Author: jk, Odaily Planet Daily
On February 28, 2026, the US and Israel launched a joint military strike against Iran, which immediately retaliated with a large-scale counterattack. Missiles ripped through the skies of the Middle East, shattering not only military installations but also the lives of crypto professionals who had just settled in the country. Dubai, a city hailed as the "Promised Land of Web3" in recent years, faced a more tangible and severe test. (Related reading: Chinese Overseas Investors: Stranded in the Middle East, Not Wanting to Give Up )
To this end, Odaily interviewed several crypto industry professionals based in Dubai, asking about their experiences, current situations, and plans for their next move.
Dubai's current situation: Airport attack, hotel fire, and lagging reactions from the financial and real estate sectors.
For those living in the UAE, Dubai has become a battlefield in a sense.
Since Iran launched its "True Commitment" retaliatory operations, it has fired more than two thousand missiles and drones toward Dubai , and a tug-of-war has ensued in the skies over Dubai with missiles and anti-missile systems.
On the ground, Dubai International Airport and the Burj Al Arab hotel have been affected. On Xiaohongshu (a Chinese social media platform), there are many scenes of Dubai International Airport terminals being pierced by drone debris, billowing smoke and dust, and passengers running around in all directions.
Dubai International Airport was evacuated when it was hit. Source: X
A fire was reported near a fuel depot at Dubai International Airport. (Source: BBC)
In Dubai's local Chinese community, people share daily stories like, "I heard another explosion here."
Previously, Odaily reported that the Fairmont Palm Hotel in The Palm Jumeirah, Dubai's most luxurious area, caught fire after drone debris fell on it, injuring four people. (I checked this hotel; even in the off-season, the cheapest room costs at least 1,500 RMB per night, while in peak season it can reach 3,000 to 4,000 RMB. )
If you only look at the news, you might think that there is no safe place in Dubai.
Outsiders' first reaction is: if the situation is this serious, is Dubai's hottest real estate market about to crash? Should we all evacuate our citizens?
What about the real estate market and the financial market?
When the retaliatory actions began, the Dubai Financial Markets Property Index (DFMREI) plummeted from approximately 16,000 points to the 11,500-11,700 point range, a drop of about 30% within just a few weeks . Residential transaction volume also declined by 25%-30%. The DFMREI fell from approximately 16,140 points on February 28th to approximately 11,500 points by mid-March, a drop of about 30% , marking its lowest point since April 2025 and erasing all gains accumulated in 2026. As of March 31st, the DFMREI closed at 11,721.04 points, essentially remaining at a low level with no significant rebound.
Dubai Financial Markets Real Estate Index, Source: TradingView
However, it's important to note that DFMREI is a stock index that tracks the share prices of real estate companies listed on the Dubai Stock Exchange (such as Emaar and DAMAC), not actual property transaction prices. A 30% drop in the index does not mean that apartment prices in Dubai have fallen by 30%. Regarding actual transactions, according to local news reports, between February 28th and March 22nd, actual property transactions were significantly lower than the same period in previous years, with average transaction prices falling by approximately 4%-5%.
In the financial markets, as of March 31, the Dubai and Abu Dhabi stock markets had lost approximately $120 billion in market capitalization since the start of the war on February 28. The Dubai Financial Markets (DFM) Composite Index fell by about 16%, resulting in a loss of about $45 billion , while the Abu Dhabi ADX Composite Index fell by about 9%, resulting in a loss of about $75 billion.
Judging from the market's reaction, it doesn't seem to be that serious.
Meanwhile, Dubai International Airport remains operational, but only with reduced flight schedules; a drone-induced fuel depot fire on March 30 briefly suspended flights again, only partially resuming at 10:00 a.m. that day; the suspension of Dubai routes by major European airlines such as Lufthansa, Air France, and British Airways has been extended to the end of March or even later, with some cancellations continuing until May 31.
The Token2049 Dubai Summit, well-known in the crypto industry and originally scheduled for April 29-30, 2026, has been postponed to April 2027, citing "the impact of continued regional uncertainty on security, international travel and operational logistics".
