Alastair King, the Lord Mayor of London, is expecting economic relations between the UK and the UAE to strengthen further, with a focus on co-operation and investments in important industrial and financial sectors.
These industries of “mutual strength” include green and transition finance, financial regulation for economic growth, pension reform and financial innovation, the British embassy in the UAE said in a statement on Saturday, following Mr King's visit to the Emirates on Friday.
The UK delegation, which included representatives from insurer Howden, financial institution Aberdeen Group, KPMG and FinTech firm Guavapay, won commitments for Emirati participation in City of London Corporation events such as the Net Zero Delivery Summit scheduled for June 23 and May's Global Risk Summit, it said.
Mr King, who as Lord Mayor acts as an ambassador for the UK's financial and professional services sector, noted how UK investment strategies align with the “We the UAE 2031” strategy, supporting objectives across sustainability, innovation and economic diversification.
“The UK and UAE share a commitment to innovation, investment and sustainable growth, which drives our dynamic and growing trade relationship, particularly in the financial sector,” he said.
His visit came after this month's unveiling of the Mansion House Accord, an agreement between the UK government and Britain's biggest pension funds aimed at unlocking up to £50 billion ($67.3 billion) in investments for the UK's infrastructure, its businesses and overall economy.
“The accord will strengthen [the UK-UAE] relationship further … this could create valuable co-investment partnerships aligned with the Emirati’s appetite for high-quality, de-risked opportunities,” Mr King said.
The UK and the UAE have maintained relationships dating to 1971. Co-operation between the countries span intelligence, defence and security, through joint diplomatic initiatives at the UN on hunger and access to education, to climate change, finance and artificial intelligence regulation.
Total trade in goods and services between the countries hit £24.3 billion at the end of 2024, making the UAE the UK’s 19th largest trading partner and largest trading partner in the Gulf region, data from the British embassy shows.
Mr King's visit yielded “tangible outcomes, including the exploration of collaborative investment initiatives in priority sectors such as sustainability, infrastructure and financial services”, the statement said.
Discussions also focused on encouraging equity and debt listings on the London Stock Exchange and resolving regulatory barriers for UK financial and professional services firms seeking to establish or expand in the UAE, it added.
“Both parties committed to establishing continuing knowledge exchange in innovation, pension reform and regulatory best practices, with a joint initiative on sustainable finance to be launched in the coming months.”
