As the new Lord Mayor of the City of London, I am honoured to begin my term by visiting the Gulf Co-operation Council (GCC) region – my first international destination as the UK’s ambassador for financial and professional services. This visit underscores the importance of the UK-GCC relationship, a partnership built on centuries of collaboration and shared interests.

For many GCC nations, the UK was the first European country with which they established diplomatic ties. Maritime security was a cornerstone of these early relationships. In Bahrain, for example, the ruling House of Khalifa partnered with the UK to combat piracy and external threats back in 1805, laying the groundwork for enduring co-operation. Today, this legacy continues with the UK Naval Support Facility in Bahrain, safeguarding vital shipping routes and countering threats from groups such as Islamic State/Daesh.

But our ties go far beyond maritime security. The GCC is now the UK’s fourth-largest trading partner, with bilateral trade worth $72 billion annually. A potential UK-GCC trade deal, prioritised by the British government, would mark a significant step forward, and the Business and Trade Secretary, Jonathan Reynolds, has recently been to the region to further emphasise this ambition.

The UK and Bahrain exemplify what this partnership can achieve. Last year, Bahrain committed to investing £1bn in the UK through sovereign wealth funds such as Mumtalakat and Investcorp. Additionally, a new digital economy partnership was signed to modernise trade and drive growth in fintech, medtech, agritech, cyber, and space sectors.

Investment flows are mutual. The UK’s Gulf Strategy Fund supports projects across the region, from criminal justice reform to environmental resilience. Meanwhile, London’s expertise in fintech, green finance, and insurance makes it a natural partner for Gulf states seeking to diversify their economies, expand financial inclusion, and achieve sustainable development.

The London Stock Exchange (LSE) remains a key hub for Gulf businesses. It has hosted more IPOs from the region than any other exchange and leads in sukuk (Islamic finance bond) issuances, with over £40bn raised through more than 60 listings. The LSE continues to play a crucial role in integrating Gulf capital markets with the global economy.

During my visit, I will meet with government ministers and business leaders to strengthen these ties and explore new opportunities for collaboration. London’s world-class financial services sector is well-placed to support the Gulf’s aspirations, from fostering innovation to enabling sustainable growth.

The UK-GCC relationship is one of shared history and enduring partnership. In the City of London, we understand the value of resilience and adaptation; the City of London Corporation, which I lead, has existed since the time of the Prophet Muhammad. I am confident that the bond between the UK and the Gulf will continue to thrive for centuries to come.

During his year as Lord Mayor, Alderman King will act as a spokesperson for the City, leading overseas business delegations to key international markets. In the role he will meet government representatives, alongside business leaders and policy makers both at home and abroad. He will look to strengthen economic ties with the UK, identify new business opportunities and promote the UK as a top global destination for foreign investment. Born in 1968, the British financier and asset manager, chairman of Naisbitt King Asset Management Ltd, serves as the 696th Lord Mayor of London for 2024/25.

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