Economic Focus Spring 2022

ECONOMIC FOCUS MAGAZINE

OF

THE

ARAB

BRITISH

ISSUE 10 | CHAMBER

OF

SPRING 2022

COMMERCE

Thursday 15 September 2022

Contents

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Annual Co-ordinating Meeting of Joint Arab-Foreign Chambers Members’ Networking December 2021

12 Oman Ministerial Roundtable 16 4th Tunisia-UK Trade & Investment Forum 19 UK Trade Negotiations, Agreement with the Gulf Cooperation Council 22 Jordanian Ambassadorial Roundtable

25 Mauritania Sustainable Growth

42 Expatriate Tax Advisory Service

28 Visit to Essex Chamber of Commerce

44 Investment Opportunities in Priority Sectors in Saudi Arabia

29 Interview with H E Qais bin Mohammed Al Yousef, Oman Minister of Commerce, Industry & Investment Promotion

48 2nd Arab British Economic Summit 2022

36 UAE to Introduce New Corporate Income Tax in 2023 38 The Expansion of Renewables in North Africa 41 ABCC pledges to help develop the food supply chain to Arab markets

General Enquiries Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Web: www.abcc.org.uk Media No. 1841 Published April 2022 © Benham Publishing

ABCC Editorial Team Abdeslam El-Idrissi Editor in Chief David Morgan Editor Email: d.morgan@abcc.org.uk

50 Morocco Gateway to Africa 58 Cross-Border Disputes Require Cross-Border Legal Expertise 62 New ABCC Members 64 UK Quarterly Economic Survey

Publisher Ian Fletcher Benham Publishing Limited Aintree Building, Aintree Way, Aintree Business Park, Liverpool L9 5AQ Tel: 0151 236 4141 Email: admin@benhampublishing.com Web: www.benhampublishing.com

Advertising and Features Karen Hall Tel: 0151 236 4141 Email: karen@benhampublishing.com Production Manager Peter Wilkinson Tel: 0151 236 4141 Email: peter@benhampublishing.com

Disclaimer Economic Focus is published for the ABCC and is distributed without charge to Chamber members. All correspondence should be addressed to the Arab-British Chamber of Commerce. Views expressed in Economic Focus are not necessarily those of the ABCC. Reprinting in whole or part is forbidden except by permission. ©2022 Please note that submitting an article does not guarantee publication. While every effort is made to ensure the accuracy and reliability of material published in this journal, Benham Publishing and its agents can accept no responsibility for the veracity of claims made by contributions in advertising or editorial content.

Benham Publishing and the ABCC cannot be held responsible for any inaccuracies in web or email links supplied to us..

ARAB-BRITISH CHAMBER OF COMMERCE | 3

Delegates to the annual co-ordinating meeting for the Joint Arab-Foreign Chambers in Cairo at the headquarters of the Arab League.

• Mr Bandar Reda, Secretary General & CEO, ABCC, and Prof Mohamed Lotfi, President, British University in Egypt (BUE).

• CEOs and Secretary Generals of the Joint Arab-Foreign Chambers with Mr Reda (fourth right).

• Mr Reda (centre) with Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, and Prof Lotfi and colleagues from the BUE. • Prof Lotfi greets Mr Reda and Mr El-Idrissi on their visit to the BUE. • The annual meeting of Joint Arab-Foreign Chambers in session.

• Mr Reda and Mr El-Idrissi in the conference room of the Arab League.

• H E Dr Nevine Gamea, Minister of Trade and Industry, Egypt, receives Mr Reda and Mr El-Idrissi in her office.

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ABCC Activities

Annual Co-ordinating Meeting of the Joint Arab-Foreign Chambers Mr Bandar Reda, ABCC Secretary General & CEO, accompanied by Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, travelled to Egypt in January 2022 on an official business visit to represent the ABCC at the annual co-ordinating meeting of the Joint Arab-Foreign Chambers, which was held at the League of Arab States headquarters in Cairo.

The meeting was chaired by H E Ahmed Aboul Gheit, Secretary General of the League of Arab States, in the presence of H E Abdullah Mohamed alMazrouei, President of the Union of Arab Chambers.

Mr Reda and Mr ElIdrissi participated in the meeting along with Arab chairmen, vice chairmen, and secretariesgeneral for the joint chambers, the general secretariat of the Union of Arab Chambers, and the general secretariat of the League of Arab States participated in the discussions.

The meeting’s agenda covered several important trade topics, including the activities of the Joint Arab-Foreign Chambers during the past two years of exceptional conditions caused by the pandemic and the work plan for the current year as the global economy enters its recovery period.

Delegates discussed the role of joint chambers in developing and promoting co-operation between Arab and foreign countries and in serving the business communities of both sides.

The joint chambers could play an active role in promoting Arab economic relations with foreign partner countries by creating a favourable climate, building a strong network of communications links and relations at the official and private sector levels.

As for their future activities, the annual meeting looked at the responses of the joint chambers towards the digital economy, the implementation of digital platforms by different joint chambers with the aim of creating a strong and reliable database that would bring benefits to the Arab business community.

The annual meeting discussed the participation of the Union of Arab Chambers in the Dubai Expo from March 28 to 30 through the ‘Joint Chambers Week’, with the aim of exchanging ideas and experiences between Arab and foreign parties and enhance communications between entrepreneurs from both sides.

The meeting discussed the participation of the Joint Arab Foreign Chambers in the 4th World Entrepreneurs Investment Forum (WEIF 2022), which is scheduled to be held in March at Expo Dubai. This event is being organised by the Union

of Arab Chambers, in co-operation with the League of Arab States, the Union of Arab Banks, and the Arab Bank for Economic Development.

During their Egyptian visit, Mr Reda and Mr El-Idrissi met and held a series of talks with senior officials.

They were honoured to be received by H E Dr Nevine Gamea, Egypt’s Minister of Trade and Industry, with whom they engaged in discussions on BritishEgyptian trade and the role of the ABCC among other matters.

Mr Reda and Mr El-Idrissi paid a visit to the British University in Egypt (BUE) where they were greeted by Professor Mohamed Lotfi, BUE President, and other senior members of the university staff. The visit offered an opportunity to share ideas about developing the collaboration between the UK and Egypt in the field of higher education, where the potential for closer partnership was extensive.

The ABCC senior executives called on HMA Gareth Bayley OBE, Her Majesty’s Ambassador to the Arab Republic of Egypt, at the British Embassy in Cairo, where they held a private discussion with the ambassador that covered the potential for strengthening business links between Egypt and the UK. Both sides expressed keenness to maintain close relations and hoped to work together in future to develop mutually beneficial UK-Egyptian cooperation.

ARAB-BRITISH CHAMBER OF COMMERCE | 5

Child & Child

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Succession Planning for your UK Estate The UK succession laws are very different from those in the Middle East. If you own UK assets, in particular property, you should obtain advice on the UK succession principles and put in place a UK Will (‘Wassiya’) to state who would manage your UK estate on death and who you want to inherit your assets.

You should also make use of any UK Inheritance Tax allowances available, such as spouse exemption. In the absence of a valid Will, the UK estate would be distributed under the UK laws as follows, if the deceased is non-UK domiciled at the time of death: (a) UK real estate / immovable estate: this covers property: to be distributed following the UK Rules of Intestacy or the terms of your UK Will; and (b) Moveable assets / financial: such as bank accounts, shares and investments: this will be inherited following the laws of the deceased’s country of domicile at the time of their death. If you are a Muslim and your estate is governed by Sharia law, then the UK moveable assets would be inherited per Sharia.

You should, therefore, arrange to have a UK Will drafted specifying your wishes. In your UK Will (Wassiya), you can specify: •

•

Appointing Executors These are the individuals you nominate to manage the administration of your estate and fulfil the wishes you state in your Will. They can be the same as the named beneficiaries (heirs) and need to be over the age of 18. You can also appoint professional Executors if you feel your estate is complex, or if there could be a dispute between the beneficiaries named.

Guardianship of your children If you are living in the UK and have children under the age of 18, you can include your wish as to who to appoint as Guardians as your children. This is only relevant if both parents have, unfortunately, passed away. The Court would, however, determine what is in the best interests of the children.

•

How to distribute your estate: Beneficiaries / Heirs You will need to name who inherits your estate. This can often be structured in several ways: 1. A Flexible / Discretionary Will: you name potential beneficiaries and you provide your Executors with a Letter of Wishes instructing them on how to distribute your estate.

