{"id":159486,"date":"2025-11-25T21:24:09","date_gmt":"2025-11-25T21:24:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/159486\/"},"modified":"2025-11-25T21:24:09","modified_gmt":"2025-11-25T21:24:09","slug":"crossroads-of-capital-why-uber-rich-will-flock-to-uae-for-another-decade","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/159486\/","title":{"rendered":"‘Crossroads of capital’: Why uber rich will flock to UAE for another decade"},"content":{"rendered":"

The trend of capital inflows<\/a> and the migration of super wealthy<\/a> to the UAE is not a short-term phenomenon and is here to stay for another decade, a senior Citi Private Bank executive has said. <\/p>\n

The country ticks most boxes for institutions, ultra-high net worth individuals<\/a> as well as family offices, and there is ample incentive for them to relocate to the Arab world\u2019s second largest economy, James Holder, head of Citi Private Bank for UK, Europe, the Middle East and Africa, told The National. <\/p>\n

\u201cIt’s absolutely a crossroads of capital,\u201d Mr Holder said. \u201cFrom the UAE perspective, we think about this as a 10-year plus cycle.\u201d<\/p>\n

Deciding to move wealth or part of an enterprise from one country to another \u201ctakes a lot of unwinding\u201d, he explained, making it a long-term commitment.<\/p>\n

The stability of the Emirates<\/a> and the security it provides in a fast-growing economic environment make it appealing for global investors who manage risk, Mr Holder said. <\/p>\n

Investors are able to run their business, manage their capital and their family office operations from anywhere, meaning \u201cthe idea that capital is not mobile, I’m afraid, is for the fairies\u201d, Mr Holder said. \u201cCapital is more mobile than it has ever been before. The UAE has been a significant beneficiary of that over the past two to three years.\u201d<\/p>\n

Capital is flowing to the Emirates from across Citi Private Bank’s client segments. \u201cFor the UAE, both for Dubai and Abu Dhabi, the amazing thing is that the interest and engagement is absolutely universal,\u201d Mr Holder said. <\/p>\n

\u201cWe see a broad range of Europeans choosing to move here for the safety, the security and the fiscal certainty. And we see Asian capital flowing here as well, so it is really broad-based.\u201d<\/p>\n

\"\"<\/p>\n

Dubai’s millionaires double as London drops down wealth list<\/p>\n

Reshaping the wealth map<\/p>\n

The UAE, in particular, and the broader oil-rich Gulf region, is reshaping the global wealth map. Over the past few years, high-net-worth individuals, family offices and institutions have moved their assets<\/a> from more established global money centres in Europe and Asia to the UAE.<\/p>\n

The exodus of capital from the UK has been more pronounced and in the public eye. Revolut co-founder Nikolai Stronsky’s<\/a> recent change of tax residency from the UK to the UAE is a recent example. <\/p>\n

Earlier this month, technology entrepreneur Herman Narula said he intends to relocate to Dubai due to the UK’s higher taxes, the end of its non-dom regime and general regulatory uncertainty. Mr Narula, the UK’s richest self-made millionaire under the age of 40, has said he will be moving due to the government\u2019s \u201canti-entrepreneur\u201d policies.<\/p>\n

Some of the other prominent leavers reportedly include steel tycoon Lakshmi Mittal; Egyptian businessman Nassef Sawiris; Indian businessman Shravin Mittal; Norwegian-Cypriot shipping magnate John Fredriksen<\/a>; Richard Gnodde, the South African-born vice president of Goldman Sachs; and former England and Manchester United footballer Rio Ferdinand.<\/p>\n

Although London remains a place where Citi\u2019s clients want to do business, \u201cif the reality is that you want long-term certainty and stability over the way you’re managing your fiscal exposure, then you are going to look for jurisdictions that give you that\u201d, Mr Holder said. <\/p>\n

Growing pie<\/p>\n

With a rapidly growing wealth management<\/a> pie in the UAE and the broader Gulf region, Citi is planning to increase its number of UAE-based private bankers to grab a larger slice of the business. <\/p>\n

The lender has recorded year-to-date growth in the \u201cmid-teens\u201d across its Middle East assets. It has a team of 50 wealth bankers serving ultra-high net worth individuals and family offices across its priority markets, including Saudi Arabia.<\/p>\n

Citi is the latest of a host of private banks and asset management companies that have either set up a base in the UAE or have invested in boosting their presence in the country. <\/p>\n

HSBC<\/a>, Europe’s biggest bank by assets and a Citi rival, in September launched a dedicated wealth centre for affluent clients in Dubai. Standard Chartered is investing heavily in its Middle East wealth business as part of its global growth push, chief executive Bill Winters told The National in Riyadh last month. <\/p>\n

