![]() ![]() UKEF plays a vital role in helping UK businesses open the doors to international trade, and removing barriers to exporting through access to government-backed trade finance and insurance. “It’s an honour to be appointed CEO of UK Export Finance. I look forward to working with him to deliver the government’s export strategy – helping businesses to grow, create jobs, and deliver the best of British innovation and quality around the world.” Tim brings a wealth of experience and has a proven track record for helping businesses expand internationally. “I’m pleased to welcome Tim to his new role as CEO of UKEF. Secretary of State for International Trade, Kemi Badenoch said: Previously he managed businesses across Europe, the Americas, the Middle East, and North Africa. At HSBC, his most recent role was Global Head of Transaction Banking within the bank’s Global Banking division. Tim was previously UKEF’s Director of Business Group and joined UKEF from HSBC in 2022, where he held senior positions around the world, focusing on connecting businesses with international opportunities. ![]() Tim Reid has been appointed CEO of UK Export Finance (UKEF), the UK government’s export credit agency, taking up the role on 1 January 2023. Diversification is not just apparent, but predicted to grow in importance," Reid said.The press release issued by the Department for International Trade on 9 January 2023. "While two thirds of the world's discovered crude oil reserves are in the Mena region, we shouldn't just see the region as a pure hydrocarbon story when we look at long term trade. The data predicts that the region's current largest trading partners for 2012 will be the US, China and India, reflecting the dominance of oil, gas and hydrocarbons to the region. The quarterly forecast shows that not only will the Mena region grow its trade at a substantially faster rate than the rest of the world, but that international business are becoming less reliant on Europe and the US for trade links. Businesses should continue to feel confident about the future," he said. "The Middle East as a whole remains an ideal hub for North to South, East to West and intra-regional trade flows. "As the region's leading international trade bank, we know that trade lies at the core of ensuring international economic recovery, particularly as businesses explore new trade corridors and take advantage of the new global opportunities," Reid said. Nevertheless, today's data very much supports our belief in the long-term economic potential of the region." Tim Reid, the regional head of Commercial Banking, HSBC Bank Middle East, said: "There is no denying the challenges the region has faced and continue to face this year. In 2012, the country's general outlook remains positive," the report said. Qatar fared well throughout 2011 despite the global economic downturn and the euro zone debt crisis. "This is due to its strong economic position compared with other countries in the past four years. Qatar's trade is forecast to grow by 150.74 per cent to 2026 and substantially faster than the world average throughout the next 15 years. Trade Forecast data also showed that the UAE companies expect to increase trade activity by 5.52pc annually over the next 15 years, with overall trade growth expected to now grow by 124.03 per cent to 2026.Īccording to the report, the growth is expected to be fuelled by the emergence of trade in electrical apparatus, jewellery and aircraft as well as oil and oil-derived products. The kingdom will see its export trade jump by 5.52pc over the next five years while imports will increase by 6.99pc, fuelled by expansion of its own infrastructures. Like many of the Mena countries, Saudi fared comparatively well throughout 2011 despite the global economic downturn and the euro zone debt crisis. Trade growth in Egypt will expand by 167.4 per cent to 2026 with flat-rolled iron and steel as its largest and fastest growing export sector (21.7 per cent over the next five years).Ĭommenting on the Gulf region, the HSBC report said Saudi's trade forecast is set to grow by 107.12 per cent to 2026. HSBC in its latest ' Trade Connections Report' said while hydrocarbons remained a key trading focus for the region, the increase in importance of iron and steel underlines the pace of industrial growth in Mena region.Įgypt is predicted to be the region's fastest growing exporter and importer in the medium to long term, said the global banking giant in its report. Trade across the Middle East and North Africa (Mena) region is expected to grow by 131 per cent by 2026, faster than the global growth over the same period (86 per cent), according to a new report. ![]()
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