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Why UK billionaire Nik Storonsky swapped London for the UAE

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When Nik Storonsky first built Revolut out of a small London co-working space in 2015, few could have predicted that it would become Europe’s most valuable fintech, or that its co-founder would one day relocate to the UAE, the rising capital of global finance and ambition.

This week, that move became official.
New filings with the UK’s Companies House confirm that Storonsky, a billionaire, disruptor, and still the driving force behind Revolut, has changed his country of residence from the UK to the UAE.

It’s a personal shift that carries bigger meaning: a symbol of how the world’s financial gravity is tilting toward the Gulf.

Leaving London’s legacy for Dubai’s dynamism

Storonsky’s relocation comes as the UK rethinks its economic landscape. The government’s decision to abolish the long-standing “non-domiciled” tax regime, once a major draw for global investors, has triggered a quiet but steady outflow of wealth and talent.

Why high-net-worth individuals prefer the UAE to the UK:

Zero income tax
Unmatched connectivity
World-class infrastructure
Growing reputation as a place where business and lifestyle intersect seamlessly.

From Russia to the UK

Born in Russia and now a British citizen, Storonsky cut ties with his Russian nationality after the invasion of Ukraine. For him, Dubai and Abu Dhabi offer both neutral ground and new ground, places to grow Revolut’s global ambitions while staying close to the action in Asia, Europe, and Africa.

According to official filings, Storonsky remained a UK resident until October 16, 2024. Now, his new chapter unfolds from the Emirates, though he is expected to keep one foot in London, where Revolut’s main office still operates and where he continues to push for a long-delayed UK banking licence.

The Gulf opportunity

Storonsky’s move also reflects Revolut’s growing interest in the region. In September, the Central Bank of the UAE granted the fintech a new licence to offer stored value and retail payment services, paving the way for a wider rollout of its digital banking products.

Revolut has since ramped up local hiring, deepened its partnerships, and even explored the acquisition of a UAE-based bank, a move that could make the Emirates its launchpad for expansion across the Middle East and beyond.

A tale of two cities

Even as he settles in the UAE, Storonsky hasn’t abandoned London. Revolut recently unveiled a new London headquarters and a £3 billion investment pledge, a statement of loyalty to the city where it all began. But in true entrepreneur fashion, Storonsky seems to be hedging his bets, maintaining London’s legacy while embracing Dubai’s dynamism.

With Revolut valued at $75 billion and analysts forecasting a potential doubling if it goes public, Storonsky’s financial future looks as bold as his relocation.

As the billionaire fintech founder settles into his new base in Dubai, one thing seems clear:
The story of Revolut’s next chapter, and perhaps of global finance itself, may no longer be written in London, but under the bright, forward-looking skyline of the Emirates.

With over 35 years of experience in journalism, copywriting, and PR, Michael Gomes is a seasoned media professional deeply rooted in the UAE’s print and digital landscape.

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Sheikh Mohammed issues new law on building quality and safety in Dubai: All you need to know

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In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has issued Law No. (3) of 2026 regulating the quality and safety of buildings in Dubai.

The law applies to all buildings across the emirate, including those located in private development zones and free zones such as the Dubai International Financial Centre (DIFC), regardless of whether they were constructed before or after the law’s enactment.

Ensuring safer and sustainable buildings

The new legislation aims to enhance the quality, safety, and sustainability of buildings in Dubai by ensuring structural integrity, regular maintenance, and the safe operation of building systems. It also seeks to improve occupant comfort, reduce accidents, protect lives and property, and preserve Dubai’s urban landscape.

Role of Dubai Municipality

Under the law, Dubai Municipality will oversee the implementation of building safety standards. Its responsibilities include developing a digital building management system, maintaining a unified database of buildings, and carrying out periodic assessments to ensure compliance.

The municipality will also set sustainability standards, regulate building materials, promote the use of modern technologies in construction and maintenance, investigate building-related incidents, and implement measures to safeguard lives and property.

Mandatory Quality and Safety Certificate

A key provision of the law is the requirement for buildings to obtain a Quality and Safety Certificate, which will only be issued after a licensed engineering office conducts a comprehensive inspection and technical assessment of the building’s structural and technical condition.

The law also defines the responsibilities of authorities supervising construction activities in Dubai, including Dubai Municipality and regulators overseeing private developments and free zones.

Responsibilities of building owners

Building owners, including unit owners governed by Law No. (6) of 2019 on Joint Property Ownership in Dubai, must obtain the Quality and Safety Certificate after construction is completed and address any defects identified during inspections.

Owners are also required to:

  • Hire a licensed engineering firm to assess the building and prepare a technical report
  • Carry out regular maintenance for buildings under 20 years old
  • Repair defects that may threaten structural safety, residents, or surrounding properties
  • Allow authorities to conduct inspections and perform necessary repairs

Maintenance must continue even after the building obtains its safety certificate.

Certificate validity

The Quality and Safety Certificate will remain valid for 10 years for buildings less than 40 years old from the date of completion, and five years for buildings that are 40 years or older.

Certificates may be renewed for similar periods, according to procedures to be determined by a decision from the Chairman of the Executive Council of Dubai.

Rules for demolition and tenant rights

If a building is approved for demolition, the provisions outlined in Law No. (26) of 2007 regulating landlord–tenant relations in Dubai will apply.

Tenants who vacate the building under such circumstances will have priority to return after reconstruction or major maintenance, at the same rental value stated in their original lease, unless otherwise agreed by both parties.

