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Tue 15 Jan 2019 11:30 AM

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Trade between Kuwait and UK reaches $4.4bn

Investments saw an 8% increase since 2017

Trade between Kuwait and UK reaches $4.4bn
Peter Estlin, Lord Mayor of London.

Mutual investments between Kuwait and the UK reached $4.4 billion (GBP3.5bn) in 2018, according to Peter Estlin, Lord Mayor of London.

The amount of investments saw an 8% increase since 2017.

“Kuwait Investment Authority (KIA) has been investing in the UK since 1952 and it is considered one of the oldest leading investment funds in the world,” said Estlin during a meeting at the Kuwait Banking Association (KBA).

He said Brexit will not affect the UK’s leading financial role, as the Financial Conduct Authority (FCA) is supported by British law.

He also said the UK continues to house some of the world’s best universities.

“We do not look at Brexit as a challenge, we look at it as an opportunity that gives us stronger collaborations with people outside Europe, such as Kuwait,” he said.

London is among the largest centers for financial and banking technology, with up to 45,000 workers with an estimated income of about $8.4bn (GBP6.6bn).

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