Lord Mervyn Davies, the new UK chair of the UAE-UK Business Council, is advocating for British businesses to engage with the United Arab Emirates (UAE) to foster growth. He is set to convene the UAE UK Business Council Plenary in London today, coinciding with the Abu Dhabi Investment Forum.
Lord Davies highlighted the UAE as a significant partner for British companies, noting its position as a gateway to Asia, Europe, and Africa. He stated that annual trade between the two countries is approximately £25bn, with over 14,000 British companies exporting to the UAE.
The UAE-UK Sovereign Investment Partnership, established in 2021, has resulted in 159 investments, reportedly supporting around 200,000 jobs across the UK. Lord Davies expressed his ambition for the Council to build on these achievements and work towards a dedicated UK-UAE free trade deal.
He also noted the importance of the UAE for global supply chain stability, particularly concerning oil and fertiliser passing through the Strait of Hormuz, which can impact British shoppers.