Monday, 4 July, 2022

Seeking new start, Russian professionals set up shop in Dubai

DUBAI: As the Ukraine war drags on, more and more Russian professionals are moving to Dubai, the business-friendly Gulf emirate that offers an escape from the impact of Western sanctions.

Entrepreneurs, lawyers and art dealers are among those flocking to the financial hub in the oil-rich United Arab Emirates, which frustrated Washington and other Western allies by refusing to join a UN Security Council vote condemning Russia's war, reports AFP.

The UAE, which has diplomatic and economic ties with both the United States and Russia, has long welcomed Russians whether they are middle-class or millionaires -- especially to Dubai, known as a playground of the rich.

The number of Russian entrepreneurs and start-ups has increased "tenfold" compared to last year in the International Free Zone Authority (IFZA), said Jochen Knecht, CEO of IFZA, one of Dubai's many free trade areas established to attract foreign investment.