On September 5, an online forum for leaders of inhouse teams - LEGAL EXECUTIVE SUMMIT - was held, where Alexander Kukuev, Managing Partner of UPPERCASE LEGAL, took part as a speaker.
The UAE has become incredibly attractive in terms of capital relocation - and this is a global trend, both in terms of business and private investment. This is evidenced by the latest statistics: 6k+ millionaires are moving their capital to the UAE in 2024 alone, and among them European, Chinese and Indian money. We feel it: the portrait of our client has changed, has become more diversified. Fiduciaries from the mentioned India, China and Europe have emerged. In Dubai, we observe global changes from a helicopter view and can share the current trends.
After 2022, the following trends in business management are evident:
1. Registration in multi-jurisdictions. We see that companies from Hong Kong, Singapore, Mauritius have been added to the standard list - the chains of horizontal ownership of these companies have become jurisdictional.
2. the trend of “friendliness” in the choice of jurisdiction (politics determines the economy) - as examples we can cite such countries as Turkey, UAE, Oman, Middle East countries, Indonesia.
3. Separation of the Russian banking system from the rest of the banking world.
4. “Not Emirates alone": SEA countries and MENA countries as platforms for doing business were able to provide a thorough substitute for the previously prevailing United Arab Emirates.
1. Registration in multi-jurisdictions. We see that companies from Hong Kong, Singapore, Mauritius have been added to the standard list - the chains of horizontal ownership of these companies have become jurisdictional.
2. the trend of “friendliness” in the choice of jurisdiction (politics determines the economy) - as examples we can cite such countries as Turkey, UAE, Oman, Middle East countries, Indonesia.
3. Separation of the Russian banking system from the rest of the banking world.
4. “Not Emirates alone": SEA countries and MENA countries as platforms for doing business were able to provide a thorough substitute for the previously prevailing United Arab Emirates.
On the one hand, globalization has encouraged the emergence of alternatives (Singapore, Indonesia), but on the other hand, it has also led to a standardized approach to KYC and compliance. Emirates are coming off the “gray list” and no longer want to be on it, having recently joined the WHITE FATF JURISDICTION LIST. Globalization has thus affected the UAE banking system (implementing Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)). On the other hand, jurisdictions that operate on the principle of a fortress state have emerged: a single ruler establishes the most favorable regime for direct investments, including Russian ones, in his country, such as the countries of Bahrain and Oman.
Globalization and nationalization go hand in hand.
Globalization and nationalization go hand in hand.
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