JP Morgan Chase, the biggest US bank, is also building its team of private bankers, while trillion-dollar asset managers, including New York-based BlackRock, PGIM<\/a>, and Chicago investment firm Nuveen<\/a> have also chosen Abu Dhabi as their regional base.<\/p>\n

The expansion has been driven by a rapid creation of wealth and an influx of millionaires. The UAE is expected to attract a record 9,800 millionaires<\/a> this year, drawn by regulatory reforms and a tax-free lifestyle, the Wealth Migration Report 2025 by advisory Henley & Partners and wealth intelligence firm New World Wealth found. In 2024, Dubai had an estimated 81,200 millionaires and 20 billionaires.<\/p>\n

All these factors \u201cmake us think that this is a 10-year-plus structural opportunity\u201d for growth, and Citi is contemplating expanding into Egypt and the Levant region, Mr Holder said. <\/p>\n

\u201cI operate the region as five separate businesses and I’d be happy to say that the Middle East is the largest of those\u201d in Europe, the Middle East and Africa (Emea), he said. \u201cYou don’t need to pay a consultant a lot of money to work out that this is where we should be investing some dollars.\u201d<\/p>\n

The Emea region, Mr Holder said, accounts for about 25 per cent to 30 per cent of Citi Private Bank\u2019s global clients, which makes the broader region a \u201csignificant contributor\u201d to growth.<\/p>\n

Investment themes <\/p>\n

Cryptocurrencies, private credit and the potential AI bubble in equity markets are the overriding themes coming up in conversation with uber-rich clients, Mr Holder said. AI, in particular, has garnered a lot of attention.<\/p>\n

\u201cIf you’ve been exposed to that concentrated group of US tech stocks that are driving this AI revolution for a long time, I think you’re going to be very comfortable with 10-15 per cent volatility, because you’ve ridden an extraordinary movement of value creation,\u201d Mr Holder said. <\/p>\n

These companies have been a significant driver of US earnings growth and their \u201cstory is very real\u201d, unlike the 1999 dot.com bubble. \u201cWe feel really comfortable that clients should continue to maintain exposure to the sector,\u201d he said. <\/p>\n

The broader US equity market, he said, tends to perform well in a falling interest environment. There are also \u201creal pockets of value\u201d outside the US, including in Europe and China. <\/p>\n

In terms of recent question marks about the health of the $1.7 trillion private credit market and the risk of the industry introducing new layers of complexity to the broader financial system, Mr Holder said the leading players have a \u201chigh quality\u201d underwriting process.<\/p>\n

\u201cWithin that kind of exposure, we still feel reasonably comfortable,\u201d he said. \u201cHowever, if we do enter a more recessionary environment, those at the fringe that have been operating with lower underwriting standards are going to be more exposed.\u201d<\/p>\n

Client conversations on cryptocurrency as an asset class have been happening \u201cnot just for weeks and months, but for a very long time\u201d, Mr Holder added. He said there’s real interest in investing in that sector. <\/p>\n

However, Citi\u2019s wealth management unit has been \u201cvery cautious around how we think about servicing clients around the asset class\u201d. <\/p>\n

The asset manager recently created some index-based exposure for its clients globally because, Mr Holder said, it is difficult to establish the value of crypto assets in isolation. <\/p>\n

\u201cWhat I would say is that crypto is a factor, a function and a vector being driven by what’s happening in the macro economy,\u201d he explained. \u201cAnd the only way I can rationalise what happens to crypto prices is thinking about it as a play relative to US rates and relative to the dollar debasement story.\u201d<\/p>\n

Real estate tokenisation project<\/p>\n

Dubai launched the pilot phase of its real estate tokenisation project last month.<\/p>\n

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.<\/p>\n

Dubai\u2019s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate\u2019s total property transactions, according to the DLD.<\/p>\n

