The relationship between Britain and the UAE is mutually beneficial

The Lord Mayor of the City of London reflects on the strength of the realtionship between the UAE and the United Kingdom

President Sheikh Khalifa is welcomed by Britain's Queen Elizabeth II and her husband Prince Philip at Windsor Castle in London on 30 April 2013. Andy Rain / EPA
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Relations between the UAE and United Kingdom have never been stronger. Nowhere is this better demonstrated than in the link between our two nations as leading financial districts in our respective regions. For this reason, I am delighted to lead such a strong delegation of firms from the City of London to the UAE this week as part of a wider visit to the Gulf states, taking in Saudi Arabia and Kuwait.

During my three-day visit to the UAE, I’ll speak with senior members of the Government, investment authorities and business leaders as part of an effort to deepen the economic ties between the two countries.

Our traditionally strong trading relationship has grown stronger in recent years, allowing us to reach our 2015 target of £12 billion (Dh63bn) in bilateral trade far earlier than expected.

It is also why some of our best-known firms have substantial operations in the country: Barclays Capital, HSBC, Clifford Chance, Norton Rose, Serco and Thomson Reuters to name but a few. They are a handful of the 5,000 UK businesses operating in the UAE and we want that number to increase. These companies know that, because the UAE is the UK’s 12th largest trading partner. It will remain a hugely attractive business option for the UK.

These two nations are bound not just by strong economic ties. More than 100,000 British nationals live and work in the UAE, while over a million British tourists visit the country each year. This is mirrored by the thousands of Emiratis who come to the UK to work or study at our world-class academic institutions.

The powerhouse cities of the UAE, Abu Dhabi and Dubai, are growth markets in their own right. By 2020, Dubai's population is expected to increase by 50 per cent over the current 2.3 million and the city is continually building on its status as the region’s business, logistics, media and leisure hub.

Abu Dhabi is also following a similar path as it looks to grow its non-oil economy.

The city has made significant investments in transport, housing, power, water and local amenities to meet the needs of a fast-growing population.

This is a truly exciting scenario. When Dubai hosts the World Expo in 2020, about five million visitors will descend on the country over six months. With the UK’s expertise in managing such major events, from design to delivery, as demonstrated by the London Olympics in 2012, we remain eager to offer our experience and expertise.

UK Trade & Investment, a government body, has also widened its remit to boost foreign investment in the UK and better support investors from the Gulf. It can help UAE companies to quantify and assess opportunities in the UK, and identify the best way to do business there. It will also help them find the best location and provide support with banking, immigration and legal services.

This is not limited to London. Cities such as Edinburgh, Manchester, Leeds, Bristol and Cardiff offer attractive investment opportunities across industry sectors.

The one clear message I bring on my visit is that the UK is the natural partner of choice for the UAE. The issues the two countries face in terms of economic diversification, skill enhancement and exploration of new markets can be tackled together by supporting each other as financial partners into the future.

Jeffrey Mountevans is Lord Mayor of the City of London, the UK’s capital’s financial centre