Russian oligarchs are reportedly fleeing to Dubai to avoid the impact of western sanctions over Putin’s war in Ukraine.
The billionaires and entrepreneurs making the move appear to be putting down roots, with property purchases in Dubai by Russians having surged by 67% in the first three months of 2022, a report said.
The UAE has not put sanctions on Russia, nor has it criticised Russia’s invasion of Ukraine.
Non-sanctioned Russians are also being provided visas there, while many Western countries have restricted them.
Hundreds of thousands of people are estimated to have left Russia over the past two months, though exact figures were not available, Business leaders told the BBC.
According to one Russian economist, as many as 200,000 Russians had left in the first 10 days since the war began.
A huge surge of Russian clients had been in touch with Virtuzone, which helps companies to set up operations in Dubai.
Chief executive George Hojeige said the company was “receiving five times more enquiries from Russians since the war began”.
"They are worried about an economic meltdown that's coming,” he said.
He added: “That is why they are moving here to secure their wealth."
The arrival of Russian nationals also bolstered demand for luxury villas and apartments across the city, with real estate agents reporting a surge in property prices.
Betterhomes, a Dubai-based real estate agency, found property purchases by Russians surged by two-thirds in the first three months of 2022.
Another real estate agency, Modern Living, said it had hired many Russian-speaking agents to cater to rising demand, with chief executive Thiago Caldas saying they were receiving numerous calls from Russian nationals looking to relocate to Dubai immediately.
"Russians who are coming down are not buying just for investment, they are looking at Dubai as a second home," he said.
Multinational companies and Russian start-ups were also relocating their employees to the UAE, causing what business leaders have termed a “brain drain”.
Fuad Fatullev, the co-founder of WeWay - a blockchain technology company with offices in Russia and Ukraine, said the company has had to move hundreds of people outside of Ukraine and Russia.
UAE was chosen as a new base, he said, as it offered a safe economic and political environment to operate a business.
Other global firms such as JP Morgan, Google and Goldman Sachs had shut down offices in Russia and were also relocating some of their employees to Dubai.
In retaliation to Britain's sanctions imposed on Russian oligarchs, Vladimir Putin's government last month said it was sanctioning nearly 300 British MPs.
However, the list was a bit out of date and contained several people who haven't served for some time.
Nonetheless, all 287 names are banned from entering Russia for the alleged crime of "whipping up of Russophobic hysteria" amid the war in Ukraine.
But it would appear the Kremlin has used records dating back to 2019 or before, or as one political commentator joked, it is purging Remainer rebels from the Conservative Party.
High up is Tory barrister Dominic Grieve, who was Shadow Home Secretary until 2009 and has not been an MP for three years.
Others include former Secretary of Education Justine Greening and former Shadow Chancellor of the Exchequer Oliver Letwin, who both stepped down in 2019.
Former Lib Dem MP Sarah Wollaston and Tory David Tredinnick are also on it and both also left office the same year.
Prime Minister Boris Johnson's brother Jo Johnson, who left the Commons in 2019 and now sits in the House of Lords, also makes the list.
Boris Johnson told MPs reportedly sanctioned by Russia to "regard it as a badge of honour".
The Prime Minister said: "It's I think no disrespect to those who haven't been sanctioned, when I say that all those 287 should regard it as a badge of honour.
"And what we will do is keep up our robust and principled support for the Ukrainian people and their right to protect their lives, their families, and to defend themselves.
"That's what this country is doing, and that has the overwhelming support, I think, of the whole House."
