Hasma Capital Advisors, the investment firm managing a multibillion-dollar portfolio for Saudi Arabia’s Juffali dynasty, is moving the bulk of its operations from London to Dubai, Bloomberg reported citing people familiar with the matter who asked not to be identified.
The firm established a legal entity in Dubai in 2025, and chief executive Mamoun Askari is now listed as a UAE resident in registry filings, the report said.
Several employees had requested the move as far back as last year, and interest held even after a regional conflict broke out in February. The firm’s longstanding UK branch is expected to close by the middle of next year.
Recruitment is underway in Dubai, and some London-based staff have already relocated. Finance head Adrian Clear moved over in August, according to his LinkedIn profile. Not all staff are following: Alexander Godwin, a former Citigroup executive on Hasma’s investment team, remains listed as a UK resident.
Hasma manages assets across public and private equity, fixed income, and hedge funds. A firm representative declined to comment.
The move adds to a pattern of private wealth migration from London to the Gulf. Tax increases targeting Britain’s wealthy have accelerated departures over the past two years, eroding the UK’s standing as a global wealth hub.
Dubai’s appeal, built on a low-tax environment and English common law courts, has drawn family offices and investment managers from across Europe and Asia. Abu Dhabi has similarly attracted capital in the same period.
Hasma is not the only example. Shravin Bharti Mittal, a scion of one of India’s largest fortunes, relocated from Britain to the UAE and opened a Gulf branch of his Unbound investment firm, while retaining the London office. Nasir Alsharif, a senior figure at another London-based family office serving Saudi clients, returned to the Middle East from the UK last year.
The Juffali family’s conglomerate, E.A. Juffali and Brothers, has more than 10,000 employees globally and counts IBM, Bosch, Michelin, and Massey Ferguson among its international partners. The group is chaired by Khaled Juffali, 68.
Hasma itself, named after a Saudi desert, was founded more than a decade ago. Its most recent UK filings listed close to a dozen employees, placing it among London’s larger single-family investment offices.
