Beer, who had a lunch meeting with UK Chancellor Alistair Darling, together with other British business representatives, during his visit to the Emirate in June, lauded the decision to resist calls for greater protection of British companies from overseas acquisition ahead of UK plans to allow the acquisition of more high-profile British companies by investment funds controlled by foreign governments has been applauded by a British business leader in Dubai.
Beer said new UK chancellor has followed up on the comments he made in Dubai earlier this year to enhance the links between the UK and Gulf states.
Darling has made it clear since taking office that he is resisting calls for greater protection of British companies from acquisition by overseas interests, and Beer believes this is another positive contributor to the strengthening of business links between the UK and the UAE, and the Gulf in general. “He talked then about the importance of enhancing business links between the UK and the UAE, and this further supports that commitment. It’s encouraging to see that he has taken such a firm stance regarding protectionism since becoming chancellor.
“The liberal investment climate in the UK reflects the investment climate which has been created here in Dubai by the government, and this is something the BBG supports strongly as part of our overall commitment to reinforce business links between the UK, Dubai and the Northern Emirates.
Beer added: “Considerable sums of money are being channeled by Dubai, and the Gulf in general, into overseas investments, which is a sign of the efforts companies and governments in this region are making to globally diversify their asset and income base outside their home markets. It also shows how Gulf states are looking to reduce their reliance on oil as a source of income.”
Separately, Bahrain-based Capital Management House (CMH) yesterday announced the investment of SR10 million in Dar Al-Arbah, an investment banking company in the Kingdom of Saudi Arabia.
Chairman of CMH Khalid A Al-Bassam, confirming the investment in Dar Al-Arbah, said that CMH would continue to work closely with Dar Al-Arbah in the area of corporate finance, real estate, mergers and acquisitions, private equity and other capital market activities.
The Capital Market Authority in Saudi Arabia granted Dar Al-Arbah full-fledged investment banking license which includes, asset management, custody, dealing, advisory services and capital market activities. Dar Al-Arbah is capitalized at SR220 million. Khalid M. Najibi, managing director of CMH is a board member of the newly licensed organization.
CMH is a category 1 licensed investment banking company based in Bahrain.
