Cherbourg, France: While Britain's exit is expected to have an limited overall impact on the EU, offshore fishermen based in northern France face the grim prospect of losing access to their best waters.
If the yet to be negotiated Brexit terms mean French fishermen must stay out of British waters "one might as well sell the ship", said Xavier Perrotte, the second in command of the Remember, a 23-metre (75-foot) trawler.
The Remember with its eight-man crew sails the roughly 100 kilometers (60 miles) from its home port of Cherbourg in Normandy to waters off the English coast where it pulls in half of its catch.
France's national fishermen's association has already warned the government that Brexit could "very strongly impact" the Brittany, Normandy and northern regions.
Not all fishermen will be impacted, however.
Ships less than 12 meters rarely leave French territorial waters, except in the narrowest parts of the Channel, and they make up 80 percent of the national fleet according to official data.
But according to catch, the big boats play a big role.
At Cherbourg, big trawlers account for two-thirds of the fish landed.
Worries are acute in ports where large trawlers dock, particularly in Boulogne-sur-mer, France's top fishing port that hosts ships as long as 50 meters.
"If tomorrow we lose our historical access to British waters, that will sound the end of French fishing in Boulogne — the impact will be enormous," said Bruno Margolle, head of the CME regional fishing cooperative.
In the neighboring Calais region where the Channel narrows to as close as 28 kilometers, they are "very worried", said Olivier Lepretre, president of the local fishing council.
"If the British close their waters, we will lose important fishing grounds that account for 70 percent of our catch," he said.
Even where the Channel is wider, French trawlers could lose a lot: Currently they can sail as close as six nautical miles (11 kilometers) to the British coast, while British ships can't fish closer than 22 kilometers to the French coast.
Sebastien Sagot, owner of a 24-meter trawler based at Treport, worries about a "big drop in revenues" if he can no longer fish in British waters.
Fishing further out in the North Sea would cost more in fuel and often requires different equipment, some of which is not authorized in French waters.
"There is no fallback solution," said Jean-Pierre Le Visage, director of Scapeche, operator of France's largest commercial fishing fleet.
"It is too early to say if the consequences will be horrendous" but "if British waters are closed then we will lose 70 to 80 percent of our volumes" he said.
Le Visage said that at the Brittany port of Lorient, its main base, some 9,500 out of the 11,000 tons of fish it landed there were caught in British waters.
Across the region, fishermen hope the negotiations on Britain's EU exit result in a reasonable deal.
Those hopes are largely based on the need of Britain to sell its catch in European markets.
"There are products that the British fish but don't eat, and the base tariff to get into the European market is 24 percent," said Richard Brouzes, who heads up the fishermen association in Normandy.
"The idea is to say to them: 'You get access to our markets, we get access to your waters'".
French fishermen may get caught in Brexit net
French fishermen may get caught in Brexit net
Saudi minister and US counterpart agree road map for cooperation in energy sector
- During meeting in Riyadh, Prince Abdulaziz bin Salman and Jennifer Granholm discuss ways to enhance energy-related collaborations
- They also review Kingdom’s efforts to tackle climate change through local and regional initiatives, including the Saudi and the Middle East green initiatives
RIYADH: The Saudi minister of energy, Prince Abdulaziz bin Salman, and the US secretary of energy, Jennifer Granholm, on Wednesday agreed a road map for cooperation between the countries in the sector.
During a meeting in Riyadh, they also discussed ways in which collaborations might be enhanced in energy-related fields such as carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy-sector supply chain resilience, and energy efficiency. The two countries signed a Partnership Framework for Advancing Clean Energy in July, 2022.
The officials also reviewed the Kingdom’s efforts to tackle climate change through local and regional initiatives based on a circular carbon economy, including the Saudi and the Middle East green initiatives, the ministry said.
The new road map represents a joint plan for energy cooperation that establishes a timeline and outlines critical projects for collaboration, officials said.
Both sides agreed to engage in various activities to implement the road map, including: exchanges of knowledge on policies related to the joint plans, such as standards and regulatory frameworks; enhancement of joint research and development, especially in the field of new technologies; and the building of human capital through training and exchanges of expertise.
Speed of Saudi innovation ‘wowing’ UK, says British trade campaign executive
RIYADH: UK delegates at the GREAT Futures Initiative Conference have been “wowed” by Saudi Arabia's business landscape, according to a senior British trade executive.
