economy
March 5, 2026
The wealthy once rushed to Dubai. Now they're scrambling to leave
Since the start of the U.S.-Iran war, Dubai's status as a haven for the global elite has been shattered.
TL;DR
- The Iran war has damaged Dubai's reputation as a safe haven for the global elite.
- Expatriates are leaving Dubai due to security concerns following attacks on key infrastructure.
- Dubai's economic model relies heavily on expatriate residents and foreign investment, making it vulnerable to an exodus.
- UAE authorities are working to reassure investors and control panic, but the situation has created uncertainty.
- Other regional wealth hubs like Abu Dhabi, Doha, and Riyadh are also affected by the conflict's fallout.
- The real estate market, which has seen significant growth, could face pressure from departing expatriates.
- Wealthy individuals are exploring options for geographic diversification of their assets and residences.
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