Following the start of the new conflict in the Middle East, the number of inquiries from wealthy Asians seeking to move their capital from Dubai to countries such as Singapore has increased, as they reassess stability in the region, Reuters writes.

In recent years, Dubai has become a popular investment hub with “favorable policies,” the agency notes.

However, the recent conflict, during which Iran carried out retaliatory strikes against countries such as the UAE and Qatar, has cast doubt on the UAE’s reputation as a stable state. Reuters reported that shortly after the first Iranian retaliatory strikes reached Dubai, two Indian entrepreneurs attempted to transfer more than $100,000 (128,000 Singapore dollars) from their local bank accounts to Singapore to hedge risks.

The entrepreneurs are among many wealthy Asians who are making inquiries or taking similar steps to move their assets held in Dubai to other regional financial centers such as Singapore and Hong Kong.

Singapore-based private capital lawyer Ryan Lin told Reuters that about seven of his 20 clients in Dubai, each with average assets of $50 million (64 million Singapore dollars), plan to move their assets to Singapore.

Iris Xu, head of the international corporate and fund services firm Anderson Global, said that this week she received inquiries from 10 to 20 family offices about moving assets back to Singapore from Dubai.

Another asset manager said that out of 13 clients in the UAE he spoke with, more than half are seriously considering transferring their assets to Singapore, Reuters reports.

However, not all asset managers and their clients are concerned. Dhruva Jyoti Sengupta, CEO of the Dubai-based asset management group WRISE Private Middle East, told Reuters that he had not seen “serious discussions of capital flight” and that clients remained confident in the UAE’s “long-term resilience.”

According to Reuters, Jeremy Lim, co-founder of the family office GrandWay, said his plans to open a family office in Abu Dhabi remain unchanged as long as “ the UAE were to.become directly involved alongside one side ​in a conflict.”