British PM in UAE to strengthen ties

Dubai: British Prime Minister Gordon Brown is in Dubai on the final leg of his regional tour to meet with senior members of Dubai's ruling family in efforts to strengthen business ties between the UK and the UAE.

"The aim of the tour is to reinforce Britain's friendship with key partners at the most senior levels. The visit is part of a wider tour of the region that has included visits to Saudi Arabia, Qatar and Abu Dhabi," Simon Goldsmith, media spokesperson for the British embassy in Dubai told local media at a press briefing.

Brown will be accompanied by a very senior business delegation, including chief officials from top British companies and organisations.

Delegates include Peter Sands, group chief executive officer of Standard Chartered Bank, David Hodgkinson, chief operating officer of HSBC Holdings and Lord Peter Levene, chairman of Lloyd's.

While the trip had been planned prior to the global financial crisis, it is clear that Brown is also here to seek financial assistance for those countries currently bearing the brunt of the liquidity crunch.

Although the International Monetary Fund (IMF) has $250 billion (Dh917.5 billion) in emergency reserves, it is feared that this may not be enough, with countries like Iceland having already sought assistance.

Brown has expressed his hope of receiving money from the oil-rich Gulf, especially Saudi Arabia.

With the Gulf owning around half the world's total sovereign wealth funds (SWFs), and Abu Dhabi holding more than Dh1 trillion in SWFs, Brown could not look to a better place than here for financial aid.

"It will be interesting to see whether the Gulf will use their SWFs for international assistance or to keep them in case they're needed here at home," an analyst told Gulf News earlier on condition of anonymity.

During his brief visit, Brown will also attend a business to business event in Dubai International Financial Centre (DIFC) where he will participate in discussions including the effects of the credit crunch in Dubai and the Gulf, future investment opportunities and the potential partnerships between the UK and the UAE.

Goldsmith said it was not yet confirmed which senior Emirati businessmen will attend. Brown will also attend the Young Arab Leaders (YAL) event as they will hold their next summit in the UK.