Dubai: British Prime Minister Gordon Brown on Tuesday left the UAE, part of a whirlwind fundraising tour of the Gulf, in search of what he called 'hundreds of billions of dollars' to bail out the global economy, under the auspices of the International Monetary Fund (IMF).
It remains unclear on how much he secured from the Gulf states, sitting on an estimated Dh7.3 trillion ($2 trillion) sovereign wealth funds.
Peter Mandelson, secretary of state for business, told BBC radio that Brown has secured $790 million from the region so far, mainly in construction and energy.
Brown on Tuesday met a high-level delegation of Emirati businessmen and women to discuss bilateral business relations and ways to relieve the current economic situation.
Delegates included Shaikha Lubna Al Qasimi, Minister of Foreign Trade, Sultan Bin Saeed Al Mansouri, Minister of Economy, Saeed Mohammad Al Tayer, chief executive of Dubai Electricity and Water Authority (Dewa), Mattar Al Tayer, chairman of the Roads and Transport Authority (RTA), Omar Bin Sulaiman, governor of the Dubai International Financial Centre (DIFC), Abdul Rahman Saif Al Ghurair, first vice-chairman of Dubai Chamber of Commerce and Industry, Ahmad Humaid Al Tayer, chairman of Emirates NBD, Ahmad Saif Belhasa, chairman of Belhasa group, Khalaf Al Habtoor, chairman of Al Habtoor group, Raja Eisa Al Gurg, president of Dubai Women's Business Council and Abdullah Mohammad Saleh.
The event took place in Dubai International Financial Centre (DIFC).
An equally senior British business delegation, travelling with Brown, included Peter Sands, group chief executive of Standard Chartered Bank, David Hodgkinson, chief operating officer of HSBC Holdings and Lord Peter Levene, chairman of Lloyd's.
Partner
"The British business community is a strong partner in the UAE's growth. Many British companies are active participants in the global financial services community in DIFC," Bin Sulaiman said.
Brown was in the Gulf for a four-day visit to drum up financial support for raising $250 billion for the International Monetary Fund (IMF).
Although Gulf states and other nations perceive the IMF to be dominated by the US and other industrialised nations, Brown said he supports an expanded role within the IMF for countries which contribute to an extended fund.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, highlighted the need for co-operation between UAE and UK financial institutions.
"We will be working with the UK's financial industry to turn the challenges faced by the global economy into opportunities for growth," Bin Sulaiman added.
