Dubai all Set to Gain as London Companies Decide to Move Many Jobs Overseas: Brexit

Reuters released a survey recently that says that the total number of jobs in the finance sector that were to be migrated out of Britain or in other countries because Brexit has gone down by half, as compared to about six months ago.

However, Dubai Multi Commodities Centre or DMCC report said that British organizations, which were finding options overseas, had Dubai on their radar. Many UK-based firms had been showing interest in settling up their offices in the free zone since the Brexit had voted to go out of the European Union about a couple of years back.

The organizations that employ most of UK-based employees in their international finance department reported to Reuters in their last Brexit tracker that they plan to move about 5,000 finance jobs out of Britain by March 2019. However, in March beginning, the DMCC came out with its report named: ‘Brexit: the impact on British business and exploring new trade routes’. Though it nowhere mentioned the total number of British firms they surveyed, it just said that approximately 27 percent of survey respondents were of the view that they had a bigger demand and wish for expansion of international expansion after Brexit happened.About two-thirds of the people said that it was a big possible location for company formation in Dubai.

To state the facts, about 4,000 odd British firms are based out of Dubai today, and around 1,300 of them are located in DMCC. The report also said that the DMCC witnessed a 29 percent climb in the number of British companies, which are all set to open their offices in the free zone. Do you know that this interest shown by the British organizations in setting up their offices in Dubai has gone up to a whopping 192 percent? Therefore, DMCC company formations are on a high demand.

In the press release that came along the DMCC report, the Chairman of the consultancy firm Asia House, Lord Green, said that with the coming of Brexit, we have to accept that it brings along some complexities; therefore, there is a need to promote more British commerce and industries to find newer markets. The UAE in the Middle East is a great option as it provides exceptional business opportunities and hence company formation in Dubai is a good bet.

Lumina, corporate finance firm in Dubai announced that they had appointed Rick Pudner (former group CEO of Emirates NBD) to head their entry into this new zone – the U.K. market. Pudner said that the impacts of Brexit included major capital, financial and other trade consequences for UK mid-market and also for private companies that are working in the Middle East markets.