Vincent Keaveny, 693rd Lord Mayor of the City of London, will be visiting the Sultanate of Oman from March 28.
On the eve of his visit, Keaveny issued a statement, “The UK and Oman have enjoyed a close friendship for centuries. The relationship has strengthened and developed over the years, with the most recent milestone being His Majesty Sultan Haitham bin Tarik’s visit to the UK in December 2021.” He added that ‘to this day the UK remains the largest investor in Oman, providing almost half of all Foreign Direct Investment at RO 16.43 billion. The UK remains committed to the long-term economic development of Oman through the recently signed Sovereign Investment Partnership, signed in January 2022, where we agreed to work closer together on increasing high-value investment into both countries.” The new partnership will strengthen the economic ties between our two countries and identify and support commercial investments in areas such as clean energy and technology, which are already an important part of our £1 billion-a-year trading relationship, he said.
The partnership also commits the UK to support Oman Vision 2040 by channelling investment into priority sectors like logistics and green energy.
The UK’s expertise in fintech, green finance and digital makes it a natural partner of choice to help Oman achieve its Vision 2040 objectives on sustainable development, social inclusion and economic competitiveness.
“With the ongoing trade negotiations with the Gulf Cooperation Council (GCC), I see a bright future for our ongoing trade relationship. The GCC is the UK’s 4th largest trading partner, and the prospect of an eventual trade deal would be a big step forward,” Keaveny said.
Already demand for British goods and services is high and is increasingly diversifying into growth sectors like tech, health and education.
“A free trade agreement (FTA) would open the Omani market to a wider range of British exports and investors, helping both the UK and Oman increase skills, jobs and security,” he said.
“I’m hopeful that these trade talks will break new ground in areas like artificial intelligence, digital and financial services in addition to covering areas traditionally included in FTAs such as commodities and non-tariff barriers. That’s why I was delighted to see the completion of the Joint Trade and Investment Review between the UK and GCC last year and its recommendation for swift progress on market access in professional, business and financial services.”
Keaveny said, “As Lord Mayor of London I’m in Oman to develop closer ties between our financial institutions on regulatory alignment which would boost business ties and prosperity for both sides.” London’s offer to global investors continues to go from strength to strength. Its unique combination of time zone, language, legal system, global talent and financial services ecosystem makes us truly a gateway to global capital and advice.” Oman is a focal point of stability, consistency and quiet diplomacy in a region which has faced many challenges and crises. Oman is already a greatly valued friend and ally of the UK, but there are now significant opportunities to deepen our relationship in emerging areas of financial services now ripe for closer collaboration – the time is now for our two countries to be bold and grasp the nettle.