It is not legally binding and your Executors have absolute discretion to distribute the estate as they feel appropriate. This provides you with the flexibility to allow the Executors to attend to your beneficiaries and estate as appropriate.

2. Life Interest Trust Will: you can provide your spouse with a right to use of or the income for life, and nominate beneficiaries for the capital asset. This can present a UK Inheritance Tax spouse exemption if both husband and wife are sharing the same domicile status.

3. Sharia Compliant Will: your UK Will can be drafted to follow and respect the Sharia distributions principles, should you wish.

4. Outright / Simple Will: you can specify fixed shares and percentages in your Will for each named beneficiary.

Life Insurance Policy – if there is a UK Inheritance Tax Liability If your UK estate is above £325,000, then there may be an Inheritance Tax liability, unless your estate benefits from tax exemptions and allowances. The IHT liability would need to be settled by the estate before the inheritance is passed to the beneficiaries stipulated in a UK Will.

To assist with ensuring the estate has sufficient cash funds to settle the IHT, you may wish to consider taking out a whole of life insurance policy. This insurance policy guarantees that the insurer will pay out a lump sum to the nominated beneficiaries on death. The advantage of this is that you can ensure that the lump sum paid out covers the IHT bill in its entirety, or covers a substantial amount, which avoids the issue of selling assets and reducing the estate to pay the IHT tax bill.

This type of policy must be written into trust as by doing this we can ensure that the lump sum payable falls outside of the estate. If the policy is not written into trust, then the lump sum will be paid for the benefit of the estate and a 40% inheritance tax charge will become due on the lump sum and thus revoking the benefits of taking out an insurance policy in the first instance. You should speak to an independent financial advisor for advice relating to such policies.

It is, therefore, crucial to obtain advice to understand the UK tax and succession position on your UK estate and arrange for the most appropriate estate planning documents to be put in place.

Please do get in contact with Mamuna Farooq and we would be delighted to Economic Focus members a complimentary initial consultation to discuss your UK estate and tax planning further with you.

CONTACT

Mamuna Farooq Partner, Head of Private Wealth and Tax & Head of Middle East Child & Child mamunafarooq@childandchild.co.uk

+44 (0)207 201 3579 / +44 (0)7983 584 083

I am a Partner, Head of Middle East and Private Wealth & Tax at Child & Child, a London law firm based in Belgravia. I am privileged to represent established families throughout the Middle East, the Gulf States, and beyond, looking after their UK and cross-border estates and providing a holistic service.

ARAB-BRITISH CHAMBER OF COMMERCE | 7

Members’ Networking Event

The Chamber welcomed representatives of member companies and friends to its 3rd Members’ Networking Event of 2021 on the morning of 7 December.

Chairing the session, Mr Abdeslam El-Idrissi, Deputy CEO & Secretary General, stressed that as a membership organisation, the ABCC had worked diligently throughout the pandemic during which it had held 22 events which had enabled it to continue to serve its members.

On its wider role in the promotion of Arab-British trading relations, Mr El-Idrissi explained that the Chamber was active in assisting the UK and GCC governments to conclude a Free Trade Agreement and that it would be hosting a series of events on the issue in 2022, along with an extensive programme of activities, culminating in an Arab-British Economic Summit.

8 | ARAB-BRITISH CHAMBER OF COMMERCE

The seven member companies who delivered presentations, mostly in person at the Chamber premises but also via a video link, represented a broad cross-section of business activities from investment and financial services, “smart” plastic products, security and crisis management, environmentally friendly construction, aviation and mini cab services, insurance and mortgage brokers.

The presentations were followed by questions and discussion, the event finishing off with an informal networking reception.

ABCC member companies showcasing their businesses at this event: SYMPHONY ENVIRONMENTAL LTD

Symphony is a world leader in the development and marketing of scientifically proven technologies to improve plastic and rubber products to protect human health and the environment. These technologies are

ABCC Activities sold through an international network of distributors and agents. The company also sells a range of finished products containing these technologies and a comprehensive range of traditional flexible plastic products.

Symphony Environmental Plc is a global company, quoted on the Alternative Investment Market of the London Stock Exchange as “LON: SYM”, with a head office and laboratory in North London, it is active in more than 90 countries worldwide.

The company’s leading brands are d2w (oxo-biodegradable plastic) and d2p which is the trade name for a family of protective technologies offering protection from bacteria, corrosion, insects, bacteria, algae, odour, fouling and fire.

PROTECT & PREPARE Protect and Prepare Ltd, have through previous Emergency Service employment significant experience in Strategic Planning, Crisis Management, Capability Assessment, Kit and Equipment procurement appropriate to risk and threat and a detailed training acumen.

Protect and Prepare Ltd has delivered services for clients in the Middle East including implementation and assurance testing and exercising. The company’s key personnel have substantial experience in developing a training strategy, based upon a tangible needs analysis and delivered through high quality training.

This training is tested through a robust exercising schedule and assessment matrix that demonstrates a fit for purpose capability. Where training was assessed as of in need of development and improvement, additional training strategies that focused upon areas for improvement were delivered.

Collectively, the Company Directors were central to conceiving and developing the UK Marauding Terrorist Attack Joint Operating Principles, working with Government and across the Emergency Services spectrum to bring together the previous and current UK response capability. Pivotal to this was the ability to critically access multi-agency maturing capabilities and provide assessment and associated recommendations aligned to achievable capability and uplifts where appropriate.

INTRO CROWD Intro Crowd is a well-established UK investment company headquartered in London that specialises in providing

socially conscious and environmentally friendly alternative investment opportunities to qualified investors throughout the UK and overseas.

The company’s mission is to provide ethical investments across both the residential and commercial landscape to inspire change and make a difference.

Residential opportunities are focussed on the requirement for genuinely affordable homes in much of the UK as a means to combat the ongoing housing crisis, while commercial opportunities utilise new and emerging technologies to provide health and wellness solutions with lasting infrastructure within the surrounding communities.

Sustainability and a commitment to environmentally conscious operations are at the heart of the company’s activities. Strategic partnerships with industry leaders ensure that the company utilises emerging ecotechnologies, modern methods of construction and renewable materials throughout its developments.

SAUDIA Established in 1945, Saudia, formerly known as Saudi Arabian Airlines, is the national carrier of the Kingdom of Saudi Arabia. The airline operates a network of domestic and regional services within the Kingdom and the Middle East as well as Asia, Europe and North America from its main base of King Abdulaziz International Airport in Jeddah.

Saudia has 144 aircraft, including the latest and most advanced wide-bodied jets currently available. From the UK, Saudia operates daily services from London, Heathrow to Jeddah and double daily from Heathrow to Riyadh with an enhanced time schedule.

Furthermore, the airline operates from Manchester to Jeddah with a three times per week service. Recently, Saudia was nominated Five-Star Global Airline 2021 By Apex and in September 2021, won, for the second time in four years, the Skytrax award: World’s Most Improved Airline of 2021.

The carrier formally joined the SkyTeam alliance in May 2012, becoming the alliance’s 16th global member and first member from the Middle East. Saudia has its own cargo division, Saudia Cargo, which services over 20 destinations with a dedicated cargo fleet.

UVA UVA is an app-based e-hailing service that puts people first and is driven to deliver a safe and secure service to both passengers and drivers.

Through quality assured network of trusted partners, this is achieved using UVA’s advanced in-house technology combined with an operational set up which is designed to support the professional driver servicing the customer’s ride. Passengers will always have the peace of mind that every ride will be as good as their last one.

WHITE CHOICE INSURANCE SOLUTIONS LTD White Choice Insurance Solutions Ltd is a Commercial and General Insurance broker specialising in All types of Business insurance and High Net Worth Personal Insurance. For the firm service is everything, insurance is a complex subject and getting it right is paramount to protection. Each business is the lifeblood of many people, so it is so important that a firm gets the proper advice and right cover in place. White Choice Insurance Solutions strives to offer a really personal service whatever size the business is, something a bit different in today’s world of huge conglomerates and aggregators where you deal with a different contact every time you call in. Whatever cover a business needs, White Choice Insurance Solutions knows where to get it and how to get it at a competitive price.

RICHMOND FINANCIAL SOLUTIONS Richmond Financial Solutions an independent mortgage broker directly authorised by the FCA with access to lenders from whole of market with an excellent track record and reputation in the financial industry. The firm can assist with a wide range of lending including Residential and Buy-To-Let Mortgages, Commercial Finance, Bridging, SelfDevelopment Loans, Limited company BTL, Portfolio Landlords lending, Offshore and other lending. The firm is very experienced in offering advice on protection products such as Life Insurance, Serious Illness cover, Income Protection for personal as well as for business such as Keyman Cover, Shareholder Protection and Business Loans protection.