Tips%20for%20holiday%20homeowners<\/p>\n

%3Cp%3EThere%20are%20several%20factors%20for%20landlords%20to%20consider%20when%20preparing%20to%20establish%20a%20holiday%20home%3A%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3E%3Cstrong%3ERevenue%20potential%20of%20the%20unit%3A%3C%2Fstrong%3E%20location%2C%20view%20and%20size%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EDesign%3A%20furnished%20or%20unfurnished.%3C%2Fstrong%3E%20Is%20the%20design%20up%20to%20standard%2C%20while%20being%20catchy%20at%20the%20same%20time%3F%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EBusiness%20model%3A%3C%2Fstrong%3E%20will%20it%20be%20managed%20by%20a%20professional%20operator%20or%20directly%20by%20the%20owner%2C%20how%20often%20does%20the%20owner%20wants%20to%20use%20it%20for%20personal%20reasons%3F%3C%2Fli%3E%0A%3Cli%3E%3Cstrong%3EQuality%20of%20the%20operator%3A%3C%2Fstrong%3E%20guest%20reviews%2C%20customer%20experience%20management%2C%20application%20of%20technology%2C%20average%20utilisation%2C%20scope%20of%20services%20rendered%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Adam%20Nowak%2C%20managing%20director%20of%20Ultimate%20Stay%20Vacation%20Homes%20Rental%3C%2Fem%3E%3C%2Fp%3E%0A<\/p>\n

It’s up to you to go green<\/p>\n

Nils El Accad, chief executive and owner of Organic Foods and Caf\u00e9, says going green is about \u201clifestyle and attitude\u201d rather than a \u201cmoney change\u201d; people need to plan ahead to fill water bottles in advance and take their own bags to the supermarket, he says.<\/p>\n

\u201cPeople always want someone else to do the work; it doesn\u2019t work like that,\u201d he adds. \u201cThe first step: you have to consciously make that decision and change.\u201d<\/p>\n

When he gets a takeaway, says Mr El Accad, he takes his own glass jars instead of accepting disposable aluminium containers, paper napkins and plastic tubs, cutlery and bags from restaurants.<\/p>\n

He also plants his own crops and herbs at home and at the Sheikh Zayed store, from basil and rosemary to beans, squashes and papayas. \u201cIf you\u2019re going to water anything, better it be tomatoes and cucumbers, something edible, than grass,\u201d he says.<\/p>\n

\u201cAll this throwaway plastic – cups, bottles, forks – has to go first,\u201d says Mr El Accad, who has banned all disposable straws, whether plastic or even paper, from the caf\u00e9 chain.<\/p>\n

One of the latest changes he has implemented at his stores is to offer refills of liquid laundry detergent, to save plastic. The two brands Organic Foods stocks, Organic Larder and Sonnett, are both \u201ctriple-certified – you could eat the product\u201d. \u00a0<\/p>\n

The Organic Larder detergent will soon be delivered in 200-litre metal oil drums before being decanted into 20-litre containers in-store.<\/p>\n

Customers can refill their bottles at least 30 times before they start to degrade, he says. Organic Larder costs Dh35.75 for one litre and Dh62 for 2.75 litres and refills will cost 15 to 20 per cent less, Mr El Accad says.<\/p>\n

But while there are savings to be had, going green tends to come with upfront costs and extra work and planning. Are we ready to refill bottles rather than throw them away? \u201cYou have to change,\u201d says Mr El Accad. \u201cI can only make it available.\u201d<\/p>\n

At a glance – Zayed Sustainability Prize 2020<\/p>\n

Launched: 2008<\/p>\n

Categories: Health, energy, water, food, global high schools<\/p>\n

Prize: Dh2.2 million (Dh360,000 for global high schools category)<\/p>\n

Winners\u2019 announcement: Monday, January 13<\/p>\n

\u00a0<\/p>\n

Impact in numbers<\/p>\n

335 million people positively impacted by projects<\/p>\n

430,000 jobs created<\/p>\n

10 million people given access to clean and affordable drinking water<\/p>\n

50 million homes powered by renewable energy<\/p>\n

6.5 billion litres of water\u00a0saved<\/p>\n

26 million school children given\u00a0solar lighting<\/p>\n

Squad<\/p>\n

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)\u00a0<\/p>\n

Spec%20sheet<\/p>\n

%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A<\/p>\n

Company Profile\u00a0<\/p>\n

Founder: Omar Onsi<\/p>\n

Launched: 2018<\/p>\n

Employees: 35<\/p>\n

Financing stage: Seed round\u00a0($12\u00a0million)<\/p>\n

Investors:\u00a0B&Y, Phoenician Funds, M1 Group, Shorooq Partners<\/p>\n

England World Cup squad<\/p>\n

Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood<\/p>\n

Cultural fiesta<\/p>\n

What: The Al Burda Festival
When: November 14 (from 10am)
Where: Warehouse421, \u00a0Abu Dhabi
The Al Burda Festival is a celebration of Islamic art and culture, featuring talks, performances and exhibitions. Organised by the Ministry of Culture and Knowledge Development, this one-day event opens with a session on the future of Islamic art. With this in mind, it is followed by a number of workshops and \u201cmasterclass\u201d sessions in everything from calligraphy and typography to geometry and the origins of Islamic design. There will also be discussions on subjects including \u2018Who is the Audience for Islamic Art?\u2019 and \u2018New Markets for Islamic Design.\u2019 A live performance from Kuwaiti guitarist Yousif Yaseen should be one of the highlights of the day.\u00a0<\/p>\n

