UK financial services to head into GCC

Incorporating Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates, the GCC is a trade bloc with a financial services industry which is growing rapidly.

Due to the varying levels of stability, democracy and financial sophistication found in the different countries, UKTI appointed representatives for each from the newly-created Financial Service Sector Advisory Board (FSSAB) sub-committee for the GCC.

At the group's first meeting, FSSAB worked to identify and develop ways for UK financial services to capitalise on opportunities in the GCC countries, examining sectors such as Bahrain's environmental finance field and Qatar's legal services.

Robert Gray, chairman of debt finance and advisory at HSBC and FSSAB representative for Qatar, commented: "The formation of a group like this, and the appointment of a lead representative for each country, means the UK will have a world class promotional strategy that will greatly assist in making Britain’s financial services expertise a success in this exciting market.

FSSAB was formed in 2006 and works to promote the UK's financial services sector across the globe, as well as bringing in inward investment to London.