According to the Mayor of London, Bahrain has all the classic ingredients to be the perfect gateway to the GCC market, with its strong reputation and regulations.
Councilor Nicholas Lyons, who is in Bahrain to meet with Bahraini and British businessmen and senior officials, highly praised Saudi Arabia’s positive vision.
As reported in yesterday’s GDN, he is the first mayor to visit Bahrain since 2016 and met with His Majesty King Hamad and Crown Prince and Prime Minister His Royal Highness Crown Prince Salman bin Hamad Al Khalifa.
“Bahrain has many real advantages, including a track record in financial services, a well-respected legal system and the Central Bank of Bahrain, which has a strong reputation as a regulator.
“These are all very important for financial institutions looking to do business here.
“And given the British financial and professional services companies that are developing and building the Gulf platform, I think it makes sense that Bahrain would seek to position itself as a hub for the GCC. I think it makes sense for them to say, ‘Let’s build a major GCC.’” We have a subsidiary here and we have branches in other Gulf countries – that’s a good model. ”
Councilor Lyons, the 694th Mayor of London, spoke at a media roundtable at the British Embassy alongside recently arrived Ambassador Alastair Long.
He works closely with the Mayor of London, Sadiq Khan, but both have clear and separate responsibilities.
During his one-year term, which is about to end, Councilor Lyons has acted as a ‘spokesperson for the city’, leading overseas business delegations to key international markets on behalf of the UK financial and professional services industry.
The visiting officials highlighted the already strong economic ties between the two countries, noting the signing of the Strategic Investment Cooperation Partnership in July this year.
The agreement aims to facilitate over £1 billion of additional investment into the UK, support the diversification of Bahrain’s economy and strengthen cooperation between the two countries in clean technology, business services and manufacturing.
This will encourage investment in the UK through sovereign wealth funds Mumtalakat, Investcorp, GFH Financial Group and Osor Asset Management.
Mr Lyons, who was educated at Cambridge, said the UK was at a “really exciting time”, with a number of high-growth sectors such as fintech, green energy, biotech and other industries such as education. said it boasts of being among the top seven universities in the world. 20.
“Among the hydrocarbon economies, there is particular interest in diversifying into renewable and green technologies,” he added. “So in some ways we expect there will be quite a bit of interest there, but there’s also a big opportunity” to allow overseas investors to put money into big infrastructure projects in the UK.
“I think the reason the UK is particularly attractive as a place for overseas investment is because we have a very long-understood parliamentary democracy, rule of law, independent judiciary and a well-regulated country. .
“This will give foreign investors and asset owners greater peace of mind when investing their money in the UK.”
Councilor Lyons said after meeting with a delegation of British business leaders that he praised the “business-friendly environment” Bahrain offers and the investment in Bahrain’s human capital.
He added: “When we think about financial services capabilities, nothing is more important than making sure we have the talented people to help build these businesses.”
The Mayor is the head of the City of London Corporation, based in London’s historic financial district, also known as the ‘Square Mile’.
He took on the annual role last November. Following the election, Michael Mainelli will soon take over the position.
Councilor Lyons also proposed allocating a portion of the UK pension fund to the creation of a Future Wealth Fund, which would allow a range of pension funds and companies to invest, including Mamtarakat.
On the issue of net-zero emissions targets set by Bahrain and other Gulf countries, Councilor Lyons said it was essential to plan for the future of the hydrocarbon economy by putting resources into renewable technologies and financial services. He said he felt it.
However, he added that even as the global economy aims to phase out hydrocarbons, oil and gas will still be part of the current energy mix.
“There are also challenges that everyone faces, like big data, artificial intelligence, and cryptocurrencies. They’re not going away,” said Councilman Lyons.
“You can’t hide under your duvet and wish you could turn back the clock.
“This is happening all around us, and it is important that regulators are aware of these issues and work together to set global standards.”
Bahrain has taken several steps, including a commitment to achieve net zero by 2060, and a number of interim targets to be achieved by 2035 include reducing emissions through decarbonization and efficiency efforts. These include reducing volume by 30 percent, quadrupling mangrove cover, doubling tree cover, and direct reductions. Investment in carbon capture technology.
Regarding the ongoing Russia-Ukraine conflict, which will enter its second year in February, City Councilor Lyons said, “There are no signs that the war is going to end,” as a harsh winter approaches.
He said the situation remained challenging, with supply chains continuing to be disrupted, particularly in relation to global grain distribution, and the impact of inflation still hitting countries such as the UK on food prices. Ta.
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