From London to Dubai and Abu Dhabi: High-earning professionals are leaving central London districts like Kensington, Chelsea, and Westminster, with many relocating to Dubai and Abu Dhabi in search of lower taxes and a better quality of life, Bloomberg reports. There’s been a “strong increase” in UK financial services workers being poached for roles in the UAE, said Lewis Silkin’s Tarun Tawakley.

Meanwhile, affluent buyers from the Middle East, Asia and US are stepping in to fill the real estate gap, accounting for 37% of sales in central London’s prime postcodes in 1Q 2024, according to Hamptons. “Their London home is typically not their main residence and is part of a global portfolio” — a factor that largely insulates them from UK mortgage volatility and cost-of-living pressures, said Jeremy Gee, managing director at London broker Beauchamp Estates.

ALSO- Asset managers are increasingly turning to the UAE and broader GCC for liquidity as US tariffs introduced by President Trump strain traditional fundraising avenues, Bloomberg reports. With IPO plans stalling and equity markets under pressure, firms are increasingly looking to Middle Eastern sovereign wealth funds for capital — and they’ve launched a charm offensive to make it happen.

“We are seeing general partners offering training events as asset managers look to invest more resources in the region,” co-CEO of Fortress Investment Group Drew McKnight told the business information service. To strengthen ties, Carlyle Group is sending a team of senior executives to Abu Dhabi for training sessions with local sovereign investors.

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