British companies looking to break into new markets in the post-Brexit climate should look to the Arab world for opportunities amid “very promising” negotiations between the UK and the Gulf Co-operation Council, according to the head of the Arab British Chamber of Commerce.
Bandar Reda, Secretary General and chief executive of the ABCC, expects a free trade deal to be struck “very soon”, opening wide the doors for jobs and investment on both sides.
Talks aimed at securing an agreement kicked off in June between the UK’s Conservative government and the GCC, made up of Saudi Arabia, the UAE, Bahrain, Kuwait, Qatar and Oman.
The ABCC has since played an important role in the discussions as a supporter of the GCC.
In an interview with The National, Mr Reda struck an optimistic note on the potential for a robust deal.
“The talks are very promising,” he said. “I think there’s great hope that this FTA will be accomplishable.
“After Brexit, the UK is looking for new countries to do FTAs with and … I think the Chamber are playing a major role in facilitating that.”
The UK government predicts a deal with GCC nations would increase trade by at least 16 per cent and add at least £1.6 billion ($1.85bn) a year to the British economy. It is also tipped to contribute an additional £600 million to British workers’ annual wages.
Mr Reda estimated the financial benefits could be even greater, saying a pact had the potential to add as much a £3bn to the UK economy.
“It’s going to open tonnes of opportunities for jobs and investment,” he said.
The Chamber will on Wednesday welcome hundreds of delegates to its second British economic summit in London, where it aims to create a space for dialogue between influential players.
Mr Reda said British business owners looking to break into new markets or forge new partnerships would be interested in what the event offers.
“I encourage all UK business leaders to come and attend and to listen to senior speakers from both sides — the UK and the GCC,” he said. “They will give updates and they will give us the true and transparent objectives on an FTA.
“I think a deal will happen soon. And I think what we hope to see with this FTA is a boost for the UK economy very, very quickly.”
Among the line — up of speakers are “a lot of influential key leaders in the Arab world and the GCC”, he said.
These include Zayed Alzayani, Bahrain’s minister of industry and commerce, Mohamed Juma Al Musharrakh, chief executive at Sharjah FDI, and Sheikh Kahlifa Bin Jassim Bin Mohammed Al Thani, chairman of Qatar Chamber of Commerce and Industry.
The increasing role women are playing in trade and business will also be reflected at the gathering, with several leading females in the industry addressing the audience.
Haifa Fahoum Al Kaylani, president and founder of the Arab International Women’s Forum, and Baroness Symons of Vernham Dean, chairwoman of the ABCC, are among the line-up.
Mr Reda said the opportunities for women to seize in doing business in the Arab world have never looked brighter. He pointed out that half of all employees at the ABCC are women and the majority of interns are female.
He said women’s increasingly powerful positions in boardrooms in Arab nations would go a long way towards helping countries achieve equality for all.
“Talent is the key factor,” he said.
“Over the past five to seven years we have seen massive changes in leadership positions whether it’s in government or in the private sector.
“I can see a lot of young women and experienced, older females in management roles, ministers in government. They are excelling and they are extremely qualified.”
In an updated issued earlier this month, the UK government said the first round of talks with the GCC had concluded.
In a statement, London said a deal would bring “substantial economic opportunity” for the UK and mark “a significant moment” in the country’s relationship with the GCC.
“Both sides have committed to secure an ambitious, comprehensive and modern agreement fit for the 21st century,” No 10 Downing Street said.
The UK’s trading relationship with the six GCC nations is worth about £45bn a year. The region is the fourth-largest trading partner for the UK, after the US, the EU and China.
Trade focuses heavily on fossil fuels and weapons. While the UK buys oil and gas from the Gulf nations, it sells them arms, aircraft, engines and vehicles.
Britain also exports financial, educational and consultancy services to the Gulf.
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8.50pm: Calandogan
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UAE currency: the story behind the money in your pockets
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
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UAE currency: the story behind the money in your pockets
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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)
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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)
The five pillars of Islam
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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Killing of Qassem Suleimani
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
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Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
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Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
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Engine: 2.0-litre 4-cylinder turbo
Power: 240hp at 5,500rpm
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Transmission: eight-speed auto
Price: from Dh122,745
On sale: now
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
US households add $601bn of debt in 2019
American households borrowed another $601 billion (Dh2.2bn) in 2019, the largest yearly gain since 2007, just before the global financial crisis, according to February data from the New York Federal Reserve Bank.
Fuelled by rising mortgage debt as homebuyers continued to take advantage of low interest rates, the increase last year brought total household debt to a record high, surpassing the previous peak reached in 2008 just before the market crash, according to the report.
Following the 22nd straight quarter of growth, American household debt swelled to $14.15 trillion by the end of 2019, the New York Fed said in its quarterly report.
In the final three months of the year, new home loans jumped to their highest volume since the fourth quarter of 2005, while credit cards and auto loans also added to the increase.
The bad debt load is taking its toll on some households, and the New York Fed warned that more and more credit card borrowers — particularly young people — were falling behind on their payments.
"Younger borrowers, who are disproportionately likely to have credit cards and student loans as their primary form of debt, struggle more than others with on-time repayment," New York Fed researchers said.
MATCH INFO
Manchester United 6 (McTominay 2', 3'; Fernandes 20', 70' pen; Lindelof 37'; James 65')
Leeds United 2 (Cooper 41'; Dallas 73')
Man of the match: Scott McTominay (Manchester United)
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Trippier bio
Date of birth September 19, 1990
Place of birth Bury, United Kingdom
Age 26
Height 1.74 metres
Nationality England
Position Right-back
Foot Right
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