The GCC view: Brexit – a blessing or a curse?

The UK’s decision to leave the EU has created exciting new possibilities for trade relations with the GCC region

The initial response appeared to be everything the doom mongers had feared. Trillions of dollars wiped off financial markets, the British pound plunging to levels not seen for decades and immediate downward revisions for global growth.

But now, with the dust having settled and the initial panic over, the world has accepted with some reluctance that Brexit is inevitable and it may not be so bad after all.

Global stock markets have regained most of their losses prior to the vote, the issue of who will lead the country through its negotiations to exit the European Union has been resolved ahead of schedule and in some areas at least there is optimism about the opportunities Brexit has brought.

This is particularly true in real estate, where opportunistic Gulf investors are licking their lips at the prospect of London property deals at a discount with the double whammy of falling house prices and the weak British pound. Even if those with existing holdings will have seen some of their recent gains erased.

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