Al Abbar denies Brexit impact on AESG's UK ops
AESG's director told ConstructionWeekOnline that the company's recent foray into international markets through a new base in the UK has not been impacted by Brexit
Saeed Al Abbar, director of specialist consultancy AESG, has said that the UK's decision to exit the European Union (EU) – referred to as Brexit – has not had an impact on his organisation's newly established London operation yet.
Al Abbar's views echo those proffered by construction, FM, and legal professionals in the Middle East since the results of a UK-wide referendum favouring Brexit were announced this June.
Speaking to ConstructionWeekOnline following the launch of AESG's international operations, Al Abbar said the economic impact of "geopolitical events" could not be forecasted just yet.
"We are not able to predict the economic impact of geopolitical events but so far, we have not observed an impact [of Brexit on] our current operations," he said.
AESG recently announced it would extend its operations outside the Middle East, with Al Abbar confirming that the company is currently tendering on projects in Europe, Africa, and the Caribbean through a newly launched office in London.
Industry experts have previously assured that Brexit's effects would not hurt investments in the Middle East, with property consultancy Cluttons stating that the decision would, in fact, benefit regional investors in the short term.
Following the Brexit vote's announcement on 24 June, Faisal Durrani, head of research at Cluttons, said: "Any US dollar or UAE dirham investors will find the price of an average prime Central London residential asset $96,000 (AED350,000) less than it was on 20 June.
"A silver lining is that those from the Gulf eyeing up a London residential asset will find it 31% cheaper than it was during the last market peak in Q3 2007, suggesting that we may be on the cusp of seeing a significant resumption in property investment activity in the British capital."
Meanwhile, Kuwaiti finance minister Anas Al Saleh said that the country's central bank was ready to ensure financial stability following Brexit.
"Kuwaiti investments in Britain are considered tangible assets in real estate, infrastructure, and government stocks and bonds."