The British government's investment minster has said the third round of talks that could eventually lead to a free trade agreement between the UK and the GCC have been completed successfully and a fourth session should be held in London later this year.
Dominic Johnson, minister for investment in the Department for Business and Trade, told The National that the outcome of the talks was encouraging. The third round was held in the Saudi Arabian capital Riyadh from March 12-16, with technical discussions held on 13 policy areas over 30 sessions.
The UK government says a free trade agreement (FTA) would lead to a 16 per cent increase in trade with the Gulf Co-operation Council — comprising Saudi Arabia, the UAE, Bahrain, Kuwait, Qatar and Oman — and “add at least £1.6 billion [$1.97 billion] a year to the UK economy.”
“Very good progress has been made, which is excellent. We’re enormously positive,” Mr Johnson said.
Generally, the conclusion of the third round of talks is almost the halfway point in most negotiations towards an FTA.
“The closing stages are the important stages,” Mr Johnson, who sits in the House of Lords, told The National.
“There are normally eight rounds of a trade deal. Round three is still the relatively straightforward components. But it’s progress ― the process of negotiating with the GCC is functioning. There’s a good structure.”
Predicting or setting dates by which the ink on an FTA will be dry is not really useful in trade negotiations, Mr Johnson added.
“In the past, dates have been set, which is never useful, because both sides want to be comfortable about it. Otherwise, what you find is that you get bounced out at the end, because you have an artificial deadline ― much better to take a few more months over it and get it right.
“But we’re heading in the right direction and I would have thought that it takes about 18 months to do a sensible trade deal negotiation period.”
Bilateral deals?
As often happens with international trade negotiations that occur between single countries and existing trading blocs, speculation is rife that bilateral deals may be struck on the side. There have been rumours that a bilateral agreement between the UK and the UAE might be possible before a broader GCC deal is struck.
But for Mr Johnson, the main task is to get the GCC FTA framework in place first. Then other arrangements can be made under that umbrella.
“The key is to do the GCC deal, because then other components can fit on top of that,” he told The National.
“You need a basic framework in the entire region, particularly when it comes to tariffs, services, access and those sorts of areas ― and then you can have country-specific arrangements if you want in other areas.”
But while an FTA may be some time away and will cover arrangements such as tariffs and so on, inward investment is the day-to-day job of Mr Johnson and his colleagues.
And the global marketplace for inward investment is very competitive. The minister's portfolio includes the Sovereign Investment Partnership signed between the UK and the UAE in 2021. This expanding framework covers investments in four sectors — life sciences, energy transition, technology and infrastructure — over an initial five-year lifespan.
“I want to get investment into the UK and so it’s important to remind my peers in the body politic that we’re not the only game in town,” Mr Johnson told The National.
“It’s a competitive landscape for attracting investment and so it is important that we continue to make good progress with the talks with the GCC in terms of trade, but it’s also important that we make good progress individually, country by country, in terms that they see the UK as a good place to invest.”
Tech superpower
The UK is looking to become a tech superpower by 2030 and this week laid out a new international technology strategy aimed at achieving that.
According to the government, the UK's tech sector is the largest in Europe and the third highest valued in the world after the US and China.
“We are a top-class breeding ground for emerging tech, but being a superpower means working with our international partners to turn these nascent technologies into global industries,” UK Technology Secretary Michelle Donelan said on Wednesday.
“Our international tech strategy will ensure we deepen collaboration with our allies on the technologies of tomorrow, driving growth and prosperity for the UK while strengthening our national security.”
Working with international partners is absolutely key, Mr Johnson said.
“Inward investment is absolutely crucial,” he told The National.
“My job is to make sure that the UK government sees the need for inward investment ― how positive it is in terms of boosting our economy and how, if we get it right, we can really capitalise on our relationships with countries that have surplus capital that they need to diversify their economies with, and we’re the perfect partner for that.
“The most important thing for me to work on is that there’s digestible product in the UK. It’s not just investing in, for example, a science park in Liverpool, which is a very important thing to encourage and for our growth, but it’s also then taking some of that intellectual capital on agri-tech back to places like the UAE and developing the skill sets there as well.
“It’s a true industrial partnership, which actually is a new evolution ― it’s more complicated and it’s harder to put into effect, but it’s much more long term.”
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
LIVING IN...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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.
RESULTS
2.30pm Jaguar I-Pace – Conditions (PA) Dh80,000 (Dirt)
1,600m
Winner Namrood, Antonio Fresu (jockey), Musabah Al Muhairi
(trainer)
3.05pm Land Rover Defender – Maiden (TB) Dh82,500 (D)
1,400m
Winner Shadzadi, Tadhg O’Shea, Bhupat Seemar
3.40pm Jaguar F-Type – Maiden (TB) Dh82,500 (Turf) 1,600m
Winner Tahdeed, Fernando Jara, Nicholas Bachalard
4.15pm New Range Rover – Handicap (TB) Dh87,500 (D) 1,400m
Winner Shanty Star, Richard Mullen, Rashed Bouresly
4.50pm Land Rover – Handicap (TB) Dh95,000 (T) 2,400m
Winner Autumn Pride, Bernardo Pinheiro, Helal Al Alawi
5.25pm Al Tayer Motor – Handicap (TB) Dh95,000 T) 1,000m
Winner Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm Jaguar F-Pace SVR – Handicap (TB) Dh87,500 (D) 1,600m
Winner Scabbard, Sam Hitchcock, Doug Watson
Brief scoreline:
Manchester United 1
Mata 11'
Chelsea 1
Alonso 43'
More from Neighbourhood Watch:
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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MATCH INFO
Real Madrid 2
Vinicius Junior (71') Mariano (90 2')
Barcelona 0
COMPANY%20PROFILE
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Killing of Qassem Suleimani
COMPANY%20PROFILE
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SPEC SHEET
Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support
Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine
Memory: 64/256GB storage; 8GB RAM
Main camera: 12MP wide, f/1.8, Smart HDR
Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps
Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps
Audio: Stereo speakers
Biometrics: Touch ID
I/O: USB-C, smart connector (for folio/keyboard)
Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular
Finish: Space grey, starlight, pink, purple, blue
Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)
SUCCESSION%20SEASON%204%20EPISODE%201
%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
Race results:
1. Thani Al Qemzi (UAE) Team Abu Dhabi: 46.44 min
2. Peter Morin (FRA) CTIC F1 Shenzhen China Team: 0.91sec
3. Sami Selio (FIN) Mad-Croc Baba Racing Team: 31.43sec
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
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
UAE currency: the story behind the money in your pockets
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
