Kier and Carillion to get financial guarantees from UK export credit agency
The UK’s trade secretary, Liam Fox, has said that the UK’s export credit agency, UKEF, will provide support to the construction companies Carillion and Kier, who have won contracts in the UAE.
Fox’s announcement came as the British government launches a new initiative to bring together the UK’s leading infrastructure firms with government, in a new partnership that will help UK companies secure major international contracts.
Kier has won contracts for the construction of the Dubai Arena, a 17,000 seater entertainment and sports venue, and two staff accommodation buildings. UKEF will be guaranteeing $455 million for Kier to carry out the projects.
Meanwhile, Carillion has been contracted to design and build the latest phase of ‘One Central’, Dubai World Trade Centre’s new mixed-use development in the central business district area of the city. Carillion has already delivered the first and second phases of the project, and the new contract will see them construct two new office towers, with UKEF support of $180 million.
“With these flagship infrastructure projects, Kier and Carillion are helping to directly shape Dubai’s economy by boosting tourism and business infrastructure,” said Fox, in report by WAM.
“This is yet another example of the UK’s global leadership in the infrastructure sector, and the Department for International Trade, as an international economic department, is proud to be helping these two outstanding firms succeed abroad with the backing of UK Export Finance.”