Brexit

Does Brexit pose an economic puzzle to the GCC?

This article originally published in AME Info. The UK’s vote to leave the European Union caused a period of uncertainty both in the financial markets and the political environment. The UK is the fifth largest economy in the world, and the Brexit process will have major economic repercussions. This led to countries and business entities strategizing their activities to respond to Brexit. The prospective cost to UK’s economy and impact of Brexit has brought into prominence its relation with the...

Brexit: Impact on GCC Investments in Britain

GCC Investors have flocked into British Real Estate Sovereign Wealth Funds (SWFs) & private investors from gulf, particularly Qatar, Kuwait, KSA and UAE, have purchased prolific properties in Britain, largely in London. Indeed, a part of London is referred to as ‘Qatar Quarter’ due to the sizeable investments made by Qataris. London-based Rokstone estate agent estimates that Qataris own property worth more than one billion pounds (USD 1.34mn) in Mayfair, one of London's richest areas. Quantum of Investments Total investments...

Brexit’s multi-level impact on GCC

GCC markets remained relatively unscathed except for UAE markets; Dubai index lost 3.3% while Abu Dhabi lost 1.8%. Dubai being largely a service economy driven by trade & services, tourism and real estate witnessed a fall as British pound lost 7.2% in value against UAE Dirham. Investor’s feared the depreciation of pound against AED would affect real estate investments and tourist’s inflow from Britain. Among non-GCC investors in Dubai, after Indians nationals, British nationals had invested AED 10billion (USD 2.7bn)...