Quotes: US 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

 






  MENA News Headlines
 Jul 29 2014 - New additions to Local Harvest brand of datesKhaleej Times
(MENAFN - Khaleej Times) E dates come from farmers who have contracts with ADFSC and therefore practise date palm farming according to the centres standards.For the next three weeks the Abu Dhabi ...

 Jul 29 2014 - PayTabs to launch online solutions in Bahrain, SaudiMENAFN
(MENAFN) PayTabs, a payment processing solution company co-owned by Saudi Aramco, is set to launch its online payment processing solutions in Bahrain and Saudi Arabia, Gulf Daily News reported.The ...

 Jul 29 2014 - Mobily signs LTE-4G roaming deal with BatelcoMENAFN
(MENAFN) Mobily telecom has signed an LTE-4G roaming deal with Bahrini Batelco to provide customers with advanced Internet services, Arab News reported.This agreement coincides with Eid Al-Fitr ...

 Jul 29 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 29 2014 - Nawras net profit grows 23 in H1Muscat Daily
(MENAFN - Muscat Daily) Omani Qatari Telecommunications Co SAOG (Nawras) on Wednesday said net profit for the first half of 2014 rose 23 per cent, driven by higher earnings before interest, taxes, ...

 Jul 29 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 29 2014 - Air fares rise by 35 as travellers rush to make the most of long breakMuscat Daily
(MENAFN - Muscat Daily) Fares of most airlines have gone up due to the increase in demand during Eid al Fitr holidays. The prices of tickets to different destinations have gone up by nearly 35 per ...

 Jul 29 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

 Jul 29 2014 - Moon sighting expected on Monday eveningMuscat Daily
(MENAFN - Muscat Daily) The crescent of the new moon is expected to be visible on Monday evening across all governorates in the sultanate, marking the beginning of the month of Shawwal, according to ...

 Jul 29 2014 - Pakistan's film industry becomes alive againArab News
(MENAFN - Arab News) HORE: A breed of brand new independent filmmakers is successfully filling the void left by an obsolete industry known as Lollywood.In many ways 2013 was an era-defining year for ...

more...


 






Google

Click to Apply

 
 

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

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

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
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

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


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help