British companies in the UAE will be likely have a preferred status following Britain’s exit from the European Union (EU), also known as Brexit, in 2019, according to two EU trade officials. “The UAE is very UK-centric. Because of the long-standing historical links — the UK played the main role in shaping the Gulf countries. So obviously, beyond 2019, Britain will have a preferred relationship with these countries,” Wolfgang Penzias, Trade Counsellor, European Union said in an exclusive interview at Gitex Technology Week.
In 2015, trade between Dubai and the UK amounted to Dh29.7 billion, with Britain also constituting one of the top sources of foreign direct investment (FDI) into the UAE. “The UK is so well entrenched here, not only trading and manufacturing, but consulting, banking, services.
Everywhere, you find a Brit. They are, to some degree, the mainstay of this country, I think, along with the Indians,” Penzias said.
Investment into the UK from the UAE has increased since the British pound fell sharply in June of last year, following the vote. The EU is currently locked in negotiations with Britain — which voted to leave the EU in a referendum last year — over issues such as citizens’ rights, and the divorce bill.
Source Credit: Khaleej Times
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