member Gulf Cooperation Council countries hold more than $208 billion in investments in Britain, with nearly 45 percent owned by Saudi Arabia, the London-based Saudi Arabic language daily Alhayat reported on Wednesday. Investments by Saudi Arabia are estimated at 60 billion pounds ($94.6 billion) while nearly 72 billion pounds ($113.5 billion) is shared by the remaining members of the group), the paper said, citing figures by Abdul Rahman Zamil, chairman of the Saudi Alzamil industrial giant. “The bulk of the GCC's investments in Britain is in real estate and stocks, the high level of such investments shows how skillful the British are in attracting capital to their country,” Zamil said, though “the problem is that they concentrate on bringing in capital instead of going to invest in the GCC,” he added at a GCC-British exhibition, which opened in London on Tuesday. He estimated Britain's investment in Saudi Arabia at around $17 billion, yet the level is too low compared with the GCC's investment in the UK. “We need more British investment in our region in oil services, foodstuffs, drug manufacturing and other sectors,” he said. Moreover, trade between the GCC and Britain exceeded 15 billion pounds ($23 billion) last year, greater than the combined trade of UK and China. Futhermore, “more than 160,000 British also work in the GCC...this shows the two sides are tied to a solid economic, trade and investment base,” said Khaled Al Duwaisan, Kuwait's ambassador in London.
