Lord Mandelson holds trade talks in Abu Dhabi
18 February 2010
Business Secretary Lord Mandelson is holding trade talks in Abu Dhabi, the political capital of the United Arab Emirates, in order to increase bilateral trade between the UK and the UAE.
Lord Mandelson is meeting with HE Khaldoon Al Mubarak from Mubadala, the business development and investment company. He will then meet Sheikha Lubna, Minister for Foreign Trade, before calling on HE Al Mansouri, the UAE Minister of Economy.
Lord Mandelson said: “The UK and the UAE are committed to increasing bilateral trade to £12.5 billion by 2015, a 60 per cent rise on current levels. Abu Dhabi’s position as a cultural hub in the region means opportunities for British companies.”
Abu Dhabi has taken a 20% stake in the London Array - the £3bn project to build the world's largest offshore wind farm in the Thames Estuary. Abu Dhabi also bought a 90% stake in Manchester City for £210m.
Around 95% of the UAE’s total oil and gas reserves are in Abu Dhabi, which accounts for almost 10% of the world’s total oil and gas reserves. There are well over 300 UK companies involved in the oil and gas sector.
The Masdar Initiative, the world's first zero carbon, zero waste city, was launched in April 2006. UK partners include BP, Rolls Royce, Shell, International Power, Imperial College and Foster + Partners.