SHEFFIELD, UK: The US aerospace giant Boeing opened its first manufacturing plant in Europe on Thursday, giving a boost to Britain’s business credentials ahead of its impending exit from the European Union.
The small facility in the northern English industrial city of Sheffield will employ 52 people and make wing and other parts that will be shipped for assembly to Portland, Oregon.
British officials seized on the symbolism of the £40 million ($50 million, 45 million euros) investment in the plant, which stands near a local university with which Boeing has cooperated for nearly two decades.
“Boeing choosing the heart of South Yorkshire as its first European home is testament to our capabilities, talent pool and strong manufacturing supply chains,” Business Secretary Greg Clark said.
Britain’s withdrawal from the European Union in March sharply slowed the pace of foreign direct investments made in 2017.
Economic growth is also projected to decelerate, regardless of whether London and Brussels reach the terms of an exit deal that could facilitate future trade between the two.
Boeing’s big rival Airbus, which employs more than 6,000 people in Britain, has warned it may be forced to scale back investment if Britain crashes out of the EU with no deal.
The US firm has thousands of staff across Europe, but none in a manufacturing plant.
It already employs more than 2,200 workers in Britain, including at a site in Glasgow, Scotland.
Boeing opens first European plant, picking UK despite Brexit
Boeing opens first European plant, picking UK despite Brexit
Saudi POS spending jumps 28% in final week of Jan: SAMA
RIYADH: Saudi Arabia’s point-of-sale spending climbed sharply in the final week of January, rising nearly 28 percent from the previous week as consumer outlays increased across almost all sectors.
POS transactions reached SR16 billion ($4.27 billion) in the week ending Jan. 31, up 27.8 percent week on week, according to the Saudi Central Bank. Transaction volumes rose 16.5 percent to 248.8 million, reflecting stronger retail and service activity.
Spending on jewelry saw the biggest uptick at 55.5 percent to SR613.69 million, followed by laundry services which saw a 44.4 percent increase to SR62.83 million.
Expenditure on personal care rose 29.1 percent, while outlays on books and stationery increased 5.1 percent. Hotel spending climbed 7.4 percent to SR377.1 million.
Further gains were recorded across other categories. Spending in pharmacies and medical supplies rose 33.4 percent to SR259.19 million, while medical services increased 13.7 percent to SR515.44 million.
Food and beverage spending surged 38.6 percent to SR2.6 billion, accounting for the largest share of total POS value. Restaurants and cafes followed with a 20.4 percent increase to SR1.81 billion. Apparel and clothing spending rose 35.4 percent to SR1.33 billion, representing the third-largest share during the week.
The Kingdom’s key urban centers mirrored the national surge. Riyadh, which accounted for the largest share of total POS spending, saw a 22 percent rise to SR5.44 billion from SR4.46 billion the previous week. The number of transactions in the capital reached 78.6 million, up 13.8 percent week on week.
In Jeddah, transaction values increased 23.7 percent to SR2.16 billion, while Dammam reported a 22.2 percent rise to SR783.06 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
