Construction has started on the £1.7 billion redevelopment of Royal Albert Dock into a European gateway for Asian business. Xu Weiping, CEO and global president of Chinese developer ABP, was joined at a launch event by Greg Hands, Minister of State for International Trade and Minister for London, as well as Mayor of London Sadiq Khan and Chinese Ambassador to the UK Liu Xiaoming.
The Royal Albert Dock development will bolster trade links with emerging markets and attract companies to set up their European headquarters in the capital, as well as UK businesses seeking to trade with them. The project’s developer ABP has secured Chinese state-owned construction firm CITIC as lead contractor.
International Trade Minister and Minister for London, Greg Hands, said: “This is a historic moment for the Royal Albert Dock and a clear vote of confidence in the UK. As the top destination for inward investment in Europe, ABP’s £1.7 billion will help to bolster trade links with China and emerging markets, cementing London’s place as a world-class business destination.
The Mayor of London, Sadiq Khan, said: “This is an important milestone for this part of London as we move forward with the development of a whole new district of the city. This development is a clear sign of confidence and more evidence that London is open to investment from around the world.”
The event was also attended by Mayor of Newham, Sir Robin Wales, and ABP London CEO, Nancy Xu.
Sir Robin Wales said: “We’re delighted that ABP has seen the potential of this part of London and consider Newham the end of the modern Silk Road. Before long this stretch of land is going to be a bustling business hub and we are delighted that our residents are going to be at the heart of it.”
pic credits: Farrells; Jesper Mattias