Could be the Best 20 Minutes You’ll Ever Spend!
English: Sharjah, UAE (Photo credit: Wikipedia)
When it comes to the intricacies of international trade overseas and developing the necessary contacts, British entrepreneurs and business owners are well served by the United Kingdom government, principally through the UK Trade & Investment (UKTI) department. Indeed, the department should be the first port of call for all business owners seriously looking to target overseas markets no matter where they happen to be. For the advice they’re sure to receive will not only prove invaluable, it’ll also be accurate and up-to-date.
The oil-rich United Arab Emirates (UAE) in the Persian Gulf is a country which maintains strong trading links with the United Kingdom. For confirmation of this, look no further than the UKTI website which usually lists a string of the latest opportunities for British businesses. To say the least, the opportunities are varied and sometimes downright unusual. At the time of writing, a leading fully integrated environment and waste management company in the UAE was interested in acquiring waste compactors and – would you believe – UK road sweepers! Another UAE business was looking to make contact with manufacturers of luxury tableware.
There are many sectors of the UAE economy where British firms are highly visible, the financial services sector being a prime and extremely lucrative example. Dubai has the largest and most sophisticated financial and professional services industry in the Gulf region, says the UKTI, and is home to many banks, insurance, financial and legal services firms.
Many British firms have already set up in the region, serving a significantly growing market. There are now three financial services markets in the UAE. The Dubai International Financial Centre (DIFC) is regulated by the Dubai Financial Services Authority (DFSA) on Anglo-Saxon lines, and also hosts the DIFC Courts. Presidential Decree (FD15) of 22 April, 2013 declared a new financial free zone, “Abu Dhabi Global Market”. The world outside the free zones is regulated by Federal authorities, and British companies are active in both.
The UKTI says, “The DIFC is a financial free zone opened in September 2004, and will celebrate its 10th anniversary in 2014. The DIFC seeks to position itself as a global financial centre situated between London/New York and Hong Kong. The DIFC is now ranked as the world’s fastest-growing international financial centre, and continues to attract international clients from around the world.”
But there are other sectors, too, in which British companies are heavily, not to mention, successfully involved in. Priority sectors identified by the UAE government include energy, travel and tourism, professional services, transport and logistic services, construction, and education and healthcare. The UKTI adds, “Looking at this in connection with economic data and fiscal stimulus initiatives, we judge that the main opportunities will be in oil and gas, energy, construction, mass transport, security, health and education.”
For the record, the UAE is the UK’s largest civil export market in the Middle East and North Africa region. It is also the UK’s 13th largest export market, estimated to be worth around £5.1 billion, and is designated as one of the UKTI’s high growth markets.
Anyone even remotely considering the UAE in terms of market possibilities is well advised to check out the UKTI website. It could well be the best 20 minutes you’ll ever spend.
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Category: Business
