UK Government To Launch Dubai Trading Hub For British Firms
Doing business in the Middle East is set to become easier for UK companies with the launch of a specialist trading hub to be based in Dubai, set up by government agency UK Trade & Investment (UKTI).
UKTI Chief Executive Officer Andrew Cahn has announced that the new trading hub will provide UK companies with a ‘one-stop-shop’ of resources, advice and support to help them develop and exploit the export potential of their businesses in the booming Middle East and North African markets.
“The Middle East region represents huge opportunities for British businesses. Economies in the region are booming and trade is growing rapidly offering huge potential for UK companies looking to invest,” Cahn revealed.
“It is estimated that UK exports to the Middle East region were worth more than GBP10 billion in 2006 with exports to countries like Bahrain and Qatar up by 45% and nearly 35% respectively."
“The UK now exports more products and services to Saudi Arabia than the whole of Latin America," Cahn observed.
UKTI’s new trading hub team will become a quasi business link for Dubai based UK companies, acting as a first point for contact for those looking to expand their business into neighbouring markets. It will support British businesses by providing expert advice on local business environments, organising country specific seminars and conferences and ensuring companies are put in direct contact with necessary business links.
Cahn said there are a number of fast growing sectors in the region each offering new and exciting opportunities for UK companies.
“The Middle East has a vibrant tourism industry, is embracing new technologies and building infrastructure at a rate of knots. UKTI wants to ensure British companies are best placed to tap into these opportunities.”
Director of Energy for Mott MacDonald, Simon Harrison welcomed UKTI’s initiative.
“There are significant hurdles to overcome when doing business in foreign markets. Obtaining authorisations, licences, registrations and visas presents a minefield of challenges to companies looking to establish themselves overseas,” Harrison stated.
“Having a dedicated team of advisors who know the local business environment will make it much easier for UK companies to set-up and do business abroad.”
Cahn suggested that Dubai was the natural location for the Middle Eastern trading hub.
Located mid-way between the Far East and Europe, Dubai has a unique role in the region. With an exhibition centre, international hotels, banks, lawyers, consultants and accountants it is an ideal location for coordinating UKTI’s services.
Cahn announced that UKTI is focused on directing its resources into the most dynamic markets offering the best opportunities for UK companies.
“UKTI launched its new ‘Gulf strategy’ late last year highlighting three high growth markets – Saudi Arabia, UAE and Qatar,” he said.
“We look on the whole of the Gulf as a high growth market but will be directing our efforts into these three emerging economies. We will work with key organisations in the region to build a strong network of trade and investment specialists to assist British businesses.”
UKTI will officially open the new trading hub on 17 May at a ‘Britain in the Region’ event which gives British companies the opportunity to learn more about opportunities in the Middle East.
Trade and investment officers from Iraq, Iran, Saudi Arabia, Bahrain, Oman, Kuwait, Qatar, Jordan, Lebanon, Libya, Syria, Palestinian National, Tunisia and Morocco will be attending. Officers from the Embassies in Dubai and Abu Dhabi will also be present.
The British Business Group of Dubai & Northern Emirates, Energy Industries Council, British Expertise, the Middle East Association and the Arab British Chamber of Commerce will also participate in the event.
UKTI Chief Executive Officer Andrew Cahn has announced that the new trading hub will provide UK companies with a ‘one-stop-shop’ of resources, advice and support to help them develop and exploit the export potential of their businesses in the booming Middle East and North African markets.
“The Middle East region represents huge opportunities for British businesses. Economies in the region are booming and trade is growing rapidly offering huge potential for UK companies looking to invest,” Cahn revealed.
“It is estimated that UK exports to the Middle East region were worth more than GBP10 billion in 2006 with exports to countries like Bahrain and Qatar up by 45% and nearly 35% respectively."
“The UK now exports more products and services to Saudi Arabia than the whole of Latin America," Cahn observed.
UKTI’s new trading hub team will become a quasi business link for Dubai based UK companies, acting as a first point for contact for those looking to expand their business into neighbouring markets. It will support British businesses by providing expert advice on local business environments, organising country specific seminars and conferences and ensuring companies are put in direct contact with necessary business links.
Cahn said there are a number of fast growing sectors in the region each offering new and exciting opportunities for UK companies.
“The Middle East has a vibrant tourism industry, is embracing new technologies and building infrastructure at a rate of knots. UKTI wants to ensure British companies are best placed to tap into these opportunities.”
Director of Energy for Mott MacDonald, Simon Harrison welcomed UKTI’s initiative.
“There are significant hurdles to overcome when doing business in foreign markets. Obtaining authorisations, licences, registrations and visas presents a minefield of challenges to companies looking to establish themselves overseas,” Harrison stated.
“Having a dedicated team of advisors who know the local business environment will make it much easier for UK companies to set-up and do business abroad.”
Cahn suggested that Dubai was the natural location for the Middle Eastern trading hub.
Located mid-way between the Far East and Europe, Dubai has a unique role in the region. With an exhibition centre, international hotels, banks, lawyers, consultants and accountants it is an ideal location for coordinating UKTI’s services.
Cahn announced that UKTI is focused on directing its resources into the most dynamic markets offering the best opportunities for UK companies.
“UKTI launched its new ‘Gulf strategy’ late last year highlighting three high growth markets – Saudi Arabia, UAE and Qatar,” he said.
“We look on the whole of the Gulf as a high growth market but will be directing our efforts into these three emerging economies. We will work with key organisations in the region to build a strong network of trade and investment specialists to assist British businesses.”
UKTI will officially open the new trading hub on 17 May at a ‘Britain in the Region’ event which gives British companies the opportunity to learn more about opportunities in the Middle East.
Trade and investment officers from Iraq, Iran, Saudi Arabia, Bahrain, Oman, Kuwait, Qatar, Jordan, Lebanon, Libya, Syria, Palestinian National, Tunisia and Morocco will be attending. Officers from the Embassies in Dubai and Abu Dhabi will also be present.
The British Business Group of Dubai & Northern Emirates, Energy Industries Council, British Expertise, the Middle East Association and the Arab British Chamber of Commerce will also participate in the event.
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