Kuwaiti investments in London are long-term and have been for decades.
KUWAIT – London Mayor Vincent Keavany says Britain’s appointments with Kuwait are “long-standing” thanks to long-standing cooperation, specifically in the economic, monetary and investment-related fields. “its industry and investment strategy, and notice tactics to “revitalize” those ties with the broader Gulf Cooperation Council, the mayor told KUNA in an interview.
The global COVID-19 pandemic has “held things back,” he added, emphasizing the desire to move into a new post-pandemic stage.
London’s prestige as the world’s top monetary center, he said, has not been affected by Brexit, as it enjoys many benefits, adding language, innovation and ease of capital movement.
The British capital has created tens of thousands of jobs after Brexit, specifically in innovation and technology, the mayor said, with workers in this chart estimated at 2. 3 million across the United Kingdom.
Regarding the fall in the pound exchange rate last week and its effect on investment in London, he said, the government has now taken the mandatory measures to recover and has learned the lesson that, in shaping the government’s economic policies, it will have to ensure that markets are in a position to put those policies in place.
This decline, he explained, is due to the fact that fiscal policies were announced before markets were alerted. Existing investments in London or the UK have not suffered any damage, and this will not happen again, he stressed, noting that many investors and entrepreneurs have noted the currency’s fall as new investment opportunities.
Kuwaiti investments in London are long-term and have been around for decades, as the Kuwait Investment Authority prepares to celebrate its 70th anniversary next year.
During those years, the UK has experienced currency crises, an economic slowdown and economic turbulence, he added. These investments have been maintained. As for the volume of the industry with the Gulf countries, Lord Keaveny said last year that it had recorded around £35. 5 billion.
The industry’s volume with Kuwait has exceeded £2. 4 billion, he added, explaining why many British goods are shipped to the country from the UAE.
Lord Keaveny said that it is mandatory to increase the volume of industry with Kuwait through a joint action: the signing of a flexible industrial agreement. This would definitely be reflected in the improvement of those figures, reflecting the intensity of the two old political relations. Countries.
It would also be a point for the progression of more powerful long-term industrial relationships.
Speaking about his visit, he said it included meetings with Kuwaiti officials, economic establishments and public benefit associations, in which they discussed cooperation on renewable energy and the UK’s plans to reduce its carbon footprint to zero emissions.
Other meetings led him in conjunction with representatives of several Kuwaiti banks, who showed great interest in the virtual money generation infrastructure (FinTech) Array and electronic banking located in London.
London is a financial hub for the electronic currency matrix with $9 billion invested in the first six months of this year in them alone.
This number is higher than investments in Europe, Africa and the Middle East combined in this sector, he suggested.
Visits to other parts of the world, adding Saudi Arabia and the United Arab Emirates, along with 20 other countries, also allowed banks to express interest in those services.
On fossil fuel emissions, he said that the UK is committed to its goal of achieving 0 emissions and has set up situations and on hydrocarbon products, in terms of reducing the proportion of emissions.
This is something Kuwait is running on, he said, indicating that the UK can be a partner in achieving this goal. When asked about the energy crisis in Europe the upcoming winter period, he said recent geopolitical events have led the continent to seek answers to the challenge of energy supply chains and rely on renewable energy.
As for the British government, he said he was confident that he had taken the mandatory measures to secure power at this difficult time.
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