With a barrage of conflicting information, what is the real Dubai like?
What does the future hold for Dubai? Is Dubai's crypto industry suffering an irreversible blow?
A portrait of Dubai's crypto professionals: some resign from their posts and return to their hometowns, while others rush to the "battlefield" under the cover of night.
"Some resigned from their official posts and returned to their hometowns, while others rushed to the imperial examinations under the cover of night." This line from the classic novel *The Scholars* perfectly describes the scene in Dubai in 2026. Based on reactions collected by Odaily from crypto industry professionals, they can be roughly divided into three categories.
The escapee: A thousand reasons can't outweigh a single worry from parents.
Stella is a data analyst at a cryptocurrency exchange headquartered in Dubai, where she has been working for a year. In February of this year, she took advantage of the Spring Festival holiday to return to her hometown in Hunan and spend a lively New Year with her parents.
But as soon as the New Year was over, geopolitical conflicts broke out.
On the day of her return trip, Stella waited at the airport for 5 hours, but her flight was repeatedly delayed and eventually canceled.
“The flight tickets were changing every day those days,” she told Odaily. “ Fortunately, the company eventually allowed all of us to work remotely, including my colleagues in Dubai; nobody went to the office. ”
She told reporters that she originally wanted to continue trying to buy tickets back to Dubai, but she really couldn't explain it to her parents. Stella said that her parents are both over fifty years old, and they often see news on WeChat about explosions and airstrikes, so she really couldn't let them worry like that.
“ When I was studying for my master’s degree abroad, the COVID-19 pandemic hit, and my parents couldn’t sleep night after night looking at the local infection data. ” After discovering that the conflict in Iran was showing signs of becoming protracted, Stella felt that even if she had to work in different time zones, she would not want to go through something similar again.
Stella was lucky. Rebecca, who works for a crypto infrastructure service provider, managed to get a ticket back to her country after the conflict broke out.
On March 6, the Ministry of Foreign Affairs reminded Chinese citizens stranded in the Middle East to seize the opportunity to evacuate during the flight resumption window.
According to Rebecca, after the conflict broke out, airfares didn't skyrocket, but tickets were still hard to come by in the initial stages. Especially at the beginning of the conflict, when news reports claimed that "US forces bombed Iran undetected by hiding under civilian aircraft radar," some people worried that civilian flights might also become potential targets. They drove for hours from Dubai to Oman, the only Middle Eastern country without US military bases, and then traveled back home.
Rebecca said that everyone she knew went back to their home countries during that time.
"This time it really is true. For the vast majority of Chinese people, it's the first time they've ever heard an explosion with their own ears. Who can withstand that?"
Those who stayed behind: The chief hasn't left, why should I leave?
A significant number of those who remained in the area expressed great optimism in interviews. Within days of the Iranian attacks, the UAE's leaders, the sheikhs, made public appearances in downtown Dubai to reassure the public and express confidence.
Following the conflict, the chiefs came into the public eye. Source: Gulf News
Meanwhile, according to The National, as of the 29th, the UAE had 11 deaths and 178 injuries. Fortunately, none of the injured were Chinese. Most of the injured were South Asian expatriates, with a smaller number being military personnel.
Tiffany, who works on a crypto wallet project, told reporters, "People in Dubai, whose companies don't operate remotely, are basically doing what they normally do, going to work as usual."
According to an interview with crypto.news, an exchange employee using the pseudonym Jarseed stated that he had already left Dubai for Hong Kong, but "many exchange employees have bought houses, settled down, and sent their children to school in Dubai. This group is far more committed than the digital nomads who can easily move around." Even if the company allows temporary work-from-home arrangements or longer periods of remote work, these individuals have already put down roots in Dubai. Where else can they go?
Returning travelers: Do you dare sign a waiver of liability?
"It's not my company, but I know some companies that require their employees returning to Dubai to sign a waiver of liability," revealed an anonymous employee based in Dubai.
