Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

World Expo 2020 lures UK financier  Join our daily free Newsletter

MENAFN - Khaleej Times - 24/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN -Khaleej Times) uk export finance is ready to support dubai with billions of dirhams funding for projects

Uk export finance is ready to support dubai government with billions of dirhams funding for the world expo 2020 projects its regional head told khaleej times.


In recent years uk export finance supported constructions projects worth 1 billion in the uae and it provided another 1 billion to emirates airline for airbus and rolls-royce engines according to ali sherwani regional head project marketing europe mena and central asia (menasa).


Expo 2020 is estimated to attract about a 6.9 billion of direct capital investment in infrastructure and a further 1.6 billion of investment in the emirate’s tourism and leisure industry. — kt file photo


“initially we are offering 500 million and it could go up to 1 billion or more” sherwani said explaining that it depends how many uk companies will win contracts for expo 2020 related projects awarded by the dubai government. he said that the expo 2020 in dubai is a big opportunity for uk companies as it will attract huge spending by the government and private sector for infrastructure and tourism-related projects.


Expo 2020 is estimated to attract about a 6.9 billion of direct capital investment in infrastructure and a further 1.6 billion of investment in the emirate’s tourism and leisure industry. “before other countries come in we have showed our interest and put some money on the table” he added.


“they [dubai government] will accept the money if they award contracts to uk companies. they might say we don’t want this money” he explained.


Responding to a question he said: “they are happy but there is no commitment from any side at this time. we just wanted to show our interest in expo 2020 projects.”


At the moment not a single contract has been awarded he said adding: “once the tender process will start uk companies will take part to win contracts. so whoever win from the uk the money is there.”


Giving an example of a recent project awarded to a joint venture al futtaim carillion for the dubai trade centre district by dubai world trade centre he said that the project is worth dh375 million or £61.4 million and “we are behind it as it’s a british company.”


Uk export finance also provides funding support to emirates airline. “we support to emirates when they buy airbus and rolls-royce engines attached. we help emirates to finance because we provide the wings.” emirates is the largest customer of super jumbo airbus a380.


Experts say dubai’s hosting of the world expo 2020 will contribute as much as 40 billion to its economy driven largely by an expected influx of 25 million tourists as well as new investments related to the city’s build-up for the event.


The mega exhibition would increase dubai’s economic growth by 0.5 percentage points per year and two percentage points in 2020 according to bank of america merrill lynch report. the report also put the total cost of financing the expo at 8.4 billion or 8.9 per cent of gross domestic production or gdp.


Expo 2020 is expected to create more than 277000 jobs in the country. it is also estimated that 40 per cent of jobs would be in the hospitality sector and 30 per cent in construction. the expo 2020 will be the first to be held in the menasa region and would also coincide with the uae’s golden jubilee.


— abdulbasit?khaleejtimes.com

 


Khaleej Times




  MENA News Headlines
 Jan 26 2015 - GCC Secretary General Receives France AmbassadorSaudi Press Agency
(MENAFN - Saudi Press Agency) Secretary General of Gulf Cooperation Council (GCC) Dr. Abdullatif bin Rashid Al-Zayani received here today the French Ambassador to the Kingdom of Saudi Arabia, ...

 Jan 26 2015 - Guinean President Arrives in Riyadh to Offer Condolences on Death of Late King AbdullahSaudi Press Agency
(MENAFN - Saudi Press Agency) Guinea's president Alpha Conde arrived here today to offer condolences on the death of late King Abdullah bin Abdulaziz Al Saud. At Riyadh Air Base Airport, Guinean ...

 Jan 26 2015 - Russia's Putin says Kiev refuses political solution to crisis in eastSaudi Press Agency
(MENAFN - Saudi Press Agency) Russian President Vladimir Putin said on Monday that the Kiev government was refusing a political solution to violence in the eastern Ukraine where fighting has flared ...

 Jan 26 2015 - Alexis Tsipras sworn in as Greek prime ministerSaudi Press Agency
(MENAFN - Saudi Press Agency) Athens, Rabi'II 6, 1436, Jan 26, 2015, SPA - Leftist SYRIZA leader Alexis Tsipras is sworn in as Greece's new prime minister, hours after his party's landslide win in ...

 Jan 26 2015 - Côte d'Ivoire's President Arrives in Riyadh to Offer Condolences on Death of Late King AbdullahSaudi Press Agency
(MENAFN - Saudi Press Agency) Riyadh, Rabi'II 06, 1436, January 26, 2015, SPA - President of CØ£´te d'Ivoire Alassane Ouattara arrived here today to offer condolences on the death of late King ...

 Jan 26 2015 - FGB announces deal with Dalma EnergyEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 25th January, 2015 (WAM) - FGB looks to maintain strong growth in 2015 having already closed a USD 313.7 million secured syndication facility on ...

 Jan 26 2015 - Dubai Islamic Bank Group net profit up by 63 per cent to AED 2.8 billion in 2014Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 25th January, 2015 (WAM)-Dubai Islamic Bank (DFM: DIB), today announced that its net profit surged by 63 per cent to AED 2.80 billion, up 63 per cent in ...

 Jan 26 2015 - FCCI organises first Serbian Business and Investment ForumEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) ABU DHABI, 25th January 2015 (WAM) -- Federation of UAE Chambers of Commerce and Industry (FCCI) on Sunday organised the First Serbian Business and Investment ...

 Jan 26 2015 - DAE, Azul announce completion of Sale Leaseback TransactionsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) DUBAI, 26th January, 2015 (WAM) - Dubai Aerospace Enterprise, DAE, and Azul Brazilian Airlines, today announced that they had recently completed delivery of 5 ...

 Jan 26 2015 - OPEC daily basket price for Friday 23rd January 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) VIENNA, 26th January, 2015 (WAM) - The price of OPEC's basket of twelve crudes stood at US$ 43.69 dollars a barrel on Friday, compared with $43.05 the previous ...

more...


 






Google

Electronic & Mobile Payment

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help