ARAB-BRITISH CHAMBER OF COMMERCE | 9

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Focus on Oman as an Investment Destination Chamber welcomes high-level Oman ministerial delegation

Dr Muna Salim Al-Jardania, Under Secretary, Oman, Ministry of Higher Education, Research & Innovation

Mr Bandar Reda

H E Qais bin Mohammed Al Yousef, Oman Minister of Commerce, Industry & Investment Promotion

Julian Beach HMA Bill Murray

Sean Spratley

Julian Lynn, Regional Head, Middle East and Asia Pacific, UK Export Finance

Dr Frigyes Lestak H E Azzan bin Qassim Al-Busaidi

ABCC Activities

A highly successful ministerial business roundtable on Oman took place at the Chamber on Tuesday 11 January 2022. The ABCC’s first business event of the new year had been organised in close collaboration with the Oman Embassy in London and the British Embassy in Muscat. The roundtable for potential investors in clean energy and mining in Oman attracted approximately one hundred delegates and allowed Omani officials to enter into constructive dialogue with potential British investors.

The main focus of the discussion at the event was on investment opportunities in key areas such as clean energy, solar, renewable technology, wind power, hydrogen and mining.

Mr Bandar Reda, ABCC Secretary General & CEO, formally welcomed the high-level Omani delegation to the Chamber and pledged to support private sector engagement.

The delegation comprised H E Qais bin Mohammed Al Yousef, Minister of Commerce, Industry & Investment Promotion, H E Prof Mahad Said Baawain, Minister of Labour, H E Abdulsalam Al Murshidi, President, Oman Investment Authority, H E Nasser bin Khamis bin Ali Al Jashmi, Secretary General, Ministry of Finance & Supervisor of the National Programme for Fiscal Balance, Dr Muna Salim Al-Jardania, Under Secretary at the Ministry of Higher Education, Research and Innovation, H E Sheikh Dr Mansoor bin Talib bin Ali Al Hinai, Chairman, Authority for Public Service, and H E Azzan bin Qassim Al-Busaidi, Advisor to the Ministry of Commerce, Industry & Investment Promotion.

The meeting heard that Oman had become more focused on promoting private sector investment in recent years and that it regarded the UK as a key partner in the fulfilment of its ambitions to develop a stronger and more diverse economy. Driven forward by its Vision 2040 blueprint, the Sultanate was implementing a package of incentives designed to attract foreign investors and introducing more business friendly laws to stimulate its economic recovery from the pandemic.

A keynote speech to the meeting was delivered by H E Qais bin Mohammed Al Yousef, Oman’s Minister of Commerce, Industry & Investment Promotion and further elaboration was provided by H E Azzan bin Qassim Al-Busaidi.

Apart from Oman’s excellent location and world-class infrastructure, the minister emphasised that investors could take advantage of incentives such as reduced land rent, a more efficient company licensing process, support for firms that hire Omani employees

and new visas lasting up to ten years.

Investors also benefit from the customfree access to markets arising out of Oman’s free trade agreements with countries in the Arab region, the United States and others.

Oman had many natural advantages and a wealth of resources which offered advantages to investors, whose investments were guaranteed by legislation and protected from future changes in law.

H E Qais bin Mohammed Al Yousef pointed out that a business license could be issues within a matter of minutes and revealed that the Ministry of Commerce was planning to open a dedicated desk to respond to queries on all issues of concern for UK investors.

In addition, the minister stated, a new investor residency programme granted visas of 10-year duration, which formed part of the Omani government’s efforts to enhance the investment environment.

H M Ambassador to Oman, Mr Bill Murray, who chaired the discussion, pointed out that the meeting was being held within the framework of the UK-Oman joint action programme to promote bilateral investment. The delegation to the UK of senior Omani ministers followed on from the visit to London in December last year of H M Sultan Haitham bin Tariq, which was hailed as a milestone in UK-Omani relations. The ABCC’s roundtable was held on the day that Oman marked the 2nd anniversary of the Sultan’s rule.

Speakers stressed that both countries were looking forward to the concluding of a UK-GCC Free Trade Agreement expected later this year.

The clear message to British companies that emerged from the event was that Oman offered great opportunities to investors in a range of key sectors, notably tourism, fisheries and ICT and that it wanted to establish much closer relations with the UK, building on the historic relations enjoyed by the two nations.

Several leading UK firms active in Oman in the clean energy and

mining sectors delivered positive accounts of their experiences of the Oman business environment during the roundtable. They warmly commended the support available to foreign investors and the keenness of the Omani authorities to help their businesses succeed in the market.

The British company executives were active in the technology, renewable energy and mining sectors. The overall impression was that it was easy to work in Oman and the attitude that investors could encounter was one of enthusiasm for cooperating with foreign investors.

Oman was open to innovation and welcomed investors.

British investors sharing their testimonies included Julian Beach, whose company Green Fuels was a pioneer in renewable fuels; Ali Qaiser, of Hambro Perks, a technology investment firm; Raj Sandhu, of Bikal, which provides IT solutions; Chris Hulatt, founder of Octopus Group, which manages investment in renewables, healthcare and real estate; Sean Spratley, founder of Knights Bay, a mining investors with a decade of experience of Oman; Mark BattRawden, of Envorem, a Greentech firm involved in waste management; Dr Frigyes Lestak, of Flare2Value (F2V), an energy solutions company in flare abatement; and David Reavley, of Solar Water, which uses technology to enable sustainable and affordable access to fresh drinking water.

LATEST ECONOMIC NEWS FROM OMAN 2022 budget sets spending at $31.5bn Oman has approved its annual budget for 2022, allocating 12.13 billion Omani riyals ($31.5bn) for spending, with a focus on basic public services, from health to social support, stimulating investment.

This year’s budget, which is an increase on the previous year’s budget of 12.167bn riyals, is based on an oil price assumption of $50 per barrel, Oman News Agency (ONA) has reported.

ARAB-BRITISH CHAMBER OF COMMERCE | 13

IMF assessment IMF has said that a strong rollout of vaccines, higher oil prices and continued implementation of structural reforms would considerably improve the outlook for Oman’s economy. IMF expects Oman’s real GDP – which contracted by 2.8 per cent in 2020 – to grow by 2.5 per cent this year and by 2.9 per cent in 2022.

Fitch Ratings revises Oman’s outlook Fitch Ratings revised Oman’s outlook to stable from negative following improvements in key fiscal metrics, including government debt, GDP and the budget deficit.

The move means that all three main ratings agencies have now taken similar decisions in recent months, with Moody’s and S&P Global Ratings revising their outlooks on Oman upwards in October 2021.

Fitch explained its decision saying it estimated that the country’s deficit fell sharply to 3.4% of GDP in 2021, compared to 16.1% of GDP in 2020.

More than half was due to higher oil and gas prices, with hydrocarbons revenues up by around a third.

However, it said, non-oil revenue has also been increasingly strongly, rising 40% year-on-year in the first ten months of this year, helped by the introduction of a value-added tax (VAT) in April.

Growth Forecast for 3.1 percent in 2022 and steady to 2.3 percent in 2023 Fitch also forecast real GDP growth to accelerate to 3.1 percent in 2022 and steady to 2.3 percent in 2023, driven by stronger hydrocarbon growth next year, while non-oil growth will be moderate at just over 2 percent on average.

Non-oil growth will be supported by further recovery from the pandemic and the completion of large projects but constrained by the impact of fiscal consolidation.

Investment Projects H E Abdussalam Mohammed al Murshidi, chairman, Oman Investment Authority (OIA), said (13 December 2021) that more than 110 investment projects are being implemented in 2021 and 2022 and the volume of actual investments in 2021 stood at RO2.6bn.

In 2022, the volume of spending will be RO2.9bn through the expansion of current projects and setting up new ones. “In 2022, the volume of investments in the tourism sector is expected to be RO193mn, RO57mn in the mining sector, RO116mn in the logistics sector, and RO156mn in communications and information technology,” H E Murshidi said.

“This is in addition to RO99mn in the food sector, RO54mn in fisheries, RO1.41bn in the energy sector, RO803mn in the general services sector and RO52mn in other sectors,” he added.

He informed that sate-owned companies will operate themselves to cover their expenses without the help of the Ministry of Finance.

“Companies owned by OIA are working on several sustainable projects and will cover their own expenses,” he said.

