British companies failing to capitalise on GCC opportunities, Liam Fox says

The Gulf has witnessed a “fundamental shift” in business by seeking joint ventures, but British companies are failing to capitalise on the opportunities, a former UK trade secretary has said.

Liam Fox told a fringe event at the Conservative Party conference that previously companies had regarded the Gulf as a “giant ATM” to fund investments.

But the region had substantially changed, with Gulf Co-operation Council countries in particular demanding joint ventures with investment in intellectual property.

“Far too few companies in UK…