Dubai is over: after fleeing the war, influencers will take refuge in this country close to France in large numbers.

The United Arab Emirates has suffered the consequences of the war initiated by Israel and the United States against Iran. Indeed, the Gulf monarchies have been hit by the Islamic Republic, leading some expatriates to leave Dubai and Qatar. Surprisingly, many of them are seeking refuge in this neighboring country of France.

The shock was harsh for these influencers and their families who thought they were living in total security far from France. While the defenses of the Gulf countries intercepted most drones and missiles, some buildings like hotels, residential buildings, and even the airport of Dubai were hit. Faced with the threat, many packed their bags, realizing that the place they lived in was not as safe as they had imagined.

Due to the war, many have fled Dubai. Among those who decided to leave Dubai, a significant number have turned to Switzerland. In particular, the canton of Zug, located between Lucerne and Zurich, seems to attract the most wealthy expatriates, as reported by the American newspaper Financial Times. Zug is well known for its raw material traders and cryptocurrency companies, where Ether was created, the second largest cryptocurrency in terms of market capitalization after Bitcoin.

The canton indirectly benefits from the consequences of the war in Dubai. “We have seen an increase in inquiries,” said Heinz Tännler. Wealth managers and bankers have also noticed a growing demand from their clients who were previously based in Dubai and the Gulf countries.

The reputation of the Swiss canton is well established, as noted by Pierre Gabris. Zoug is known for attracting wealthy individuals, family offices, and companies seeking to relocate. The first choice of these clients almost always involves Zoug.

A specialist observes an increase in Europeans considering leaving Dubai. The canton of Lugano, in the south of Switzerland, is also experiencing an influx of newcomers. Since the beginning of the war, there has been a higher demand from foreigners residing in Dubai – Italians, French, Swiss, and British – who are now considering leaving.

Unfortunately, those looking to relocate face certain realities. The real estate market, especially in Zug, is very complex and properties are quickly taken and expensive. Administrative formalities must also be considered, as it takes time and a work contract or business creation to settle, according to Anja Beck, managing partner of a real estate agency in Zug.