There has been a noticeable rise in requests to move assets back to Asia, particularly Singapore.
Ongoing tensions in the Gulf are challenging Dubai’s reputation as a stable haven for global wealth, leading some Asian family offices to question its role as a neutral base for holding assets.
Wealth advisers report a sharp increase in contingency planning since US-Israeli strikes on Iran began. Families are exploring options such as setting up secondary offices or restructuring their holdings.
According to Julius Baer’s Tay Xinyee, this shift is not a wholesale exit but rather a reassessment of regional exposure and portfolio balance. However, others suggest urgency is growing, with some family offices seeking to relocate assets quickly as the situation evolves from a short-term shock into a sustained risk.
Now in its third week, the conflict is raising deeper concerns about Dubai’s reliability during periods of geopolitical stress. Industry observers believe this could influence how Dubai is positioned within global portfolios going forward.
Asian family offices that were previously attracted to Dubai for its tax advantages, residency incentives, and cost efficiency are beginning to reassess their exposure. The once-popular multi-hub strategy is also under scrutiny, particularly for those heavily concentrated in the UAE.
Legal and advisory professionals report a surge in inquiries about shifting assets to jurisdictions like Singapore and Hong Kong. However, moving assets is often complex due to existing structures such as trusts and custodian arrangements.
Advisers note a broader shift in mindset. Families are placing more emphasis on downside protection, resilience, and diversification rather than relying on a single geographic base. This includes greater interest in liquidity and safer asset classes such as short-term bonds, money market instruments, and stable currencies.
Multi-family offices are feeling additional pressure as they balance varying client risk tolerances.
While Dubai has proven resilient during past financial crises, experts highlight that this situation is different. It represents a geopolitical test rather than a financial one, marking a new kind of challenge for the region.
Whether this shift becomes long-term will depend on how tensions unfold, but advisers believe the change in investor thinking may persist. Geopolitical risk and neutrality are now firmly part of global wealth allocation decisions.
