UK trade with the Arabian Gulf is expected to increase as higher oil prices boost spending by governments on key projects tied to the region's economic transformation plans, the UK's trade commissioner to the Middle East said.
The UK is in "active talks" with Gulf governments about doing business in sectors that are key to their economic diversification programs from technology to infrastructure, Simon Penney, the UK's recently-appointed Trade Commissioner for the Middle East, Afghanistan and Pakistan, told The National. Higher oil prices are set to swell state coffers and boost government investments in strategic industries.
"As government budgets are replenished that money will be spent and have a multiplier effect through the economy," Mr Penney said at the UK Embassy in Dubai. "The Gulf states are still dependent on government, a lot of industry is government-owned or government-related. It will have a positive impact."
Crude prices have rebounded to a four-year high of more than $80 a barrel on speculation that oil producers will be unable to keep up with demand. Bilateral trade between the UK and UAE increased 12 per cent to £17.5billion (Dh85bn) in 2017 year-on-year. The UAE is the UK's biggest export market in the GCC and 14th largest globally. It is the fifth largest market outisde Europe after US, Japan, China and Hong Kong. GCC countries are diversifying their economies and aiming to boost non-oil trade while Britain is seeking to strengthen its global trade ties in the event of a hard Brexit.
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Mr Penney, an ex-banker who has worked with regional lenders before being appointed to his current role in May, says the UK will focus on matching its expertise to Gulf governments' ambitions to implement economic transformation plans across various sectors.
The UK is targeting export opportunities to the Gulf in new sectors where it can harness its technical know-how to initiatives in smart cities, artificial intelligence, fintech, healthcare and life sciences, Mr Penney said.
Traditionally, the three biggest UK exports to the UAE have centered on oil and gas services, aerospace including Rolls Royce engines that power widebody plane jets for aviation giants like Emirates airlines, and defence.
GCC countries have developed economic transformation plans to diversify and wean their economies off oil. They're doing this by focusing on boosting non-oil revenues, improving state finances, boosting jobs and partnering with international companies to spur the transfer of knowledge to develop local capabilities.
The UK is also seeking more opportunities in infrastructure projects in the GCC amid the region's push for privatization in sectors from transport to energy. This would include supplying UK architects, consultants and contractors in projects where governments are seeking private sector partners to develop airports, ports, transport networks and education or healthcare infrastructure.
The drive for privatisation in countries such as Saudi Arabia has been accompanied by drafting public-private partnership laws to create a clear legal framework for projects to progress.
Bilateral trade between the UK and GCC grew 14.8 per cent to £40.1bn in 2017 from the previous year. The GCC is the UK’s fourth largest export market for goods outside of the EU after the US, China and Hong Kong.
The biog
Name: Ayisha Abdulrahman Gareb
Age: 57
From: Kalba
Occupation: Mukrema, though she washes bodies without charge
Favourite things to do: Visiting patients at the hospital and give them the support they need.
Role model: Sheikha Fatima bint Mubarak, Chairwoman of the General Women's Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood.
THE BIO
BIO:
Born in RAK on December 9, 1983
Lives in Abu Dhabi with her family
She graduated from Emirates University in 2007 with a BA in architectural engineering
Her motto in life is her grandmother’s saying “That who created you will not have you get lost”
Her ambition is to spread UAE’s culture of love and acceptance through serving coffee, the country’s traditional coffee in particular.
A Long Way Home by Peter Carey
Faber & Faber
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
More from Neighbourhood Watch:
ALL THE RESULTS
Bantamweight
Siyovush Gulmomdov (TJK) bt Rey Nacionales (PHI) by decision.
Lightweight
Alexandru Chitoran (ROU) bt Hussein Fakhir Abed (SYR) by submission.
Catch 74kg
Omar Hussein (JOR) bt Tohir Zhuraev (TJK) by decision.
Strawweight (Female)
Seo Ye-dam (KOR) bt Weronika Zygmunt (POL) by decision.
Featherweight
Kaan Ofli (TUR) bt Walid Laidi (ALG) by TKO.
Lightweight
Abdulla Al Bousheiri (KUW) bt Leandro Martins (BRA) by TKO.
Welterweight
Ahmad Labban (LEB) bt Sofiane Benchohra (ALG) by TKO.
Bantamweight
Jaures Dea (CAM) v Nawras Abzakh (JOR) no contest.
Lightweight
Mohammed Yahya (UAE) bt Glen Ranillo (PHI) by TKO round 1.
Lightweight
Alan Omer (GER) bt Aidan Aguilera (AUS) by TKO round 1.
Welterweight
Mounir Lazzez (TUN) bt Sasha Palatkinov (HKG) by TKO round 1.
Featherweight title bout
Romando Dy (PHI) v Lee Do-gyeom (KOR) by KO round 1.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
