More British firms eyeing closer ties with Dubai as Brexit looms

Dubai Multi Commodities Centre survey reveals greater appetite for international expansion post-Brexit
More British firms eyeing closer ties with Dubai as Brexit looms
By Staff writer
Thu 08 Mar 2018 02:46 PM

Two-thirds of British firms are eyeing closer ties with Dubai after Brexit when the country leaves the European Union, according to a new survey.

Dubai Multi Commodities Centre (DMCC), the free zone for commodities trade and enterprise, released its research indicating that more than a quarter of British firms have a greater appetite for international business expansion post-Brexit.

Two thirds (66.5 percent) of the firms surveyed following Prime Minister Theresa May speech last week, said they were actively looking at Dubai as a business location due to its geographical location, its business friendly regime, its growing marketplace for commodities, financial services, and an increasing range of specialist industries.

British business leaders and CEOs surveyed that said they are looking at overseas expansion, indicated that the main reason for establishing abroad, was gaining access to new markets and new talent pools.

Gautam Sashittal, CEO, DMCC, said: “British business is very important to us. We have over 1,350 British businesses, large and small in the DMCC Free Zone and British businesses are amongst the top three nationalities in our Free Zone.

"More importantly, British business understands Dubai, and the opportunities it presents, and the DMCC Free Zone creates the right environment in which British businesses looking to access the African, Middle Eastern, Central and South Asian markets can set up and thrive."

Speaking on the subject at DMCC’s Made for Trade Live Roadshow in London this week, Lord Green, chairman Asia House, said: “With the arrival of Brexit and the complexities it brings we have to encourage more and more British businesses to chart new courses in finding new markets. The Middle East offers extraordinary opportunities, the UAE being an obvious example of that."

DMCC said it currently hosts 27 percent of British SMEs who have set up in the UAE.

It added that it has seen a significant increase in interest from British business looking to set up a business in Dubai through its website, DMCC.ae with traffic from British only visitors increasing by 192 percent between 2015 to date.

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Last Updated: Thu 08 Mar 2018 01:51 PM GST

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