London Mayor Boris Johnson has arrived in the UAE on a mission to lure Gulf investment into the British capital.
He will meet with business leaders in Abu Dhabi today before travelling to Dubai tomorrow where the politician who is known for both his love of cycling and media opportunity plans to combine both with a bike ride photo shoot.
'The Gulf's economy continues to grow fast and we cannot be complacent in what is now a fiercely competitive global economy, the Mayor said in a statement. "I will be promoting the huge opportunities for inward investment into London, championing the mammoth potential for future trade and seeking to share expertise in areas of mutual interest."
The trade mission will include a trip to Qatar, already a major investor in a string of trophy buildings and real estate developments throughout the city.
Mayor Johnson's arrival in the UAE comes the week after the London Array offshore wind farm reached full capacity.
Abu Dhabi's Masdar has a 20 per cent stake in the project which is expected to produce enough green electricity to power nearly half a million homes a year.
Whilst in Abu Dhabi, the Mayor will meet Dr. Sultan Ahmed Al Jaber, CEO of Masdar.
It is understood the Mayor's trip will include meetings with regional sovereign wealth funds and other companies including DP World, the Dubai-based global ports operator that is developing the London Gateway deep sea port.
The Mayor will break off from his trip to attend Baroness Thatcher's funeral, before returning to the Gulf on Thursday to meet up with his business delegation and complete the Qatari leg.
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
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Abaya trends
The utilitarian robe held dear by Arab women is undergoing a change that reveals it as an elegant and graceful garment available in a range of colours and fabrics, while retaining its traditional appeal.
