaped island dotted with luxury residences, according to people familiar with the matter.
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speaking broadly about the city’s ability to navigate global upheaval from wars to politics to the coronavirus pandemic.
"In Dubai there’s an old saying that goes: when the region does well, we do well, but when there’s a crisis, we do really well."
— Chirag Shah
Founder, 1 International FinCentre Associates