Di UAE neva put sanctions on Russia or criticise dia invasion of Ukraine
Dubai don become di safe place for wealthy Russians wey dey dodge di impact of western sanctions wey dem impose ova di war for Ukraine.
Plenti Russian billionaires and entrepreneurs na im don land United Arab Emirates (UAE), business leaders tell BBC.
Property wey Russians dey buy for Dubai don rise by 67% for di first three months of 2022, one report tok.
Di UAE neva put sanctions on Russia or criticise dia invasion of Ukraine.
Dem dey also provide visas to non-sanctioned Russians while many Western kontris don restrict dem.
Di estimate be say hundreds of thousands of pipo don leave Russia ova di last two months - although di exact figures no dey available.
One Russian economist tok say as many as 200,000 don leave for di first 10 days afta di war begin.
Virtuzone, wey dey help companies to set up operations for Dubai, don get plenti of Russian clients.
"We dey receive five times more enquiries from Russians since di war begin," chief executive George Hojeige tok.
"Dem dey worried about one economic meltdown wey dey come. Dat na why dem dey move here to secure dia wealth," e add.
Di coming of Russian nationals don ginger demand for luxury villas and apartments across di city.
Real estate agents dey report increase in property prices, as Russians wey dey land Dubai dey look for home to buy.
Dubai-based real estate agency Betterhomes find out say property wey Russians buy increase by by two thirds in di first three months of 2022.
And anoda real estate agency, Modern Living, tell di BBC say dem don hire many Russian-speaking agents to cater to rising demand.
Chief executive Thiago Caldas tok say dem dey receive plenti calls from Russian nationals wey dey look forward to relocate to Dubai immediately.
"Russians wey dey come down no dey buy just for investment, dem dey look Dubai as second home," e tok.
'Brain drain'
Many multinational companies and Russian start-ups also dey relocate dia employees to di UAE.
Fuad Fatullev na di co-founder of WeWay - one blockchain technology company wey get offices for Russia and Ukraine.
Afta di war break out, im an e partners shift hundreds of employees go Dubai.
"Di war get massive impact on our operations. We no fit continue [as we bin dey] as we gatz to move hundreds of pipo outside of Ukraine and Russia," Fuad, wey be Russian citizen tok.
E add say dem choose to shift dia employees go di UAE as dat place offer safe economic and political environment to operate business.
E say Russian businesses dey move out as dem dey find am seriously difficult to operate due to sanctions.
Di challenge dey even more serious for companies wey dey deal with international clients and brands, as most western firms don cut ties with Russian-based enterprises, e tok.
Global firms like Goldman Sachs, JP Morgan and Google wey don shut down offices for Russia, dey also relocate some of dia employees to Dubai.
"Truly brain drain dey happun. A lot of pipo dey leave because a lot of business restrictions dey right now," Mr Fatulley tok.
Real estate prices don increase
Russia central bank dey banned from tapping into di billions of foreign reserves wey dey overseas for foreign banks.
Some Russian banks dey removed from di Swift financial messaging system.
To protect dia reserves, di Russian goment don enact capital restrictions and ban citizens from leaving di kontri with more than $10,000 in foreign currency.
Due to how difficult e be to transfer cash, plenti Russian buyers dey make payments in cryptocurrencies.
Some of di purchasers get intermediary wey go take di payment in crypto and den pass on di cash to di seller on behalf of di buyer.
Gulf states including di UAE and Saudi Arabia don reject calls from western goments to impose sanctions on Russia.
Di UAE na one of only three kontris, along with China and India, wey no join one United Nations Security Council vote for February to condemn Russia invasion of Ukraine.
Dem also no join for one General Assembly vote on 7 April to suspend Russia from di UN Human Rights Council.
Di rise in Russian investment dey come just months afta di UAE dey placed on one "grey list" by di Financial Action Task Force (FATF), wey be one global financial crime watchdog.
E means say di kontri dey face increase monitoring of dia efforts to counter money laundering and terrorist financing.
Di UAE goment claim say dem don take significant measures to regulate inbound investment, and state say dem remain committed to work closely with FATF on areas for improvement.
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