While Dubai remains an important financial hub, there has been increasing diversification away from the Middle East as investors assess the region’s ongoing volatility.
“The rise of fundamentalism is a concern, especially when you look at what is happening in a lot of Middle Eastern states,” Rucker told International Adviser. “There are also concerns, though mostly overblown, of a Saudi implosion.”
One beneficiary of this diversification push has been the UK.
“Despite the high taxes in the UK there are strong legal protections and greater transparency,” Rucker says.
“The UK has looked less attractive post-Brexit but the exchange rate, especially if investors are dollar denominated, is making a strong case for them to move their money and invest here.”