Dubai may be a major beneficiary of Brexit

dubai - EU citizens working in the UK may be forced to leave and seek new career opportunities

Markets around the world dropped immediately following the UK's shock decision to exit the European Union and the pound hit a 31-year low against the greenback. While the real ramifications of this decision will take months and years to become apparent, markets don't like uncertainty, and right now Brexit means a lot of it.

British Prime Minister David Cameron has resigned and the favourite to succeed him, Boris Johnson, opted out of the race. There have already been mass protests and talk of compromise that could make Brexit a little more than a symbolic gesture. The EU itself is requesting a swift exit to end the uncertainty, with each day bringing a new development, but with nothing concrete yet.

If Brexit actually does happen - whether it be a full exit or a watered-down version - there are good reasons to see this as a positive development for our region, especially Dubai, whuch will be a massive beneficiary.

And there are at least four reasons why.

First, there are reportedly three million non-British but English-speaking EU citizens currently living and working in the UK, who, within the next one to two years, may be forced to leave. They'll either return home or seek new career and lifestyle opportunities elsewhere. Dubai, with its year-round sunshine, healthy diversified economy, fabulous restaurants, beaches, hotels and malls and dollar-linked tax-free salaries, will likely be on the shortlist.

Second, on the other side of the coin, there are hundreds of thousands of British professionals working across Europe who may likewise be forced to relocate within the next two years. Dubai enjoys an enviable lifestyle, excellent remuneration and is the one of the closest English-speaking options outside of the UK. Further to this point, there are over 250,000 expat Brits currently living and working in Dubai alone. With all this turmoil back home, many are likely to stay longer.

Third, there are scores of British empty-nesters and sea-changers currently living in sunny spots in Spain, the south of France and elsewhere across Europe, who are unsure if they'll be able to stay and if so, whether they'll be able to afford it once they lose their EU benefits. Many will either return to the cold and rain or look elsewhere outside of Europe. The Brexit will allow Dubai, Abu Dhabi, Ras Al Khaimah, Bahrain, the Egyptian north coast and Marrakesh to compete on a more level playing field as a lifestyle and retirement choice of destination.

Fourth, and most unfortunately, the clear sentiment behind the 'Leave' campaign had xenophobic and racist undertones. Its success has, for some, legitimised racist viewpoints and hate speech targeted against UK citizens of non-Anglo backgrounds, particularly Muslims and those of Asian descent. Incidents of reported racial abuse against these minorities have increased sharply in the days immediately following the referendum.

Already marginalised communities, episodes like these for some will be the tipping point. They'll consider alternatives. Dubai, Abu Dhabi, Doha and Bahrain are four modern Muslim cities that are safe, open and welcoming to people of all faiths and ethnicities where they can live, work, play and worship without fear of verbal and physical abuse.

The EU has long been an excellent talent pool for middle to senior management positions in GCC firms. European expats have been a key component of the region's growth in the past 10 years in particular. Brexit will make this even more apparent. London may soon be off the map for EU professionals, similarly the rest of Europe may no longer be a simple option for British professionals. The GCC, and particularly the UAE, will be the major beneficiary.

The writer is CCO of Propertyfinder Group. Views expressed are his own and do not reflect the newspaper's policy.