00:00The world's financiers are facing the biggest test of their resilience, under missile fire.
00:05Dubai and Abu Dhabi branded themselves as global financial centres.
00:09Low taxes, political stability, open access.
00:12The money flooded in.
00:14The UAE, Saudi Arabia and Qatar channeled billions into global deals.
00:19Dubai property prices have climbed more than 70% since 2019.
00:23It's now one of the world's top markets for homes worth more than $10 million.
00:28Financiers left behind high-tax hubs like London.
00:31They accepted market risk, but not risks to their personal safety.
00:36Now, as the conflict with Iran escalates, Gulf financial centres are under shelter-in-place warnings, with drones and explosions
00:43overhead.
00:44Some residents have been stockpiling supplies of food and water.
00:48Brookfield, KKR and Blackrock have been racing to do more deals in the Gulf.
00:53Morgan Stanley and Goldman Sachs have been building up teams in the region.
00:56For now, capital is staying put, but Dubai's model rests on more than just investment flows.
01:02It's a global travel hub, a city built to feel insulated from regional turmoil, open during pandemics, open during crises.
01:12Airspace closures punctured that image, with massive disruptions to flights and limited options to evacuate.
01:18If the conflict drags on, the question isn't just whether money stays.
01:21It's whether the Gulf can still sell certainty in an uncertain region.
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