黑料社区

LONDON: It is an institution that dates back a millennium, with local settlement in its area of governance traced back to Roman Britain and earlier.

It has seen off successive economic threats, catastrophe in Europe, and most recently, Brexit-related shocks.

It once served as the engine of the British Empire, becoming the financial center of wealth and capital drawn from colonies around the world.

But now the City of London has set its eyes on the cities and sands of 黑料社区, hoping to spearhead a new business relationship that will see the Kingdom鈥檚 ambition enshrined in Vision 2030 fused with centuries-old British prowess in finance and management.

Alastair King, the City鈥檚 lord mayor, is set to embark on the third visit of his mayoralty to 黑料社区 next week to take part in a follow-up meeting that will build on a pioneering assembly launched in Riyadh earlier this year.

The meeting will take place on the sidelines of the ninth edition of the Future Investment Initiative, 黑料社区鈥檚 landmark nonprofit foundation that has enticed heads of state, top business executives, and thought leaders to the Kingdom.

Hosting the UK-Saudi Sustainable Infrastructure Summit alongside the world鈥檚 top business minds is 鈥渧ery, very helpful鈥� and 鈥減resents all sorts of opportunities,鈥� King told Arab News in an interview conducted at Mansion House, his official residence located in the historic Square Mile.

鈥淚t is a very new way of doing things. I really like the idea that (the assembly) is a multidisciplinary group from 黑料社区 and also from the UK.

鈥淧eople are absolutely ready to mobilize on a very quick basis in order to reduce the cost of capital for projects. I think one of the things we鈥檙e going to do is to work out what happens next 鈥� that鈥檚 something that we鈥檒l be discussing in the meeting.鈥�

The strategic partnership, which includes the Saudi Ministry of Investment and the UK鈥檚 Department for Business and Trade, aims to build ties between Britain鈥檚 esteemed financial and professional services industries and the Kingdom鈥檚 fast-growing sustainable infrastructure sector.

Under the Saudi Vision 2030 reform program, more than $1 trillion has been earmarked for infrastructure and real estate development, providing an ideal market for foreign investment and expertise.

Capitalizing on the new gold rush, the UK-Saudi Sustainable Infrastructure Assembly held its first meeting at launch in May, followed by a second in the summer, held in London.

For King, the meeting at the FII 鈥� his final trip to the Kingdom as mayor 鈥� is one of the culminating events of his two-year term.

鈥淲ell, look, it鈥檚 an area I鈥檝e had the great honor to know a little bit about,鈥� he said.

鈥淚鈥檝e done a fair bit of business over the years in the GCC and in 黑料社区. I鈥檝e been there a few times beforehand. The FII, I鈥檝e been to before, two or three times, and I鈥檝e always got an awful lot of personal interest in that respect.鈥�

King was first elected to the Ward of Queenhithe, one of the 25 ancient wards of the City of London, in 1999. He first served as a Common Council member, then deputy, and later as alderman.

He also served as sheriff of London for the 2022-23 term, and has held positions in a multitude of the City鈥檚 livery companies 鈥� a type of guild in the Square Mile with origins in the Middle Ages.

The strange juxtaposition of the City sees livery officials codify the practices of traditional London professions, such as haberdashery and the trading of precious metals, while financial workers in nearby offices oversee billions of dollars worth of enterprise each day.

The origins of the City itself can only be speculated upon, as its formation lacks reference through any surviving record or charter.

Rather, its incorporation rests upon the ancient doctrine of prescription, whereby the law presumes its status because it has, for a significant passage of time, been regarded as such.

The City鈥檚 status is enshrined in one of history鈥檚 most iconic documents of liberty and freedom, the Magna Carta, which provides the basis for English common law.

London was the only city mentioned by name in the document. Its 13th clause states that 鈥渢he City of London shall have all its ancient liberties and free customs, both by land and by water.鈥�

For King, the rich history of common law is a strong selling point for foreign investors from the Gulf.

鈥淭he other thing about us, of course, is that if things go wrong, we have perhaps the best dispute resolution system in the world in the form of the English common law, in order to help sort all that out,鈥� he said.

