The British government is making efforts to reassure the UAE that it is open for business with Arabian Gulf investors as trade relations with the European Union turn increasingly sour.
Lord Sassoon, the commercial secretary to the United Kingdom treasury, said the British government had made "representations" to the EU regarding its trade policies towards GCC states, which will result in the costs of UAE exports to the continent rising from 2014.
"The UK is rightly seen as one of the large economies that is unequivocally open to inward investment," he said.
"The UK and the UAE have a very close historic relationship but the trade rules and relationship is now the competence of the European Union. What we can and are doing is making representations to the EU, but ultimately it will be their decision … What I'm really concentrating on is listening to what investors in the UAE want in the UK so that we remain the preferred destination of choice."
The EU will strike the UAE and other Gulf states from its list of preferred trading partners - intended to reduce tariffs on poor nations - from 2014 onwards.
On Saturday, the Minister of Economy, Sultan Al Mansouri, was quoted by the Wam news agency as saying that the EU should aim to remove trade obstacles with the UAE, raising a risk of future retaliatory action by the Emirates to protect its products.
Mr Al Mansouri cited charges on plastic products, and a carbon tax on airlines which is expected to hit Gulf carriers hard.
Lord Sassoon is on a tour of Gulf states. His trip follows an official visit by British prime minister David Cameron last month during which the British press speculated on a deal to sell 60 Typhoon fighter jets to the UAE.
BP has also been shut out of bidding for the rights to Abu Dhabi oil concessions due for renewal in 2014. Lord Sassoon said he did not discuss the oil company with the UAE Government during his visit.
However, he was keen to stress that the UAE has been a major investor in the UK, with major infrastructure investments including the London Gateway project that DP World is building.
The UAE has also invested into Thames Water alongside a Chinese sovereign investor, which is currently renewing London's Victorian-era sewer system.
Lord Sassoon also said that he had seen little concern among Gulf sovereign wealth funds over their investments in British government debts, also known as gilts.
"People understand that we have a very clear deficit reduction programme that will carry on," he said.
"The best test isn't so much whether the rating is this or that, but the interest rates and spreads."
ghunter@thenational.ae
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
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Starfield
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SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
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The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Day 2, Dubai Test: At a glance
Moment of the day Pakistan’s effort in the field had hints of shambles about it. The wheels were officially off when Wahab Riaz lost his run up and aborted the delivery four times in a row. He re-measured his run, jogged in for two practice goes. Then, when he was finally ready to go, he bailed out again. It was a total cringefest.
Stat of the day – 139.5 Yasir Shah has bowled 139.5 overs in three innings so far in this Test series. Judged by his returns, the workload has not withered him. He has 14 wickets so far, and became history’s first spinner to take five-wickets in an innings in five consecutive Tests. Not bad for someone whose fitness was in question before the series.
The verdict Stranger things have happened, but it is going to take something extraordinary for Pakistan to keep their undefeated record in Test series in the UAE in tact from this position. At least Shan Masood and Sami Aslam have made a positive start to the salvage effort.
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
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Kat Wightman's tips on how to create zones in large spaces
- Area carpets or rugs are the easiest way to segregate spaces while also unifying them.
- Lighting can help define areas. Try pendant lighting over dining tables, and side and floor lamps in living areas.
- Keep the colour palette the same in a room, but combine different tones and textures in different zone. A common accent colour dotted throughout the space brings it together.
- Don’t be afraid to use furniture to break up the space. For example, if you have a sofa placed in the middle of the room, a console unit behind it will give good punctuation.
- Use a considered collection of prints and artworks that work together to form a cohesive journey.
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE