Senior French and Gulf officials rounded up a two-day business forum in Paris on Wednesday with the joint ambition of strengthening ties in advanced technologies and artificial intelligence in a competitive business environment.
French-GCC trade relations recently increased but that is mainly due to a rise in energy prices, and French exports to the region remain limited to sectors such as aviation and cosmetics, according to the economy ministry.
“We can do more and better,” Axel Baroux, Middle East managing director of Business France, a branch of the ministry that promotes French business abroad, told The National.
“The reality is that the area is really competitive. The entire world wants to do business and exchange with GCC countries. So, we have to be present and that is why we organise such events,” he said, referring to the second Vision Golfe forum.
Close to 1,000 business representatives from France and six Gulf countries gathered for business meetings at the economy ministry's headquarters in Bercy, as senior officials from several countries gave speeches encouraging them to strike deals.
French delicacies, including sweet and savoury macaroons, halal meat pies – “pate en croute” in French – were on offer from companies seeking to further expand their presence in Gulf markets.
“Gulf countries like Saudi Arabia are highly attractive,” said Mustapha Bahman, owner of France Originelle, which represents several French companies that export to the Gulf. “Made in France is a sure value.”
Speaking to The National, Oman's Energy Minister Salim Al Aufi said it was important to send the message that his country was “not only focusing on the US, the Far East or Germany”.
“They are all important,” he said. “But I think the relationship we built with the French companies … is also important for us in order to address the energy transition of the Gulf world.”
The forum kicked off with a pre-recorded keynote address by Economy Minister Bruno Le Maire.
“Gulf countries have taken a major turning point in emancipating themselves from the energy and gas sector and nurture high added-value sectors for the future,” he said.
“France is therefore ready to share its expertise in infrastructure, industry, tourism, health or even advanced technologies,” added Mr Le Maire.
“I am thinking in particular of artificial intelligence, which is an exceptional field of co-operation between France and the Gulf states.”
French direct investments in the Gulf reached €8.7 billion (about $9.47 billion) in 2021, a figure which is slightly above Gulf investments in France (€8.3 billion).
Mr Le Maire was last month in Kuwait and the UAE, where he signed am agreement to collaborate in developing AI.
He boasted that his country was the “most attractive country in Europe” with the ambition to become the “first low-carbon economy” of the continent by 2040.
The Economy Minister, who did not explain his absence from the forum, has been busy with the fallout from the recent downgrading of France's credit score by ratings agency Standard and Poor's.
The US agency justified its decision to drop France's long-term sovereign debt rating from “AA” to “AA-” on concerns over lower-than-expected growth.
Mr Le Maire vowed to “continue exactly on the same path, without accelerating or slowing”, in a video posted on YouTube on Saturday.
Also speaking at Vision Golfe, chairman of the French Agency for AlUla Development and former defence minister Jean-Yves Le Drian alluded to the Gulf countries' role in working towards an end of the conflict in Gaza.
“In the context we know in the Middle East, Gulf countries occupy a determining place for the future and the stability of the region,” he said. “France has always been stood alongside its Gulf allies to ensure stability and economic prosperity.”
Two memorandums of understanding were signed during the forum: the first between the city of Marseille and the Saudi port authority, as part of a new economic corridor to join India to Europe via the Middle East, and the second to support companies based in Bahrain to access French markets.
For Gulf countries, there is also competition to attract investors from abroad, and a transparent legal framework is a key part of that process, said Khalifah Al Yaqout, managing partner at the Kuwait-based Al Yaqout and Al Fouzan corporate law firm.
“Kuwait wants to change the image that we only have oil and gas,” Mr Al Yaqout said.
“But still our laws are old and date back to 1960 … I think it's time to follow Saudi Arabia, the Emirates and Qatar to have our own arbitration law.
“This will protect investors to have more trust in investing in Kuwait. The government knows that, and they are working on it,” he said, to applause in the room.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
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Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
SPEC%20SHEET%3A%20APPLE%20IPAD%20(2022)
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THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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Coming soon
Torno Subito by Massimo Bottura
When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.
Akira Back Dubai
Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as, “an innovative Japanese cuisine prepared with a Korean accent”.
Dinner by Heston Blumenthal
The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems.
Graduated from the American University of Sharjah
She is the eldest of three brothers and two sisters
Has helped solve 15 cases of electric shocks
Enjoys travelling, reading and horse riding
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Four-day collections of TOH
Day Indian Rs (Dh)
Thursday 500.75 million (25.23m)
Friday 280.25m (14.12m)
Saturday 220.75m (11.21m)
Sunday 170.25m (8.58m)
Total 1.19bn (59.15m)
(Figures in millions, approximate)
More coverage from the Future Forum
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Green ambitions
- Trees: 1,500 to be planted, replacing 300 felled ones, with veteran oaks protected
- Lake: Brown's centrepiece to be cleaned of silt that makes it as shallow as 2.5cm
- Biodiversity: Bat cave to be added and habitats designed for kingfishers and little grebes
- Flood risk: Longer grass, deeper lake, restored ponds and absorbent paths all meant to siphon off water
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SWEET%20TOOTH
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List of officials:
Referees: Chris Broad, David Boon, Jeff Crowe, Andy Pycroft, Ranjan Madugalle and Richie Richardson.
Umpires: Aleem Dar, Kumara Dharmasena, Marais Erasmus, Chris Gaffaney, Ian Gould, Richard Illingworth, Richard Kettleborough, Nigel Llong, Bruce Oxenford, Ruchira Palliyaguruge, Sundaram Ravi, Paul Reiffel, Rod Tucker, Michael Gough, Joel Wilson and Paul Wilson.
One in nine do not have enough to eat
Created in 1961, the World Food Programme is pledged to fight hunger worldwide as well as providing emergency food assistance in a crisis.
One of the organisation’s goals is the Zero Hunger Pledge, adopted by the international community in 2015 as one of the 17 Sustainable Goals for Sustainable Development, to end world hunger by 2030.
The WFP, a branch of the United Nations, is funded by voluntary donations from governments, businesses and private donations.
Almost two thirds of its operations currently take place in conflict zones, where it is calculated that people are more than three times likely to suffer from malnutrition than in peaceful countries.
It is currently estimated that one in nine people globally do not have enough to eat.
On any one day, the WFP estimates that it has 5,000 lorries, 20 ships and 70 aircraft on the move.
Outside emergencies, the WFP provides school meals to up to 25 million children in 63 countries, while working with communities to improve nutrition. Where possible, it buys supplies from developing countries to cut down transport cost and boost local economies.
