At the Dubai offices of Abbey Road Investment Group, the phone calls and emails keep landing from around the world.
The inquiries are from potential clients from India and the UK, the US and Africa — even as far afield as Brazil. They’re all looking to set up family offices in Dubai and Abu Dhabi, the twin emirates that offer to safeguard the fortunes of the world’s wealthy without income or inheritance taxes.
The cities, both part of the United Arab Emirates, have become irresistible for the world’s richest people. Europeans have turned to the Gulf country to seek respite from economic uncertainties, while some wealthy Chinese have begun looking beyond long-favored hubs like Singapore. The UAE has also become a top pick for many of those relocating from the UK, where the government abolished a tax break for non-domiciled residents.
They are all willing to look past the geopolitical risks swirling in the Middle East, which have been on sharp display in recent weeks as Israel and Iran launched missiles at each other. While the UAE wasn’t directly affected, it stands just across the Persian Gulf from Iran. Yet the world’s wealthy keep betting on the Gulf country. Abbey Road’s founder Arjun Mittal says his clients like the UAE’s central geographical location between east and west, tax benefits and fast developing financial system.