JEDDAH: The Lord Mayor of London, who is heading a large business delegation, is due in Saudi Arabia from Friday until Feb. 24.
Nick Anstee will meet business leaders, especially from the financial sector, in Riyadh, Jeddah and Dammam, and to reinforce commercial ties between the Kingdom and the UK.
He is also promoting the financial service the City of London has to offer as a global financial centre.
Anstee said that he hoped to use this visit to foster ties between the two nations and identify opportunities for them to work together in order to open up financial markets in the Gulf.
"Saudi Arabia is a hugely important partner, not only in terms of trade and finance, but also through its position in the Muslim world. I also hope to share the UK's expertise in developing public-private-partnership projects to support infrastructure development," he said.
He noted that London remained Europe's largest banking center. In 2008 $2.658 billion in pension assets were managed in the UK, where 19 percent of international bank lending also took place. "This makes the UK the largest in the world for cross border banking."
While in Saudi Arabia he will visit the Ministry of Finance, Ministry of Commerce as well as the Capital Markets Authority, SAMA and the Islamic Development Bank among others.
In the light of the financial crisis that has raged over the last 18 months, Anstee will want to reassure Saudi policy makers that the City of London is still open for business. "Equities, foreign exchange, insurance, marine and commodities trading are thriving," he said. The Lord Mayor will travel with a major business delegation that includes senior representatives from investment banks, asset managers, insurers and law firms. They include Simon Havers, CEO of Baird Capital Partners (Europe), Edward Rose, partner of Trowers and Hamlins and Dr. Rafael Leal-Arcas, senior lecturer in international economic law.
The position of Lord Mayor is an ancient one and usually occupied in modern times by a leading business figure.
He listens to feedback from City businesses and helps the City Corporation advise the government on what is needed to help the financial services sector function well.
During his tenure, the Lord Mayor frequently travels to represent the City and goes abroad with the status of a Cabinet minister.
On average, the Lord Mayor will meet one head of state a month and will meet a prime minister or finance minister each week to discuss financial services, often in conjunction with senior City business representatives.
The Lord Mayor, who is unpaid, lives in the official residence, Mansion House, for the mayoral year.
© Arab News 2010
