Kuwait-UK trade jumps 14.8% to reach £5.9 billion in just one year

• Alderman Alastair King highlights significant opportunities from the soon-to-be-finalized UK-Gulf free trade pact and said there is a huge opportunity for both sides to benefit from the free trade agreement, which we are eager to finalize soon.

Alderman Alastair King, the 696th Lord Mayor of the City of London, emphasized the strong trade and investment relations between the United Kingdom and the GCC countries, highlighting the significant opportunities for both sides, particularly with the completion of the historic free trade agreement between the UK and the Gulf nations, according to Al Rai newspaper.

Alastair King said in a meeting with journalists before concluding his first visit to the region since taking office that Kuwait was his third and final stop on a tour of several countries in the region.

He pointed out that “the GCC countries are the fourth largest trading partner of the United Kingdom, and there is a huge opportunity for both sides to benefit from the free trade agreement, which we are eager to finalize soon.”

He explained that the purpose of his visit was to furtherboost foreign direct investment in the UK while encouraging more British companies—more than 100 of which are already operating in Kuwait—to seize the many business opportunities available in the country.

He noted that his two-day visit included several meetings with senior officials, including His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, the Minister of Finance, the Managing Director of the Kuwait Investment Authority, the Governor of the Central Bank of Kuwait, and the Acting Director General of the General Organization for Social Insurance, as well as representatives from a range of private sector investors with links to London, from commercial banks to companies and major commercial families.

He added that during this visit, he explored opportunities to further grow and diversify the essential trade and investment relations between Kuwait and the United Kingdom, noting that the trade volume between the two countries had reached £5.9 billion between July 1, 2023, and June 30, 2024—a 14.8 percent increase from the previous year.

He highlighted the strength of investment relations between his country and Kuwait, symbolized by the Kuwait Investment Office’s 71-year presence in the City of London and the sovereign investment partnership signed between the United Kingdom and Kuwait during the visit of His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah may Allah protect and bless him to the UK as a government guest last August.

British economy not affected by Brexit

Regarding the impact of Brexit on the British economy and the recent change of government in the UK, King emphasized that London’s financial and professional services sector was unaffected, and the economy remains prosperous. He noted that more than 100,000 people are now employed in the sector, compared to before the Brexit referendum in 2016.

He also pointed out that the number of people working in London’s financial and professional services sector exceeds the total population of Frankfurt, making comparisons with other European financial and professional services centers.

Alastair King assures Kuwaiti investors that City of London remains open for business

Alastair King sent a letter to Kuwaiti investors, stressing that the City of London and the United Kingdom, more broadly, remain very open for business. He pointed out that few places in the world offer foreign investors such consistently strong financial returns.

He highlighted the UK’s strong political and financial stability, a robust legal system, and its genuinely international nature – where around 40 percent of London’s financial and professional services workers come from abroad – as additional attractions.

Enhancing cooperation with Kuwait

Alastair King noted that there are several areas through which cooperation with Kuwait can be strengthened, given the enormous potential for growth, including: insurance services, legal services, asset management services, and banking services.