Latest news with #AlastairKing
Scotsman
30-07-2025
- Business
- Scotsman
Scaling new heights: Eyes of the world turn on flagship Scottish investment summit
Sign up to our Scotsman Money newsletter, covering all you need to know to help manage your money. Sign up Thank you for signing up! Did you know with a Digital Subscription to The Scotsman, you can get unlimited access to the website including our premium content, as well as benefiting from fewer ads, loyalty rewards and much more. Learn More Sorry, there seem to be some issues. Please try again later. Submitting... Scotland's pivotal role within the 'superpower' that is the UK's financial services sector will be at the fore in just a few weeks time when a flagship global investment summit comes to Edinburgh. The event, set to take place on October 6 and 7, is supported by both the UK and Scottish governments and hosted by industry body Scottish Financial Enterprise (SFE) and the venerable City of London Corporation. Organisers say the high-profile summit will focus on providing international investors with 'unique insight and connections' to investible projects worth tens of billions of pounds in the key areas of life sciences, energy and renewables, and financial services. Advertisement Hide Ad Advertisement Hide Ad The main event will be staged at NatWest's Gogarburn campus following a launch at Edinburgh Castle on October 6, with some peripheral locations still to be confirmed. Alastair King, Lord Mayor of the City of London. It holds the promise of being a landmark gathering and one with some pretty bold aims, but Alastair King, the Scots-born Lord Mayor of the City of London, is confident that the 'big international names' will be in the room on the day. The upcoming Scottish event comes off the success of a UK global investment summit staged last October south of the Border. 'I wanted to do something similar for Scotland during the course of my mayoral seat,' says King, who is the 696th person to hold the title and the first Scot in more than three decades to do so. 'We are looking at investment opportunities particularly in the scale-up area - companies seeking to raise between £5 million and £30m in their next fundraise. We are trying to attract all the big international names by way of the big funds from around the world. I think we have a good chance of getting those investors in the room. Advertisement Hide Ad Advertisement Hide Ad 'We really are a services superpower here in the UK and it's something we should be shouting about,' asserts King, who hails from Aberdeenshire, and serves as a global ambassador for the UK's financial and professional services industry during his period in office. Sandy Begbie, chief executive of Scottish Financial Enterprise. The summit forms a key part of his vision to unleash growth across the UK and will shine a spotlight on Scotland's investment proposition, focusing on indigenous sector strengths including professional services, green energy and space. The primary audience for the event will be capital and foreign direct investors and, as well as showcasing examples of successful investments and the long-term attractiveness of Scotland as a location, it aims to demonstrate the strengthening bond that exists between industry and academia. King is keen to highlight his wide-ranging remit, acknowledging that the title Lord Mayor of the City of London is something of a misnomer. 'It's a nationwide role to represent around the world the 2.5 million people serving in those sectors,' he stresses. 'It doesn't matter where those services are rendered, whether that's Edinburgh, Glasgow or London or Belfast. Advertisement Hide Ad Advertisement Hide Ad 'However, the City of London plays a totemic role in two ways - one is to attract foreign direct investment into those sectors and also to try to encourage British businesses in the financial services arena to be more ambitious and look for new horizons around the world.' The Lord Mayor also points to the growth in overall headcount seen in the wake of Brexit, amid concerns that Britain, and London in particular, would suffer a brain drain as the UK parted its way with the EU. 'At the time of the Brexit referendum there were around 525,000 employed in the core financial district of London,' he notes. 'Last time we counted at the back end of 2024 we were at 678,000. There has been a substantial increase. If you add in financial areas such as Canary Wharf and the west end you get up to an extraordinary figure of 883,000 people. There are a greater number of people working in financial and related professional services in Greater London than there are people in Frankfurt.' King believes the summit will present a good opportunity to discuss artificial intelligence (AI), with the UK looking to capitalise on its head start over the rest of Europe. Advertisement Hide Ad Advertisement Hide Ad 'It always has to be seen as an opportunity,' he says. 'People have been suspicious of every wave of new technology over the centuries and I don't think this is going to be any different. If AI can handle an awful lot of the mundane stuff it would leave people to focus on the high-value and creative work.' A recent study showed that Scotland had further strengthened its position as a top European financial and related professional services hub, supporting more than 150,000 people. Industry body TheCityUK said the sector contributed £17.7 billion to the national economy - 10.5 per cent of Scotland's gross value added (GVA) - in 2023, based on the latest available data. Some 151,000 people are employed in banking, financial and related professional services in Scotland, according to the organisation's latest findings. Partnership Scotland is also rapidly becoming a leader in fintech - or financial technology - with more than 200 related companies based there - a density of fintech firms around 60 per cent greater than the UK average outside London. Advertisement Hide Ad Advertisement Hide Ad SFE chief executive Sandy Begbie said: 'It is fantastic to be working in partnership with the City of London Corporation on what will be a unique and impactful event for Scotland and our economy. 'Scotland has a global reputation for innovation and expertise but against a backdrop of increasing global competition, we must continue to work hard to demonstrate the appeal of our leading industries as a destination for investment.
