GCC’s investment in UK put at over $208 bn

Gulf oil producers control more than $208 billion in investments in Britain and nearly 45 per cent of the capital is owned by Saudi Arabia, the London-based Saudi Arabic language daily Alhayat reported on Wednesday.

Investments by Saudi Arabia, the world’s largest oil exporter, are estimated at 60 billion pounds ($94.6 billion) while nearly 72 billion pounds ($113.5 billion) in capital in the United Kingdom is controlled by the remaining members of the six-nation Gulf Cooperation Council (GCC), the paper said, citing figures by Abdul Rahman Zamil, chairman of the Saudi Alzamil industrial giant.

“The bulk of the GCC’s investments in Britain is in real estate and stocks....the high level of such investments shows how skillful the British are in attracting capital to their country…but the problem is that they concentrate on bringing in capital instead of going to invest in the GCC,” Zamil said at a GCC-British exhibition, which opened in London on Tuesday.

He estimated Britain’s investment in Saudi Arabia at around $17 billion, adding the level is too low compared with the GCC’s investment in the UK and with the strong and long-standing relationship between the two sides.

“We need more British investment in our region in oil services, foodstuffs, drug manufacturing and other sectors,” he said, quoted by Alhayat.

Speaking at the show, Kuwait’s ambassador in London, Khaled Al Duwaisan, said trade between the GCC and Britain exceeded 15 billion pounds ($23 billion) last year, far higher than the UK’s trade with China and Russia together.

“More than 160,000 British also work in the GCC…this shows the two sides are tied to a solid economic, trade and investment base,” he said.

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