The government of the United Kingdom seeks to consolidate and grow business ties with the Saudi government and private sector, said David Wootton, Lord Mayor of London. Interviewed on Saturday by the Saudi Gazette at a reception at the home of Mohammed Shokat, Consul General of the United Kingdom, Wootton added that the UK government has also been working with the Islamic Development Bank (IDB) to set up education and social development programs for Muslims living in London. During his trip, which ends on Feb. 29, Wootton plans to visit the chambers of commerce and industry in Jeddah, Riyadh and the Eastern Province, accompanied by a high-level business delegation including representatives from UK investment banks, asset managers, insurers and law firms. Wootton said he will meet ministers, senior officials and business leaders to discuss bilateral trade and investment in many areas, especially infrastructure development and professional training. He said he was impressed with the massive construction taking place in Saudi Arabia, including developments such as the King Abdullah Economic City in Rabigh (KAEC) and the King Abdullah Knowledge City in Madina. He said some Saudi investors are mostly interested in the real estate sector in certain parts of London, but other areas also offer good returns, including Leeds, Manchester and Liverpool. “Our relationship with Saudi Arabia is hugely important and we hope to continue this long-standing partnership with mutual official and business visits between the two countries.” Wootton said London remains a leading global financial center, attracting many investors from around the globe. The city offers many investment opportunities and has a flexible financial regulatory environment. “The relationship with Saudi Arabia is more about sharing skills and experiences to grow both countries' financial sectors. Closer partnership will support economic diversification, growth and infrastructure development,” the mayor added. He said his visit will focus on public-private partnerships in transport, healthcare, social housing and urban regeneration. In response to a question, he said there are a number of Islamic banks in the UK offering Shariah-compliant services. Other banks are also offering 22 Islamic financial products. “People in Britain, especially economists have become more aware of the core difference between conventional finance and the real Islamic finance system,” he said. Wootton met with Minister of Commerce and Industry Dr. Tawfiq Al-Rabeah in Riyadh Monday. __
