With only a year left for Brexit’s official cut of date, the onset of a new era is intriguing a major portion of UK’s business community to explore new markets and fixate their business appetite on more reliable grounds.
In the stimulus of the forthcoming setback, UAE has appeared as a soundly attractive investment destination for UK based investors due to its pro-business setup regime, specialized industrial zones, low business formation cost, world-class infrastructure, tax exemptions benefits and 100% ownership privileges.
As a result of UAE’s progressive developments on economic diversification, the non-oil sectors now contribute an overwhelming 70% of its GDP, which is soon expected to put UAE on the 2nd spot as largest Arab economy with per capita of $37,346.
Following the speech UK’s Prime Minister Theresa May on March 2, the Dubai Multi-Commodities Center report claimed that 66.5% of British firms were considering Dubai as a major investment metropolis after referring to a survey with British business magnates and CEOs. The report also revealed that DMCC experienced a 29% increased inflow of UK-based company formations in its free zone since the announcement of Brexit until February this year.
Currently, UAE remains the largest export market for the UK in the Middle East, 3rd largest outside EU and ranks on the 13th spot globally. In 2016 alone, UK exported goods and services worth £9.8 billion which marked a 37% increase since the year 2009. Top exports include machinery and mechanical appliances, motor vehicles, electrical machinery and equipment, precious stones and metals, optic, cinematographic, photographic and metal equipment.
Based on the more than 5,000 British companies established in the UAE, the leading corporations include Rolls Royce, Shell, McDonald, BAE Systems, BP, SERCO, Mott, HSBC, Standard Chartered, and John Lewis / Waitrose.
Complementing its versatile community, UAE has also held a long history of strong cultural and academic ties with the UK, since many UK citizens regularly visit UAE for festivities and are employed in numerous teaching professions in top institutes. Currently, UK citizens account for 120,000 residents from UAE’s diverse expat population. According to UAE’s tourism statistics of 2016, of the 14.9 million people that visited UAE, 1.25 million were from the UK.