DUBAI, Jan 21 ― Dubai is an attractive destination for investors, but also for Russian nationals fleeing the Western sanctions imposed on their country since its invasion of...
DUBAI, Jan 21 ― Dubai is an attractive destination for investors, but also for Russian nationals fleeing the Western sanctions imposed on their country since its invasion of Ukraine. And it seems that their move to the wealthy Gulf emirate is helping to boost the art market in the region.
This influx of Russian nationals has had repercussions on the real-estate market in the wealthy emirate, with the value of real-estate transactions peaking at 528 billion dirhams in 2022, according to The National. This is an increase of 76.5 per cent compared to the previous year and, above all, an all-time record for the Gulf city-state.
In fact, Christie’s has recruited a Russian-speaking specialist for its Dubai office, reports The Art Newspaper. However, the auction house assured the trade publication that “clients in all Christie’s locations, including Dubai, are subject to due diligence in accordance with our anti-money laundering and sanctions compliance programme.”
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