Don Limon goes Arab Markets
We try to reach new markets every day. We are interested in understanding the different cultures of new markets and want to develop our knowledge. Our newest development plan targets the Arabian markets as we plan to increase the business with the far east.
The United Arab Emirates (UAE) is the UK’s largest export market in the Middle East and the 13th biggest globally. The UK exported £9.8 billion of goods and services in 2016. This was a 37% increase since 2009. The UAE is the UK’s fourth largest export market outside the EU.
The UAE has made huge progress diversifying its economy away from oil. Non-oil sectors now contribute about 70% of the UAE’s Gross Domestic Product (GDP). According to International Monetary Fund (IMF) forecasts, as of March 2018, it’s expected to be the second largest Arab economy in 2017 after Saudi Arabia in terms of GDP (in current prices). The IMF expects UAE to be ranked 25th globally (in current price terms), with a GDP per capita of $37,346.
The Emirates are one of Germany’s most important trading partners in the Arab world and at the same time they represent the most important export market in the Arab world. Due to their convenient location, they serve as a hub between Europe and Asia, from where the goods are either re-exported to Asia or the Gulf. Dubai is the third most important re-export location in the world after Singapore and Hong Kong. It provides access to the neighboring markets and thus to another 1.2 billion people. The political situation in the Emirates is considered stable and there is a well-functioning infrastructure between them. Many foreign companies have locations in the region for these reasons.