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Sunday, 21 August 2016

Dubai can work Brexit to its own advantage | GulfNews.com

Dubai can work Brexit to its own advantage | GulfNews.com:

"All games have winners and losers — and historic events usually involve unforeseen, unintended benefits as well as consequences. Brexit is no exception; one may deplore, on principle, the outcome of the June 23 vote but this crisis in international relations does offer multifaceted opportunities for those who stand to gain from what the UK will predictably lose.
Dubai is one such player on the global stage that should, right now, identify those opportunities and take decisive steps to seize them. In turn, the rest of the world should observe carefully how Dubai fares in this post-Brexit competition, as it could have significant ramifications for both world markets and for regional stability in the Middle East. In the short term, Brexit may be costly to Dubai since Brits comprise a fair percentage of its tourism industry. As the pound sterling plummets, they’ll no doubt find less expensive destinations or simply stay home. Yet that fall-off seems a reasonable price to pay if Dubai can attract businesses, especially financial institutions, in search of freer, greener pastures.
No one port-of-call will overnight replace London as a comparably dominant international capital market; instead, we’re looking at more of a dismemberment as the City’s pieces get flung in the general directions of Dublin, Liechtenstein, Frankfurt, Paris — not to mention Hong Kong and Singapore that already enjoy enough critical mass to readily attract financial institutions in search of reliable harbours."



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