British technology pioneer Herman Narula is preparing to move to Dubai

One of the most prominent entrepreneurs in the British technology sector, Herman Narula, who has a fortune estimated at 700 million pounds ($918 million), is preparing to leave the United Kingdom and move to Dubai, in a move that has aroused the interest of economic and media circles.

Narula, 37 years old and CEO of Improbable, which specializes in the fields of electronic games, defence, artificial intelligence, and digital currencies, said in statements to The Telegraph newspaper that current government policies have become “anti-entrepreneurship,” warning that they may push British startups to leave the country. He described the trend to impose new taxes as “madness” that targets successful startup companies instead of supporting them.

He stressed that he does not really want to leave Britain, but he is taking this step now so that he does not find himself deprived of the option of moving later, especially with the increasing talk about an exit tax on the wealthy.

According to British media reports, Finance Minister Rachel Reeves is considering imposing a tax on the capital gains of individuals with great wealth when they move to live outside the country, with the aim of reducing capital evasion.

Narula is one of the most prominent faces of British technology. He founded Improbable at the age of 29, and the Japanese group SoftBank invested $500 million in it in 2017. Its value today is estimated at $3.4 billion, and Narula owns a third of its shares.