Escaping war tensions and the economic damage caused by an unprecedented series of western sanctions against them, Russian businessmen have been seeking refuge in other places around the world, including Dubai.
Given the city's dynamic business culture and the prospects of successful investments in it, Russian businessmen and oligarchs have been flocking to Dubai, away from the tensions caused by the Russian invasion of Ukraine.
In recent weeks, western governments and businesses have hit Russia's economy with the most serious sanctions, threatening the sustainability of Russian businesses and pushing investors to look for profitable alternatives in countries that are not involved in the ongoing conflict.
The isolation experienced by Russian businessmen has led many to consider moving away from Russia, and Dubai has emerged as an ideal option since none of the countries in the Middle East have taken any measures against Russian businesses.
According to Business Insider, the well-known Russian businessman who is most known for his ownership of the English football club Chelsea has been seen hunting for a house in Dubai's Palm Jumeirah, suggesting that the Russian billionaire who also holds Portuguese and Israeli citizenships is considering moving to the UAE amid the current crisis.
In 2019, Abramovich's net worth reached $12.9 billion USD, which made him the second-richest businessman in Israel, the eleventh-richest in Russia, and the richest person in Portugal.
As a result of the Russian invasion of Ukraine which started last month, Roman Abramovich was directly named in UK sanctions against Russia, resulting in freezing his assets, including Chelsea FC.
Another Russian businessman who has been seen in Dubai, according to the Daily Mail, is Kirill Shamalov who has flown to Dubai recently to celebrate his 40th birthday, triggering questions over his plans to stay in the city for some time or maybe move his businesses into the UAE.
Shamalov is believed to be the youngest Russian billionaire and is the former son-in-law of Russian President Vladimir Putin, and is considered one of the country's leading business tycoons, in addition to being a petrochemical magnate with a net worth close to $1.4 billion USD.
According to the Financial Times, Dubai is already a second home for about 40,000 Russian, many of whom could consider staying in the country where they can resume business activities without fearing the impact of western sanctions on the Russian economy.
This influx of Russia's wealthy people to Dubai could reflect positively on the city's economy and that of the UAE overall, starting from the real estate sector, banking, and luxury car dealerships, all reportedly witnessing high demand currently, not to mention other business sectors that could see a boom of Russian investments.