Bloomberg
26-06-2025
- Business
- Bloomberg
UK's Labour Needs to Contain Non-Dom Exodus, Lord Mayor Says
The UK government should act to stem an exodus of wealthy foreigners from the country following a major tax crackdown, said Alastair King, Lord Mayor of the City of London. 'We need to do something in relation to staunching the flight,' he said in an interview. 'The government do need to look at that,' King said, adding that some of his friends had also moved abroad following the policy changes.
The National
31-05-2025
- Business
- The National
Lord Mayor of London expects UK-UAE economic and investment ties to strengthen further
Alastair King, the Lord Mayor of London, is expecting economic relations between the UK and the UAE to strengthen further, with a focus on co-operation and investments in important industrial and financial sectors. These industries of 'mutual strength' include green and transition finance, financial regulation for economic growth, pension reform and financial innovation, the British embassy in the UAE said in a statement on Saturday, following Mr King's visit to the Emirates on Friday. The UK delegation, which included representatives from insurer Howden, financial institution Aberdeen Group, KPMG and FinTech firm Guavapay, won commitments for Emirati participation in City of London Corporation events such as the Net Zero Delivery Summit scheduled for June 23 and May's Global Risk Summit, it said. Mr King, who as Lord Mayor acts as an ambassador for the UK's financial and professional services sector, noted how UK investment strategies align with the 'We the UAE 2031' strategy, supporting objectives across sustainability, innovation and economic diversification. 'The UK and UAE share a commitment to innovation, investment and sustainable growth, which drives our dynamic and growing trade relationship, particularly in the financial sector,' he said. His visit came after this month's unveiling of the Mansion House Accord, an agreement between the UK government and Britain's biggest pension funds aimed at unlocking up to £50 billion ($67.3 billion) in investments for the UK's infrastructure, its businesses and overall economy. 'The accord will strengthen [the UK-UAE] relationship further … this could create valuable co-investment partnerships aligned with the Emirati's appetite for high-quality, de-risked opportunities,' Mr King said. The UK and the UAE have maintained relationships dating to 1971. Co-operation between the countries span intelligence, defence and security, through joint diplomatic initiatives at the UN on hunger and access to education, to climate change, finance and artificial intelligence regulation. Total trade in goods and services between the countries hit £24.3 billion at the end of 2024, making the UAE the UK's 19th largest trading partner and largest trading partner in the Gulf region, data from the British embassy shows. Mr King's visit yielded 'tangible outcomes, including the exploration of collaborative investment initiatives in priority sectors such as sustainability, infrastructure and financial services', the statement said. Discussions also focused on encouraging equity and debt listings on the London Stock Exchange and resolving regulatory barriers for UK financial and professional services firms seeking to establish or expand in the UAE, it added. 'Both parties committed to establishing continuing knowledge exchange in innovation, pension reform and regulatory best practices, with a joint initiative on sustainable finance to be launched in the coming months.'
