Regional geopolitical tensions aren’t dampening Dubai and Abu Dhabi’s appeal for family offices, with investment firms still receiving significant interest from global clients looking to set up shop there, Bloomberg reports. The UAE is drawing wealthy individuals thanks to its financial stability and lack of income and inheritance tax, strategic geographical location, and burgeoning financial sectors — all of which seem to outweigh risks from ongoing geopolitical risks in surrounding countries.

The emirates are increasingly being positioned as appealing alternatives to traditional hubs, as London sees an exodus of high-net-worth individuals amid the axing of a tax break, and Chinese families ditch Singapore and its more stringent reporting requirements. However, wealthy families opening offices in the UAE are also diversifying where they hold their assets to mitigate risk.

Tags: