UK Prime Minister Keir Starmer has hailed the “good progress” on efforts to agree on a GCC-UK trade deal, in a call with Saudi Crown Prince Mohammed bin Salman.
In Wednesday's call, they discussed tariffs and an economic partnership, Downing Street said. “The leaders started by discussing recent developments on global trade tariffs,” a spokeswoman said.
“The Prime Minister reiterated his commitment to working closely with international partners to maintain global economic stability. He added that the UK will continue to take a measured and calm approach.
“The leaders discussed the importance of strengthening economic partnerships to provide further certainty for businesses, and agreed to build on the good progress so far on the UK-GCC free trade agreement.
“Turning to defence, the leaders agreed to continue work to deepen defence and security co-operation.”
The Saudi Press Agency reported that the two leaders “reviewed bilateral relations, explored areas of co-operation, and discussed ways to enhance them. They also addressed several topics of mutual interest".
After last year’s general election, Britain’s Labour government said it was eager to restart talks towards securing a free-trade agreement with the GCC.
Negotiations resumed in September and since then virtual and in person negotiations have taken place, including a GCC delegation visiting London in October and a UK delegation visiting Riyadh in November.
In December, trade minister Douglas Alexander said the focus from both sides was on achieving a “modern and commercially meaningful agreement”.
The UK's recently appointed Economic Secretary to the Treasury, Emma Reynolds, told The National last month the UK aimed to deepen its trade and investment partnership with the UAE and was seeking more dual listings on the London Stock Exchange to further strengthen ties in the financial sector.
Ms Reynolds described a free trade agreement with the GCC as “in development”, but there was “for more, a more detailed partnership with the UAE on the GCC-FTA”.
She said the UAE is a “hugely important economy for us … [the two countries have a] historically close relationship".
“We signed a MoU [memorandum of understanding] together on financial services in October 2023," she added. "So, I've been discussing where we can have concrete follow-up steps, whether it's progress on dual listings that we'd like to see, or on further exchanging ideas around open banking and FinTech and, indeed, sustainable finance.”
Record numbers of tourists from the UAE and Gulf regions are expected to visit the UK this year and spend an estimated £3.5 billion ($455.7 billion).
In its inbound tourism forecast for 2025, VisitBritain research has found 548,000 UAE visitors will travel to the UK – up 10 per cent on the 2024 estimate. Their spending is expected to jump by 22 per cent to £1.1 billion this year on their trips in the UK, according to Oxford Economics.
The number of tourists from GCC countries, including the UAE, visiting the UK is also set to rise to 1.4 million, an eight per cent rise on the 2024 estimate.
Third Test
Result: India won by 203 runs
Series: England lead five-match series 2-1
If you go
Flights
Emirates flies from Dubai to Phnom Penh with a stop in Yangon from Dh3,075, and Etihad flies from Abu Dhabi to Phnom Penh with its partner Bangkok Airlines from Dh2,763. These trips take about nine hours each and both include taxes. From there, a road transfer takes at least four hours; airlines including KC Airlines (www.kcairlines.com) offer quick connecting flights from Phnom Penh to Sihanoukville from about $100 (Dh367) return including taxes. Air Asia, Malindo Air and Malaysian Airlines fly direct from Kuala Lumpur to Sihanoukville from $54 each way. Next year, direct flights are due to launch between Bangkok and Sihanoukville, which will cut the journey time by a third.
The stay
Rooms at Alila Villas Koh Russey (www.alilahotels.com/ kohrussey) cost from $385 per night including taxes.
Mercedes V250 Avantgarde specs
Engine: 2.0-litre in-line four-cylinder turbo
Gearbox: 7-speed automatic
Power: 211hp at 5,500rpm
Torque: 350Nm
Fuel economy, combined: 6.0 l/100 km
Price: Dh235,000
THE SPECS
Engine: 3.5-litre supercharged V6
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Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
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The specs
Engine: Dual 180kW and 300kW front and rear motors
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Transmission: Single-speed automatic
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Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The%20specs
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Start-up hopes to end Japan's love affair with cash
Across most of Asia, people pay for taxi rides, restaurant meals and merchandise with smartphone-readable barcodes — except in Japan, where cash still rules. Now, as the country’s biggest web companies race to dominate the payments market, one Tokyo-based startup says it has a fighting chance to win with its QR app.
Origami had a head start when it introduced a QR-code payment service in late 2015 and has since signed up fast-food chain KFC, Tokyo’s largest cab company Nihon Kotsu and convenience store operator Lawson. The company raised $66 million in September to expand nationwide and plans to more than double its staff of about 100 employees, says founder Yoshiki Yasui.
Origami is betting that stores, which until now relied on direct mail and email newsletters, will pay for the ability to reach customers on their smartphones. For example, a hair salon using Origami’s payment app would be able to send a message to past customers with a coupon for their next haircut.
Quick Response codes, the dotted squares that can be read by smartphone cameras, were invented in the 1990s by a unit of Toyota Motor to track automotive parts. But when the Japanese pioneered digital payments almost two decades ago with contactless cards for train fares, they chose the so-called near-field communications technology. The high cost of rolling out NFC payments, convenient ATMs and a culture where lost wallets are often returned have all been cited as reasons why cash remains king in the archipelago. In China, however, QR codes dominate.
Cashless payments, which includes credit cards, accounted for just 20 per cent of total consumer spending in Japan during 2016, compared with 60 per cent in China and 89 per cent in South Korea, according to a report by the Bank of Japan.
Opening Rugby Championship fixtures: Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
About Housecall
Date started: July 2020
Founders: Omar and Humaid Alzaabi
Based: Abu Dhabi
Sector: HealthTech
# of staff: 10
Funding to date: Self-funded
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
Company Profile:
Name: The Protein Bakeshop
Date of start: 2013
Founders: Rashi Chowdhary and Saad Umerani
Based: Dubai
Size, number of employees: 12
Funding/investors: $400,000 (2018)
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
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
HOW TO WATCH
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The specs
Engine: 5.0-litre V8
Power: 480hp at 7,250rpm
Torque: 566Nm at 4,600rpm
Transmission: 10-speed auto
Fuel consumption: L/100km
Price: Dh306,495
On sale: now
RESULTS
6.30pm Handicap (TB) US$65,000 (Dirt) 1,400m
Winner Golden Goal, Pat Dobbs (jockey), Doug Watson (trainer)
7.05pm Dubai Racing Club Classic Listed Handicap (TB) $88,000 (Turf) 2,410m
Winner: Walton Street, William Buick, Charlie Appleby.
7.40pm Dubai Stakes Group 3 (TB) $130,000 (D) 1,200m
Winner Switzerland, Tadhg O’Shea, Satish Seemar
8.15pm Singspiel Stakes Group 3 (TB) $163,000 (T) 1,800m
Winner Lord Giltters, Adrie de Vries, David O’Meara
8.50pm Al Maktoum Challenge Round-1 (TB) $228,000 (D) 1,600m
Winner Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm Al Fahidi Fort Group 2 (TB) $163,000 (T) 1,400m
Winner Land Of Legends, Frankie Dettori, Saeed bin Suroor
10pm Dubai Dash Listed Handicap (TB) $88,000 (T) 1,000m
Winner Equilateral, Frankie Dettori, Charles Hills.
