Global Arab Network | GCC and UK embody global cooperation in financial services

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GCC and UK embody global cooperation in financial services

Global Arab Network - - George Haddad

Wednesday, 24 June 2009 13:47

"The Gulf has real potential to emerge as a substantial financial powerhouse after the global downturn but only through international public and private sector cooperation," said UK Trade & Investment's (UKTI) CEO Sir Andrew Cahn today.

Sir Andrew's comments came after reflecting on the achievements of UKTI's financial services Gulf Cooperation Council (GCC) sub-committee in less than a year. The team of six heavy-weight experts collaborate with the public and private sector to open doors for financial services business between the UK and region.

Among the milestones include helping major UK insurance operator Cunningham Lindsay to set up operations in Abu Dhabi, with other insurance companies seriously looking to establish themselves in the region.

Sir Andrew added: "The GCC's financial services sector is small in relation to the size and growth of the economies it serves, so there is considerable room for growth. As the partner of choice, the UK is well-placed to make the most of these opportunities.

"In less than a year the UKTI GCC group of six high-level private sector specialists has, and continues to, cultivate a business environment where UK and Gulf companies can thrive in the future."

Providing industry insight to UKTI, recently appointed United Arab Emirates (UAE) Special Representative Bashir Siman, outlines the evolving UAE financial services sector:

"The UAE and its individual emirates are transcending their traditional role as equity investors in the UK as they tap into the global capital debt markets with sovereign and quasi-sovereign bond issues.

"The market continues to open doors for British firms. Dubai International Financial Centre's (DFIC) insurance licencing system is already proving attractive to many London-based insurance operators and Abu Dhabi's Plan 2030 offers tremendous PPP/PFI opportunities."

New Saudi Arabia Special Representative Jason Peers highlights the strong, deep and long established relationship between the UK and Saudi financial services sectors:

"British and Saudi Arabian economies' strengths are highly complementary and working together can help both to flourish in the coming years. The recent turmoil in financial markets has heightened the need for governments and practitioners to cooperate more effectively.

"This is particularly true for Saudi Arabia as it raises long term project finance to support its ambitious infrastructure and energy spending programmes and stimulate the development of an effective debt capital market."

In less than a year, milestones in the UAE includes two agreements, signed during the Lord Mayor's visit, for UK experts to providing training to UAE Central Bank staff and Securities and Commodities Authority. In Saudi Arabia, a Kingdom-to-Kingdom Banking and Investment workshop was facilitated, with the outcomes reported to Amr Dabbagh and Baroness Symons for consideration in future work between the two nations.

Global Arab Network

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