British finance minister Philip Hammond is due to hold talks with sovereign wealth funds and the Abu Dhabi National Oil Company. Christopher Pike / The National
British finance minister Philip Hammond is due to hold talks with sovereign wealth funds and the Abu Dhabi National Oil Company. Christopher Pike / The National

British chancellor to meet UAE business chiefs



The British finance minister Philip Hammond is meeting leaders and finance officials from the region in a bid to strengthen trade ties as the country prepares to leave the European Union.

The chancellor is due to hold talks with sovereign wealth funds and the Abu Dhabi National Oil Company.

The two-day trip begins in Kuwait today, where Mr Hammond is due to meet leading government ministers. He will also visit Qatar.

It forms part of a series of international visits aimed at showcasing the country’s commitment to form stronger investment and trade ties as it prepares to leave the EU.

It follows a visit by the UK prime minister and foreign secretary to the region last month.

“As we leave the EU, Britain’s future prosperity requires us to maintain the strongest possible economic links with our European neighbours, while enhancing our existing partnerships with the wider world,” said Mr Hammond.

“There is huge potential to expand our economic and investment relationships with our Gulf allies in the future.”

Britain voted to leave the EU following a referendum held on June 23 which triggered political and economic upheaval and has spurred efforts to bolster trade in key export markets that include the Arabian Gulf.

scronin@thenational.ae

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