The UAE was chosen as one of 20 “pilot markets” in an initiative described as forming a “key part” of an initiative by UK Department of Trade and Investment (UKTI) Minister Lord Green to “improve the competitiveness of British companies overseas”, according to a statement issued by the UKTI.
The news was released to coincide with the recent signing of a memorandum of understanding (MoU) for the establishment of the two business centres, by officials from two groups representing British business interests in Abu Dhabi and Dubai, and by Dominic Jermey, British ambassador to the UAE. The signing took place at a meeting in Manchester, England of the UK-UAE Business Council.
"Lord Green’s initiative is a great opportunity for the Government to work with business in delivering a range of services to UK companies wanting to set up in the UAE,” Jermey said in a statement announcing the signing of the MoU.
“It will create a platform for UAE and UK SMEs to work together across the Emirates to increase bilateral trade, but also in getting companies to work together in third countries.”
The UKTI statement did not say which industries, if any, it was seeking to encourage in particular in the UAE, nor did it provide details about where the so-called business centres would be located in the two emirates. But it is likely that the British Business Groups in Dubai and Abu Dhabi will be involved in setting them up.
Effort to boost two-way business
According to reports in the Gulf media, the UK and the UAE have indicated a “shared aim to increase trade between both countries by 60%, or to around £12bn ($18bn), by 2015, and there is talk that visas may soon be waived for Emiratis entering the UK.
Last week, a number of Gulf publications, including Gulf News, reported that the UAE had agreed to ended its insistence that Canadian visitors have visas, which were said to have started at $500 for three-month and one-month visits. The ending of the visa requirement took effect on Saturday.