Oman Vision 2040 Oman has adopted a bold 2040 Vision strategy that aims to create a competitive business hub underpinned by strong regulation and Environmental, Social, and Governance (ESG) goals.

The vision sees investment as key and sets out sustainable development goals, including renewable energy initiatives.

“The vision focuses on reshaping the roles of and relation between the public, private and civil sectors to ensure effective economic management; achieve a developed, diversified and sustainable national economy; ensure fair distribution of development gains among governorates; and protect the nation’s natural resources and unique environment,” His Majesty Sultan Haitham bin Tarik said in the Vision 2040.

‘Diversified economy will bring growth, resilience to Oman’ – the World Bank Oman’s plans for economic diversification will help bring growth to the country and make it more resilient, according to a top official at the World Bank.

Issam Abousleiman, the World Bank’s country director of the GCC countries, Middle East and North Africa, said

that diversification also provides more sustainable levels of growth, and multiple career opportunities for the next generation of graduates.

Oman’s Comparative Advantages Oman’s economic expansion is a key part of Vision 2040, which aims to develop a sustainable, diversified economy that provides good standards of life and employment opportunities for all. The World Bank country director said that in expanding into tourism, agriculture and fisheries, mining, renewable energy, manufacturing, transport and logistics, the country is taking the right steps forward.

“With a stunning coastline of over 3,000 km plus attractive natural landscapes, historical monuments and a welcoming culture, Oman is well poised to capitalise on the tourism sector and its niche areas of eco-tourism and MICE (meetings, incentives, conferences and exhibitions),” he said.

“Other areas in which Oman might have a comparative advantage include logistics, given its geographic location, and food and agriculture,” said Abousleiman. “In addition, given the energy transition, Oman can move in taking advantage of the wind and the sun to expand renewable energy production that could reduce the cost of its own energy, reduce emission by helping meet its international commitment, and export excess energy as the GCC links its grid to other parts of the Middle East, Africa and beyond.

UK-Oman Relations On 16 December 2021, the British Prime Minister welcomed the Sultan of Oman, Haitham bin Tarik al Said, to Downing Street for discussions aimed at enhancing bilateral relations.

Both countries welcomed their longstanding ties and looked forward to revitalising their partnership across trade, investment and defence.

The two leaders underlined their commitment to continue working closely together, looking ahead to a potential UK-GCC summit in 2022 and the signing of a free trade agreement.

With a stunning coastline of over 3,000 km plus attractive natural landscapes, historical monuments and a welcoming culture, Oman is well poised to capitalise on the tourism sector and its niche areas of eco-tourism and MICE (meetings, incentives, conferences and exhibitions) 14 | ARAB-BRITISH CHAMBER OF COMMERCE

Due Out End of April

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4th Tunisia-UK Trade & Investment Forum

Tunisia has many attractions to the prospective investor, including notably its competitive costs, wide pool of talent, world-class infrastructure, choice of transport connections, dedicated industrial sites and free zones and a business friendly environment.

These issues and the latest opportunities in a wide number of sectors were flagged up during the 4th Tunisia-UK Trade & Investment Forum hosted by the Chamber on 9th December 2021.

The ABCC welcomed a trade delegation from Tunisia in London to participate in the forum held at the Chamber premises and organised in collaboration with the Tunisian Embassy. A distinguished speaker panel was headed by His Excellency Mr Nabil Ben Khedher, the Ambassador of the Republic of Tunisia, who was joined by Mr Jed Mrabet, President, Tunisian British Chamber of Commerce, Mr Zied Braham, Director,

16 | ARAB-BRITISH CHAMBER OF COMMERCE

FIPA UK - Invest in Tunisia, and Mr Gonzalo Butori, Senior Associate, Giambrone & Partners, an ABCC member company.

Mr Bandar Reda, CEO & Secretary General and the Rt Hon Baroness Symons, ABCC Chairman, both delivered opening contributions at the event. Mr Reda remarked that the ABCC was looking at the possibility of leading a UK business delegation to Tunisia during 2022.

In her opening remarked, Baroness Symons described Tunisia as a very welcoming place for visitors and highlighted its many attractive features such as its heritage, natural landscape and accessible location.

Tunisia’s population was generally well educated and skilled while women have long played a prominent part in public life, including business.

Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, chaired the discussion.

Delegates to the event heard that Tunisia was promoting itself as a gateway to Africa.

ABCC Activities In his keynote remarks, H E the Ambassador explained that the purpose of the forum was to highlight prospects for trade and investment, as was the case with the previous three forums that have been held since 2017.

The UK was Tunisia’s 12th largest investor with over 90 companies active in the market in sectors from textiles to the emerging high tech industries, Mr Braham said. He saw that UK firms were currently expanding their operations in the country.

His Excellency Mr Nabil Ben Khedher flagged up one of the recent successes as being a recent change to the rules on olive oil exports to the UK. Thanks to this one of the best olive oils available anywhere was now available in UK stores.

Pharmaceuticals, electronic components and organic produce were some of the areas that investors should seriously look into for the potential that they offer.

A task of the forum was to make people more aware of what Tunisia had to offer with the ultimate aim of raising the level of trade and investment. The Ambassador explained how Tunisia was seeking to boost exports in agri-food produce and textiles.

He looked forward to Tunisia forming partnerships with UK companies interested in garments production and specialist textiles. The prevalence of talent in the Tunisian IT sector meant that there were notable opportunities for the UK IT sector.

Tunisia also aimed to see a major influx of holidaymakers and tourists from the UK. The two countries were looking to develop closer links in the field of education and language learning.

New projects were emerging in the clean energy sector following the commitments to reduce carbon emissions. Tunisia’s serious intentions were reflected in the large delegation from the country that attended the COP26 summit in Glasgow. UK and Tunisia were currently exploring new green energy projects.

Jed Mrabet stated that the current transition in Tunisia was opening up new opportunities for investment and doing business with the UK. He outlined the activities of the Tunisian British Chamber of Commerce, of which he is president. The TBCC was helping to identify areas of opportunity and seeking to match projects with investors.

A business taskforce had been established to suggest the kind of reforms needed to improve the investment climate and attract new investors.

Zied Braham, Director, FIPA UK, explained the country’s FDI landscape and the key sectors with most potential.

He said that 3,700 foreign firms from the UK, EU, US, Japan and China were active in the Tunisian economy with the majority producing for export.

The London office of FIPA was open to provide help and advice to any prospective investors and it would be able to help people make useful connections.

KEY ATTRACTIONS OF TUNISIA

The country’s main industries are petroleum, mining (phosphates, iron ore), tourism, textiles, footwear, agribusiness.

In terms of trade, Tunisia’s main exports are textiles, clothing and semi-finished goods, crude petroleum, agricultural produce, olive oil, phosphates, mechanical goods and electrical equipment.

As a destination for investment, the country’s Foreign Investment Promotion Agency (FIPA-Tunisia) identifies significant potential to be found in aerospace, agribusiness, electronics, mechanical, plastics and textiles as offered most potential for foreign investors.

Tunisia’s major trading partners, on the basis of 2019 data, are France (29.1% of global total), Italy (16.2%), Germany (12.8%), Spain (3.8%), Libya (3.6%), Algeria (2.7%), followed by the United Kingdom (2.2%).

Population Of the country’s assets and strengths, Tunisia boasts a population of 11.8 million, on World Bank data for 2020. Human capital is a definite asset for the country given the highly educated and skilled population. Women play a prominent role in public life and in business.

Another asset is the country’s location close to the main markets of the European Union and the United Kingdom.

High Literacy Level Tunisia has a high literacy rate (79%) which has continued to improve year on year. Improving education has remained a policy priority since the country first achieved independence.

Tunisia had its first female Prime Minister in 2021 when President Kais Saied

named Najla Bouden, a senior civil servant in the higher education ministry and lecturer in geological engineering, to the post making her the first female prime minister of any Arab country.

The appointment of Bouden reflects the fact that Tunisia was for long at the forefront among Arab countries in terms of promoting civil rights for women, granting them full legal equality including marriage rights.

Tunisia positions itself as a “Gateway to Africa” with FIPA-Tunisia is promoting the country to investors in a “Your Gateway to Africa” campaign. On 9December, FIPA-Tunisia planned its first post-COVID-19 event under this theme in Milan. The aim was to discuss investment and business opportunities in sectors with high growth potential within the country. FIPA-Tunisia recorded a slight decline in foreign investments into Tunisia of two percent during the first nine months of 2021, estimated at 1.383 billion dinars ($494 million).

