(MENAFN-Khaleej Times) both the countries already have tens of billions of pounds worth of joint-venture projects and trade between the two countries that is projected to cross the ?12 billion (dh73 billion) mark next year, as compared to ?10
Lord livingston at the exclusive preview of fortnum and mason store at downtown dubai. — kt photos by leslie pableo and rahul gajjar
The uk and the uae have great potential to further boost investments, increase bilateral trade and explore business opportunities in other countries with joint ventures, uk trade minister lord livingston told khaleej times during an interview.
Both the countries already have tens of billions of pounds worth of joint-venture projects and trade between the two countries that is projected to cross the £12 billion (dh73 billion) mark next year, as compared to £10.6 billion in 2012.
The minister said that the uae is still the largest market for british exports in the middle east and ranked 12th globally. he noted that growth in global brands both in the uk and the uae offers promising investment opportunities and enhance the investment climate in both the countries.
The minister is leading more than 35 uk companies delegation to the uae as part of great week uae, which was kicked off last sunday evening at the british embassy in dubai where leading uk brands showcased their products.
As part of great week, a varied group of british companies from the retail, luxury and creative industries are in the uae to showcase their world-leading products and demonstrate the excellence that the uk has to offer.
Responding a question about the objectives of the great week initiative, he replied: “it’s very simple. to promote uk brands, designs and uk luxury products in the region and also to encourage more than 35 visiting companies from the uk to open offices and explore other regional markets as dubai in particular and emirates in general as a regional hub for the middle east and north africa.”
He said that this week’s activities will also foster important business to business contact that will reinforce uk-uae partnerships in the fields of design, retail and architecture, and create lasting networks.
“british companies remain at the cutting edge of global creativity and have so much to offer this vibrant trading nation in the gulf. that’s what makes us natural partners,” he added.
He continued that it’s also celebration of the relationship between the uae and the uk, which is very strong as over 125,000 british people work here and over 4,000 uk companies are operating including shell, rolls-royce, and hsbc.
“there are a number of instance that we do together. the uae as a whole is a very substantial investor in the uk in number of industries and number of areas. the uae is very substantial market for the uk and also investment from the uae into the uk is very substantial as well. it’s very wide ranging partnership between the two countries,” the minister said.
He mentioned that there are number of ways to take the relationship to a new level by taking the advantage of each other’s experience to explore new markets.
“we can do a lot of things together with the help of uk experience, emarati capabilities and geographical knowledge. what we are looking to do to encourage these companies to come over here, invest here, export here, work with emarati companies and develop projects all in third parties countries,” he explained.
Responding a question that dubai is very close to london in terms of global retail hub and can overtake london in terms of world’s leading retail centre, he said: “i am delighted that london and dubai are not only two regional centres in the world, but also region’s leading financial centres, tourists centres and also two of the most open cities in the world.”
“it’s a great partnership between the two cities as i think may be london is where people come in summer and may be they come to dubai in winter, so i think it’s great to work together,” he explained.
Real estate services firm cbre ranks dubai as the second-most important destination for international retailers, after london. a little more than half of all major international retailers have outlets in dubai, and a third of all luxury spending in the middle east happens here, according to consulting firm bain and company.
Expo 2020 projects
The minister urged british companies to look for big share of expo 2020 related billions of dollars projects in dubai. he said: “we were the first who came out publicly in supporting dubai for expo 2020. the reason we did because dubai is the wonderful place for the world expo 2020. he mentioned that british companies can help finance in the development of airport and expo-related projects in the country.
British business centres
During great week uae, lord livingston also visited the site of the new uk-dubai business centre and done soft opening, but the official opening will be done next month. once opened, the centre — housed at the department for economic development — will transform the quantity and quality of support available to small and mid-sized uk firms looking to succeed in the uae.
The minister said the decision to establish two business centres shows keenness of the british government to encourage more business between the two countries and also to support small and medium enterprises, providing them with opportunities through these centres to know about the great opportunities available in the uae. through these centre they can determine whether the services and products suitable for this market. the support includes office space a full-service at low prices dramatically in addition to practical support in establishing the existence of these companies in the uae market. after dubai, the uk will open its second business centre in abu dhabi later this year.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.