Iran's retaliatory strikes across the Gulf hit across Dubai's key sectors, landing on airports, hotels and ports. “It’s hard to overstate the peril for Dubai's economic model," said Jim Krane, a fellow at Rice University’s Baker Institute. But Dubai's status as a safe-haven for expatriates and their businesses is in increasing doubt. Beirut had been the region's international financial capital until its civil war in the 1970s shattered that image. The creation of the Dubai International Financial Centre (DIFC) in 2004 kickstarted a push to draw financial firms.

Source: The Edge Markets March 03, 2026 10:20 UTC