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Mon 16 Apr 2007 04:48 PM

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UK trade mission arrives in Dubai

Financial services companies from the UK look for trading partners in the UAE and Qatar.

Financial services companies from the UK have been meeting with companies in the UAE and Qatar in a bid to boost trading links between the countries.

At a reception at the British Embassy in Dubai last night, delegates highlighted the areas they felt could be developed through cooperation, including risk management, IPO (initial public offering) delivery, and education for the finance sector.

Andrew White, director, Berns Brett Limited, a corporate insurance broker and risk management consultant, said: "The appreciation of risk is fairly low. As the market becomes more sophisticated you have to consider risks to your reputation."

He added: "When the market is very rich it doesn't have to consider the contracts it's signing."

Clement Chambers, CEO of ALL IPO, a platform for the distribution of share offerings to investors, said that the system could be used to improve efficiency and transparency during the IPO process.

"You can get rid of the paper chain," he said. "You can get rid of multiple applications - it's end-to-end. It's like an ATM for IPOs."

Paul Palmarozza, from the International Learning Exchange Group (ILX), said that the company's e-learning solutions for financial training would be translated into Arabic to help fill the need for investment banking skills in the region.

The UK trade mission will be heading to Doha next to visit the Qatar Financial Centre.

Richard Corrigan, associate director of Barclays Wealth, which sponsored the event, said: "This is a region we're very optimistic about, and if we can help other people to find the right trading links in the Emirates and Qatar it will hopefully help Barclays achieve success."

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