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 investment pipeline active as reforms advance, says Pakistan minister
ALULA: Pakistan’s Finance Minister Mohammed Aurangzeb described Saudi Arabia as a “longstanding partner” and emphasized the importance of sustainable, mutually beneficial cooperation, particularly in key economic sectors.
Speaking to Arab News on the sidelines of the AlUla Conference for Emerging Market Economies, Aurangzeb said the relationship between Pakistan and Saudi Arabia remains resilient despite global geopolitical tensions.
“The Kingdom has been a longstanding partner of Pakistan for the longest time, and we are very grateful for how we have been supported through thick and thin, through rough patches and, even now that we have achieved macroeconomic stability, I think we are now well positioned for growth.”
Aurangzeb said the partnership has facilitated investment across several sectors, including minerals and mining, information technology, agriculture, and tourism. He cited an active pipeline of Saudi investments, including Wafi’s entry into Pakistan’s downstream oil and gas sector.
“The Kingdom has been very public about their appetite for the country, and the sectors are minerals and mining, IT, agriculture, tourism; and there are already investments which have come in. For example, Wafi came in (in terms of downstream oil and gas stations). There’s a very active pipeline.”
He said private sector activity is driving growth in these areas, while government-to-government cooperation is focused mainly on infrastructure development.
Acknowledging longstanding investor concerns related to bureaucracy and delays, Aurangzeb said Pakistan has made progress over the past two years through structural reforms and fiscal discipline, alongside efforts to improve the business environment.
“The last two years we have worked very hard in terms of structural reforms, in terms of what I call getting the basic hygiene right, in terms of the fiscal situation, the current economic situation (…) in terms of all those areas of getting the basic hygiene in a good place.”
Aurangzeb highlighted mining and refining as key areas of engagement, including discussions around the Reko Diq project, while stressing that talks with Saudi investors extend beyond individual ventures.
“From my perspective, it’s not just about one mine, the discussions will continue with the Saudi investors on a number of these areas.”
He also pointed to growing cooperation in the IT sector, particularly in artificial intelligence, noting that several Pakistani tech firms are already in discussions with Saudi counterparts or have established offices in the Kingdom.
Referring to recent talks with Saudi Minister of Economy and Planning Faisal Alibrahim, Aurangzeb said Pakistan’s large freelance workforce presents opportunities for deeper collaboration, provided skills development keeps pace with demand.
“I was just with (Saudi) minister of economy and planning, and he was specifically referring to the Pakistani tech talent, and he is absolutely right. We have the third-largest freelancer population in the world, and what we need to do is to ensure that we upscale, rescale, upgrade them.”
Aurangzeb also cited opportunities to benefit from Saudi Arabia’s experience in the energy sector and noted continued cooperation in defense production.
Looking ahead, he said Pakistan aims to recalibrate its relationship with Saudi Arabia toward trade and investment rather than reliance on aid.
“Our prime minister has been very clear that we want to move this entire discussion as we go forward from aid and support to trade and investment.”
