“Geographically Dubai is a hub”: investing in the Middle East

currency calculator in use

While UK exports to Europe are expected to grow by just 4-5%a year between 2013 and 2020, the same cannot be said for regions a little further afield.

According to the latest HSBC Global Connections report, exports to Asia are forecast to grow by 9-10% a year over the same period; and UK exports to the Middle East and North Africa are predicted to rise by 9% a year from 2013 to 2015 – and 7% between 2016 and 2020.

Described as wealthy, young and a provider of opportunities, Dubai is being hailed by experts as the ideal place for companies looking to export there and for those hoping to break into new markets.

Simon Cooper, chief executive officer for HSBC Middle East and North Africa, said: “Much of the opportunity here is down to three broad factors: the Gulf has a lot of wealth; the demographics are good in that consumers here are largely young; and geographically Dubai is a hub. It acts as a doorway to the rest of the Middle East as well as Asia and Africa.

“UK firms that set up a base or subsidiary here effectively have access to a market of more than 270 million consumers,” he added.

Dubai experienced a fair bit of turbulence in 2008 and 2009 when the financial crisis struck, but it has since recovered and is seen as something of a ‘safe haven’, especially with Europe still embroiled in the eurozone crisis.

But can the same be said for the property market?

According to estate agent Cluttons, property prices are inching back up to the level witnessed at the peak of the property boom in the summer of 2008.

And Mario Volpi, head of residential sales and leasing at the company's Dubai office, said that there is still a “good level of buyers looking to invest” especially since they have “seen the market turn the corner”.

However, he warned buyers to be “cautious” of sellers who are over-optimistic about the prices they can attain.

“Whereas before, when offers came in they were relatively quick to accept them, now they're [...] digging their heels in.

“Buyers have to be cautious about that, because if they don't pay the right sort of price someone else will come along and take it from under their nose,” he said.

Remember that comparing the market is a sure-fire way to find the cheapest way to send money abroad.

Company Details

“Geographically Dubai is a hub”: investing in the Middle East

Get a quick quote

Open Account with Currencies Direct

Currencies Direct are located at:
51 Moorgate,, Greater London,, , EC2 R6BH, United Kingdom

Get a Quick Quote

Newsletter Signup to CMT

Sign up to our foreign exchange newsletter to receive news updates directly by email

Compare Money Transfer will not Share your details!

Bank Exchange Rates Comparison

High St Bank Exchange Rate

All Rights Reserved: Copyright 2006 - 2018 Compare Money Transfer Limited offering FCA Regulated Suppliers - 34 New House, 67-68 Hatton Garden, London, EC1N 8JY. +44 (0) 843 357 4882