Abu Dhabi, UAETuesday 21 May 2019

Britain seeks post-Brexit investment from UAE

Trade secretary Liam Fox is visiting the UAE amid continuing Brexit woes

UK trade secretary Liam Fox is seeking investment from the UAE for post-Brexit Britain. Getty
UK trade secretary Liam Fox is seeking investment from the UAE for post-Brexit Britain. Getty

UK trade secretary Liam Fox was in Dubai on Sunday to tap UAE investors for the post-Brexit British economy.

The minister was due to meet the chief executives of DP World and Emirates as part of a push to secure UAE investment outside of the property sector, according to a statement.

“The Emirates continues to be one of the our most important investors with more than £4 billion in the UK economy,” he said as he visited the World Government Summit.

“As the UAE continues to diversify its interests abroad, there is a major opportunity for the UK to attract even more Emirati investment.”

Britain is due to leave the European Union on March 29, 2019, but the government’s efforts to secure a negotiated deal with the world’s largest trading bloc remains deadlocked with fewer than 50 days to go..

Prime Minister Theresa May’s Brexit deal struck with EU negotiators was rejected by the UK parliament.

The failure to agree a new programme to cover the terms of the UK’s departure and the basis for future relations could see the UK crash out on March 29 and scrambling to establish new trading links.

Trade between the two countries amounted to £16bn in 2018. British companies operating in the UAE include BP, Shell, and Rolls-Royce.

Updated: February 20, 2019 04:52 PM

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