October 5, 2022
3 mins read

London Lord mayor keen to boost UAE-UK ties

The Lord Mayor of the City of London said that the UK has a very good trade relationship with the GCC region as a whole…writes Muhammad Aami

The Rt Hon the Lord Mayor of the City of London, Vincent Keaveny, has expressed his hope to strengthen the ties between the UAE and the United Kingdom, particularly in the financial and professional services sector.

“I am looking at the breadth of the financial services ecosystem here in the UAE during my two-day visit,” he told the Emirates News Agency (WAM) in an exclusive interview in Dubai.

“I am meeting a number of leaders here in Dubai, for instance, the Governor {Essa Kazim} of Dubai International Financial Centre (DIFC), and in Abu Dhabi, I will be meeting with representatives of a number of organisations,” he said.

Vincent Keaveny is the 693rd Lord Mayor of the City and heads the City of London Corporation. He is the international ambassador for the UK’s financial and professional services sector.

Green Finance Agenda

He said that the UK is focusing on the Green Finance Agenda and is really looking forward to the work done in the Emirates around the moves towards net zero. “I know that Emirates has ambitious plans to achieve net zero.”

The UAE is hosting the COP28 climate conference in Dubai in November 2023. “We are thinking how we can work together through sharing our experience since hosting of the COP26 in the United Kingdom, to make COP28 a huge success,” Vincent Keaveny said.

UAE significant trading partner of the UK

The Lord Mayor of the City of London said that the UK has a very good trade relationship with the GCC region as a whole. “the trade is around 35.5 billion British pounds and the UAE makes up roughly about a third of that, so it is a significant trading partner of the UK.”

“Of course, we would always like it to be greater and I am sure that would be beneficial for both the UAE and the UK,” he said, urging more should be done to bring the two countries closer in the financial and professional services sectors.

Negotiations on Free Trade Agreement with GCC

He revealed the status of the ongoing negotiations of the Free Trade Agreement (FTA) between the GGC and the United Kingdom and said that the City of London strongly supports {the agreement}.

“In the first round of talks completed last week for the FTA, there are proposals on the table for both sides. The GCC member states and the UK are considering {them},” Vincent Keaveny said, adding that the second stage of negotiations will commence in the coming weeks.

However, he said that it is always difficult to negotiate these things at a multilateral level with a number of member states involved. “but I am optimistic, probably more optimistic than the last time when I visited the UAE a year ago about being able to get a GCC agreement finalized.”

“I am hoping that we will move ahead, and with the political will on both sides, we might get an agreement in the first half of 2023.”

“As lord Mayor of the City of London one of the things I am doing on my travels in the region, is encouraging the member states really to negotiate, and engage with the negotiations to work hard to get an agreement in place,” he added.

Business Opportunities for Emirati investors

The Lord Mayor of the City of London said that there are a whole host of business opportunities in the UK at the moment and it is a very good time to look at these investments.

He named sectors for potential investment, which includes green sustainable investment, particularly in the infrastructure sector, and Financial Technology (Fintech), saying that “Emirati investors should certainly be looking {to invest in these areas} in the UK at the moment.”

The UK is the leading exporter of financial services across the world, to the value of £64bn, according to the City of London Corporation. The city houses more foreign banks, and accounts for more international bank lending, than any other centre.

ALSO READ: New UAE visa system comes into force

Previous Story

Zelensky signs decree ruling out negotiations with Putin

Next Story

India launches RuPay in Oman

Latest from -Top News

Texas flash floods kill at least 24; Trump vows help

President calls tragedy ‘shocking’ as search for missing continues overnight At least 24 people have died in Kerr County, Texas, after catastrophic flooding swept through the region, prompting a large-scale rescue and

UK MPs Slam Pakistan Over Minority Abuses

Minority communities such as Shias, Christians, Hindus, and Ahmadis continue to face harassment, violence, and intimidation. In many cases, law enforcement either turns a blind eye or enables the attacks through inaction…reports

Words Won’t Stop China, Quad Must Deliver

 If the Quad aims to counterbalance China’s growing influence, it must expand its focus beyond the maritime domain and address the continental dynamics of the Indo-Pacific…writes Imran Khurshid Despite early concerns that

India Stays Neutral on Dalai Lama Succession

As exiled Tibetan spiritual leader approaches his 90th birthday, he asserted on Wednesday that there will be the 15th reincarnation…reports Asian Lite News Responding to the Dalai Lama’s recent remarks, India on

USAID cut could kill 14 million more deaths

Human rights advocates and global health experts have expressed alarm at the speed and scale of the cuts…reports Asian Lite News A new study published in The Lancet has warned that ongoing
Go toTop

Don't Miss

Weather warning issued as storm hits parts of Britain

Storm Barra came just 10 days after Storm Arwen caused

Covid variant cases up in UK

According to Hancock, in Bolton and Blackburn with Darwen, cases