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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.

Automobile

Legend Motors launches Kaiyi X7 AWD and X7 PHEV SUVs in UAE, strengthening Chinese automaker’s expansion

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Legend Motors has expanded its product portfolio in the UAE with the launch of two new Kaiyi SUV models, the Kaiyi X7 AWD and the Kaiyi X7 PHEV, as the Chinese automotive brand strengthens its presence in one of the Gulf’s fastest-growing vehicle markets.

The latest launches underline Kaiyi’s strategy to grow its footprint across the Middle East by offering both conventional internal combustion engine vehicles and new-energy models that cater to evolving consumer preferences.

Speaking during the launch event in Dubai, Cannon Wang, Group Vice President, Leadership and Strategy at Legend Holding Group, said the UAE remains a strategic market for the company’s regional ambitions.

“Dubai represents a global benchmark for automotive excellence, where innovation and customer expectations come together. It is a natural gateway for Kaiyi’s regional expansion, and we see strong long-term potential in the UAE market as we introduce products that combine technology, value and performance,” Wang said.

The newly introduced Kaiyi X7 AWD is powered by a 2.0-litre turbocharged four-cylinder petrol engine producing 256 horsepower and 390Nm of torque. The SUV is paired with a seven-speed wet dual-clutch transmission and an all-wheel-drive system, enabling it to accelerate from 0 to 100 km/h in approximately 6.9 seconds.

Alongside it, the company unveiled the Kaiyi X7 PHEV, a plug-in hybrid SUV that combines a 1.5-litre turbocharged petrol engine with an electric motor and a lithium iron phosphate battery pack. The vehicle offers an all-electric driving range of up to 150 kilometres under the CLTC testing cycle and features EV, Hybrid and Power Assist driving modes.

The launches come as Chinese automotive manufacturers continue to expand their presence across the Gulf region, driven by increasing demand for technologically advanced SUVs and electrified vehicles.

The UAE automotive market records annual new vehicle sales of around 300,000 units, with SUVs accounting for nearly half of total sales. The growing preference for fuel-efficient and technology-focused vehicles has encouraged several global and Chinese manufacturers to broaden their product offerings in the country.

Tony Wu, Deputy General Manager of Kaiyi International, said the company remains committed to supporting the UAE’s transition toward cleaner mobility while continuing to serve customers seeking petrol-powered vehicles.

“Aligned with Dubai’s Vision 2030, we see a clear direction towards accelerating the adoption of new energy vehicles. While our petrol-powered E5 and X3 models continue to perform strongly among retail and fleet customers, we are equally committed to supporting the region’s shift towards cleaner, future-ready mobility solutions,” Wu said.

Harsh Chaturvedi, General Manager of Kaiyi UAE, said the company’s focus is on making advanced automotive technology accessible to a wider customer base.

“True innovation lies in making cutting-edge technology accessible, practical and aligned with the everyday expectations of our customers. It’s not just about specifications but delivering a refined sense of control, comfort and modern luxury,” he said.

Through its UAE operations under Legend Motors, the automotive division of Dubai-based Legend Holdings, the company is also investing in after-sales services, spare parts availability and customer support as it seeks to strengthen its presence across the UAE and the wider GCC market.

The launch of both petrol-powered and plug-in hybrid variants reflects Kaiyi’s broader strategy of offering multiple powertrain options as demand for electrified mobility continues to grow across the Middle East.

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Announcements

Good news for businesses: Sharjah slashes fees and fines

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Businesses in Sharjah can now benefit from a range of temporary fee reductions after Sharjah Police unveiled a new package of incentives aimed at easing costs and supporting the emirate’s business community.

The measures, introduced in line with a decision by the Sharjah Executive Council, include 50% discounts on several security-related fees, along with reduced fines and lower training costs for companies.

What discounts are available?

Under the new initiative, eligible businesses will receive:

  • 50% off security permit renewal fees for commercial activities
  • 50% off security system subscription fees
  • 50% reduction on eligible violations and fines
  • 20% off mandatory training programme fees for companies

Sharjah Police said the initiative is designed to support commercial establishments, encourage business sustainability and further strengthen the emirate’s position as an attractive destination for investment.

How long will the discounts last?

The incentives will be available for three months from the date the decision comes into effect.

Businesses seeking more information about the discounts and eligibility can contact the Sharjah Police Call Centre on 901.

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Business

UAE fuel prices drop sharply: Here’s what you’ll pay from July 1

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Motorists across the UAE will pay significantly less at the pump from July 1 after the UAE Fuel Price Committee announced a sharp reduction in petrol and diesel prices for July 2026.

All fuel grades have become cheaper compared to June, with Super 98 falling by 55 fils per litre, while diesel has dropped by 73 fils per litre.

All fuel grades have become cheaper compared to June, with Super 98 falling by 55 fils per litre, while diesel has dropped by 73 fils per litre.

Fuel prices for July

  • Super 98: Dh3.40 per litre (down from Dh3.95)
  • Special 95: Dh3.29 per litre (down from Dh3.83)
  • E-Plus 91: Dh3.21 per litre (down from Dh3.76)
  • Diesel: Dh3.60 per litre (down from Dh4.33)

The new rates take effect on Tuesday, July 1, 2026.

The UAE Fuel Price Committee reviews retail fuel prices every month, with rates adjusted in line with movements in global oil and energy markets.

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