UK eager to boost trade ties with UAE

All sectors of the United Kingdom are open for investment from the UAE, in as much as the UK is keen to promote investment in the Emirates, Lord Mayor of London Alderman Fiona Woolf told reporters in Dubai on Wednesday.

By Abdul Basit

Published: Thu 20 Feb 2014, 11:21 PM

Last updated: Tue 7 Apr 2015, 10:15 PM

Strong sectors for investment in Gulf and the UAE in particular tend to be infrastructure, property development and healthcare, in addition to financial services, telecommunication and technology, Fiona Woolf explained. She is visiting the UAE as part of a regional tour.

“We are looking at the small and medium enterprise size of business particularly in hi-tech area,” she added.

She appreciated the DP World investment in London Gateway and said: “It’s a very innovative project and new idea of logistics. We will be delighted to welcome more UAE investment.”

Opened on November 7, 2013, DP World London Gateway has become the first port in the UK to lift four containers at one time on its quay cranes, which doubles the amount of containers it can lift in one go. Fiona Woolf mentioned that London wants to promote Islamic finance and the UK capital’s financial district offers a lot of sophisticated products and services. Last November, London hosted the World Islamic Economic Forum, which was inaugurated by Prime Minister David Cameron.

Talking about strengthening London’s link with the Dubai International Financial Centre, or DIFC, and the Dubai Financial Services Authority, she said: “we look for cooperation and collaboration.”

“It’s really all about working together on the growth agenda at the moment and that growth agenda is looking very sustainable.” There are more than 1,000 companies in the DIFC and 16 per cent are British firms.

The DIFC is ranked as the world’s fastest-growing international financial centre, pitching in 12.1 per cent to Dubai’s gross domestic product in 2013 with the contribution of financial services sector being over 15 per cent.

Fiona Woolf, who is the second woman to hold the role of Lord Mayor since 1189, also expresses her concern about the lack of women in high places in the UK. “We need to do more in this regard.”

— abdulbasit@khaleejtimes.com