The end of the UK non dom regime, higher capital gains tax and a tougher domestic outlook have triggered the biggest exodus of British capital to the UAE in a decade. Some are full relocations, some are dual headquarters, but the direction of travel is clear.
Revolut
Revolut continues to scale a major DIFC office, with the founder spending significant time in Dubai and a growing trading, wealth and crypto team based out of the emirate.
Standard Chartered, HSBC and Barclays
All three British anchored banks have grown their UAE private banking and wealth desks materially, with HSBC's Dubai team now one of the largest single private bank books in the region.
Lloyd's of London market participants
A growing number of Lloyd's syndicates and MGAs have opened DIFC platforms to underwrite Middle East and Africa risk closer to the source.
INEOS
The Ratcliffe group has expanded UAE presence across petrochemicals trading and the wider INEOS Sport portfolio.
Hargreaves Lansdown advisers and St James's Place planners
Both ecosystems have seen waves of senior advisers leave for DIFC and ADGM regulated wealth platforms to serve British expats who themselves relocated.
Boutique law firms
Mishcon de Reya, Withers, Charles Russell Speechlys and Macfarlanes have all grown UAE partnerships handling family office, private client and disputes work for relocated Brits.
Hedge funds and proprietary trading
Marshall Wace, Brevan Howard, BlueCrest and a long tail of London prop shops have opened or expanded DIFC and ADGM offices.
Brand and lifestyle
British F&B and hospitality brands continue to land in Dubai, from Soho House expansions to Sexy Fish, Novikov London satellites and a wave of British educational franchises opening new UAE campuses.
Why now
The combination of the abolished non dom regime, 24 percent CGT on carried interest moving towards income tax treatment, and a high income tax burden has made the UAE the rational choice for any UK based founder, fund manager or senior partner with internationally mobile income.
If you are a UK family looking at the move, we help with the property, school and lifestyle side.