Opportunities in emerging areas such as fintech and green finance will be high up the agenda as the Lord Mayor of London, global ambassador for the UK’s financial and professional services industry, visits Kuwait City, Dubai and Abu Dhabi over the next week to strengthen trade and investment ties.
According to a press statement issued by the British Embassy in Dubai, Lord Mayor Peter Estlin will meet with sovereign fund investors and senior figures from the region’s financial sector during the visit, including Mubadala Investment Company and Abu Dhabi Investment Council.
The UAE is among the fastest growing markets for UK services globally, with total services trade at GBP5.6 billion with the UAE, up 90 percent over the last decade.
The Lord Mayor will discuss emerging opportunities for collaboration between the region and the UK, and will underline the common commitment between the UK and UAE towards free and open trade.
Commenting on the upcoming visit, Peter Estlin said, "I’m delighted to be visiting Kuwait and UAE for my first overseas visit of 2019. In these two countries there is huge further potential for collaboration with UK companies. British business and innovation across financial and professional services has much to offer partners in the region, whether it be in currency trading and asset management, or growing areas like fintech and green finance."
"I’m looking forward to meeting key stakeholders in the region to scope out new partnership opportunities and boost collaboration as we embark upon a new chapter in our trading history," he added.
As the UK prepares to leave the EU, Estlin will also be reiterating the underlying strengths and depth of the industry in both the UK and London, accompanied by delegation of five leading UK organisations.
International Trade Secretary, Liam Fox said, "As the UK takes control of its independent trade policy for the first time in 40 years, markets such as the UAE will provide exciting export and investment opportunities for UK companies.
"My international economic department stands ready to drive trade between our two countries, and I would encourage any business that wants to build or strengthen ties with their UK counterparts to contact our regional Trade Commissioner, Simon Penney, as well as our network of overseas offices."
Organisations joining the trade delegation include, London Stock Exchange Group, FTSE Russell, Aberdeen Standard Investments, Motive Partners and Paymentology.