Dubai: the centre that never sleeps

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Within a decade, the United Arab Emirates, and Dubai in particular, have become Geneva’s most visible competitor, in commodity trading as much as in wealth management. Part G described the shift of part of the commodity trading business to the free zone of the Dubai Multi Commodities Centre, accelerated by the sanctions against Russia, which the Emirates did not adopt, and by less demanding tax and regulatory regimes. In wealth management, the cross-border wealth booked in the Emirates grew by 11.1 per cent in 2025 to reach USD 700 billion, a figure that is still modest compared with the established centres but growing rapidly.¹ Dubai attracts family offices, independent asset managers and banks, and several Geneva institutions have opened offices in the Dubai International Financial Centre or in Abu Dhabi.

Dubai’s strengths are real: no personal income tax, a time zone midway between Asia and Europe, air connections, new infrastructure, responsive authorities, regulatory frameworks modelled on English law in the international financial centres, and an openly pursued policy of attracting wealth and businesses. Its weaknesses are equally real: a dependence on regional stability, a compliance reputation that the authorities are striving to improve after the Emirates were placed on the grey list of the Financial Action Task Force between 2022 and 2024, a dual court system and a market depth that remains limited.² For Geneva’s traditional clientele, which is family-based and European, Dubai is a complement, whereas for clients from the Gulf, South Asia and East Africa it has become an alternative.

Notes

Boston Consulting Group, 27 May 2026, cited above, and Caproasia, 4 June 2026, cited above. ↩
Placement of the United Arab Emirates under increased monitoring by the FATF (grey list) in March 2022 and removal decided at the plenary of February 2024; “Les Émirats arabes unis retirés de la liste grise du GAFI” (The United Arab Emirates removed from the FATF grey list), lepetitjournal.com, 28 February 2024; Moody’s, “FATF announces decision to remove the United Arab Emirates from its grey list”, moodys.com, 26 February 2024. ↩

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of September 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

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Dubai: the centre that never sleeps

Notes

Setting up or expanding in Switzerland?