Qatar Tribune
26-05-2025
- Business
- Qatar Tribune
Qatar, London eye deeper investment relations as lord mayor visits Doha
Tribune News Network Doha The Qatari Businessmen Association (QBA) hosted Lord Alastair King, Lord Mayor of the City of London, and his accompanying delegation for a luncheon held on the sidelines of his visit to Doha. The event was attended by His Excellency Neerav Patel, the British Ambassador to the State of Qatar, and was welcomed by Sheikh Faisal bin Qassim Al Thani, QBA Chairman. Also the luncheon was attended by Sheikh Nawaf Nasser bin Khaled Al Thani, QBA Board member, along with QBA members: Khalid Al Mannai, Sheikh Mansour bin Jassim Al Thani, Nabil Abu Issa, Youssef Jassim Al Darwish, Sheikh Turki bin Faisal, Faisal Al Mana, Abdulrahman Al Darwish, Youssef Al Mahmoud, Mohammed Althaf, and Sarah Abdallah, QBA Deputy General Manager. Lord Alastair King praised the visit of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, to the United Kingdom last December, describing it as a celebration of the strong commercial, financial, and cultural ties between the two nations. Lord King emphasized that the United Kingdom views Qatar as a key investment partner and expressed gratitude for Qatar's trust, as demonstrated through its substantial investments across various British institutions and businesses. He noted that these investments extend beyond London to several parts of the UK, including South East England, where numerous investment opportunities are available. During the meeting, Lord King discussed a new joint initiative — the Mansion House Accord — launched by the Pensions and Lifetime Savings Association (PLSA), the Association of British Insurers (ABI), and the City of London Corporation. The initiative involves commitment by 17 pension schemes and providers to allocate at least 10% of default Defined Contribution (DC) funds to private markets, with no less than half of these investments directed toward UK assets by 2030. According to the UK Treasury, the agreement is expected to mobilize over £50 billion in the next five years, including £25 billion for UK-based investments. He also highlighted efforts to encourage UK businesses to explore and expand into new markets like Qatar, stressing Britain's expertise in sustainable finance and project financing. He expressed interest in engaging Qatari investors in some of the UK's cutting-edge technological sectors. He added, 'London and Doha share a very close relationship. Several Qatari banks and institutions operate actively in London, engaging in significant business activities. It's equally promising to see British banks well represented in Qatar, while Qatari capital is also being invested in other British financial institutions, some of which are present in Qatar and attracting British investments.' He also touched on the UK's trade relations with the Gulf Cooperation Council (GCC), stating that projections suggest bilateral trade will grow by 16%, reaching nearly £57 billion. He emphasized the exceptional opportunities that exist between the UK and Qatar. 'There are many investments coming from Qatar related to green finance — an area where the UK considers itself a market leader,' he said. 'We currently manage £91 billion in green investment funds, and Qatar is participating in these funds.' Lord Alastair King invited members of the Qatari Businessmen Association to visit London to explore a wide range of investment opportunities across various sectors, assuring them that he would facilitate all investment-related processes for the Qatari business community within the City of London. For his part, Sheikh Faisal bin Qassim Al Thani, Chairman of the Qatari Businessmen Association, described London as a preferred investment destination for Qatari businessmen. He emphasized the historic and exceptional bilateral relationship between Doha and London, which has seen significant growth in economic and commercial ties in recent years. He confirmed that QBA members have diversified investments in the UK across sectors such as tourism, retail, construction, education, healthcare, and other productive industries. Neerav Patel, praised the strong and fruitful relationship between the UK Embassy and the QBA. He emphasized the UK's commitment to enhancing bilateral cooperation across all sectors, which he described as having reached their highest levels.
Bloomberg
13-05-2025
- Business
- Bloomberg
Pension Funds Agree to Invest 5% Into UK Private Assets
As UK pension fund managers agree to invest at least 5% of their assets into UK private markets, Chancellor Rachel Reeves says she hopes the deal will unlock billions of pounds for infrastructure projects and local startups, but she won't rule out mandating funds to invest. Alastair King, Lord Mayor of the City of London, and Andy Briggs, Chief Executive of Phoenix Group both join Bloomberg's Francine Lacqua to discuss how this could impact the UK economy. (Source: Bloomberg)
