Indians move money from Dubai to Singapore amid Gulf conflict

Growing tensions in the Gulf amid the ongoing US-Israel conflict with Iran have prompted several wealthy Indians and Asian investors to shift their assets from Dubai to other financial hubs such as Singapore. Reports indicate that some entrepreneurs in Dubai attempted to transfer more than $100,000 each from their local bank accounts to Singapore shortly after Iranian missile and drone attacks targeted the city last week.

According to accounts from investors, initial attempts to move funds were delayed due to technological disruptions following the attacks. However, one entrepreneur later managed to transfer the money to a Singapore account through another bank in the Emirates. Financial advisers and legal experts say several high-net-worth individuals across Asia have begun exploring similar options to hedge against geopolitical risk.

Dubai has emerged over recent years as a major wealth hub for entrepreneurs and affluent families, particularly from Asia, due to favourable tax policies, strong infrastructure, and a growing property market. However, the recent attacks on Dubai and Abu Dhabi have raised concerns about regional stability, prompting some investors to reconsider where they keep their assets.

Wealth advisers in Singapore say several Dubai-based clients have contacted them seeking information about moving funds to the city-state. Some families and family offices managing tens of millions of dollars in assets are reportedly considering immediate transfers, while others are assessing how quickly they could shift their holdings if the conflict continues.

Despite these concerns, some wealth managers say there has not yet been a large-scale capital flight from the UAE. Officials and financial institutions in the region maintain that the banking system remains stable and operational, while many global investors continue to adopt a cautious “wait-and-watch” approach as the geopolitical situation unfolds.