UK's Revolut prepares for UAE launch amid CEO tech flight to Gulf over new tax regime

Revolut is preparing to launch in the UAE, after the FinTech's co-founder left the UK, the home of the company, for a new life in the Gulf state.

The online bank said it was “working diligently towards a launch in the UAE” and is currently holding talks with the Central Bank to make this happen, The National reported.

It comes after Nik Storonsky recently changed his residency from the UK to the UAE, in what has been described by some as an "exodus" of tech talent from the country.

The Gulf region, in particular Saudi Arabia and the UAE, has been working hard to build up its tech industries and attract investors such as the Revolut founder.

"We’re continuously expanding our localisation efforts… offering Arabic language support is something we’re actively exploring for the region to ensure an inclusive experience for all customers," the company said in a statement.

Revolut has around 65 million customers worldwide with a  $75 billion valuation, and is seeking to expand into emerging markets such as the Gulf with operations in the UAE expected to begin soon.

It has become one of the UK's leading online banks, part of an explosion in FinTech companies emerging there but the country seems to be struggling to keep some of the CEOs in the country.

Storonsky, a British-Russian national, was among a number of wealthy residents to leave the UK following the government's decision to scrap its long-standing non-domicile status, a hugely unpopular tax regime in the country.

Dubai and Abu Dhabi are among the Gulf states to benefit from the flight of entrepreneurs from the UK to the Gulf.

Saudi Arabia also recently granted American entrepreneur and Uber co-founder Travis Kalanick, as well as Red Sea Global Chief Executive John Pagano, citizenship in line with Crown Prince Mohammed bin Salman's Saudi Vision 2030, with tech a key part of this economic diversification plan.