UAE: UAE-UK Business Council revitalised and winning business
Published 6 November 2014
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0.1 This publication was archived on 5 August 2016.
This article is no longer current. Please refer to Overseas Business Risk - United Arab Emirates.
0.2 Summary
High level participants from the UAE and UK show serious commitment to expanding trade. Positive UAE participation driven by direction from the Emirati leadership.
0.3 Detail
The Seventh UAE-UK Business Council took place in Dubai on 20 October. The Council was co-chaired by Nasser Al-Sowaidi (Head of the UAE Energy Authority and Chairman of the National Bank of Abu Dhabi) and Samir Brikho (CEO of AMEC). Over 60 business leaders and senior government officials took part. The UK side included BP CEO Bob Dudley, Carillion CEO Richard Howson and Lord Kakkar of University College London.
The Business Council discussed a wide range of sectors based on existing working groups including Energy, Financial & Professional Services, SMEs, Infrastructure, Education & Training, Healthcare, and Defence & Aerospace
Many working groups demonstrated that they were functioning well, and some had been revitalised ; but members agreed that there was always room to do more.
Immediate outcomes, opportunities and issues raised:
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The Healthcare group would take forward work on training, accreditation, public health, clinical services and genomic medicine (personalised health mapping) - the latter alone potentially worth tens of millions of pounds. The group had held a productive series of events the previous week in the UK, with the participation of Sharjah, Abu Dhabi and Dubai health authorities.
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The Energy group would expand its remit beyond oil and gas to cover renewables, skills and education, as well as making new contacts with Mubadala (Abu Dhabi government-owned industrial development conglomerate); and Emirati membership would be expanded to include the energy and water authorities of Abu Dhabi, Dubai and Sharjah, and the Emirates Nuclear Energy Corporation. BP and DanaGas reported on their joint ventures in Egypt.
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Major opportunities were highlighted in Education, including new school builds, licensing for teachers, recognition of qualifications, and secondments in either direction.
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Representatives of the Financial Sector raised perceived barriers to trade in both directions. The UK sought the lifting of the UAE moratorium on bank and insurance licenses, and the UAE expressed concern about the burden of regulation for bank branches in the UK.
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UK Infrastructure companies were doing well in the UAE, aided by UK Export Finance, but the group would benefit from participation of more Dubai-based companies. Dubai Aviation Engineering Projects presented plans for the new Al Maktoum Airport, a US$32bn project and UKTI HVO.
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The SME group celebrated the opening of the British Centre for Business in Dubai, and confirmed the ambition to open one in Abu Dhabi.
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The UAE Embassy in London presented its programme for encouraging Emirati and other students in the UK to consider employment in companies doing business between the UK and UAE.
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The Defence & Aerospace group was promised better Emirati participation, and expansion of its remit into civil aerospace and cyber security.
The Business Council commended the work of UK Export Finance, which had helped put together deals worth many hundreds of millions of pounds between British and Emirati businesses this year
The Emirati side raised the difficulty some of their businesses have raising funds for new businesses in the UK
Other recent notable successes were noted, including the opening of the new Kings College Medical Facility in Abu Dhabi on 19 October and announcement of close to £2 billion of new Emirati investment into the UK over the last three months.
0.4 Comment
The Council is well attended. Both Emirati and UK business find the Council an effective mechanism for addressing strategic themes, building contacts, and identifying opportunities - and therefore generating business.
The working groups show potential for real traction: the Energy group has already helped father joint ventures
Work is also under way to recruit a permanent secretariat for the Council.
0.5 Disclaimer
The purpose of the FCO Country Update(s) for Business (”the Report”) prepared by UK Trade & Investment (UKTI) is to provide information and related comment to help recipients form their own judgments about making business decisions as to whether to invest or operate in a particular country. The Report’s contents were believed (at the time that the Report was prepared) to be reliable, but no representations or warranties, express or implied, are made or given by UKTI or its parent Departments (the Foreign and Commonwealth Office (FCO) and the Department for Business, Innovation and Skills (BIS)) as to the accuracy of the Report, its completeness or its suitability for any purpose. In particular, none of the Report’s contents should be construed as advice or solicitation to purchase or sell securities, commodities or any other form of financial instrument. No liability is accepted by UKTI, the FCO or BIS for any loss or damage (whether consequential or otherwise) which may arise out of or in connection with the Report.