Wealthy Asians look to move Dubai assets closer to home on Iran war fears
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SINGAPORE/DUBAI - Soon after the first Iranian missile and drone attacks on Dubai last week, two Indian entrepreneurs based there tried to move more than $100,000 each from their local bank accounts to Singapore to hedge risk.Technological glitches in the aftWealthy Asians look to move Dubai assets closer to home on Iran war fears
SINGAPORE/DUBAI - Soon after the first Iranian missile and drone attacks on Dubai last week, two Indian entrepreneurs based there tried to move more than $100,000 each from their local bank accounts to Singapore to hedge risk.Technological glitches in the aftermath of the Iranian attacks initially scuppered those plans, the entrepreneurs, who did not wish to be identified due to the sensitivity of the matter, told Reuters.One of them said he managed to subsequently transfer the sum to his Singapore bank account via another Emirates-based bank.Scores of other wealthy Asians are making enquiries or taking similar steps to move their Dubai-parked assets to the regional financial hubs of Singapore and Hong Kong, industry advisers and lawyers said, as the US-Israel war on Iran clouds the Gulf's safe-haven aura and rattles investors.While the rich typically diversify their investments across regions and asset classes, they choose where to be based depending on tax, regulatory, privacy and operational considerations. Read more
