International Trade Secretary Dr Liam Fox MP arrives in Dubai for the annual World Government Summit to attract investment as the United Arab Emirates begins to diversify their international interests…reports Asian Lite News
Dr Fox MP will attend high-level political and business discussions at the annual World Government Summit. The British trade secretary’s visit comes as the UAE looks to diversify their economy at home and interests abroad presenting a big opportunity for UK firms.
Dr Fox will is meeting with His Excellency H.E. Ahmed Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market, and His Excellency Abdul Aziz Al Ghurair, Chairman of UAE Bankers Federation. He will also meet a number of other international trade ministers at the summit.
In addition, to high-level political engagement, Dr Fox will be working to secure further UAE investment into the UK as he meets with the Chairman and Chief Executive of Emirates Airlines and the Chairman and CEO of major UK investor DP World, among others.
The UK has a £3.4bn trade in goods surplus with the UAE – the UK’s 3rd largest trade in goods surplus – and a £4.4bn surplus in overall trade – the UK’s 6th largest. UK-UAE trade was worth £16.3bn in 2018 with over 14,000 UK businesses now exporting goods to the United Arab Emirates.
“The UAE is a major trading partner for the UK and, sitting at £4.4 billion, represents one of the largest trade surpluses in any of our trade relationships,” said Dr Fox. “It’s clear that there is significant demand for British goods and services in the Emirates, so it should be no surprise that, according to Barclays, 48% of consumers in the UAE will pay more for a product just because it is British.
“In addition to our strong trade ties, the Emirates continues to be one of the our most important investors with more than £4 billion in the UK economy. As the UAE continues to diversify its interests abroad, there is a major opportunity for the UK to attract even more Emirati investment.”
“The World Government Summit is a unique chance to build on this deep economic partnership which will be of growing importance as we prepare to leave the European Union.”
The UAE is a major trading partner for the UK with exports to the region worth £10.4 billion last year. British companies already operating in the UAE, include BP, Shell, Rolls Royce, BAE Systems, Mott McDonald, SERCO, Standard Chartered, HSBC and John Lewis / Waitrose.