By Courtney Trenwith
Financial guarantees are helping private British construction firms compete in the emirate
Two British construction firms developing three major projects in Dubai have been granted $600m in support from a UK government agency.
The support, in the form of loans and guarantees from UK Export Finance (UKEF), are intended to help private British firms win major foreign contracts.
Kier is building the new 17,000-seat entertainment and sports venue Dubai Arena, plus two buildings to accommodate Emaar Properties staff. UKEF said it will be guaranteeing $455 million for Kier to carry out the projects.
Carillion will received $180m in UKEF support to develop two new office towers at One Central, Dubai World Trade Centre’s new mixed-use development. The construction firm has already complete the first two phases of One Central.
UK International Trade Secretary Liam Fox said the financial support allowed British construction firms to compete in Dubai.
“With these flagship infrastructure projects, Kier and Carillion are helping to directly shape Dubai’s economy by boosting tourism and business infrastructure. This is yet another example of the UK’s global leadership in the infrastructure sector, and the Department for International Trade, as an international economic department, is proud to be helping these two outstanding firms succeed abroad with the backing of UK Export Finance,” he said.