Wealthy citizens of Asian countries have decided to postpone their move to Dubai and are looking for ways to reduce their assets in the Middle East, reports Bloomberg, citing representatives of investment firms.

In recent years, as Bloomberg writes, Dubai has become the preferred capital accumulation center for entrepreneurs and wealthy families from Asia. However, the ongoing military conflict between the US and Israel with Iran has cast doubt on the city’s reputation as a safe financial and investment hub, the agency notes.

According to Boston Consulting Group, in 2024, the UAE ranked among the fastest-growing centers for attracting financial assets worldwide. An important driver of this growth has been "Asian wealth," Bloomberg points out.

Now, Asian investors are revising their strategies and are likely transferring their money back to Hong Kong or Singapore, said Bloomberg, citing Nik Xiao, CEO of Hong Kong-based Annum Capital. Enness Global head Isle Robinson suggested that these are just precautionary measures.