\n<\/p>\n
\nRIYADH:\u00a0British and Arab companies and investors will be shoring up regional synergies and business collaborations to tide through the geopolitical scenarios and inflationary climate plaguing the global economy.<\/p>\n
\nAs part of the Arab-British Economic Summit in London on Nov. 2, the Asia British Chamber of Commerce, a Saudi-British joint council, will host its second meet in the city, with prominent leaders collaborating, discussing and examining vital matters to develop economic relations between the UK and the 22 nations of the Arab world.<\/p>\n
\nThemed \u201cShaping a Shared Vision,\u201d the event will receive business owners and investors from the UK and the Arab world, coming together in hopes of building a prosperous future.<\/p>\n
\nIt will commence with welcoming remarks from Elizabeth Symons, the chair of the Arab-British Chamber of Commerce, followed by a speech from the secretary-general and CEO of ABCC, Dr. Bandar Reda.<\/p>\n
\n\u201cThe tremendous response to the summit would add impetus to building stronger UK-Arab relations,\u201d said Symons.<\/p>\n
\nThe gathering will discuss topics ranging from climate change issues and health matters to innovative education and the fintech revolution.<\/p>\n
\nThis year, the meeting will explore the power of technology and how it can transform financial services and the banking sector.<\/p>\n
\nBouncing back<\/strong><\/p>\n \nThe move assumes significance considering the political and trade imbalances that have swept several economies off their feet. According to the Office for National Statistics, the UK trade deficit widened to \u00a37.1 billion ($8.1 billion) in August from a downwardly revised \u00a35.4 billion in the previous month.<\/p>\n \nIn August, UK imports, excluding precious metals, rose by \u00a33.1 billion or 5.7 percent, driven by a \u00a33.5 billion increase in higher non-EU imports of fuel, machinery and transport equipment.\u00a0<\/p>\n \nTotal exports, excluding precious metals, rose by \u00a3400 million or 1.2 percent in the same month, led by a \u00a3700 million rise in non-EU exports, whereas exports to the EU dropped by \u00a3300 million or 1.5 percent.<\/p>\n \nAccording to the UN Comtrade database on international trade, merchandise exports from Western Asia and Northern Africa to the UK rose 47.8 percent to reach $1.595 trillion in 2021.<\/p>\n \nThe region\u2019s imports rose by 22.1 percent to reach $1,291.9 billion that year.<\/p>\n \nThe trade balance documented a surplus of $293.8 billion in 2021 compared to a surplus of $14.8 billion the year before.<\/p>\n \nAccording to data from the department of international trade, the UAE and Saudi Arabia are the leading Arab countries in UK trade.<\/p>\n \nThe UK traded \u00a313.6 billion worth of goods and services with the UAE in the year leading up to the first quarter of 2022, accounting for 1 percent of the UK\u2019s total trade, standing as its 24th largest trading partner.<\/p>\n \n\u2022 The UK launched a free trade agreement in Riyadh with the Gulf Cooperation Council countries in June of this year, opening investment and job opportunities and increasing the flow of goods and services.<\/p>\n \n\u2022 The UK traded \u00a313.6 billion worth of goods and services with the UAE in the year leading up to the first quarter of 2022, accounting for 1 percent of the UK\u2019s total trade, standing as its 24th largest trading partner.<\/p>\n<\/div>\n<\/div>\n<\/div>\n \nSaudi Arabia, the 27th largest trading partner with 0.8 percent of total UK trade, reported the data. Its total trade amounted to \u00a311.3 billion in the year ending in the first quarter of 2022.<\/p>\n \nThe total trade of Qatar and Kuwait with the UK during the same period amounted to \u00a36.2 billion and \u00a32.4 billion, respectively. Likewise, the total trade of Oman and Bahrain with the UK was \u00a31.1 billion and \u00a3889 million, respectively.<\/p>\n \nFree trade opportunity<\/strong><\/p>\n \nThe UK also launched a free trade agreement in Riyadh with the Gulf Cooperation Council countries in June of this year, opening investment and job opportunities and increasing the flow of goods and services.<\/p>\n \nAs the UK\u2019s seventh largest export market, the Gulf\u2019s demand for international goods and services is expected to surge 35 percent by 2035 to reach \u00a3800 billion.<\/p>\n \n\u201cToday marks the next significant milestone in our five-star year of trade as we step up the UK\u2019s close relationship with the Gulf,\u201d said UK Trade Secretary Anne-Marie Trevelyan on the day of the agreement.<\/p>\n \nStephen Phipson, CEO of Make UK, the manufacturers\u2019 organization, said: \u201cWe welcome the launch of free trade negotiations with the Gulf Cooperation Council, which will ensure that British manufacturing benefits from future positive flows of goods and services into the Gulf region.\u201d<\/p>\n \nBesides the trade, the economic summit will also analyze the consequences of global warming and the steps that must be taken against it.<\/p>\n \nThis summit aims to tackle the new obstacles that have risen in a post-pandemic and post-Brexit world. It will achieve so by reinforcing trade ties and promoting bilateral investment flows.<\/p>\n \nMore importantly, it will address the importance of accomplishing this through sustainable and environmentally friendly ways.<\/p>\n \nThe Arab-British Economic Summit in 2019 was an incredible success, as it worked as a catalyst between interested investors and entrepreneurs.<\/p>\n \nAdditionally, the speakers addressed pre-existing challenges such as youth unemployment, water scarcity, and other economic barriers that prevailed in the Middle Eastern and Arab regions. They also proposed solutions on how UK-Arab cooperation could reduce them.<\/p>\n \nAlso, it put forth the potential of achieving significant projects in the region through collaboration between the UK and the Arab nations.<\/p>\n<\/div>\n\nHIGHLIGHTS<\/span><\/h4>\n<\/p>\n