Some shipping industry professionals based in Dubai are reportedly considering relocating to Greece and Cyprus as the ongoing US-Israeli war with Iran continues to disrupt the Gulf region and raise concerns about long-term stability.
According to a report by , western expatriates working in the maritime sector are increasingly viewing Athens and Cyprus as attractive alternatives due to their strong shipping industries, established maritime infrastructure and favourable tax regimes.
Industry sources told the outlet that uncertainty surrounding the conflict and the reliability of Dubai as a global business hub are prompting some professionals to reassess their future in the United Arab Emirates.
The report comes as approximately 2,000 vessels remain trapped in the Gulf amid competing US and Iranian blockades linked to the war. While the wider shipping industry has seen freight rates surge because of disrupted supply chains and longer energy routes, Dubai’s maritime and logistics sector has reportedly been hit hard by the instability.
The UAE has long positioned itself as a key logistics hub connecting the Middle East, Asia and Africa, with Jebel Ali ranking among the world’s busiest transhipment ports. However, Iran’s control over the Strait of Hormuz has severely impacted regional trade flows and significantly reduced UAE oil exports.
“It’s not so much the slowdown in business, but the unreliability of Dubai as a hub. Can you count on a flight back to London or Paris for your family during war?” one ship owner told Middle East Eye.
Athens is emerging as a possible beneficiary of the shift due to Greece’s dominant role in global shipping. Greece controls one of the world’s largest merchant fleets, while the country’s shipping-friendly tax structure and proximity to Europe make it an attractive base for maritime executives seeking stability.
The report also noted that Dubai’s booming real estate sector may be entering a downturn. reported that thousands of real estate agencies in Dubai could close in the coming months as the effects of the regional conflict ripple through the economy.
Smaller agencies and businesses reliant on speculative property investments are believed to be among the most vulnerable, as investor confidence weakens amid ongoing geopolitical tensions.
Despite growing concerns, analysts say few are prepared to completely abandon Dubai given the UAE’s financial strength and global business appeal. However, the war has raised serious questions about whether the city can maintain the extraordinary growth and international confidence it enjoyed in the years following the Covid-19 pandemic.
Source: Middle East Eye
