Story perspectives

Millennium Considers Dubai Relocation Amid Rising Conflict

3/25/2026

Summary

Millennium Relocates Employees

Millennium Management is considering relocating employees from Dubai to Jersey amid Middle East conflict, after employing over 100 staff and seeking tax-friendly alternatives as safety concerns rise.
Verition Fund Management plans to extend its Dubai office lease, signaling the city's continued importance amid the conflict.
Both firms cite the UAE as a financial hub, while the war drives expats to safer locations and Jersey becomes a refuge for wealthy individuals.

Summary

Dubai's Economy Struggles

The ongoing US-Israeli war with Iran is severely impacting Dubai's economy and tourism.
Hotel occupancy has plummeted to 16%.
Primark will open its first store in Dubai Mall despite missile attacks.
Airlines have canceled numerous flights to the region.
South Asian workers, crucial for remittances, remain in the Gulf and face job insecurity if the conflict persists.

History

Historical Context

The Gulf War began on August 2, 1990, when Iraq, led by Saddam Hussein, invaded Kuwait, claiming economic grievances and territorial rights. The U.S. and a 42-nation coalition intervened to liberate Kuwait, culminating in military action from January to February 1991. This conflict reshaped the Middle East, establishing the UAE, particularly Dubai, as a financial hub, while current tensions threaten its economic stability.

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Millennium Relocates Employees

Millennium Management is considering relocating employees from Dubai to Jersey amid Middle East conflict, after employing over 100 staff and seeking tax-friendly alternatives as safety concerns rise.
Verition Fund Management plans to extend its Dubai office lease, signaling the city's continued importance amid the conflict.
Both firms cite the UAE as a financial hub, while the war drives expats to safer locations and Jersey becomes a refuge for wealthy individuals.

1 / 3