Tearful appearance<\/p>\n

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.\u00a0<\/p>\n

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.\u00a0<\/p>\n

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.<\/p>\n

A spokesman said her upset demeanour was due to a personal matter.<\/p>\n

Illegal%20shipments%20intercepted%20in%20Gulf%20region<\/p>\n

%3Cp%3EThe%20Royal%20Navy%20raid%20is%20the%20latest%20in%20a%20series%20of%20successful%20interceptions%20of%20drugs%20and%20arms%20in%20the%20Gulf%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMay%2011%3A%20%3C%2Fstrong%3EUS%20coastguard%20recovers%20%2480%20million%20heroin%20haul%20from%20fishing%20vessel%20in%20Gulf%20of%20Oman%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMay%208%3A%3C%2Fstrong%3E%20US%20coastguard%20vessel%20USCGC%20Glen%20Harris%20seizes%20heroin%20and%20meth%20worth%20more%20than%20%2430%20million%20from%20a%20fishing%20boat%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMarch%202%3A%3C%2Fstrong%3E%20Anti-tank%20guided%20missiles%20and%20missile%20components%20seized%20by%20HMS%20Lancaster%20from%20a%20small%20boat%20travelling%20from%20Iran%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOctober%209%2C%202022%3A%20%3C%2Fstrong%3ERoyal%20Navy%20frigate%20HMS%20Montrose%20recovers%20drugs%20worth%20%2417.8%20million%20from%20a%20dhow%20in%20Arabian%20Sea%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESeptember%2027%2C%202022%3A%3C%2Fstrong%3E%20US%20Naval%20Forces%20Central%20Command%20reports%20a%20find%20of%202.4%20tonnes%20of%20heroin%20on%20board%20fishing%20boat%20in%20Gulf%20of%20Oman%C2%A0%3C%2Fp%3E%0A<\/p>\n

Our family matters legal consultant<\/p>\n

Name:\u00a0Hassan Mohsen Elhais<\/p>\n

Position:\u00a0legal consultant with Al Rowaad Advocates and Legal Consultants.<\/p>\n

Company profile: buybackbazaar.com<\/p>\n

Name:\u00a0buybackbazaar.com<\/p>\n

Started:\u00a0January 2018<\/p>\n

Founder(s):\u00a0Pishu Ganglani and Ricky Husaini<\/p>\n

Based:\u00a0Dubai<\/p>\n

Sector:\u00a0FinTech, micro finance<\/p>\n

Initial investment:\u00a0$1 million<\/p>\n

F1 The Movie<\/p>\n

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem<\/p>\n

Director: Joseph Kosinski<\/p>\n

Rating: 4\/5<\/p>\n

New Zealand 21 British & Irish Lions 24<\/p>\n

New Zealand
Penalties: Barrett (7)<\/p>\n

British & Irish Lions
Tries:\u00a0Faletau, Murray
Penalties: Farrell (4)
Conversions: Farrell\u00a0
\u00a0<\/p>\n

The years Ramadan fell in MayThe President’s Cake<\/p>\n

Director: Hasan Hadi<\/p>\n

Starring:\u00a0Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem\u00a0<\/p>\n

Rating: 4\/5<\/p>\n

Other workplace saving schemes
\nThe UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
\nDubai\u2019s\u00a0savings retirement scheme for foreign employees\u00a0<\/a>working in the emirate\u2019s government and public sector came into effect in 2022.
\nNational Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees\u00a0<\/a>with their financial planning.
\nIn April 2021, Hayah Insurance unveiled a\u00a0workplace savings plan<\/a>\u00a0to help UAE employees save for their retirement.
\n Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
\nThe Details<\/p>\n

Kabir Singh<\/p>\n

Produced by: Cinestaan Studios, T-Series<\/p>\n

Directed by: Sandeep Reddy Vanga<\/p>\n

Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa<\/p>\n

Rating: 2.5\/5\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"The trend of capital inflows and the migration of super wealthy to the UAE is not a short-term…\n","protected":false},"author":2,"featured_media":159487,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,7889,113,61,1831,60,1284,329,3314,1577],"class_list":["post-159486","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-business-team","tag-economy","tag-ie","tag-investing","tag-ireland","tag-standard","tag-story","tag-uae","tag-uk"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/159486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=159486"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/159486\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/159487"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=159486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=159486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=159486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}