Financial Services: Gulf States
The question
To ask the Chancellor of the Exchequer, what steps her Department is taking to strengthen financial sector co-operation between the UK and Gulf economies.
Answered by Lucy Rigby
The UK has signed financial services Memoranda of Understanding with Saudi Arabia, the United Arab Emirates and Qatar – priority markets for the UK sector given the scale of growth and investment opportunities.
The Chancellor recently visited Saudi Arabia to attend the Future Investment Initiative, where she promoted the UK’s modern Industrial Strategy, driving growth in the financial sector and the economy, advanced the UK’s Free Trade Agreement negotiations with the GCC, advocated for deeper UK-Saudi capital market connectivity, and unveiled a two-way investment package worth £6.4bn
In negotiations for a Free Trade Agreement, the UK aims to secure the Gulf Cooperation Council’s most advanced financial services commitments yet, supporting increased trade between our markets.
The Chancellor’s trip followed a visit from the then-Economic Secretary to the Treasury to Saudi Arabia and the UAE in February to discuss our financial service relationships.
The first UK-Qatar Financial Services Working Group, as agreed under our MoU signed last year, took place on 3 November and focused on collaboration in capital markets, sustainable finance, fintech and pensions.
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