pro∙manchester homes in on opportunities in the Gulf

Manchester’s global profile was the subject of debate for Simon Oldfield, chair of pro∙manchester, as he embarked on a Gulf delegation with the Lord Mayor of the City of London.

The visit to Dubai, Abu Dhabi and Qatar saw Simon meeting key business forums and dignitaries, with the aim of selling Manchester’s financial credentials and exploring opportunities to develop business links and share best practice.

While Dubai’s property market and 48 local banks have not been immune to the global economic struggle, it seems Qatar has a more stable economy, currently growing at approximately 10 per cent.

Perhaps less well known to UK businesses, the Qatar Investment Authority has made investments in the UK and a gas supply from Qatar to South Wales will commence later this year, which will provide about 20 per cent of the UK’s requirements.

Commenting on opportunities for Manchester professionals, Simon said: “The Qatar Financial Centre was particularly keen to meet with firms considering Qatar as a regional base for entering the Gulf market.

“They talk of desperately needing more UK professional advisers and a definite shortfall of UK lawyers in their business community.”

While there is still more work to do to profile Manchester on the international market it is clear that many of Manchester’s current niches – PPP, AIM, Islamic finance and skills development – are of key strategic importance to the Gulf.

Simon added: “We need to do more to exploit these opportunities and ‘think big’ about Manchester’s potential as a global force. While the Gulf region has wealth and vision, there is still a significant lack of expertise and suitably qualified people to make things happen.”