EU-UK trade talks go on remotely

Construction work continues at the site of a lorry park being built between the villages of Sevington and Mersham, near the M20 motorway near Ashford in Kent, south east England on November 23, 2020, which will have the capacity to hold nearly 10,000 vehicles in the event of a no-deal Brexit. (AFP)
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Updated 24 November 2020
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EU-UK trade talks go on remotely

  • ‘The differences on the level playing field and fisheries remain major,’ sources say

BRUSSELS: British and EU negotiators on Monday resumed talks on their post-Brexit relationship via video-conferencing, with the focus still squarely on dividing up fishing quotas and ensuring fair competition for companies, including on state aid.

Face-to-face talks, suspended last week after a member of the EU delegation tested positive for the coronavirus, will resume in London “when it is safe to do so,” said a source who follows Brexit.

Another source, an EU official, added: “The differences on the level playing field and fisheries remain major.”

These issues are the key obstacles to clinching a new deal to maintain free, frictionless trade between the estranged allies after Britain’s standstill transition out of the EU following Brexit completes at the end of this year.

British newspaper The Sun reported at the weekend that the negotiators were looking at a review clause that would allow a renegotiation of any new fishing arrangement from 2021 in several years’ time.

An EU diplomat, a third source who spoke under condition of anonymity, confirmed that such an idea was under discussion, but added that the bloc insisted on linking it to the overall trade agreement, meaning fishing rights could only be renegotiated together with the rest of trade rules.

“We need to uphold the link between fishing and trade rules, this comes in a package,” said the person.

The EU official stressed that annual renegotiation of fishing quotas was still a no-go for the 27-nation bloc. Fisheries are a particularly sensitive issue for France.

Thierry Breton, the French representative on the European Commission, the EU executive, said last week: “We shouldn’t have in the Brexit deal revision clauses in one or two years, when everything would change again ... We won’t let that happen. We need to give our entrepreneurs predictability.” 


Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah 

Updated 07 January 2026
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Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah 

RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences. 

The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan. 

The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses. 

Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia. 

This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment. 

Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.” 

He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector. 

Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels. 

“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added. 

Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.” 

He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.” 

The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date. 

Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors. 

The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.  

It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.