Gulf States and City of London relationship strengthened at landmark conference

The conference, attended by some 200 delegates, was an opportunity to discuss the development of long term strategic relationships between the emerging economic powers in the Gulf and the world's leading financial market, London.

Lord Mayor of the City of London, John Stuttard, opened the conference and spoke of the growing appetite for global investment by the Gulf States, a region experiencing foreign reserve growth of US$155 billion per year, and the role of the City of London to provide the expertise to help manage this unprecedented level of liquidity. He said: "The Gulf is becoming an increasingly globally integrated financial centre and a gateway to investment opportunities in the wider Middle East, South Asia and North Africa. The City needs to capitalise upon its expertise and develop mutually beneficial relationships with the Gulf States to help realise these opportunities, and contribute to sustainable development in the region."

The conference, 'The City & GCC', was produced by the Middle East Association and Compass Rose International, and hosted by the City of London Corporation. It was addressed by His Highness Sheikh Maktoum Hasher Maktoum Al Maktoum, Chairman and CEO of Dubai based Al Fajer Group; Dr Gerard Lyons, Chief Economist of Standard Chartered Bank and Lord Levene, Chairman of Lloyd's of London. In separate panel discussions, distinguished speakers spoke on market regulation and corporate governance, capital and private equity markets and Islamic finance.

Baroness Symons, conference co-chairman, said:

"The conference was an unprecedented opportunity for representatives from the Gulf States and the international financial community in London to network and discuss rapid developments in the Gulf markets which have seen tremendous growth in recent years.

"We warmly welcome the strong attendance from Gulf financial centres including Bahrain, Dubai and Qatar, I hope those delegates in attendance today will grasp the opportunities available and will use the conference as the foundation stone for building long term relationships between the two regions."

The Middle East Association (MEA) has promoted trade between the UK, Middle East, North Africa and Turkey for over 40 years and represents leading British and International companies estimated to be responsible for about 70% of trade between the UK and the region. Compass Rose International (CRI) is a strategic partner of the MEA, and was founded to effect positive development through private sector engagement and events related to sustainable economic development in the Middle East and North Africa region. Through these events, delegates, governments and sponsors are able to benefit from the combined expertise of both organisations.