The appearance of Russian hats and furry overcoats in the UAE might not entirely be explained by the recent cold snap.
Booming economies in Russia and former Soviet states in Central Asia are increasing flows of capital to banks in the Emirates, as greater numbers of wealthy individuals from those countries forgo Switzerland and London for Dubai.
Increasing numbers of customers from the former Soviet bloc are being drawn to Dubai and Abu Dhabi, said Julien Faye, a partner and the head of financial services at Bain & Company Middle East.
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