DUBAI: Britain has approached the United Arab Emirates and other Gulf countries on a possible trade pact after Britain leaves the European Union, the UAE economy minister said on Monday.
Such agreements can take years to negotiate, Sultan bin Saeed Al-Mansouri said on a panel at the World Government Summit in Dubai. He gave no further details.
Britain is due to leave the EU on March 29, but it has yet to find an agreement acceptable to both Brussels and UK lawmakers, raising the prospect of a disorderly exit that could damage the world’s fifth-largest economy.
The UK was “looking forward” to a free-trade agreement with the Gulf Cooperation Council, Liam Fox, the UK state secretary for international trade, said during a visit to Dubai for the summit, according to state news agency WAM.
The GCC comprises the UAE, Saudi Arabia, Oman, Kuwait Bahrain and Qatar.
In 2017, trade between the UAE and UK totalled 17.5 billion British pounds ($22.7 billion), up 12.3 percent from 2016, according to official figures.
By 2020, the UK government wants that number to increase to about 25 billion pounds.
UK approaches Gulf countries on post-Brexit trade pact — UAE minister
UK approaches Gulf countries on post-Brexit trade pact — UAE minister
Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador
RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.
Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.
He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.
La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh.
Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.
Launching La Fabrique as a space dedicated to artistic creativity
The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally.
He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.
Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.
Saudi Arabia benefiting from French experience in the cultural field
Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.
This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.
He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.
La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.
