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LONDON: Lord Dominic Johnson, the UK’s minister for funding, is visiting Kuwait and the UAE this week to advertise and develop multi-billion-dollar commerce and funding relationships with these key Gulf nations, the Division for Enterprise and Commerce stated on Wednesday.
In Kuwait, he’ll maintain talks with authorities ministers and main funding companions, together with the Kuwait Funding Authority, which is celebrating its seventieth anniversary, the Nationwide Financial institution of Kuwait, and the Kuwait Direct Funding Promotion Authority.
On Wednesday, he met Kuwait’s Minister of International Affairs Sheikh Salem Abdullah Al-Jaber Al-Sabah, with whom he mentioned the historic ties and strategic partnership between their international locations, together with the necessity to entice traders and encourage British firms to take a position and set up a presence Kuwait, in keeping with state-run Kuwait Information Company.
Johnson will fly from Kuwait to the UAE to carry roundtable talks with representatives of Rolls Royce and BAE, earlier than assembly officers from the Dubai Worldwide Monetary Middle, the Funding Company of Dubai, and different key stakeholders, officers stated.
Along with selling the UK as a lovely place to take a position, Johnson may also stress {that a} commerce deal between the UK and the Gulf Cooperation Council can be an enormous catalyst for funding on either side. The following spherical of ongoing talks on a commerce settlement are anticipated to happen within the coming weeks.
“The UK and Kuwait have a rising, dynamic commerce and funding relationship, and I’m delighted to be right here this week because the Kuwait Funding Authority celebrates 70 years because it was the primary sovereign wealth fund to be created within the Gulf,” Johnson stated.
“As we have a good time this essential milestone, we wish to forge a brand new industrial partnership between our two nice nations, which already get pleasure from big ranges of funding between one another.
“The UAE can also be a vastly vital associate of ours. In 2021, we had over £12 billion ($15.5 billion) of funding inventory and almost £22 billion of bilateral commerce, and thru a UK-GCC commerce deal we will strengthen our ties with UAE and Kuwait even additional.”
The minister’s go to to the area follows the discharge final week of a world funding report from the UN Convention on Commerce and Improvement that exposed the UK has the very best degree of International Direct Funding shares in Europe, value $2.7 trillion, and the third-highest on the earth, after the US and China.
The overall worth of commerce in items and companies, together with exports and imports, between the UK and Kuwait stood at £4.7 billion within the 4 quarters to the tip of 2022, a rise of 93.8 p.c, or £2.3 billion in present costs, from the earlier 12 months.
In 2021, the worth of inward FDI inventory within the UK from Kuwait was £367 million, a rise of £14 million (4 p.c) year-on-year, in keeping with the Division for Enterprise and Commerce.
The overall worth of commerce in items and companies, together with exports and imports, between the UK and UAE was £21.6 billion within the 4 quarters to the tip of 2022, a rise of 63.0 p.c, or £8.3 billion in present costs, from the earlier 12 months.
The UAE was the UK’s Nineteenth-largest buying and selling associate throughout the 4 quarters to the tip of 2022, accounting for 1.3 p.c of complete UK commerce.
In 2021, the worth of outward FDI inventory from the UK within the UAE was £5.2 billion, representing 0.3 p.c of complete UK outward FDI inventory. Inward FDI inventory within the UK from the UAE was value £7.4 billion, accounting for 0.4 p.c of the overall UK inward FDI inventory.
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