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According to CBD Corporate Services, a corporate services provider to the Gulf Cooperation Council, the number of UK businesses in the UAE has grown by 23% year-on-year, witnessing a surge in new UK businesses entering the market.
The latest economic forecast from the British Chambers of Commerce (BCC) predicts the economy will slip into recession by the end of 2022, with inflation soaring to a staggering 14%. This sharp decline will be driven by a combination of factors, including weaker consumer demand and currencies, higher costs and slower global trade growth.
With the UAE’s stable, low taxes and booming economy, UK investors are increasingly looking to the UAE to consolidate their operations to hedge risk.
business friendly environment
Wayne Merrick, Managing Director of CBD Corporate Services, commented that UK investors are attracted by the UAE’s business-friendly environment and its pro-business policies.
“In the past year, the UAE government has made several incremental and strategic changes. This includes the introduction of a long-term visa category, full foreign ownership, legislative changes and opening up to foreign investment.
As a result, investors are moving their operations to the UAE to prevent a recession in their business expansion. “
Expansion to UAE
Tom Smith, managing director of UK-based digital services agency Complete Online and CBD Clients, attributes his business expansion in the UAE to the state of the UK economy and opportunities in his respective industries in Dubai.
“We chose to expand into the UAE after seeing a void in the market for a full-service UK full-service marketing agency. After working with other agencies in Dubai to deliver projects, we thought it was the right time to get everything right here .
“Given the current economy in the UK, it becomes more apparent that we need to diversify the markets in which we work,” Smith explained.
The CBD also noted an increase in interest in the Abu Dhabi Global Market (ADGM) financial district.
“Given the ease of setup, stringent compliance policies and the fact that it is a common law jurisdiction, we see many ADGM firms focused on protecting assets, protecting wealth and legacy continuation,” commented Merrick. arab trade news agency
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