In the days following the start of military action in Iran, members told ICAEW that the impacts were already being felt. Of the close to 500 members surveyed more than half confirmed that their business was exposed, with energy costs and supply chain disruption the top areas for concern.

Two months on and with a deal yet to be reached on the Strait of Hormuz, the conflict is continuing to have a significant impact on global trade and energy prices, with organisations having to adapt to new uncertainties.

In a bid to support members, ICAEW has created a new webpage collating its latest insights on the impact of the conflict, coupled with resources on managing supply-chain disruption and business continuity.

The ‘Doing business in Middle East’ hub opens with the latest support, which includes the findings of ICAEW’s highly respected research into business confidence in the UK and our most recent analysis of the economic situation in the Middle East. You can also hear the expert view on the potential implications for British businesses on our Insights podcast.

The hub also points to a new page created by ICAEW’s Library Information Services team which highlights the impacts of the conflicts on specific industry sectors. For example, shortages of aluminium and helium are affecting automotive and semiconductor manufacturers.

The Library team also provide a comprehensive set of resources to support organisations with doing business in other countries, which might be particularly useful for members given the current situation. The new hub links to the A-Z of countries for which we have information including economic forecasts, guides to doing business and information on the tax climate in each jurisdiction.

Alongside providing links to the latest UK government advice for businesses, the hub provides broader support on business continuity and supply chain disruption. This includes recent Insight articles, covering:

• how to conduct a supply chain review;
• how to maximise supplier relationships in tough times;
• how to build resilience; and
• how manufacturers can protect themselves from volatility.

Hanadi Khalife, ICAEW’s Regional Director of MEASA: says: “Navigating the impacts of military action in Iran is a challenge for many organisations and ICAEW Chartered Accountants. We are committed to supporting our members with clear analysis and practical support wherever possible.”