UK Export Finance (UKEF), the UK's export credit agency, is to provide support of more than £100 million ($135.2 million) for the construction of the fourth phase of the Dubai World Trade Centre.
Phase four will see the construction of an onsite hotel and will generate significant business for UK businesses, with nearly half of the supplies and services for project expected to come from the UK.
This builds on UKEF support for the first three phases of the project which also included significant UK content.
The fourth phase will be carried out by ASGC UK, which oversees the relationships with UAE-based customers who are seeking UKEF-supported financing for their forthcoming projects.
The expansion plan comes as the Dubai World Trade Centre Authority (DWTCA) announced earlier this year that it attracted a record 3.3 million delegates and attendees in 2017, up 9 percent from the previous year.
The announcement was made on Wednesday by International Trade Secretary, Dr Liam Fox MP, at the government’s first UK Trade and Export Finance Forum, hosted by UKEF and the Department for International Trade (DIT).
It is part of a new partnership between the UK’s export credit agency and Atkins International to identify and promote opportunities for UK infrastructure and engineering suppliers on Atkins’ projects backed by UKEF financing.
Fox said: "The UK’s reputation for high-quality manufacturing and highly-skilled construction is renowned the world over. This government, through UK Export Finance, is taking a proactive approach to bringing business to the UK, with wide-reaching benefits for both individual UK businesses and the UK export economy as a whole.
"In UK Export Finance, the UK’s export community truly has a world-class export credit agency."
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