Penalties for violations

Violations of the law or related decisions may result in fines ranging from Dh100 to Dh1 million. Repeat offences within two years may lead to fines doubling to a maximum of Dh2 million.

Authorities may also impose administrative measures such as suspending building permits, halting government or private transactions related to the building, and stopping lease certification procedures until violations are resolved.

Appeals and enforcement

Anyone subject to a decision or administrative action under the law may submit a written appeal within 30 days to the Director General of Dubai Municipality or the relevant authority. A designated committee will review the appeal and issue a final decision within 30 days.

Authorities may also seek assistance from government entities, including the police, to enforce the law when required.

Implementation timeline

Building owners, contractors, and engineering offices must comply with the law within one year of its effective date, although the Chairman of the Executive Council of Dubai may extend the deadline if necessary.

The law will be published in the Official Gazette and will come into effect 60 days after publication, with any conflicting provisions in other laws annulled.

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UAE Central Bank assures public financial system is stable and fully operational

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Central Bank of the UAE has reassured residents and businesses that the country’s financial system remains strong, stable and fully operational despite rising geopolitical tensions across the region.

The regulator said banks, financial institutions and insurance companies across the UAE continue to operate normally, delivering services to customers without disruption.

Khaled Mohamed Balama said the sector remains resilient and well-positioned to navigate evolving regional developments.

“The UAE’s banking and financial sector continues to demonstrate the highest levels of resilience and stability,” he said.

Strong foundations of the financial sector

According to the central bank, the sector is built on strong governance frameworks, diversified institutions and proactive risk management systems designed to respond quickly to regional and global economic shifts.

Balama noted that the regulator has played a key role in strengthening the country’s financial stability and global reputation.

Strong capital and liquidity buffers

Financial indicators show that the UAE banking sector is entering the current period of regional uncertainty from a position of strength.

  • Capital adequacy ratio: around 17%
  • Liquidity Coverage Ratio: above 146.6%

Both indicators remain well above international regulatory requirements, reflecting strong financial buffers across the sector.

Total assets in the UAE banking system have also grown significantly, exceeding Dh5.42 trillion, highlighting the scale and stability of financial institutions operating in the country.

These strong capital and liquidity levels help banks absorb economic shocks and maintain lending activity even during periods of uncertainty.

The Central Bank also confirmed that banking infrastructure, digital platforms and payment networks continue to operate smoothly across the country.

“I reaffirm that the UAE’s banking systems, payment systems and national financial infrastructure continue to operate with full efficiency and stability,” Balama said.

Continuous monitoring and preparedness

Authorities said the financial sector remains under close monitoring, with ongoing coordination between the central bank, financial institutions and government entities.

Banks in the UAE operate under regulatory frameworks that require continuous risk monitoring, stress testing and business continuity planning aligned with international best practices.

The Central Bank said it maintains a wide range of monetary and prudential policy tools to support financial stability when needed.

Balama reaffirmed the regulator’s commitment to safeguarding the sector’s stability and supporting the UAE’s long-term economic growth.

“I reaffirm the Central Bank of the UAE’s unwavering commitment to closely monitor developments, maintain full operational readiness and provide the necessary support to safeguard the achievements realised over more than five decades of progress and prosperity,” he said.

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Dubai to host ‘Billionaires for Peaceconclave as global movement calls for values-driven leadership

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As geopolitical tensions and conflicts intensify across the world, a growing global initiative is calling for renewed focus on peace, dialogue and shared human values.

The I Am Peacekeeper Movement is stepping up efforts ahead of the upcoming Billionaires for Peace Conclave, scheduled to take place in Dubai this May.

Founded by humanitarian leader Huzaifa Khorakiwala, the movement promotes seven core values — truth, gratitude, forgiveness, love, humility, giving and patience — as the foundation for inner harmony and lasting global peace.

“Peace is not merely the absence of conflict. It is a shared responsibility rooted in how we live, act and lead,” Khorakiwala said. “In a world facing unprecedented challenges, aligning our values with our actions is more important than ever.”

Global movement for peace

Launched in Dubai, the I Am Peacekeeper Movement aims to unite individuals, institutions and communities under a shared mission of harmony and mutual understanding.

The initiative has rapidly expanded into a global platform engaging millions of advocates worldwide through digital campaigns, grassroots networks and international events.

Organisers say the upcoming Billionaires for Peace Conclave will bring together influential leaders, entrepreneurs and changemakers to explore ways to advance peace-building, ethical leadership and global cooperation.

Building on a global peace summit

The initiative builds on the momentum generated by the Global Justice Love & Peace Summit held in April last year.

The summit brought together 10 Nobel Peace Laureates on a single stage and concluded with the release of a Peace Charter encouraging global solidarity, dialogue and values-driven leadership.

Organisers say the movement’s focus on “lived values” aligns closely with the UAE’s longstanding commitment to tolerance, coexistence and cross-cultural dialogue.

With Dubai hosting the upcoming conclave, supporters hope the city will once again serve as a global platform for conversations on peace and shared human responsibility.

About the movement

The I Am Peacekeeper Movement is a global initiative founded by Dr Huzaifa Khorakiwala to promote universal peace through core human values. Launched in Dubai, the movement engages communities worldwide through advocacy, education and international events such as the Global Justice Love & Peace Summit and the Billionaires for Peace Conclave.

More information is available at: www.i-am-peacekeeper.com

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