Business secretary meets sovereign wealth funds in his quest to attract investment to the UK
Business secretary Peter Mandelson has been meeting sovereign wealth funds in the Gulf in a bid to attract more investment to the UK.
On a visit to Abu Dhabi yesterday, the minister said Britain would welcome more investment from the region, “unlike other countries that are hesitant”.
Speaking to reporters, he said: “Yes I have met sovereign wealth funds.”
He added: “We strongly encourage investments from the UAE and others into Britain. We need liquidity in the system, we need funds to flow, we need credit to flow.”
Abu Dhabi funders have invested heavily in the UK in past years, pouring money into developments such as the major expansion of London’s ExCel Centre.
But recent signs have suggested the emirate’s enthusiasm for spending money in the UK may be dwindling.
In January, renewable energy fund Masdar said it was rethinking its role in the £3bn London Array offshore wind farm planned for the Thames Estuary. The project may now be rescued by the European Investment Bank, according to reports.
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