There are many things about the Brexit reaction that annoy me: the arrogance of "young people" in appearing to disregard a democratic decision; the moans of correspondents of The Guardian newspaper that they feel ashamed of their passports; the assumption that to vote against the autocrats and bureaucrats of Brussels is the same as declaring yourself a racist xenophobe.
Not that I’m a British citizen, but if I had been voting I would have probably gone – marginally – for “remain”, largely because of a desire for economic and financial stability, and despite my suspicion of the European Union’s anti-democratic integrationism.
But that’s all in the past now and Britain will have to live with and manage the fallout from its decision. I’ve no doubt the country – as one that has met and overcome much greater challenges in the past – will do that and even turn Brexit to its economic advantage.
In particular, the City of London has proved to be the world’s most adaptable financial centre. World wars, recessions, global crises have come and gone and the Square Mile has maintained its century-long position as the leading European hub, just behind New York in the global rankings.
I can’t see why that should change. I recall interviewing the head of the Deutsche Borse sometime around 1990. “Frankfurt to London: We will bury you” was the headlined threat from him back then. Well, it didn’t happen, and there’s no reason why it should now, a quarter of a century later.
The latest Brexit-related matter to get my goat was the suggestion that Britain’s exit from the EU would be damaging for the UAE. British banks would foreclose on debts, especially those owed by Dubai; tourism from the UK would dry up as newly impoverished Brits opted for “staycations” in their dismal island; British investors would boycott the UAE’s dollar-lagged property sector.
I don’t see any of that happening. True, the UAE has some chunky financial obligations to meet in the coming years and debts to UK institutions will be significant: the UAE is the biggest debtor among the $94bn in GCC maturities estimated by HSBC to be falling due this year and next, and Dubai is the biggest element in that.
But these debts were known about well before the Brexit vote. If anything, interest rates are likely to fall in Britain post-Brexit and the Fed is less likely to raise rates in the turmoil that has followed. That amounts to cheaper terms for Dubai and UAE entities seeking to refinance or raise new money.
Bond market experts report that spreads for emerging-market debt (which includes the UAE) have tightened in the wake of the UK vote, which is traderspeak for more demand by international investors, including UK investors and therefore means cheaper loans.
UK property investors may take pause but there is no reason they will stay away for ever.
If anything, life in the UAE should be more appealing to the British. They will realise quickly that Brexit is not the end of the world and may be the beginning of a better one.
fkane@thenational.ae
Follow The National's Business section on Twitter
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
SPEC SHEET: APPLE M3 MACBOOK AIR (13")
Processor: Apple M3, 8-core CPU, up to 10-core CPU, 16-core Neural Engine
Display: 13.6-inch Liquid Retina, 2560 x 1664, 224ppi, 500 nits, True Tone, wide colour
Memory: 8/16/24GB
Storage: 256/512GB / 1/2TB
I/O: Thunderbolt 3/USB-4 (2), 3.5mm audio, Touch ID
Connectivity: Wi-Fi 6E, Bluetooth 5.3
Battery: 52.6Wh lithium-polymer, up to 18 hours, MagSafe charging
Camera: 1080p FaceTime HD
Video: Support for Apple ProRes, HDR with Dolby Vision, HDR10
Audio: 4-speaker system, wide stereo, support for Dolby Atmos, Spatial Audio and dynamic head tracking (with AirPods)
Colours: Midnight, silver, space grey, starlight
In the box: MacBook Air, 30W/35W dual-port/70w power adapter, USB-C-to-MagSafe cable, 2 Apple stickers
Price: From Dh4,599
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
SPEC SHEET: APPLE TV 4K (THIRD GENERATION)
CPU: Apple A15 Bionic
Capacity: 64GB, Wi-Fi only; 128GB, Wi-Fi + ethernet
Connectivity: Wi-Fi 6, Bluetooth 5.0, ethernet (Wi-Fi + ethernet model only), IR receiver
I/O: HDMI, ethernet (128GB model only); Siri remote (charging via USB-C); accessibility features
Video: SDR/Dolby Vision/HDR10+ up to 2160p @ 60fps
Peripherals: Compatible with HD/UHD TVs via HDMI, Bluetooth keyboards, AirPods
Photo: GIF, HEIF, JPEG, TIFF
Colour: Black
In the box: TV 4K, Siri remote, power cord
Price: Dh529, Wi-Fi only; Dh599, Wi-Fi + ethernet
The Specs
Engine: 1.6-litre 4-cylinder petrol
Power: 118hp
Torque: 149Nm
Transmission: Six-speed automatic
Price: From Dh61,500
On sale: Now
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
57 Seconds
Director: Rusty Cundieff
Stars: Josh Hutcherson, Morgan Freeman, Greg Germann, Lovie Simone
Rating: 2/5
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
Company profile
Company name: Nestrom
Started: 2017
Co-founders: Yousef Wadi, Kanaan Manasrah and Shadi Shalabi
Based: Jordan
Sector: Technology
Initial investment: Close to $100,000
Investors: Propeller, 500 Startups, Wamda Capital, Agrimatico, Techstars and some angel investors
Company profile
Company: Wafeq
Started: January 2019
Founder: Nadim Alameddine
Based: Dubai, UAE
Industry: software as a service
Funds raised: $3 million
Investors: Raed Ventures and Wamda, among others
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
SPECS
Engine: Supercharged 3.5-litre V6
Power: 400hp
Torque: 430Nm
On sale: Now
Price: From Dh450,000
Results
4pm: Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m; Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
4.35pm: Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m; Winner: Walton Street, William Buick, Charlie Appleby
5.10pm: Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m; Winner: Canvassed, Pat Dobbs, Doug Watson
5.45pm: Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m; Winner: Midnight Sands, Pat Dobbs, Doug Watson
6.20pm: Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m; Winner: Lord Glitters, Daniel Tudhope, David O’Meara
6.55pm: Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m; Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
7.30pm: Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m; Winner: Final Song, Frankie Dettori, Saeed bin Suroor