OSLO: Britain has clinched post-Brexit trade agreements with Norway, Iceland and Liechtenstein as it seeks to forge new global trading relationships after leaving the EU.
The three nations, which are part of the European Economic Area allowing them access to the single market, have relied on temporary trade arrangements with Britain since the end of a Brexit transition period on Dec. 31.
Under the deal with Norway, import tariffs on Norwegian fish and seafood, its second-largest industry after oil and gas production, would be reduced, with no tariffs due on white fish, such as cod — a benefit for the fish processing industry in the north of England.
Britain will be able to export four cheeses to Norway, including Wensleydale and West Country Farmhouse Cheddar, with lower tariff payments than Norway normally imposes on foreign cheese, which can be as high as 277 percent. The parties did not say how much lower the tariffs would be.
“We have given on cheese, but we got a little more on fish,” Norwegian Prime Minister Erna Solberg told a news conference.
Trade between Britain and Norway was worth £20.4 billion ($28.81 billion) last year, making it Britain’s 13th largest trading partner. Britain is Norway’s top trading partner, primarily thanks to gas exports, and its third biggest buyer of fish and seafood.
Exports accounted for £8.1 billion and imports for £12.3 billion. Top British goods exports were ships, oil and aircraft, while the largest imports were oil, gas, metals, fish and seafood. “Today’s deal will be a major boost for our trade with Norway, Iceland and Liechtenstein,” British International Trade Secretary Liz Truss said in a statement. Total trade between Iceland and Britain was worth €651 million in 2020, with Iceland exporting fish, sheep meat and skyr, an Icelandic yoghurt.
“A new free trade agreement with Britain ... will be crucial for both Icelandic companies and consumers,” Iceland’s Foreign Minister Gudlaugur Thor Thordarson said in a statement.
The main focus of Britain’s post-Brexit trade policy has been to pivot its economic center away from Europe and toward fast growing economies in the Asia-Pacific region.
It is expected to seal a deal with Australia later this month, and is seeking to join a trans-Pacific trade pact.
Britain inks key trade agreement with Norway, Iceland
https://arab.news/j8ypc
Britain inks key trade agreement with Norway, Iceland
- The country seeks to forge new global relationships after leaving the EU
Industry leaders highlight Riyadh’s Metro, infrastructure as investment catalysts
RIYADH: Saudi Arabia’s capital, Riyadh, is experiencing a transformative phase in its real estate sector, with the construction market projected to reach approximately $100 billion in 2025, accompanied by an anticipated annual growth rate of 5.4 percent through 2029.
The Kingdom is simultaneously advancing its data center capacity at an accelerated pace, with an impressive 2.7 GW currently in the pipeline. This expansion underscores the critical role of strategic land and power planning in establishing national infrastructure as a cornerstone of economic growth.
These insights were shared by leading industry experts during JLL’s recent client event in Riyadh, which focused on the city’s macroeconomic landscape and emerging trends across office, residential, retail, hospitality, and pioneering sectors, including AI infrastructure and Transit-Oriented Development.
Saud Al-Sulaimani, Country Lead and Head of Capital Markets at JLL Saudi Arabia, commented: “Riyadh is positioned at the forefront of Saudi Arabia’s Vision 2030, offering unparalleled opportunities for both investors and developers. National priorities are continuously recalibrated to ensure strategic alignment of projects and foster deeper collaboration with the private sector.”
He added: “Recent regulatory developments, including the introduction of the White Land Tax and the rent freeze, are designed to stabilize the market and are expected to drive renewed focus on delivering premium-quality assets. This dynamic environment, coupled with evolving construction cost considerations in select segments, is fundamentally reshaping the market landscape while accelerating progress toward our national objectives.”
The event further underscored the transformative impact of infrastructure initiatives. Mireille Azzam Vidjen, Head of Consulting for the Middle East and Africa at JLL, highlighted Riyadh’s transit revolution. She detailed the Riyadh Metro, a $22.5 billion investment encompassing 176 kilometers, six lines, and 84 stations, providing extensive geographic coverage, with a depth of 9.8 km per 100 sq. km. This strategic development generates significant TOD opportunities, with properties in proximity potentially commanding a 20-30 percent premium. JLL emphasized the importance of implementing climate-responsive last-mile solutions to enhance mobility and accessibility, particularly given Riyadh’s extreme temperatures.
Gaurav Mathur, Head of Data Centers at JLL, emphasized the rapid expansion of the Kingdom’s AI infrastructure, signaling a critical area for technological investment and innovation.
Focusing on the construction sector, Maroun Deeb, Head of Projects and Development Services, KSA at JLL, explained that the industry is actively navigating complexities such as skilled labor availability, material costs, and supply chain dynamics.
He highlighted the adoption of Building Information Modeling as a key driver for enhancing operational efficiency and project delivery.