Trade Agreement with the UK The UK signed an association agreement with Tunisia, which is now in effect, to ensure continuity following the UK’s exit from the European Union.

This trade agreement opens up new opportunities for doing business.

GDP Growth Tunisia revised its GDP growth expectations for 2021 to 2.6%, down from a previous forecast of 4%, according to Reuters. The IMF figure for real GDP growth was 3%.

Investment Law Tunisia’s investment law simplifies the procedures for obtaining licenses, permits and investment authorisations and limits restrictions on the hiring of foreign workers. A High Investment Board acts as a central body and replaces the multitude of administrative bodies that previously issued these required documents. The hiring of foreign workers is also made easier by this law, adding flexibility to labour market regulations. Other initiatives include a new bankruptcy law, an investment code and a law enabling public-private partnerships. The Tunisian Parliament passed law 2019-47, which contains 38 amendments to address shortcomings in existing laws and regulations that impeded investment.

Tunisia has free trade zones (known as Parcs d’Activités Economiques) in Bizerte and in Zarzis, where companies are exempt from taxes and customs ARAB-BRITISH CHAMBER OF COMMERCE | 17

duties and benefit from unrestricted foreign exchange transactions. The production in these zones has limited duty-free entry for the purpose of transformation and re-export.

UK-Tunisia Trade Bilateral trade is currently small with potential for expansion.

Total trade in goods and services between the UK and Tunisia was £380 million in the four quarters to the end of Q2 2021, a decrease of 31.3% or £173 million from the four quarters to the end of Q2 2020, according to DIT data.

Of this £380 million: •

•

Total UK exports to Tunisia amounted to £174 million in the four quarters to the end of Q2 2021 (a decrease of 30.4% or £76 million compared to the four quarters to the end of Q2 2020); Total UK imports from Tunisia amounted to £206 million in the four quarters to the end of Q2 2021 (a decrease of 32.0% or £97 million compared to the four quarters to the end of Q2 2020).

Data from Trade & Investment Fact Sheet on Tunisia, DIT, December 2021 UK Drops Tariffs on Tunisian Olive Oil Imports After Signing Trade Deal, Tunisian exporters can now sell olive oil in the United Kingdom duty-free after an agreement between the two countries came into force earlier this year, reported the Olive Oil Times, 13 July 2021.

The post-Brexit trade agreement between Tunisia and the UK was signed in October 2019. The trade agreement allows for 7,723 tons of Tunisian virgin olive oil to be imported without tariffs each year.

According to the International Trade Centre data, Tunisia exported 6,239 tons of olive oil to the UK in 2019, the last year for which data are available. Overall, the UK is the twelfth largest destination for Tunisian olive oil by value globally and the sixth-largest in Europe.

Agriculture is a key sector in the Tunisian economy, accounting for 10.4% of the GDP and employing 12.7% of the workforce in 2020, according to the World Bank. An improvement in production methods in recent years has allowed the sector to develop and improve the cultivation of olive trees, fruit trees and palm trees, while enabling the country to reach a level of food sufficiency. Organic

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farming has boomed in recent years, where Tunisia is seen as one of the most productive countries in Africa.

foreign tourist bookings were cancelled, with an estimated 80% drop in the tourism sector.

Certified Organic Produce

Improvement in Tourism Indicators

Tunisia became a certified exporter of organic produce in 2010 which has allowed it to export produce like organic olive oil to the UK market. Olive oil accounts for the largest share in agricultural exports, followed by dates, olives and fresh fruit.

Agricultural and agri-food offer attractive investment opportunities.

Tourism revenues slightly improved and were estimated at around 1.9 billion Tunisian dinars (about $678 million) in the first 10 months of 2021, according to the financial and monetary indicators released by the Central Bank of Tunisia (BCT).

Industrial Sector Industry represents 22.7% of the GDP and employs 32.5% of the active population, according to World Bank data. Tunisia’s industrial firms are predominantly export-oriented. Sectors such as leather and shoe industry, paper, cardboard, plastic, wood, food and construction materials have all experienced a decline in activities. Meanwhile, the chemicals, textiles and clothing sectors were growing until 2019 when the Covid-19 pandemic began to exert an impact on the industrial sector, in particular on textiles and clothing and the mechanical and electrical engineering sub-sectors.

The fall in foreign demand led to a reduction in exports of mechanical and electrical engineering and textiles by 27% by mid-2020 year-on-year.

Automotive Industry The automotive industry has shown great flexibility and has developed the capacity to adapt to new trends. The sector has strengths across the value chain in advanced R&D, production planning, concept definition product development manufacturing and assembly, marketing, sales & after-sales, equipment manufacturers and suppliers.

Services The local economy is largely orientated towards services, which account for 61.7% of GDP, including the booming sectors of ICT and tourism. The service sector employs 54.8% of the country’s workforce. Following a difficult period, tourism recovered considerably in 2019 with international arrivals rising to 9.4 million or a 13.6% increase year-on-year.

The growth rate in the services sector was 0.6%. Professional training and research are both rising sectors.

Tourism The Covid-19 pandemic had a strong impact on tourism revenues which fell by almost 30%, affected by the closure of international borders in March 2020.

With the total lockdown in April 2020,

Tunisia received about 1.94 million tourists, an increase of 7.2 percent, with a six percent rise in revenues, which may provide a stock of foreign exchange the economy desperately needs during this period. However, these figures are still far lower than records achieved in 2019, when Tunisia received around 9.5 million tourists, bringing in five billion dinars ($1.8 billion) in revenues.

Renewable Energy Tunisia is working to increase the share of renewable energy in the electricity mix to 30 per cent by 2030. During 2021 Tunisia launched tenders to develop and build 16 solar power plants with a total capacity of 70 MW. Selected projects will sell national electricity utility company STEG under a long-term power purchase agreement. Tunisia aims to install 3.8 GW of renewables before 2030.

Clothing & Textiles Both the UK and Tunisia are committed to forging closer partnerships between their respective professional clothing industries.

Tunisia boasts natural advantages based on its close proximity to the UK market and the maturity of its diverse textile and manufacturing industry.

The UK government has funded a project to support Tunisian companies in the textiles sector to become trusted supply partners for the fashion and retail industry. Tunisia is already the goto partner for many leading Italian and French brands.

A Buy Tunisia Textiles campaign aims to achieve a sustained increase in trade between Tunisia and the UK. The campaign was implemented by international trade and investment advisory firm OCO Global based in Belfast and overseen by Coffey International Development on behalf of the British Embassy in Tunis.

Tunisian counterparts involved are national export promotion agency, CEPEX, the Tunisian-British Chamber of Commerce, and regional Chambers of Commerce.

ABCC Activities

UK Trade Negotiations, Agreement with the Gulf Cooperation Council Mr Bandar Reda, ABCC Secretary General & CEO, was invited by the International Trade Committee of the House of Commons in Westminster to give oral evidence in its session on UK trade negotiations: Agreement with the Gulf Cooperation Council. The discussion took place online on Wednesday 12 January 2022 with Members of Parliament who sit on the committee posing a series of searching questions.

London and Dr Joseph A Kéchichian, Senior Fellow at King Faisal Center for Research and Islamic Studies.

The detailed discussions concentrated on such issues as the prospects of achieving a multilateral trade agreement with all six GCC states versus a series of bilateral agreements.

might be difficult to reach agreement on such as e-commerce and digital trade as well as climate change and issues related to the environment.

There was a strong appetite for an agreement among the business community, Mr Reda noted, pointing out that the ABCC was in close and regular contact with all the local chambers of commerce which allowed it to assess business opinion on the issue.

“In my view,” Mr Reda told the committee, “There is an appetite to have a clear agreement, whether a bilateral agreement or a bloc, between the UK and the GCC, especially when it comes to business-to-business. It will facilitate different aspects and it will eliminate different barriers as well.”

A free trade agreement would open up new trade prospects for both goods and services, Mr Reda told the committee.

“The free trade agreement will facilitate different points when it comes to terms and conditions, documentation, trading goods among those six countries; free goods transport among those countries, downstream investment opportunities, investment obstacles to be eliminated inwards to the UK and outwards from the UK to those countries. We could discuss so many different articles but, in general, I see goods and services are the main aspects being transported or exported from the UK to the six GCC countries,” he stated.

Mr Reda stressed the important role of the chief negotiator of the GCC who is empowered to speak for the bloc as a whole. The GCC was working towards an agreement that would be signed by all six countries, rather than looking towards reaching bilateral trade deals.

This is because they had adopted a “straightforward target of agreeing all together on the main aspects for a trade agreement”, he said.

