Agenda item

Report of the Deputy Chief Executive (Place)

The Business, Economy and Enterprise Scrutiny Board (3) considered a report of the Deputy Chief Executive (Place) that provided an update on investment interest garnered from UAE Capital Attraction Visit in April/May 2019 which Coventry City Council attended alongside West Midlands Growth Company, Birmingham City Council and City of Wolverhampton Council.

The report indicated that the UK had been a favoured destination for investment from the UAE, and although this had centred on real estate investments in London, investors had started to seek new opportunities across the UK in real estate, infrastructure and technology.

The UK Embassy in UAE invited Birmingham, Coventry and Wolverhampton to visit the UAE to meet with Mubadala, this provided an opportunity to meet with a range of other UAE investors to discuss the steps for investing in the City. Meetings were arranged to focus on immediate and longer-term land and property investment options that would contribute to housing need and demand for new commercial space.

Meetings highlighted that no other city/regions were pursuing a similar approach to engaging with overseas capital markets in this way, which provided the region with a competitive advantage and short-term action was required to ensure that the positive momentum generated from this visit continued. A capital investment senior officer group would be established with an emphasis on determining priorities for identifying/engaging overseas opportunity markets with a view to attracting investment for development and economic growth.

Details of the delegation, itinerary and costs of the visit were set out in detail in the report.

Coventry City Council continued to work alongside regional partners under the umbrella of the “Local Authority Capital Group” to identify and engage with key markets focused around capital investment. There was an opportunity to use the engagement with markets like the UAE to link large-scale investment into business growth and economic development opportunities. This would require additional/expert support, commissioned/provided through the WMCA/WMGC, to help develop outline business cases for energy / infrastructure and potentially SME investment opportunities. Further work should also be undertaken with the region’s universities to identify capital investment requirements and to utilise existing international networks established through the HE networks. Coventry City Council was well placed to continue a dialogue with this key market to secure capital to further the regeneration plans for Coventry.

The Board questioned officers and received responses, and discussed the following issues:

·  Involving Elected Member representation at future visits and events, as appropriate, to provide a Member as well as officer perspective.

·  Proposals for a ‘Coventry’ UAE visit to establish outcomes specifically for the City – looking for potential opportunities particularly for City Centre South and Friargate.

·  The need for the Authority to broaden its horizons by exploring new opportunities for investment, across the world.

·  MIPIM – an event for industry and government leaders to gather to launch development initiatives and discuss the current themes and issues of the property sector.

·  Local investment – ensure all local investment opportunities are explored.

RESOLVED that the Business, Economy and Enterprise Scrutiny Board (3) :

1)  Endorses the report and confirms its continued support of the work being undertaken by the Economic Development Service to enhance Coventry’s international profile, secure Foreign Direct Investment, Capital Investment and support to local companies to access new markets. 

2)  Requested that consideration be given to the future involvement of Elected Member representa6tion on visits, as appropriate.