Speaking during an interview with Arab News, Kate Taylor Tett, director of the GREAT Britain and Northern Ireland Campaign, noted that the event served as a catalyst for change and progress by facilitating cross-sectoral collaboration and dialogue between counterparts from both nations.
She also stressed the fast pace of innovation observed in Saudi Arabia, which has left a strong impression.
“I think what this event has done is put Saudi right at the top of that list. So at the moment, you know, Saudi is the 24th biggest trading partner for the UK,” Tett said.
She added: “I think this top event will really accelerate that because people see it as an opportunity that they need to address right now, not at some point in the future, and hopefully that’s really exciting for businesses.”
Tett also stated that the event attendees were impressed by what they experienced in Saudi Arabia, which led to a shift in their opinions about the market.
“I haven’t spoken to a single person at this event who hasn’t been wowed by what they’ve seen when they’ve come here. I think their opinions have shifted, and that in itself is a huge opportunity,” she said.
Tett also explained that the event is not just a two-day gathering; it is a program that extends over a year and involves various collaborations between UK businesses and counterparts in Saudi Arabia.
“I know there’ll be lots of sort of cross-fertilization in that way, so this, these two days are very much a catalyst for initially a year-long program. But I think what you’ll see is that then that becomes a leap pad for things beyond that,” she said.
Commenting on the UK-Saudi partnerships, Tett emphasized the significance of innovation in collaboration between countries that are actively engaged in progressive undertakings.
She also stressed the fast pace of innovation observed in Saudi Arabia, which has left a strong impression.
“Everybody I’ve spoken to here has just been wowed by the pace of innovation in Saudi. And clearly bringing that innovation together and companies working together just creates these huge opportunities which have an economic benefit on both sides of the partnership,” Tett underscored.
She added: “I think what really hit me has been the energy and the positivity of everybody that I’ve met. I spent some time working in the world of startups, and I think Saudi feels like a huge startup. Everything feels possible.”
She concluded by expressing her enthusiasm among the participants and describing their collective drive to make progress as “really infectious.”
Saudi property forum to enhance local real estate supply chain access
RIYADH: Saudi real estate firms are poised to gain improved access to the supply chain with major industry players set to gather in Riyadh for an event designed to enhance cooperation and forge partnerships.
Under the patronage of the Minister of Municipal and Rural Affairs and Housing Majid bin Abdullah Al-Hogail, the National Housing Co. will host the Real Estate Supply Chain Forum from May 20 to 21 at the JW Marriot Hotel Riyadh, with the aim of fostering the growth of the property sector.
The event will gather a diverse array of local and international companies, consultants, contractors, and manufacturers to explore collaborative opportunities aimed at delivering integrated housing projects focused on quality and affordability, according to the Saudi Press Agency.
The forum will also provide promising investment opportunities, facilitate the signing of investment agreements and strategic partnerships, establish new standards, and find innovative solutions for real estate development.
Additionally, the gathering will unveil the latest agreements to secure supply chains between the NHC and a range of local and global partners.
Several scheduled dialogue sessions will showcase the latest technologies in the building materials industries. These talks will facilitate the exchange of expertise between local and international companies, aiming to enhance the supply chain network.
On May 5, the NHC signed a deal with China’s leading firm, CITIC Construction Group, to establish an industrial city and logistic zones for building materials, comprising 12 factories, with the objective of securing supply chains for the NHC’s housing projects.
NHC CEO Mohammad Al-Buty finalized the deal during Al-Hogail’s official visit to China.
The NHC said the agreement with the Chinese construction group is part of its efforts to secure supply chains for its housing projects and ensure their timely completion and high quality.
The Saudi company highlighted that the deal includes the construction of 12 factories specializing in building materials, harnessing Chinese expertise, and involving local factories to uplift business standards.
It added that the agreement also aims to draw top-tier service providers across various company sectors, its subsidiaries, and other projects.
The firm pointed out that the pact is expected to maximize the economic and developmental impact of the real estate sector in the Kingdom, develop housing projects, enhance their quality, and promote national transformation in the construction sector through these industrial cities and logistic zones.
British Airways to resume Jeddah operations, enhancing UK-Saudi connectivity
RIYADH: British Airways is set to resume operations in Jeddah after a five-year hiatus, aiming to enhance connectivity to the Kingdom, the airline said.
