'Dubai was a hotspot': how property managers are evacuating wealthy clients amid the war

Wealth managers and family offices are taking wealthy clients out of the Middle East amid the war in Iran, organizing private flights and even armed guards, the Financial Times writes, citing market participants. The companies have actually taken over the functions of emergency services for their clients, helping them to leave the UAE, Israel and other countries in the region where the security situation has sharply deteriorated, the Financial Times notes.

US-based Cresset, which manages $237 billion in assets, helped clients leave the UAE in the weeks after the US and Israeli strikes on Iran. The company looked for ways to leave even when the skies were closed: it managed to arrange seats on a private jet from Dubai, which was allowed to leave on an exceptional basis, and then on the first commercial flight after the airspace opened, its head Susie Cranston told the FT. The services went well beyond investment, she said - clients were helped to leave "locations that were difficult to get out of". Cranston added that Cresset had previously helped clients in emergency situations - for example, at the start of the Russia-Ukraine conflict and during the October 7, 2023 attacks in Israel. In one case, clients were arranged an armed escort from their hotel and a subsequent charter flight home. Security is becoming a key part of services for wealthy clients - along with investment and wealth management, she said.

Swiss-based Alpen Partners, which manages about $4.5 billion in assets, helped about 30 clients and their families leave Dubai and Israel. The company organized flights on both private jets and commercial flights, the head of the company Pierre Gabrys told the FT. Meanwhile, the situation has become more complicated since the cessation of private jet departures from Oman, although evacuations remain possible. Many customers have no plans to return to the region, Gabrys said. One said he would not consider returning for at least two years. In addition to evacuations, Alpen helps with Swiss residency, finding housing and schools for children.

Another Zurich-based manager told the FT that he helped a client get his family out of Dubai on a private jet and apply for a Swiss residence permit. Most of the client's assets were already in Europe, he said.

Demand for such services supports specialized companies, the FT notes. US-based private security company Global Guardian has evacuated more than 4,200 people from the Middle East since the conflict began, with around 40% of operations coming from orders from wealth managers and family offices, says the Financial Times. Chief executive Dale Buckner told the FT that "Dubai was a hotspot" and noted that in some cases clients were first flown by land to Musk, the capital of Oman, before being sent to Europe by private jet.

This article was AI-translated and verified by a human editor