Tech entrepreneur Herman Narula: Why I’m swapping UK for UAE

A multimillionaire tech entrepreneur has laid out the frustrations of life in Britain that have prompted his imminent move to Dubai.

Herman Narula told The National that a tax system that disincentivises job-creating risk-takers, a government without vision, and anti-immigration sentiment have persuaded him to trade in the country he has called home since the age of two for the “appealing” and “visionary” UAE.

The chief executive of tech company Improbable, which has been valued at £2.5 billion, said successive governments have failed to grasp the opportunities offered by AI, which means Britain is no longer a beacon of breakthrough industries.

“This is a country that was the birth of the Industrial Revolution, and now it doesn't even have a single domestic company of note associated with [AI],” Mr Narula said. He criticised a “series of disconnected, haphazard policies which don't produce value”.

He said he had already “received hate” for announcing his decision, but said “if you just leave quietly then nothing will change”.

Mr Narula joins a growing list of high-profile people to leave Britain and head to the UAE, including property billionaire Asif Aziz, FinTech executive Nik Storonsky and Aston Villa FC co-owner Nassef Sawiris. Revised figures released on Tuesday showed 257,000 British nationals emigrated in 2024, compared to 143,000 who returned.

Taxman

The straw that broke the camel’s back for Mr Narula was the suggestion that the UK government could introduce in next week’s budget an exit tax for wealthy people who relocate abroad. That plan, which appears to have been shelved along with a proposal to raise income tax, was mooted due to the dash to Dubai by thousands of high n