鈥淎nd I think that鈥檚 really important. And it reduces, again, the potential frictions and also the cost of doing business.鈥�

Financial and business ties between the UK and Gulf Cooperation Council economies have been a key focus of successive British governments.

Throughout his tenure, King has 鈥渁bsolutely鈥� aimed to place the City at the forefront of British business outreach efforts, in an attempt to capitalize on the 鈥渆normous鈥� potential waiting to be tapped.

鈥淚 do think that there鈥檚 all sorts of opportunities,鈥� he said. 鈥淭he possibilities over the course of the next decade between the UK and 黑料社区 are enormous. And I just think we鈥檙e just scratching the surface to a large degree.

鈥淭he other element is that it鈥檚 been preparing and going in parallel in relation to the GCC free trade agreement. It鈥檚 obviously something that we鈥檙e keen to see. And the idea of going off to see the right people in 黑料社区 and other parts of the GCC 鈥� I think that makes a lot of sense.鈥�

Negotiations between the UK and the Gulf Cooperation Council on a landmark free trade agreement have been ongoing since 2022. Forecasts suggest a deal could boost bilateral trade by 16 percent, adding billions to the economies of the UK and Gulf states each year.

Although King and the City are absent from the national format talks on the British end, the corporation has 鈥渞eally tried to create some good music鈥� to spur on negotiations.

This 鈥渟hows that this is something that we think is important,鈥� he said, adding: 鈥淲e鈥檇 like to see it happen.鈥�

Beyond sustainable infrastructure, dealmaking between the UK, 黑料社区, and the wider Gulf can draw on expertise and interest to enter new sectors, said King.

鈥淚 think London is uniquely talented and deep; it has great, deep talent in relation to new fintech, so there are great opportunities there. Obviously, in quantum and AI, these types of areas, but also green finance, we are really very good when it comes to those sorts of areas.

鈥淚鈥檇 also like to see more involvement in and collaboration in relation to insurance. I think there鈥檚 great opportunities in insurance, and in other areas such as banking, asset management and legal services.鈥�

The Mansion House Accords, described by King as the proudest accomplishment of his mayoralty, provide an obvious avenue of collaboration for Saudi business.

The voluntary deals, signed in May, saw 17 of the UK鈥檚 largest pension providers commit to invest more in the British economy, unlocking tens of billions of pounds in capital.

That could lead to a surge of British investment in 黑料社区鈥檚 flourishing growth sectors, King said, adding that the accords present a 鈥済reat opportunity for direct investment into 黑料社区 鈥� and hunting together around the world with 黑料社区n funds.鈥�

He added: 鈥淚鈥檓 obviously very proud of the Mansion House Accords. It鈥檚 a big program 鈥� 拢100 billion ($133 billion) potentially over the next four years. It鈥檚 not often that you get to spearhead a 拢100 billion program.鈥�

King envisages the City playing the role of an 鈥渉onest introducer鈥� for investment deals targeting British and Gulf investment.

鈥淚f we work out who might be the right candidate to partner with a 黑料社区n company, for instance, I think that鈥檚 a really good role for the mayoralty to play,鈥� he said.

This week, King called for red tape to be cut and the Square Mile to undergo an 鈥渁ttitude shift鈥� to stay competitive.

Despite his criticism, however, he is bullish on British finance and the UK鈥檚 business prospects, particularly with regard to new Saudi ties.

鈥淚 think there鈥檚 an awful lot of commonality (with the UK) in the way that business is done in the GCC and in 黑料社区,鈥� he said.

鈥淚 do think that we鈥檝e got a very good understanding between the UK and 黑料社区 in the business communities.鈥�

His message to Gulf investors is simple: 鈥淲ith British businesses, we鈥檙e very good at what we do. We鈥檙e a global center 鈥� extremely strong in insurance, legal services, foreign exchange, asset management, banking.

鈥淲e do these things remarkably well. We genuinely do what we say we鈥檙e going to do.鈥