Empty beds visible in front of towers along a beach at Jumeirah Beach Residence (JBR) in Dubai on March 11, 2026. (Credit: AFP)
Several Emirati authorities denied rumors about the implementation of capital controls in the country, which has been in the crosshairs of the U.S.- Israel with Iran.
Anwar Gargash, diplomatic adviser to United Arab Emirates President Mohammed bin Zayed Al Nahyan, is among the officials who have firmly dismissed these claims, which have been circulating for several days without any concrete confirmation.
"We have repeatedly warned of the dangers of rumors during times of war. What is circulating regarding the imposition of restrictions on the flow of capital in the United Arab Emirates is false, and the official authorities clearly refute it. The Emirates' economic history is based on openness and freedom of movement of funds, which is one of the pillars of its success and attractiveness for investment," the adviser wrote Thursday on X. "The Emirates will come back with more determination and success, and the Iranian aggression will not succeed in its ambitions," he added.
On Wednesday night, the Dubai Media Office, the official body that serves as a spokesperson for the Dubai authorities, also published a message describing as "fake news" reports stating that "the United Arab Emirates has introduced strict laws preventing foreign investors from withdrawing their capital and leaving Dubai" and that "these measures would include the freezing of bank accounts and restrictions on money transfers and the movement of capital."
"The Emirates' economy is strong, and Dubai will continue to remain a global economic hub," the agency added.
The Ministry of Economy and Tourism struck the same tone, issuing a statement on its website reiterating the same message: "The ministry emphasized the Emirates' strong commitment to open economic policies and the free flow of capital, in accordance with international best practices, in order to boost a stable and attractive investment environment. The ministry urged the public and the media to refer to official sources for accurate information," the statement read. The same message was shared in videos on social media.
Two residents contacted in the Emirates, who wished to remain anonymous, indicated that no capital control measures had been imposed on them or communicated to them by their respective banks. One stated he had carried out a significant transaction less than two days ago and that "everything went smoothly."
The war, which has prompted many wealthy residents of several Gulf countries to leave the region – at least temporarily – raises the risk of a massive capital outflow if the war continues. On Monday, Standard & Poor's Global Ratings estimated that Gulf banks could face domestic deposit outflows of $307 billion but noted it has seen no evidence of significant withdrawals from banks by foreign or local investors.
On Tuesday, the Central Bank of the UAE (CBUAE) announced a support plan for banks, including easier access to liquidity, a temporary reduction in required capital reserves, and the option to delay loan classifications for affected clients. The plan aims to ease pressure on the sector and safeguard the country’s financial stability, while preserving the strength and competitiveness of the UAE banking system.
"The CBUAE, which oversees record foreign exchange reserves of over 1 trillion dirhams (about $270 billion) and a monetary base coverage ratio of 119 percent, reaffirms the strong fundamentals of the Emirates' banking sector, valued at 5.4 trillion dirhams in assets (about $1.47 trillion)," the Central Bank also wrote.
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