New UK govt office in Dubai could fund UAE projects worth $12bn

UKEF has already supported a number of projects locally, including $220 million in support for Dubai Arena, a 17,000-person multipurpose arena contracted by British construction firm Kier.

Dubai will be host to a UK Export Finance Team (UKEF), making the GCC only the fourth global market to have dedicated staff in-market, the UK’s Department for International Trade has announced.

The move comes after UKEF – the British government’s export credit agency – financed approximately £2 billion ($2.85 million) of GCC projects that procured UK exports between April 2016 and April 2017.

According to UKEF, the figure represents the largest single allocation of UKEF support to one region in the year.

“The GCC has long been a key trading partner for the UK. Now, more than ever, we are witnessing a strong synergy between the appetite for the UK’s world class goods and services and the future plans of Gulf nations,” UKEF senior counsellor David Moleshead told Arabian Business.

“The decision to establish a dedicated team in-market allows us to further support the remarkable transformational journeys and ventures currently underway in this region, and to continue to play a central role in the region’s development,” he added.

To date, there are only three dedicated UKEF teams in “priority” markets outside the UK, located in Indonesia, Brazil and Turkey. More

By By Bernd Debusmann Jr