Russian billionaires and entrepreneurs have been arriving in the United Arab Emirates (UAE) in unprecedented numbers, of business leaders according to BBC.
Property purchases in Dubai by Russians surged by 67% in the first three months of 2022, a report said.
The UAE has not put sanctions on Russia or criticised its invasion of Ukraine.
It is also providing visas to non-sanctioned Russians while many Western countries have restricted them.
It is estimated that hundreds of thousands of people have left Russia over the last two months – although exact figures are not available.
Virtuzone, which helps companies to set up operations in Dubai, has seen a huge surge of Russian clients.
“We are receiving five times more enquiries from Russians since the war began,” said chief executive George Hojeige.
“They are worried about an economic meltdown that’s coming. That is why they are moving here to secure their wealth,” he added.
The influx of Russian nationals has bolstered demand for luxury villas and apartments across the city. Real estate agents are reporting a surge in property prices, as Russians arriving in Dubai are looking to purchase homes.