The United Arab Emirates is currently home to 100,000 expatriate Britons. Many of these expats will be eligible to vote in the UK’s upcoming referendum on its membership of the EU, and as such the UAE’s sizeable British community has found itself in heated discussion on the matter. There has been considerable debate about implications of staying or leaving in general and the impact, if any, that the decision might have on this group directly as UK nationals residing outside of both the UK and the EU.
Recently Liam Fox, former defence minister and vocal supporter of leaving the EU, headed to Dubai’s Capital Club to give a speech on why he felt leaving the EU was the best option. Around a hundred of the emirate’s resident British nationals turned out to hear Fox make his case. Fox and his fellow campaigners for a leave vote argue that an exit from the EU would give the UK more freedom in creating laws and would also leave the country with a net financial gain.
Speaking to his audience in Dubai, Fox described how the referendum is “energising all sorts of people who wouldn’t normally be involved in politics.” He also spoke of how the campaign for leaving had achieved “a big turnout” for its rallies, though admitted that he was “not sure” how this would be reflected in voter turnout.
Those in favour of remaining, on the other hand, point to the fact that membership of the EU makes trade with other member countries significantly easier and more affordable. Where those in favour of leaving often talk about controlling our borders, those who argue in favour of staying part of the Union say that the flow of EU migrants into the UK are mostly young, skilled individuals coming here to work and contribute to our economy. This fuels growth, they say, and helps with the funding of public services. They also contend that Britain’s status as a player on the world stage would be harmed if the country were to leave the EU.
However, for many groups of voters, domestic and expat, the real deciding factors will be those that directly impact the individuals in question. For many of the Britons resident in the UAE, the impact on the property market is one of the key considerations here, as this is where many expats choose to invest. The pound is currently in a fairly weak position – partly as a result of the uncertainty surrounding the referendum – leading many to invest now while prices are low. Where the market will go after the vote, and which result will be better news for these investors, is a matter of considerable debate.
As for the matter of how UAE expats are planning to vote in the referendum, this matter is very much a divided one. At the end of Mr Fox’s pro-Brexit event, at which a number of speeches in favour of leaving the Union were given, a poll of the audience revealed that they were split almost down the middle.
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Hopwood House are property investment specialists, with a wide range of investment opportunities in the UAE including properties for sale in Dubai and Abu Dhabi.
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Daniel Peacock