FOI - Overseas investments [Feb 2025]

Your request 

Today I heard an interview on the radio with Alderman Alastair King, Lord Mayor of the City of London. He was asked what his role was. He explained that part of his role was to visit other countries , including the USA, to drum up new business not only for London but the UK. This seems to be the justification Sir Sadiq Khan gave for his purpose in visiting New York and the USA.

1. Can I have clarification on what exactly Sir Sadiq Khan has achieved business wise , in previous visits to the United States?
2. Clarification on what new business has been agreed and acquired for London in the next 1-3 years?
3. Who does Sir Sadiq Khan report to in the government

Our response

1. The Mayor of London, Sir Sadiq Khan, undertakes international visits to bang the drum for London as the leading destination for international tourists, investors, entrepreneurs and students. Through public speaking and in person engagement, he promotes London in key international markets to attract foreign direct investment, increase international trade, promote tourism and develop and strengthen city to city relationships.

For example, the Mayor’s previous visits to the USA helped to facilitate the following foreign direct investments into London:

• An eCommerce vendor and an options trading platform from Chicago.
• Bombardier, a large airline manufacturer from Montreal (increased its headcount and operations in London).
• A fintech platform and a tech platform from Austin.
• A fintech unicorn and a financial services company from New York.
• Plug and Play, an innovation hub; SambaNova, an AI platform; and an eCommerce company from San Francisco.
• A video game company, a lifestyle brand and a life sciences firm from Los Angeles.
• A growth equity fund from New York (established their European Head Quarters in London).
• A large financial institution from New York (rebuilding their European Head Quarters in London that will support 5,000 jobs. They also announced a $13bn investment in data centers in the UK in 2024).
• A fintech unicorn (established their European Head Quarters in London).

2. During his most recent visit to the United States in September 2024 he met with a large tech company who announced a $4bn investment that includes an AI hub in Southwark. He also met with leadership at scale-ups who will establish or expand a presence in London in 2025, including:

• An opening of a quantum innovation center in London
• A financial services institution who will open their European Head Quarters in London
• A digital assets company who will create up to 500 jobs in London
• A data center that will invest £1.15bn into its UK business
• A professional services firm who will open their EHQ in London In addition, the Mayor was a headline speaker at the tech and creative conference SXSW in Austin in 2018. This helped SXSW decide to bring its conference to London in June 2025, attracting an estimated 20,000 attendees. This is the first time the conference has been located in Europe and only the second time it has run outside the US. SXSW recently announced that they are committed to a 10-year plan for London.

3. The Mayor does not report to anyone in government as he is independently elected to serve as Mayor of London.