With the BRIC nations facing financial troubles, business has begun to wander to different and better opportunities across the world. British businesses have specifically been attracted to the Gulf, which provides great commercial chances amidst human rights crisis.
Latest figures from the Office for National Statistics show the UAE is number 12 in the UK's top 50 export markets. Saudi Arabia comes in 18th place, Qatar 31 and Kuwait stands at 48. While Dubai and Abu Dhabi are major hotspots, Saudi has made its mark with half its population under the age of 25 and a growing private sector. The UK Trade & Investment, Gulf's largest economy, said its benefits include growing diversification within the Saudi economy, massive government investment in transport, infrastructure, healthcare, education and energy, and a common use of English in business.
“Doing business in the Gulf remains challenging, but there is also great opportunity. Saudi is the largest market by some margin, so the Kingdom is a great place to start,” says Adam Hosier, founder director of AEI Saudi, a Riyadh-based consultancy. “But wherever you focus, it is important to seek sound, independent advice from people on the ground with the experience and knowledge to ensure your strategy is as low risk and low cost as possible. The key to success in the Gulf – commit don’t commute.”
Peter Bishop, deputy chief executive of the London Chamber of Commerce and Industry said, “In the Gulf, we are finding there are plenty of opportunities to excite British business interest. Our next mission to Saudi, in October, will coincide with Saudi Build, an important building and construction sector exhibition. Projects that are attracting particular attention there are the new metro lines in Riyadh, Jeddah and Mecca.”
