UK: Lord Mayor of London city told Arab News before his visit in the region that London could provide expertise that Gulf states need to look at their economies and run-up for COP28 Net demonstrates their commitment to zero. In the UAE.

Nicolas Leone on Sunday started its tour of Gulf on Sunday with the goal of increasing investment in the UK and finding how the city of London could use the country's large -scale pension funds in nations such as Saudi Arabia and UAE.

He said, "Britain and Gulf have an active, ongoing relationship. The relationship there is very strong and held in very senior positions, as we have seen many Lord Mayors going there, he said.

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As many countries begin to examine their pension systems and wonder if they are fit for purpose, "I hope that my journey will be related to Fintech, Green and Durable Finance, as well as about pension systems There will also be a conversation in. "

Leone said that the UK has pension assets about £ 4 trillion ($ 4.8 trillion), and that the Gulf provides opportunities to be used more actively for this money, shows that many investments indicate that many investments There are opportunities for.

He criticized the Management of the UK of his pension savings, called it "very weak", in which only 7% of pot productive assets were invested, while the following seven largest pension in the world was compared to an average of 19% for utensils. .

He said that we have the second largest pension fund in the world, but when you compare it with places like Australia and Canada, they compared 25 to 30 percent to work, he said. "This money needs to be deployed more actively in productive assets."

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We have invested very little in this field. The fact is that Saudi Arabia and UAE are here and have already invested in Britain, there is strong evidence that we are much less than opportunities and missing.

The Gulf states led by Saudi Arabia have made important efforts to remove their economies from hydrocarbons.

Leone said he is "very conscious" about London's reputation as a top position for asset management and financial services. Liones' one year term as the city of London's 694th Lord Mayor began in late 2022, replacing Vincent Keweni.

Gulf state financial services are considering as a potential development sector, and they are looking to use and discuss real expertise in London on this front - our close relationship means that belief for open discussions There is a level of, "he said.

"As Saudi Arabia wants to expand its financial services, there is specialization that we can bring in insurance and pension industries in Saudi Arabia, and there are other undeveloped industries that can also benefit with the help of UK companies," The author believes.

Leone will not only try to highlight his expertise in financial services. Given that Britain has seven of the top 20 universities worldwide and four out of the top ten,

According to Leon, "With the quality of that university we have created a very strong entrepreneurship culture, and it is seen in the great initial stage businesses in Tech, Fintech, Life Sciences and Biotech. (Chief Scientific Advisor to UK Government ) Sir Patrick Vallance is doing great work to promote the nation as a science superpower, "he said.

"Countries like Saudi Arabia have invested in things such as synthetic aviation fuel after realizing the important investment opportunities present here. In addition, excellent work is being done in the field of renewable technologies.

The world's largest economy, the US, recently passed the inflation reduction act, which would pump a subsidy of about $ 360 billion in subsidy to domestic companies to promote renewable technology growth. It has discussed technology to address climate change.

But Leons said that Dubai hosted the 28th United Nations Climate Change Conference this year, renewable for the efforts of Gulf states to diversify their economies and help the world reach pure zero Have become important.

Because it essentially confirm that these nations are engaged, that they want to infection, and they want to be a part of a global solution, he said, it is very important that COP28 is to be organized in a hydrocarbon economy like UAE.

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He also has a different benefit of earning a big profit from the sale of these hydrocarbons and has demonstrated the desire to invest that money in renewable technologies.

I believe COP28 will prove to be a very important policeman and it would be a very practical that carefully examines both and the potential solution.

The City of London is hosting its own Net-Zero Delivery Summit in advance of the conference, along with the COP Egyptian presidency of 2022, in an effort to hold financial services companies to targets and highlight the knowledge it can contribute to the discussion.

The focus of that discussion, according to Lyons, must be on a "just" transition that recognises that, despite this being a global issue, it will be necessary to examine it "country-by-country" and that the road to net zero "won't be linear."

We'll be paying close attention to how the Gulf plans to transition to net zero between now and its target of 2060, but with milestones along the way, including 2030, he continued, during our regional tour