The purpose of the discussion was to gather expert evidence concerning the prospects of reaching a free trade agreement between the UK and the countries of the GCC. The evidence gathered will guide parliamentarians in their decisions when the matter comes to be debated before Parliament. The UK and GCC are entering into formal negotiations with a view to concluding a new Free Trade Agreement by the end of 2022.

Also giving evidence to the committee in this session were Dr David Roberts, Associate Professor at King’s College

In particular, the session considered how a future free trade agreement with the GCC might open up prospects for an increase in the flows of bilateral investment.

Mr Reda mentioned to the committee of MPs that he had met the secretary general of the GCC and its chief negotiator earlier in the year and found that an agreement with the UK was one of the GCC’s priorities.

A free trade agreement between the UK and GCC would enhance not only trade ties but would impact on the whole relationship, he observed. Certain areas

Mr Reda predicted an increase in investment in the wake of a free trade deal being concluded.

“We could see much more foreign investment or GCC investment coming into the UK if the terms and conditions are right,” he stated.

A full transcript of the 12 January discussion has been published by the House of Commons and can be found at: https://committees.parliament. uk/committee/367/internationaltrade-committee/publications/

ARAB-BRITISH CHAMBER OF COMMERCE | 19

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ABCC hosts Jordanian Ambassadorial Roundtable

Photo by Spencer Davis on Unsplash

H E Mr Manar Dabbas speaking to the roundtable of potential investors.

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Rt Hon Baroness Symons, H E Mr Manar Dabbas, Jordanian Ambassador (left), Mr Bandar Reda and Mr Abdeslam El-Idrissi.

ABCC Activities

The Arab British Chamber of Commerce hosted an Ambassadorial Roundtable for Jordan on 25 January during which His Excellency Mr Manar Dabbas, the Ambassador of Jordan, provided a keynote address which concentrated on the many economic attractions of the country and the growing opportunities that exist for much closer cooperation with the UK. Many leading investors and officials participated in the roundtable, including diplomats, bankers and investors from a broad cross-section of sectors. Mr Bandar Reda, Secretary General & CEO, ABCC, welcomed guests and the Rt Hon Baroness Symons, Chairman of the ABCC, chaired the discussion. She introduced the ambassador by describing his impressive career as an advisor to H M the King of Jordan and as a top official at the Royal Court in Amman.

New infrastructure initiatives included the development of a rail network and a regional power grid connecting Jordan with its neighbours. A recent plan to link up Jordan, Egypt and Iraq should be promising for future investment opportunities.

In an October 2021 assessment, the World Bank estimated that Jordan’s growth would average 2.3% once the global economic recovery consolidates, which would return Jordan to its prepandemic performance level.

One key asset that came under scrutiny was the highly educated, skilled and motivated local workforce, which offered a pool of talent available for companies setting up in the country.

Among the distinguished guests present was the newly appointed Ambassador of Egypt to the UK, H E Mr Sherif Kamel, who offered his observations on Jordan’s prospects after having previously served as his country’s ambassador in Amman.

Many Jordanians were technology trained and proficient in languages which were skills in high demand among tech companies who had chosen the country as a base for their regional operations. There were now upwards of 3,000 firms working in the Jordanian ICT sector, such as tech giants like CISCO.

“Jordan’s economy has weathered the COVID-19 shock better than many peers. Yet high unemployment (particularly among youth at 48%), widening external imbalances, rising debt, and low levels of investment pose significant challenges to a robust recovery. Jordan needs to stay the course on reforms to promote investment-led growth and job creation,” the World Bank observed.

In his presentation, H E Mr Manar Dabbas drew attention to the growing potential for doing business in key sectors making mention of renewable energy, ICT, manufacturing, agriculture and food production, pharmaceuticals and healthcare, textiles and garments, as well as tourism. On the latter subject, the Ambassador pointed out that Jordan’s new tourism strategy had been launched in November 2021 at the Chamber and formally during the World Travel Market in London.

In all these areas, opportunities for UKJordan collaboration were on the increase especially now that business activities were resuming following the pandemic.

The Kingdom should be seen as a gateway to the regional markets of the MENA and beyond because of Jordan’s strategic location and due to trade agreements concluded with numerous countries, the Ambassador stated.

The terms of these agreements gave investors access to a combined market of over one billion consumers.

He highlighted in particular the agreement with the United States which had led to a rapid increase in bilateral trade since it came into force.

In addition, Jordan had reached numerous tax and investment agreements with different countries, which provided protection for investment in the country.

Notably, Jordan was renowned for its advanced infrastructure and business friendly environment driven by a proactive government in Amman that seeks to encourage and facilitate investor initiatives. Speakers at the roundtable praised Jordan for the support given to business, including the many incentives that were available.

A successful outcome of the consistently high investment in education made by Jordan was the number of engineers and doctors, which were well above any regional average.

The Ambassador stated that Jordan wanted to boost its exports to the UK so that more Jordanian products were on sale in the UK market, especially food produce.

Jordan was also an important location for medical tourism and could offer competitive costs that would allow the UK to manage its health requirements more effectively.

The discussion, chaired by Rt Hon Baroness Symons, touched on investment potential in the expansion of the Jordanian mining industry, especially in relations to precious metals such as copper and zinc; plans to diversify Jordan’s energy sources by developing solar, wind power and hydrogen, taking measures to increase energy efficiency and how Jordan was moving forward with regional power projects.

Several Jordanian investors who were based in the UK delivered remarks about the potential in different areas and argued for closer cooperation between UK and Jordanian private sectors.

OPPORTUNITIES IN JORDAN – POPULATION, LOCATION AND INNOVATION Jordan has been described as a country where opportunities abound and which boasts many assets such as its educated population, strategic location and reputation for innovation.

“Jordan’s real GDP is projected to grow at 1.9% in 2021, as economic indicators suggest an upswing in private demand while global demand remains supportive.

Although early indicators point to some output recovery (such as real estate sales, construction activity and industrial production), Jordan’s private sector may not be able to galvanize quickly, while the government is contending with lack of fiscal space. Hence, the rebound of the economy is expected to be gradual in the next few years. Once global recovery consolidates, vaccination expands, and tourism recovers, growth is projected to average around 2.3%, consistent with the pre-pandemic performance.”

Jordan boasts many attractions for investors and offers distinct advantages.

It is a youthful country, with a growing, increasingly educated and skilled labour force. Its central location in a geopolitically important region has brought it significant benefits. Its diverse geography and unique cultural, religious, and historical heritage have the potential to spur significant growth in the vital tourism industry going forward post-pandemic.

Innovation The most promising of all aspects of Jordan is the potential for innovation, productivity, and growth achieved through its harnessing of ICT, according to the World Bank. This sector remains ripe for expansion although an emergent ICT sector already exists in Jordan with global giants such as Cisco, Expedia, HP, Microsoft, and Oracle already having established operations in the country.

Jordanian information technology outsourcing (ITO) and business processing outsourcing (BPO) companies have expanded to service regional and international clients; and a nascent digital and entrepreneurship ecosystem ARAB-BRITISH CHAMBER OF COMMERCE | 23

has emerged. Beyond the promise of the sector itself, however, ICT offers the prospect of support to the modernization and transformation of other industries and related services, says the IFC/World Bank its report, Creating Markets in Jordan: Country Private Sector Diagnostic.

Private Sector is Key to Jordan’s Economic Future The report Creating Markets in Jordan suggests that bolstering private investments across the country – including in tourism, logistics, and information and communication technology – would support job creation, spur innovation, and help Jordan recover from the economic fallout of COVID-19.

The report commends Jordan for activating private investments in infrastructure, especially in renewable energy. For the past five years, the equivalent of about 2 percent of GDP has gone into infrastructure-related public-private partnerships annually.

While praising the Kingdom’s “real progress in improving its business climate”, the report suggests that Jordan’s foreign investment regulations should be simplified as a means of encouraging firms to enter the market.

•

•

•

On tourism, the report argues that Jordan, with a combination of ancient attractions and balmy temperatures, has the potential to become a major tourism destination.

Its technology sector, which includes a mix of homegrown startups and technology giants, like Microsoft and Amazon, is also primed for growth.

The same holds true for the logistics industry, where a surplus of techsavvy young people could help develop the connected transport and logistics systems of tomorrow.

“There’s no doubt that the tourism, logistics, and information technology sectors are brimming with promise,” said Saroj Kumar Jha, Mashreq Regional Director, World Bank Group, commenting on the report. “In the years to come, the key will be to create a level playing field in these industries.

