Dubai, in particular, and the UAE, in general, are increasingly attracting investors, business moguls, and billionaires from across the globe. This trend is exemplified by Norwegian shipping tycoon John Fredriksen’s decision to move his operations from London to the UAE.
Before him, British billionaire Michael Edward Platt, co-founder of BlueCrest Capital Management, along with Egyptian billionaire Nassef Sawiris and Russian entrepreneur Pavel Durov, founder of the Telegram platform, also made similar decisions.
John Fredriksen is among the latest high-profile figures to relocate to the UAE. Another notable name in this shift is Shervin Pishevar, founder of Unbound and managing director of Bharti Global.
At 37 years old, Pishevar represents the new generation of wealthy Indian business families seeking fresh opportunities.
As the largest individual shareholder in the British telecommunications giant BT Group, Pishevar quickly registered a new branch of his company in Abu Dhabi in April 2025, responding to the tightening of tax regulations in the UK.
The new tax laws, which eliminated the benefits for non-residents, significantly influenced John Fredriksen’s decision, whose wealth is estimated at £13.7 billion. He still owns a property named “The Old Rectory” in the UK.
He now spends most of his time managing his businesses from the UAE.
While attending an event in Oslo, he mentioned to a newspaper that “Britain has become like Norway. The entire Western world is on a downward trend.”
Another illustration of this trend is Michael Edward Platt, the British billionaire and co-founder of BlueCrest Capital Management, recognized as the third largest hedge fund in Europe.
Starting June 2025, Platt has moved his main residence and family office to the UAE.
His company, which peaked with asset management exceeding $35 billion, has expanded its presence in Dubai after receiving necessary regulatory approvals in 2022.
Additionally, Egyptian billionaire Nassef Sawiris, whose net worth stands at $9.6 billion, has transferred his family office, Keren Investments, to the Abu Dhabi Global Market.
Sawiris holds significant stakes in OCI N.V., a nitrogen fertilizer producer, alongside substantial investments in Adidas and LafargeHolcim.
Russian entrepreneur Pavel Durov chose Dubai as his residence and global headquarters for his company back in 2017.
Durov found in the UAE a long-term refuge after leaving Russia in 2014.
In August 2024, he was listed as the 120th richest person in the world by Forbes, with a net worth of approximately $15.5 billion, further solidifying the UAE’s status as a hub for global innovators.
All these developments reflect the growing interest of high-profile global investors in the emerging financial center of the Middle East. While American tech billionaires like Elon Musk, Jeff Bezos, and Mark Zuckerberg dominate the global rich list, hedge fund manager Michael Platt has been benchmarked as the richest individual in the UK with a net worth of $18 billion, according to Forbes.
As reported by The Sunday Times Rich List 2025, Platt ranks among the wealthiest individuals in the UK, with an estimated wealth of £12.5 billion, marking an increase of approximately £500 million from the previous year, placing him 12th among the country’s richest.
Official records indicate that Platt, 57, updated his residency status to the UAE earlier this June.
Records show he moved from Geneva to Jersey in 2014 before choosing the UAE as his main residence.
This shift follows shortly after BlueCrest Capital Management secured full regulatory approval to operate in Dubai, enabling it to hire traders and manage funds directly from the Dubai International Financial Centre.
In 2022, the company opened its Dubai office, joining a growing number of hedge funds and investment firms that have recently relocated to the emirate.
Michael Platt, born to a working-class family in Preston, Lancashire, in 1968, developed an early passion for investing. He learned stock trading from his grandmother at just twelve years old, reportedly turning a £500 birthday gift into a much larger sum.
The Allure of the Ultra-Wealthy
Dubai is a magnet for global financial institutions due to its low tax environment, access to sovereign wealth fund capital, and rapid growth in the number of high-net-worth individuals.
The financial boom is not limited to Dubai; Abu Dhabi has also seen a surge in asset managers, with firms like Brevan Howard and TCI Fund Management, led by Sir Chris Hohn, opening offices in the capital this year. Additionally, Brevan Howard co-founder Trifon Natsios has also relocated to Abu Dhabi.
BlueCrest, which transitioned from a hedge fund to a family office in 2015, manages the wealth of Platt and his partners.
A Business-Friendly Environment
A report published in February indicated that the workforce at the Dubai International Financial Centre (DIFC) surpassed 46,000 employees, reflecting a 10% growth over the past two years.
The significant interest in Dubai is attributed to its favorable time zone for global markets and the adoption of English law, offering a familiar and reliable legal framework for international investors.
It is noteworthy that these developments come after BlueCrest lost a prolonged legal battle against the UK tax authority, which established that traders managing over $100 million could be treated as “employees” for tax purposes instead of being granted special status due to their influence within the firm. BlueCrest has appealed the ruling in the UK Supreme Court.
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