The offer of up to $2bn-worth of export credit guarantees for airport projects in Dubai is just the latest offer of funding from the UK for projects in the UAE.
The main utiliser of this funding support so far has been Carillion. This year so far, the UK-based contractor, through its local joint venture Al-Futtaim Carillion, has won work on at least two schemes that are being developed with UK export credit guarantees.
In February, Al-Futtaim Carillion won a $181.1m deal from Abu Dhabis Aabar Properties to build a five-star Hard Rock Hotel in Abu Dhabi. In March, it won the $102m construction contract for the first phase of the Dubai Trade Centre District.
In 2013, Al-Futtaim Carillion secured work on The Avenues for Dubai-based developer Meraas, again with financial assistance from London.
The guarantee that supports Carillions deals comes with certain standard terms and conditions that all UK Export Finance deals must adhere to. The contract must feature at least 20 per cent minimum of UK content, consisting of goods or services sourced from the country. The guarantee will also cover a maximum of 85 per cent of the value of the loan being extended to the UAE-based buyer.