Following the successful launch of our first international office in Monaco, it soon became evident that there was a strong need and appetite for our services further afield. In 2017, we were thrilled to open our second international office, Enness Dubai (a representative office of Enness Limited), at the heart of the incredible Dubai International Finance Centre (DIFC).
It’s a well-known fact that expats make up a huge percentage of the total population in the Gulf Corporation Council (GCC), and over 24,000 of them are British. Along with Middle Eastern families, many of these expats wish to invest their money in the safe haven of the UK, and this is exactly why we have chosen Dubai as the location for our fourth office.
After increased demand for large loans in the UK and Europe from clients in the region, Enness Dubai was formed with the following major focuses at the forefront of the business:
The driving factor behind the formation of the Enness Dubai offering was that we felt Dubai required a credible, regulated and full-service professional mortgage brokerage. The Middle East is an area where expert mortgage advice, cultural appreciation, and experience covering all areas and regions are vitally important. Our dedicated and multilingual team has a wealth of experience in sourcing finance for clients across the Middle East. As such, we are ideally placed to assist both foreign nationals and expats buying or refinancing in the UK.
Meet the Enness Dubai team
Our expert team is headed up by Toby Johncox, a Dubai resident with a wealth of experience in the region. Toby is closely supported by Mosaab Abusalim, Head of our Middle East desk in London. Both are available to meet clients and partners in the DIFC or anywhere across the region, to explain the services which Enness can offer, as well as placing clients in touch with the relevant experts to assist with tax structuring and navigating different legal jurisdictions.
Property market trends in 2020 for Middle Eastern clients
The shadow of uncertainty cast by Brexit over the UK property market has led to many potential property investors biding their time to see how the dust will settle before investing heavily. Now that the future of Brexit has been decided once and for all, many of these ‘unknown consequences’ have disappeared and confidence in the market is returning with vigour – something which we expect to see continue throughout 2020. We would speculate that whilst transaction volume grows over the next 12 months, there will also be a noticeable change in UK/London property prices towards the tail end of the year as global clients continue to look for a good deal.
But what does this mean for those in the Middle East?
It means a perfect storm:
These factors, combined with the current political unrest across many GCC and Middle Eastern countries, and a change in management in Oman, will make many high and ultra-high net worth individuals in the region consider their investments in the Middle East. Most will look to the West, specifically the UK and Europe, to secure their money in real estate as a sound investment for their funds and wealth.
What services does the wider Enness company offer?
Enness offers a global solution with an integrated approach – we work in the way our clients need and around their schedule.
Our services include but are not limited to:
We offer mortgages across the world, with a particular focus in:
Enness Dubai is a representative office which has permissions to meet clients and provide information, together with marketing and business development. All advice is provided by Enness Limited in London or Enness Jersey in the Channel Islands. We expect to increase our regulatory permission in the coming months in line with our business plan.