UK steps up wooing of oil-rich Gulf states

Jennifer Rudd/ November 12, 2008/ 5:18 p.m.

Britain stepped up its attempts to woo oil-rich Gulf States on Wednesday, with Business Secretary Peter Mandelson urging leaders in the region to bring investment here as a delegation of Saudi businessmen toured key British finance centers. As economic growth in Europe, the United States and many parts of Asia slows significantly thanks to the global credit squeeze, Britain is making major moves to strengthen financial ties with the correspondingly resilient Middle East. This is great to hear about Britain and its economy but the United States economy still does not look good with gas prices still dropping, also means that the price for a barrel of oil is too, (which is a good thing) but it lets us know that the economy is still in bad shape even after our major presidential election. Fueled by a surging oil price in recent years, the region is striding ahead with the IMF predicting strong economic growth this year in all six Gulf Cooperation Council countries.

Britain has opened a regional hub office in Dubai, to encourage British firms with a presence in the Gulf to use it as a springboard for further expansion. It was interesting and exciting to read this because in past weeks, Britain’s foreign trade has not been so great with the economy’s recession. In the current economic climate, it is vital that British and European companies forge partnerships with their counterparts in the Gulf. While many companies now focus on the new markets opening up in China and India, they must also take action not to miss out on the enormous potential of the Gulf. I feel that this would help tremendously. The two-day expo in London to encourage bilateral trade between the GCC countries and Europe is the first major event of its kind since an exhibition in 1993. Trade is already growing between the two regions.

This has probably been the most futuristic article that I have read about the United Kingdom for good news. Hopefully it’s government and people are trying to do everything that they can to change things, I feel that we, the United States, are trying to accomplish roughly the same goal, a stable and good economy.
http://ap.google.com/article/ALeqM5iR42HR4mZNIUB8bzJu33MjO4q2KQD94DGVQ00