Strengthening of Business links between UK and The DIFCPress Release11 Nov 2006 12:22 pm
The Dubai International Financial Centre (DIFC) today welcomed Ed Balls MP, Economic Secretary to the Treasury of the United Kingdom, to Dubai and the UAE, highlighting the strong ties between the two countries. Mr. Balls was greeted by Assem O. Kabesh, Chief Business Development Officer of DIFC and Board Member of the DIFC Authority, and Dr. Nasser Saidi, Chief Economist, DIFC.
Mr. Balls was educated in the United Kingdom before graduating from Harvard in the United States. He began writing for the Financial Times in 1990 and then moved into government, becoming Economic Adviser to the then Shadow Chancellor Rt Hon Gordon Brown MP in 1994 and Economic Adviser to the Chancellor of the Exchequer in 1997. Ed Balls has written a number of economic publications and is a member of the TGWU, Unison and the Co-operative Party. Mr. Balls was voted a Member of Parliament for Normanton in 2005 and was appointed Economic Secretary to the Treasury in May 2006.
The DIFC enjoys a long-standing commercial relationship with the United Kingdom and many British companies have established operations in the DIFC to take advantage of the attractive business environment and expand throughout the MENA region. A number of leading British companies now have offices in the DIFC, including Barclays, Lloyds TSB, HSBC, Prudential and Standard Chartered.
Assem O. Kabesh commented: “The UAE and the UK have always had close links, particularly in trade and business. In recent years, we have seen a growing number of British businesses set up offices in the DIFC while an increase in flow of investment from the UK underlines our significant on-going partnership. We would like to welcome Mr. Balls to the DIFC as a representative of the British Government, and we look forward to the continuation of this cooperation which we are certain will lead to sustained economic growth for both countries.”