British businesses eye Dubai post-Brexit

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More than a quarter of British firms have a greater appetite for international business expansion post-Brexit, according to a report by commodities and enterprise free zone, DMCC, Brexit: the impact on British business and exploring new trade routes.

Two thirds (66.5 per cent) of the firms surveyed following Prime Minister Theresa May speech on 2 March 2018, 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 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”, said Gautam Sashittal, CEO, DMCC.

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.

Speaking on the subject matter 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”.

With over 1,300 British companies in its Free Zone, DMCC currently hosts 27 per cent of British SME’s who have set up in the UAE.

DMCC also noted a significant increase in interest from British business looking to set up a business in Dubai through its website, with traffic from British-only visitors increasing by 192 per cent between 2015 to date.