ABU DHABI (Reuters) - Prime Minister David Cameron will approach Emirati state energy investors on Tuesday to persuade them to invest in Britain’s energy sector, Cameron’s office said.
Cameron will meet three investment firms on the second day of a trade and diplomacy tour to the Gulf, part of efforts to drum up foreign trade and investment to help bring Britain’s weak economy back to sustained growth.
“Emirati investment in the UK across a range of sectors - including real estate, banking, sport and infrastructure - is vital to our economy back in Britain. So we will continue to do all we can to make the UK an attractive and accessible investment destination,” Cameron told Emirati newspaper the National ahead of the meeting.
The prime minister is expected to meet Emirati energy investment firms Masdar, Abu Dhabi National Energy Co (TAQA) and Emirates Nuclear Energy Corp.
Masdar is part of the consortium behind the London Array offshore wind farm, which started powering UK homes on October 29. TAQA has invested up to $4 billion (2.5 billion pounds) to date in Britain’s North Sea oil sector.
Cameron’s office says the United Arab Emirates has $700 billion of reserves available for investment.
Almost all Britain’s energy suppliers have hiked their prices in recent months, triggering a public outcry and putting pressure on the government to find ways to reduce tariffs.
Cameron hopes Emirati investment in a range of energy technologies, including oil, renewable and nuclear energy, will eventually help bring prices down.
The prime minister will also at the meeting tout recently announced tax incentives designed to make investment in older North Sea oil and gas fields more profitable.
Cameron is due to fly to Saudi Arabia later on Tuesday.
Reporting by Mohammed Abbas; Editing by Phil Berlowitz