It sounds shocking at first, but this is indeed the reality for some workers in Dubai. As commercial entities, companies naturally cannot guarantee personal safety under such circumstances, so some companies require employees to sign waivers , which they call "life and death waivers."
One reason is that some people genuinely cannot return to their home countries for various reasons; another is that because so many people are returning, a certain degree of vacuum has emerged in local business in some niche areas. At this time, whoever has the courage to step up and take on these orders will have the opportunity to overtake competitors in various industries.
This presents both risks and opportunities. Therefore, the Middle East has witnessed some courageous returnees.
Stella, both amused and exasperated, opened her phone to show Odaily the local group chat: "Look, in the group chat, this person just came back, and everyone is flooding the chat with ' Welcome xx back to the war zone to overcome the difficulties together with everyone ' . "
Dubai's location is irreplaceable.
"Will Dubai remain the crypto hub of the Middle East in the long run?" I asked everyone for their opinion on this question.
Ethan, the founder of a Web3 x AI project, directly opened a map for us to discuss this issue.
Ethan believes that Dubai's location is irreplaceable in the long run. His logic is simple: if not Dubai, where else can you go?
If you draw a circle with the UAE as the center, you'll find that there are almost no cities within that area that can compare to Dubai.
Qatar, the only nearby city of similar size , is developed and financially secure, but it is also within the scope of the attack. Israel, while developed, would be unable to conduct business with Arabs there. Other cities in the Middle East are not as large as Dubai and could also be affected by the escalating situation.
Istanbul, a bit further away , has a smaller market and a lower rate of English proficiency. Further still, in North Africa , financial and political stability is far inferior to that of Dubai.
Going further afield, if you want to do business in the EU, why not just move to London, Paris, or Frankfurt?
Therefore, after careful consideration, Ethan believes that Dubai is the only option if a city of similar size, with no language barriers, is crypto-friendly, and has a stable policy and financial environment can be met simultaneously.
"We can't go to India, can we?"
Ethan told me that Dubai has always been the center of business in the Middle East. Agricultural products from North Africa are unloaded here, and small electrical appliances from China are distributed here. In the Deira district where Ethan lives, hundreds of thousands of Indians, Arabs, and Africans support the largest trading market in the Middle East.
Rebecca shares a similar view. Her company is a large international corporation, and Dubai is the hub for its MENA (Middle East and North Africa) regional operations. Although she is currently operating remotely from China, she told us that the company's business is running smoothly and that she "will return to Dubai sooner or later."
The agglomeration effect of large cities is important, especially for the crypto industry.
Oliver, the business development manager for an audit project, told Odaily that living in a big city like Dubai is important for the team.
He told us that although most Web3 work is done remotely, relying solely on online communication and meetings is far from enough for business development. Most of his colleagues are based in popular cities like Singapore and New York, and they also cultivate very good crypto communities in their own cities , which is very important for "getting to know each other" and building early trust.
Oliver, who comes from a traditional finance background, believes that the business development and sales process is "best done in person."
From this perspective, living in a major city with a crypto-friendly atmosphere is important. Digital nomads working remotely can indeed live in places like Nepal where the cost of living is low, but how many potential clients in the crypto industry would be there?
Trust the UAE, and trust our motherland even more.
According to Crypto.news, MegaETH co-founder Shuyao stated, "From a medium- to long-term perspective, we remain very optimistic about Dubai; it's just currently in its own bear market phase."
Tiffany, who works in operations, says there's another layer of risk.
Because factors like war are considered force majeure, some employees' contracts allow the company to lay off staff without penalty. In this case, if the employees don't want to return to Dubai, they may have to part ways with the company.
Therefore, some people returning home may be forced by circumstances to do so.
However, she told us,
"I believe in the UAE and that they won't let the situation become irreparable. China will definitely evacuate its citizens. I also believe in our country."
(Stella, Rebecca, Tiffany, Ethan, and Oliver are pseudonyms.)
