UAE warms to investing in Britain’s green energy plans
THE UAE is exploring multibillionpound investments in offshore wind, green hydrogen and batteries in Britain as the Gulf states target a rapid post-brexit trade deal on oil and financial services.
Thani Bin Ahmed Al Zeyoudi, the UAE’S trade minister, revealed that the British market is “very attractive” to the wealthy oil state’s energy sector as he promised “aggressive” investments in clean energy projects.
He said that the UAE is discussing UK investments in offshore wind, renewable energy, batteries and green hydrogen after Abu Dhabi sovereign wealth fund Mubadala made a pledge to invest £10bn in Britain last year.
Mr Bin Ahmed Al Zeyoudi said: “We’re exploring and we do have offices in the UK to look for opportunities.”
He added that teams in London and the UAE are looking at potential batteries investments.
“Any potential in the UK market we’ll be more than happy to explore and have a serious discussion on that,” he said.
He also revealed that the Gulf states are aiming for “fast” trade deal talks with the UK that wrap up within a year.
The UK and the six-strong Gulf Cooperation Council (GCC) announced their intention to begin negotiations for a free trade agreement last year. The bloc includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. British trade with the GCC hitting £30bn in 2020.
Mr Bin Ahmed Al Zeyoudi said the UAE wants a “comprehensive” deal between the UK and the oil-rich states that includes financial services and commodities.
He said: “Discussions between both teams are happening, but to be honest we will not be able to evaluate [it] until we give it a few months.”
Announcing preparations for the trade talks, Anne-marie Trevelyan, the International Trade Secretary, said a deal would help “deepen ties with a region vital to our strategic interests”.
The Government launched a 14-week public consultation to help draw up the trade deal with the GCC ahead of the talks, but it is yet to publish its response.
The UK has agreed new trade deals with Australia and New Zealand since leaving the EU.
It is also in talks with India, Mexico, Canada and Pacific trade bloc the Comprehensive and Progressive Agreement for Trans-pacific Partnership.
A government source said that formal talks have not begun. However, the UK and GCC are currently holding “scoping” discussions in preparation for formal negotiations later this year.