That would allow innovative, well-run companies to succeed, which, in turn, would help create jobs and drive the growth Jordan so acutely needs.”

Tourism Jordan’s Minister for Tourism was in London in November 2021 to launch the new brand, Kingdom of Time, showcasing it at the World Travel Market in London and speaking about it at the ABCC. Through this rebranding, Jordan is reintroducing itself as an accessible, intriguing and multifaceted destination that

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will appeal to the modern tourist who is independent, active, digitally-empowered seeking to explore and find meaningful experiences and human connections.

Beyond Jordan’s well-known attractions like Petra, the kingdom receives global attention for its award-winning nature spots and adventures like the Jordan Trail that traverses the Kingdom from north to south offering views of the Jordan Valley and the Dead Sea at the world’s lowest point. Amman is a magnet for urban and town tourism, attracting seekers of authentic flavours to enjoy the culinary delights of the Jordanian kitchen.

In 2020, the COVID pandemic brought to an abrupt halt what was already a remarkable multi-year acceleration and diversification of Jordanian tourism. With the Kingdom becoming easily accessible through low-cost airlines, Jordan is able to attract a new generation of visitors to experience its majestic ancient landscapes.

To recover from COVID-19, Jordan has built a strong partnership between public and private sectors in the tourism industry to put together international standard operating procedures for all of its tourism segments, following its success in being one of the leaders in the region for vaccination of the tourism sector.

“Jordan is back, delighted to have launched its new tourism brand, as an authentic reflection of a destination which can be considered as a miniature continent when it comes to its diverse landscapes, fuses together a dizzying collage of geological natural and urban diversity, historical richness, a tradition of spirituality and faith, and a contemporary Arabian culture of openness and warm hospitality that welcomes everyone for leisure, business and healing,” said Nayef Al-Fayez, Jordan’s Minister of Tourism.

“Jordan’s new tourism brand that was launched last November along with the new national tourism strategy that was also launched a few weeks ago taps into targeting new age groups of tourists planning their travel, with the new lowcost carrier flights to Jordan from Europe we hope to bounce back faster than we expected. Ryanair has launched new routes to Jordan including a new route that was inaugurated last November from Adolf Suarez Madrid Airport that is key for the Spanish traveler including the current national carrier Royal Jordanian flights, along with Jordan signing new agreements with Wizzair and new routes launched by EasyJet into southern Jordan – Aqaba,” said Dr Abdel Razzaq Arabiyat, Managing Director of the Jordan Tourism Board.

UK-Jordan Trade Total trade in goods and services (exports plus imports) between the UK and Jordan was £623 million in the

four quarters to the end of Q2 2021, an increase of 4.7% or £28 million from the four quarters to the end of Q2 2020.

Of this £623 million: •

Total UK exports to Jordan amounted to £487 million in the four quarters to the end of Q2 2021 (an increase of 7.0% or £32 million compared to the four quarters to the end of Q2 2020);

•

Total UK imports from Jordan amounted to £136 million in the four quarters to the end of Q2 2021 (a decrease of 2.9% or £4 million compared to the four quarters to the end of Q2 2020).

Jordan was the UK’s joint 88th largest trading partner in the four quarters to the end of Q2 2021 accounting for 0.1% of total UK trade.

In 2019, the outward stock of foreign direct investment (FDI) from the UK in Jordan was £11 million, on ONS data. In 2019, the inward stock of FDI in the UK from Jordan was £239 million.

Goods that the UK Exports to Jordan Major items exported to Jordan include general industrial machinery, mechanical power generators, vehicles, medicinal and pharmaceutical products.

Goods that Jordan Exports to the UK UK imports from Jordan include mechanical power generators, vegetables, metal ores, clothing and general industrial machinery.

Jordan-UK Association Agreement in force A Jordan-UK Association Agreement, that replaces the EU agreement, was signed on 5 November 2019. A Jordanian Royal Decree was then issued on 25 February 2021 and the Jordanian government formally confirmed on 1 March that all their procedures been completed.

The UK Government having confirmed that all its procedures were completed finally enabled the agreement to come into force on 1 May 2021.

On welcoming the agreement, UK Minister for Middle East and North Africa, James Cleverly, had stated: “As we celebrate 100 years of UK-Jordan friendship, today’s new UK-Jordan trade agreement is an important step forward for our countries which will provide a boost to British and Jordanian businesses and ensure that friendship continues to grow and flourish.”

The UK and Jordan have now reached positive trade agreements and partnerships across various sectors including education, aviation, retail, biometrics and technology.

Mauritania Charting a Course to Sustainable Growth

By Oxford Business Group

While Mauritania was hard hit by the Covid-19 pandemic, the country is now charting a course to economic recovery and resilience. Leveraging ample natural resources, Mauritania is working to add more value to traditional sectors such as mining, agriculture and fisheries, while also seeking new sources of revenue to achieve sustainable and inclusive growth and job creation, particularly for young people, reports Oxford Business Group.

“Mauritania is determined to contribute to the development and deepening of its economic and commercial partnerships with the countries of the continent by taking advantage of its geostrategic position and natural resources, as well as promoting the private sector, a favourable business climate and the numerous investment opportunities that our country offers,” says Mohamed Ould Ghazouani, President of the Islamic Republic of Mauritania.

contributing 59% of exports by value and nearly 10% of GDP, as well as one-10th of government revenue. Iron ore and gold mining are predominantly centred in Fderik, in the Sahara Desert, while copper is primarily found around the western city of Akjoujt. Iron ore and gold are two of the country’s largest exports, with the former earning $1.7bn in 2019, though the processing of both largely takes place overseas.

MINING SECTOR

The government of Mauritania is committed to diversifying the mining sector and is placing greater emphasis on non-metal commodities such

Mining remains an important engine of economic growth for Mauritania,

as limestone, clay for construction, phosphate and industrial minerals.

Importantly, the National Industrial and Mining Company (Société Nationale Industrielle et Minière, SNIM), Africa’s second-largest iron ore producer, has attracted African Development Bank Group and European Investment Bank support to enlarge the berthing capacity at the Port of Nouadhibou, from which it ships export cargo abroad. The project plans to deepen and widen the SNIM’s berths to handle larger ships, maximising the efficiency of its transport chain while reducing costs.

ARAB-BRITISH CHAMBER OF COMMERCE | 25

Mauritania

OIL & GAS

The development of the country’s oil and gas sector has been less straightforward. After offshore reserves at the Chinguetti field were developed in 2006, the field quickly fell short of the expectations of the government and investors alike. However, Kosmos Energy’s 2014 discovery of 15trn cu feet of recoverable gas reserves in the waters between Mauritania and Senegal looks set to drive a new phase of investment and government revenue.

To be developed in phases, the Greater Tortue Ahmeyim liquefied natural gas (LNG) project will produce up to 10m tonnes of LNG per annum, with the potential for further expansion. The Greater Tortue Ahmeyim natural gas field has brought Mauritania’s economy to an important turning point. With first gas in the $4.8bn project backed

by BP and Kosmos Energy expected in 2023, the government is set to receive a vital new injection of tax revenue that could help make the long-held goal of economic diversification a reality.

GREEN ENERGY AMBITIONS

Mauritania is seeking to capitalise on its geographical position and renewable energy resources to launch large-scale green hydrogen projects. In May 2021 the government and US renewables company CWP Global agreed to build a 30-GW wind and solar power facility in the northern part of Mauritania, where the power is intended to create green hydrogen for worldwide export.

In September of the same year Chariot, an Africa-based energy company, signed a memorandum of understanding with the government to explore a $3.5bn green hydrogen project that includes two onshore solar licences and an offshore wind element.

Under a plan to achieve universal access to electricity by 2030, the government also aimed to increase the share of renewable energy in the power generation mix to 60% by the end of 2021, leveraging Mauritania’s substantial renewable energy resources, such as solar, wind and hydropower, as well as its conventional natural gas reserves.

The African Development Bank Group’s Board of Directors recently approved a $6m grant to kick off the first phase of the Desert to Power West Africa Regional Energy Programme. The initiative seeks to reshape the Sahel 26 | ARAB-BRITISH CHAMBER OF COMMERCE

by harnessing the region’s vast solar potential to connect 250m people using 10,000 MW of solar generation capacity.