Announced at the GREAT Futures Initiative Conference held in Riyadh, the route is scheduled to commence on Nov. 4, offering year-round service to the Saudi city from London Heathrow, according to a press release.
The new service, operated by the Boeing 787 fleet, will total four flights per week, and sit alongside the daily operations between Riyadh and Heathrow.
Speaking at the event, Colm Lacy, British Airways’ chief commercial officer, said: “We have a long history of connecting families, friends and businesses in the Kingdom of Saudi Arabia with our home in London.”
He added: “There are significant opportunities for businesses in both countries, so we’re pleased we can re-build our connectivity and strengthen links between the two kingdoms.”
In a joint statement, Mazen Johar, CEO of Jeddah Airports, and Majid Khan, CEO of Saudi Air Connectivity Program, said: “The return of the UK’s flag carrier to Jeddah, with new flights from London Heathrow, will further strengthen our air connectivity from the capital.”
They added: "With British Airways’ leading network in the UK, Europe, and onwards to North America, travelers can experience an untouched wonder, Saudi Arabia, through one of the leading global carriers, further supporting our growing inbound tourism and aviation market.”
Earlier this week, the Kingdom’s General Authority of Civil Aviation released a statement revealing that an ambitious roadmap outlining Saudi Arabia’s tenfold growth in the aviation sector into a $2 billion industry is on track to be unveiled at the Future Aviation Forum in May.
The plans encompass the business jet segment, including charter, private, and corporate aircraft, and aim to bolster Saudi Arabia’s development as a global high-value enterprise and tourist destination, the statement noted at the time.
It also highlighted that the plan comes after Saudi Arabia revised its 2030 tourism target upward from 100 million to 150 million visitors in October 2023.
Also earlier this week, the Kingdom’s Minister of Commerce announced that partnerships between Saudi Arabia and the UK encompass over 60 initiatives across 13 sectors, with trade between the countries up by a third since 2018.
During the opening remarks of the GREAT Futures Initiative Conference, Majid Al-Qasabi noted that bilateral trade surged between 2018 and 2023, exceeding £79 billion ($99.12 billion).
With over 1,100 active licenses for UK investors, developments such as the giga-projects in the Kingdom and policy reforms are enhancing business opportunities, the minister emphasized.
Closing Bell: Saudi main index dips for the second consecutive day
RIYADH: Saudi Arabia’s Tadawul All Share Index continued its downward movement for the second consecutive day, as it shed 17.71 points to close at 12,103.20.
The total trading turnover of the benchmark index on Wednesday was SR6.30 billion ($1.68 billion), with 128 stocks advancing and 96 declining.
On the other hand, Nomu, the parallel market, marginally went up by 0.03 percent to 26,666.16.
However, the MSCI Tadawul Index edged down by 0.47 percent to close at 1,512.30.
Saudi Industrial Development Co. was the best-performing stock on the main index. The company’s share price surged by 9.95 percent to SR9.61.
Other top performers were Wafrah for Industry and Development Co. and Al-Baha Investment and Development Co., whose share prices soared by 9.9 percent and 7.69 percent respectively.
The worst-performing stock was Basic Chemical Industries Co., as its share price slipped by 7.57 percent to SR33.60.
On the announcements front, Seera Group Holding revealed that its net profit rose to SR61 million in the first quarter of this year, representing a rise of 7.01 percent compared to the same period of the previous year.
In a Tadawul statement, the travel firm noted its total revenue for the first quarter stood at SR1.07 billion year on year driven by continued growth in the car rental and travel platform segments and the new acquisitions within Portman Travel Group.
Lumi Rental Co. also announced its financial results. The company said that its net profit fell by 11.15 percent to SR44.71 million in the first quarter of this year compared to the same period in 2023.
Zamil Industrial Investment Co., which reported its earnings, revealed that it swung to a net profit of SR5.42 million in the first three months of this year, compared to a net loss of 13.81 million in the same period of the preceding year.
Zamil attributed the rise in profits to its sales growth, which went up by 25.5 percent, along with higher operating income in the steel and insulation sectors.
Meanwhile, Shatirah House Restaurant Co., also known as Burgerizzr, reported a net profit of SR5.3 million in the first quarter of this year, compared to the SR1.4 million net loss it incurred in the same quarter of 2023.
In a Tadawul statement, Burgerizzr said that the rise in net profit was driven by higher same-store sales and an increased number of guests.
