LONDON: The UK’s Department for has announced that the GCC has become one of the first regions globally to have a dedicated UK Export Finance (UKEF) team based in-market.
The move comes as the strength of the UK-GCC trading relationship is reaffirmed after UKEF – the UK Government’s export credit agency – financed approximately 2 billion of GCC projects that procured UK exports from April 2016 to March 2017. This represented the largest allocation of UKEF support to one region in the year.
UKEF’s content requirements help governments and private sector companies around the world to finance projects and procure from UK suppliers.UKEF has supported a number of ambitious projects locally, including $220 million in support for Dubai Arena – a state-of-the-art multipurpose arena contracted by UK constructed firm Kier – with a capacity of 17,000 persons which, when operational in 2019, will host major concerts and sports events.
