Sir Keir Starmer to visit Gulf as he seeks stronger economic and defence ties with UAE and Saudi Arabia
Sir Keir Starmer will travel to the Persian Gulf today as he tries to build stronger trade ties with the United Arab Emirates and Saudi Arabia.
In his first visit to the region as prime minister, he will aim to boost investment in the UK and deepen defence and security partnerships, said Number 10.
The two Middle Eastern countries are among Britain’s “most vital modern-day partners”, it said in a statement.
After flying to the Gulf on Sunday night, Sir Keir will meet UAE President Sheikh Mohamed bin Zayed on Monday.
Later that day, he will fly to Saudi Arabia where he will have talks with Crown Prince Mohammed bin Salman.
Sir Keir is facing calls from human rights groups to raise with Saudi leaders the rising number of executions.
The PM said: “Driving long-term growth at home requires us to strengthen partnerships abroad.”
He added that his trip will “build a network of partners” focused on “driving high-quality growth”.
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Saudi ambassador to UK talks to Sky
Trade worth billions
The UAE and Saudi Arabia are both major investors in the UK. Trade with the Emirates is worth £23bn, while trade with Saudi Arabia is worth £17bn.
More than 7,000 UK businesses export goods to Saudi Arabia, with such goods and services supporting almost 90,000 jobs across the country, while 14,000 UK businesses sent goods to UAE last year.
Saudi Arabia is also the UK’s largest defence exports market, worth £3.8bn a year to British industry.
Stability in the Middle East is set to be “high up the agenda” during the visit, including the need for an Israel-Hamas ceasefire in Gaza, the release of all hostages, and the urgent acceleration of aid into Gaza, the No 10 statement added.
‘Execution crisis’
Human rights legal group Reprieve has called on Sir Keir to raise what it described as an “execution crisis” with Saudi leaders.
Saudi Arabia has reportedly executed 300 people in 2024, its highest-ever total in one year.
Reprieve’s deputy executive director Dan Dolan said: “When Boris Johnson visited Mohammed bin Salman in 2022, three days after the mass execution of 81 people, Sir Keir Starmer was rightly scathing of Johnson’s unconditional embrace of one of the world’s most prolific executioners of protesters.
“Now he is the prime minister, he has the opportunity to address the escalating execution crisis in Saudi Arabia.”
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The trip comes after the state visit earlier this week by the Qatari emir who agreed a new long-term green energy partnership, deepened defence and security ties and discussed the importance of regional stability.
Following his Gulf trip, Sir Keir is expected to travel to Cyprus on Monday night.
He will have talks with President Nikos Christodoulides on Tuesday before meeting British troops deployed over Christmas.
Millionaire Tory donor Malcolm Offord has defected to Reform UK, saying he would be campaigning “tirelessly” to “remove this rotten SNP government”.
Nigel Farage announced the former Conservative life peer’s defection during a rally in the Scottish town of Falkirk, where regular anti-immigration protests have taken place outside the Cladhan Hotel – which is being used to house asylum seekers.
Mr Farage, Reform UK’s leader, said he was “delighted” to welcome Greenock-born Lord Offord to Reform, describing his defection as “a brave and historic act”.
He added: “He will take Reform UK Scotland to a new level.”
During a speech, Lord Offord, who previously donated nearly £150,000 to the Tories, said he would be quitting the Conservative Party and giving up his place in the House of Lords as he prepares to campaign for a seat in Holyrood in May.
The 61-year-old said he wanted to restore Scotland to a “prosperous, happy, healthy country”.
“Scotland needs Reform and Reform is coming to Scotland,” he told the rally.
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“Today I can announce that I am resigning from the Conservative Party. Today I am joining Reform UK and today I announce my intention to stand for Reform in the Holyrood election in May next year.
“And that means that from today, for the next five months, day and night, I shall be campaigning with all of you tirelessly for two objectives.
“The first objective is to remove this rotten SNP government after 18 years, and the second is to present a positive vision for Scotland inside the UK, to restore Scotland to being a prosperous, proud, healthy and happy country.”
The latest defection comes as Mr Farage finds himself at the centre of allegations of racism dating back to his time in school.
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Claims made against Nigel Farage
Sky News reported on Saturday that a former schoolfriend of Mr Farage claimed he sang antisemitic songs to Jewish schoolmates – and had a “big issue with anyone called Patel”.
Jean-Pierre Lihou, 61, was initially friends with the Reform UK leader when he arrived at Dulwich College in the 1970s, at the time when Mr Farage is accused of saying antisemitic and other racist remarks by more than a dozen pupils.
Mr Farage has said he “never directly racially abused anybody” at Dulwich and said there is a “strong political element” to the allegations coming out 49 years later.
Reform’s deputy leader Richard Tice has called the ex-classmates “liars”.
A Reform UK spokesman accused Sky News of “scraping the barrel” and being “desperate to stop us winning the next election”.
The European Commission’s proposal to expand the powers of the European Securities and Markets Authority (ESMA) is raising concerns about the centralization of the bloc’s licensing regime, despite signaling deeper institutional ambitions for its capital markets structure.
On Thursday, the Commission published a package proposing to “direct supervisory competences” for key pieces of market infrastructure, including crypto-asset service providers (CASPs), trading venues and central counterparties to ESMA, Cointelegraph reported.
Concerningly, the ESMA’s jurisdiction would extend to both the supervision and licensing of all European crypto and financial technology (fintech) firms, potentially leading to slower licensing regimes and hindering startup development, according to Faustine Fleuret, head of public affairs at decentralized lending protocol Morpho.
“I am even more concerned that the proposal makes ESMA responsible for both the authorisation and the supervision of CASPs, not only the supervision,” she told Cointelegraph.
The proposal still requires approval from the European Parliament and the Council, which are currently under negotiation.
If adopted, ESMA’s role in overseeing EU capital markets would more closely resemble the centralized framework of the US Securities and Exchange Commission, a concept first proposed by European Central Bank (ECB) President Christine Lagarde in 2023.
Related: Bank of America backs 1%–4% crypto allocation, opens door to Bitcoin ETFs
EU plan to centralize licensing under ESMA creates crypto and fintech slowdown concerns
The proposal to “centralize” this oversight under a single regulatory body seeks to address the differences in national supervisory practices and uneven licensing regimes, but risks slowing down overall crypto industry development, Elisenda Fabrega, general counsel at Brickken asset tokenization platform, told Cointelegraph.
“Without adequate resources, this mandate may become unmanageable, leading to delays or overly cautious assessments that could disproportionately affect smaller or innovative firms.”
“Ultimately, the effectiveness of this reform will depend less on its legal form and more on its institutional execution,” including ESMA’s operational capacity, independence and cooperation “channels” with member states, she said.
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The broader package aims to boost wealth creation for EU citizens by making the bloc’s capital markets more competitive with those of the US.
The US stock market is worth approximately $62 trillion, or 48% of the global equity market, while the EU stock market’s cumulative value sits around $11 trillion, representing 9% of the global share, according to data from Visual Capitalist.
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