Dubai’s glitz starts to dim for Russians

Wealth centre: A view of luxury yachts along Dubai’s waterfront. Russians now trail Indian and British nationals in terms of property purchases. — Reuters

Dubai: Two years ago, Dubai became a hot favourite with Russians looking to park money or build new lives after President Vladimir Putin’s invasion of Ukraine.

That allure is now dimming as the cost of living in the glitzy emirate surges and its banks get stricter in enforcing US sanctions.