Conservative Life peer Edward Udny-Lister said investment from the UAE will help contribute to the Government’s target of creating 250,000 UK jobs as part of the green industrial revolution. He said: “You’ve got to find investment partners to make that happen. Companies will need people to work with them and there is a willingness [in the UAE].”
UK trade ministers last month launched a 14-week consultation on a future trade deal with the Gulf Cooperation Council (GCC) – including Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait and Oman.
The union is already a strong trading partner for Britain, with almost £22billion of British exports and bilateral trade worth over £30billion in 2020. Speaking yesterday at the Global Manufacturing and Industrialisation Summit (GMIS) in Dubai, Lord Udny-Lister, 72, co-chair of UAE-UK Business Council, said he believes the deal could form a template for collaborations in post-Brexit Britain.
In September it was announced the UAE will pour £10billion into the UK over the next five years as the Gulf state seeks to diversify its economy beyond fossil fuels. Simon Penney, UK trade commissioner for the Middle East, praised the UK for leading the way on using technology to develop sustainable manufacturing solutions. He said: “Technology is transforming manufacturing and the UK is leading the way.”
The summit is co-chaired by the UAE’s Ministry of Industry and Advanced Technology and the United Nations Industrial Development Organisation.