Brexit will not affect Dubai's competitiveness, say UAE financial professionals

A poll of UAE financial professionals found more than 70 per cent of them thought Brexit would not affect Dubai’s competitiveness.

The survey conducted by CFA Institute, the association of investment professionals, asked global members to gauge the likelihood of potential outcomes of a British exit from the European Union.

It follows the June 23 referendum when Britain voted to leave the EU.

More than 2,000 investment professionals participated in the survey, with half of them based in Europe, the Middle East and Africa.

In the UAE, 71 per cent of those surveyed thought Brexit would not affect Dubai’s competitiveness as a global financial centre.

About 58 per cent said that Middle East companies would reduce their presence in the UK in the wake of Brexit.

Only 10 per cent agreed that companies from the Middle East with significant operations in the UK would seek to expand in the kingdom.

Most respondents expected the “uncertainty” following the referendum vote to last for up to six months (33 per cent) or for between six and 12 months (25 per cent).

A further 26 per cent believed that such uncertainty may persist for up to two years.

The survey was conducted between July 13 and 21.

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