Seeking safety amid rising tensions in the Gulf, expatriates in Dubai are increasingly looking toward Zug, a Swiss town best known for its commodity trading and cryptocurrency industries.

Axar.az informs, citing The Finacial Times, the influx includes wealthy individuals, family offices, and companies, according to Zug’s finance director Heinz Tannler, who said interest has grown following the outbreak of the Israel–US conflict with Iran.

“We are seeing increased inquiries,” he said. “Of course, we regret the circumstances — but the reality is that Zug is benefiting.”

Wealth managers and bankers note that clients based in Dubai, many of whom work in commodities and finance, are seeking a stable base in Europe.

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