KUWAIT: The 696th Lord Mayor of the City of London concluded his visit to Kuwait as the final leg of his first overseas trip in office. Elected annually from the City of London’s Court of Aldermen, the Lord Mayor represents the UK’s financial, professional, legal, and maritime sectors while leading the City of London Corporation, the governing body of the Square Mile. During his two-day visit, Lord Mayor Alastair King met with senior Kuwaiti officials, including His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Sabah, Minister of Finance Noura Al-Fassam, Managing Director of the Kuwait Investment Authority Sheikh Saoud Salem Abdulaziz Al-Sabah, and Governor of the Central Bank of Kuwait Basel Al-Haroon. He also engaged with representatives from private investors, commercial banks, businesses, and prominent trading families to explore opportunities for expanding UK-Kuwait trade and investment ties.
The lord mayor explained his focus on the Gulf as he highlighted the strong trade and investment relations between the UK and GCC countries. Specifically, UK-Kuwait trade reached £5.9 billion between July 2023 and June 2024, a 14.8 percent increase from the previous year. He also emphasized the long-standing investment relationship, exemplified by the Kuwait Investment Office’s 71-year presence in the City of London and the Sovereign Investment Partnership signed during His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah’s visit to the UK.
Regarding Brexit and the UK’s recent political changes, Lord Mayor King affirmed London’s continued strength as a global financial hub. "Over 100,000 additional professionals now work in the city’s financial and professional services sector compared to 2016. In comparisons to other European hubs, London’s financial services workforce exceeds the entire population of Frankfurt,” he said. Lord Mayor King assured Kuwaiti investors that the City of London and the UK remain open for business. The UK’s stable political and fiscal environment, strong financial returns, robust legal system, and international workforce, with nearly 40 percent of London’s financial services professionals coming from abroad.
Outlining his vision for enhanced collaboration, the lord mayor identified insurance, legal services, asset management, and banking as key sectors with growth potential. He emphasized the UK’s expertise in adapting to specific needs, including environmental, social, and governance (ESG) considerations and Sharia compliance. He also encouraged more British companies to explore opportunities in Kuwait, where over 100 UK firms are already active. Lord Mayor King concluded by expressing gratitude for Kuwait’s hospitality and reaffirming his commitment to strengthening bilateral ties. He expressed hope that the enduring relationship between the UK and Kuwait would continue to thrive as the two nations celebrate the 125th anniversary of diplomatic relations.