Prince Andrew told delegates of the GCC-British Economic Forum in London that he expects trade ties between the GCC and UK to strengthen following the British vote to leave the EU. Stephen Lock for the National
Prince Andrew told delegates of the GCC-British Economic Forum in London that he expects trade ties between the GCC and UK to strengthen following the British vote to leave the EU. Stephen Lock for thShow more

Brexit sparks fresh free trade talks between the Gulf and UK



LONDON // Arabian Gulf officials have embarked on free-trade talks with the UK following the Brexit vote, Saudi Arabia’s commerce minister has revealed.

The GCC and Britain already share strong business ties, with trade between the United Kingdom and UAE alone targeted to more than double to £25 billion (Dh120.93bn) by 2020.

Yet attempts at a free-trade agreement between the GCC and the European Union bloc have stumbled despite talks dating back to the 1980s.

Majid bin Abdullah Al Qasabi, Saudi Arabia’s minister of commerce and investment, yesterday said there are now “all the ingredients for success” after the vote to leave the European Union.

Talks over an individual agreement with the UK have already started, the Saudi minister told The National.

“It’s already been initiated – that’s why we are here,” Mr Al Qasabi said on the sidelines of a conference in London. “After Brexit, we need to just engage and to identify what are the opportunities and challenges.

“The United Kingdom has been a great partner, ally and friend to Saudi Arabia, and to the GCC countries. And I think there is an opportunity [for a] win-win situation.”

The Saudi minister met privately with Liam Fox, the UK’s new secretary of state for international trade, and other officials from the UK and GCC.

Mr Al Qasabi spoke earlier at the GCC-British Economic -Forum in London, organised by the Arab-British Chamber of Commerce.

Prince Andrew, the Duke of York – and the second son of Queen Elizabeth II – told delegates that he expects trade ties between the GCC and UK to strengthen following the UK vote to leave the EU.

“The GCC is a very, very important trading partner for the United Kingdom, be that inside or outside the European Union – and probably more so with the UK once we are out of the European Union,” he said.

“Yes, there is going to be a period of difficulty and uncertainty while a huge range of knotty subjects have to be negotiated … But at the end of that I believe there are opportunities not only for the United Kingdom but also the GCC.”

Prince Andrew – who is the founder of an organisation called Pitch@Palace, which supports entrepreneurs – said he plans to travel to the GCC to discuss opening up a similar programme in the region.

Mr Fox, who’s one of the most vocal campaigners to leave the EU, also said that he sees closer business ties between the GCC and UK after the Brexit vote.

“We are deepening, and broadening our already strong relationship,” he said.

“We have set up a new Gulf fund, committing £100 million over five years to support collaboration on practical issues in our mutual interests, such as cyber and national infrastructure security,” the minister added, without giving further details.

Baroness Symons of Vernham Dean, the chairman of the -Arab-British Chamber of Commerce, said bilateral trade talks with the UK are now a possibility, whereas those with the wider EU may have stalled.

“We will start talking to groups of countries such as the GCC,” she said. “We have some terrific opportunities now as a result of the decision of the British people.”

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The Bio

Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”

Holiday destination: “I like Paris very much, it’s a city very close to my heart.”

Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”

Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”

Essentials

The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September. 
 

Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Fasset%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Mohammad%20Raafi%20Hossain%2C%20Daniel%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%3C%2Fstrong%3E%20%242.45%20million%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2086%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-series%20B%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Investcorp%2C%20Liberty%20City%20Ventures%2C%20Fatima%20Gobi%20Ventures%2C%20Primal%20Capital%2C%20Wealthwell%20Ventures%2C%20FHS%20Capital%2C%20VN2%20Capital%2C%20local%20family%20offices%3C%2Fp%3E%0A
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Quarter-finals

Saturday (all times UAE)

England v Australia, 11.15am 
New Zealand v Ireland, 2.15pm

Sunday

Wales v France, 11.15am
Japan v South Africa, 2.15pm

COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Indian origin executives leading top technology firms

Sundar Pichai

Chief executive, Google and Alphabet

Satya Nadella

Chief executive, Microsoft

Ajaypal Singh Banga

President and chief executive, Mastercard

Shantanu Narayen

Chief executive, chairman, and president, Adobe

Indra Nooyi  

Board of directors, Amazon and former chief executive, PepsiCo

 

 

MATCH INFO

Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

Ireland v Denmark: The last two years

Denmark 1-1 Ireland 

7/06/19, Euro 2020 qualifier 

Denmark 0-0 Ireland

19/11/2018, Nations League

Ireland 0-0 Denmark

13/10/2018, Nations League

Ireland 1 Denmark 5

14/11/2017, World Cup qualifier

Denmark 0-0 Ireland

11/11/2017, World Cup qualifier