How can UK businesses trade with the Middle East?

There are numerous trading opportunities with the Middle East for UK businesses, and the United Kingdom’s relative proximity on a global scale and enviable reputation provides a particular advantage.=

While established companies have their own advantages, the most exciting opportunities may be in the start-up and emerging business arena, where a productive relationship across international borders could contribute to transformative growth potential.

The UAE in particular offers an unparalleled combination of outsize spending power for it’s modest landmass, and a seemingly inexhaustible and surprisingly diverse hunger for British-made goods and expertise. A thriving majority expat community provides visibility, demand, and potential connections as well. It’s well worth reaching out to personal connections for an introduction or scheduling an exploratory visit. Both the UK and the UAE offer support to businesses looking to expand and develop connections between the two countries.

Its very liberal trade regime, well-established socio-economic stability, and explicit support of small and medium-sized enterprises (SME’s) also works in the favour of British-born businesses and eager-to-expand start-ups. Its history as a remarkably successful market for a number of British businesses is also motivating and confidence inspiring. Depending on your business sector, you might find more advantage in importing or exporting. There is surprising diversity to be found in both, with opportunities across health care, technology, goods and services, education, aerospace and beyond. It also serves as a significant market for re-export to other countries, so your sales could well outpace the demand ceiling and go on to find other markets.

If you’re considering conducting business across international borders, you need to include currency conversion rates and fees into your plans. Finding the best rates for money transfer from the UK to the UAE might open up opportunities that otherwise would have been out of reach, especially when it comes to the sizeable sums involved in business to business transactions, but even if you have solid margins on your exports (or imports), there’s no sense in leaving money on the table. Any business plan should take into account the potential variance, and its well worth your time to do some research to get the best deal, as rates can vary widely.

Corporate structure and place of business will influence your options. While online money transfer services have made great strides, having a secure account in both originating and destination countries can be of service when it comes to making the most of your financial transactions. There might also be tax and legislative advantages to having a presence on the ground or at least a trusted partner in both locations and having a transnational or multinational presence is also an excellent way to diversify and reduce risk.

Local markets can be volatile and vulnerable to changing socio-political and economic tides—Brexit comes to mind as one potential source of lack of surety. Trading across international borders can provide a buffer against such localised challenges and will help your business thrive over the longer term.

With such a large expat community on the ground, your first step to exploring your options might just be opening up your address book. Investigate growth and export opportunities in the Middle East today to take your start-up to the next level.