DEVELOPMENT PLAN

New revenue from the natural gas field should also support sustainable and inclusive growth via the government’s current national development plan, the Strategy for Accelerated Growth and Shared Prosperity 2016-30. A key component of the plan is to drive productivity in agriculture by developing competitive livestock subsector and boosting value-added industries such as leather production. Developing the fisheries segment while preserving marine and coastal diversity is another goal. The aim is to further integrate fisheries into the national economy and lift its contribution to GDP above the current level of 6%. Mauritania’s fishing waters are attractive, with an annual total catch potential of about $1.4bn.

PRODUCTS OF INTEREST

The World Bank identifies frozen mackerel and sardines, as well as chilled and fresh fish, as some of the products in which Mauritania holds a comparative advantage in global markets and can therefore derive the greatest benefit.

Other products of interest under the development plan are fish oil, sheep skin and leather, malt, Arabic gum, gypsum and quartz.

FARMING & FISHING

Much of Mauritania’s population derives its livelihood from fishing and raising crops and livestock, indicating the potential impact of the expansion of agri-business value chains on the economy. The agriculture sector accounted for 20% of GDP in 2020, but there is scope for this to increase if partners such as the International Fund for Agricultural Development (IFAD), the African Development Bank (AfDB), the World Bank, the Islamic Development Bank and the EU can galvanise improvements in agricultural practices.

In the few locations where precipitation exceeds 43 cm per year, farmers grow millet and dates, along with sorghum, beans, yams, maize and cotton. Along the riverbanks of the Sahelian zone, flooding allows rice to be cultivated, along with other grains and watermelon.

The government is working to expand irrigation projects in oasis zones, primarily through the drip technique, a form of micro-irrigation that saves water by slowly feeding moisture directly into the roots of plants, thereby avoiding evaporation.

Successive governments have endeavoured to increase the amount of irrigated land next to the Senegal River in the south, as well as improve well water access and palm tree coverage to allow vegetables and grains to be grown in oases. Mauritania currently relies on imports to meet the bulk of its food security requirements.

Three-quarters of the population is engaged in raising livestock; goats and sheep are the most prevalent, followed by cattle and camels, and the sale of animals is an important source of income and food for those in the industry.

Lévrier Bay opens onto some of the world’s richest fishing grounds, and fishing contributes about 5% to GDP. Since 1980 the government has required that foreign fleets form a joint venture and establish a processing terminal in Nouadhibou.

In 2015 the country adopted a new national fisheries strategy to ensure transparency and sustainable practices in the sector. In 2021 the EU sealed a new five-year agreement granting its vessels access to Mauritanian waters. They are allowed to catch some 290,000 tonnes per year, in return for €16.5m in sector support and an annual contribution of €57.5m.

TOP EXPORTS

Frozen fish is another of the country’s top exports, along with gold, molluscs and processed crustaceans. Its top imports, meanwhile, include specialpurpose ships, planes and helicopters, as well as wheat, raw sugar and refined petroleum. China is its largest overall trading partner, while Switzerland is the second-largest export market and France is its top import partner.

INVESTMENT

From 2009 to 2015 foreign investment helped drive growth in the construction, utilities, transport and communications sectors. In 2013 the government sought to capitalise on the influx and launched a free zone in Nouadhibou to improve the port’s competitiveness and attract fish-processing industries such as tuna canning. However, despite investment from mainly Spanish and Moroccan companies, the free zone failed to take off.

The government continues to court interest, with plans for a new airport, a tourist area and the continued expansion of the deepwater fishing port. President Ghazouani chairs a strategic council devoted to enhancing

MAURITANIA ECONOMY

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reform as key to strengthening the economy and the pandemic, contracting by 1.5% in 2020, growth GDP. Since 1980 the government has required th promoting inclusive growth. is projected to recover to an average of 4.1% in foreign fleets form a joint venture and establis About 75% of the poor live in rural areas, where 2021-23. However, that outlook remains subject to a processing terminal in Nouadhibou. In 2015 th the prevalence of poverty is intertwined with downside risks, including the potential for the Omicountry adopted a new national fisheries strateg weak performanceOVERVIEW in the agriculture sector, which cron variant to prolong the pandemic and delay the MAURITANIA 8 to ensure transparency and sustainable practice accounts for 20% of GDP. Shepherds raise livestock, government’s reform programme, as well as weaker in the sector. In 2021 the EU sealed a new five-ye primarily goats and sheep, while farmers work to commodity prices and climate change hazards. derive as much value as possible from the small being jointly developed by BP, Kosmos Energy, the proportion of land that is arable. According to the Photos: OBG Société des Pétroles du Sénégal and the Société World Bank, this figure is around 0.4%.

Mauritanienne des Hydrocarbures. BP is the The government is laying the foundations for operator, with commercial production of gas for more agricultural productivity, especially among export and domestic consumption in Mauritania family farms, women and smallholders, while also and Senegal slated for 2023 (see Energy analysis). working to minimise the impact of climate change. It The government is keen to nurture the domestic is partnering with the International Fund for Agriculpetrochemicals industry, and to further develop tural Development to implement climate-adaptation hydrocarbons resources both onshore and offshore. policies that aim to build capacity and knowledge, GREEN ENERGY AMBITIONS: Under a plan to improve land management and promote water-savachieve universal access to electricity by 2030, the ing irrigation techniques (see Agri-business analysis). government also aimed to increase the share of EXTRACTIVE ECONOMY: The country’s mineral renewable energy in the power generation mix to deposits are replete with iron ore and gold – two 60% by the end of 2021, leveraging Mauritania’s of Mauritania’s largest exports. The country also substantial renewable energy resources, such as contains deposits of copper, gypsum, uranium and solar, wind and hydropower, as well as its convenrare earth elements. Phosphate is concentrated in 13 MAURITANIA ECONOMY tional natural gas reserves.

While the economy was the Kaédi region and petroleum along the coast.

MAURITANIA ECONOMY negatively12impacted by The African Development Bank Group’s Board of The latter includes the Greater Tortue Ahmeyim the pandemic, contracting Directors recently approved a $6m grant to kick off natural gas field: one of West Africa’s largest offby 1.5% in 2020, growth is the first phase of the Desert to Power West Africa shore in gas the waters between projected to recover to an ofdiscoveries, recoverable reserves in the Mauritania waters between Energy initiative seeks TheRegional is pursuingProgramme. agricultural to fuel inclusiveDevelopment growth to and Senegal.

The liquefied natural gas project is average of 4.1% in 2021-23.

International Fund reform forThe Agricultural and Mauritania sits at a historic trading crossroads between North sub-Saharan Africa, and history Mauritania andandSenegal looks sethastoa rich drive a newgovernment Farmers grow millet, dates, sorghum and beans, among other crop reshapethe theEUSahel harnessing theWorld region’s vast itself.byFor its part, the Bank’s portfolio phase of investment and government revenue.

To be to discredit terrorism in the eyes of the public, as solar potential to connect 250mcommitment people using of 10,000 The country is the world’s comprises an overall $825.75m. A www.oxfordbusinessgroup.com/country/mauritania developed in phases, the Greater Tortue Ahmeyim seventh-largest exporter well as encourage prominent Islamic scholars and MW of solar generation capacity.

Bloomberg Terminal Research Homepage: OBGR‹GO› newly approved Youth Employability Project comof iron ore, and is also a liquefied natural gas (LNG) project will produce up FORECAST: Prime Ministeroperations Mohamed in water, imams to assist with deradicalisation efforts. The ECONOMIC plements the bank’s supporting leading producer of copper to 10m tonnes of LNG per annum, with the potentialOuld Bilal Messoud, who took office in August 2020, long-term effectiveness of this multidimensional and crude oil, as well as agriculture, urbanisation and energy. for further expansion after commercial production counter-terrorism strategy remains to be seen, but is leading the implementation of the Expanded Primore niche minerals such POVERTY REDUCTION: Mauritania ranks 150th slated begin in 2023 (see Energymay analysis). foristhe timeto being Mauritania’s successes offer ority Programme of the President of the Republic of as gypsum, uranium and out of 157 countries surveyed on the World Bank’s rare earth elements.

AGRICULTURE & Sahel FISHING: In the few locationsMauritania, which integrates the country’s Covid-19 lessons for the wider region.

Human Capital Index, underscoring wide dispariAGRICULTURE: Economic development another where precipitation exceeds 43 cm perisyear, farmersresponse plan and focuses on resilience and recovties in access to services and therefore economic important plank in the country’s grow millet and dates, along counter-terrorism with sorghum, beans,ery (see Economy overview). opportunity. Recurrent droughts have undermined strategy.

The government has identified agricultural While the economy was negatively impacted by yams, maize and cotton. Along the riverbanks of the the country’s food production capacity and fuelled reform as key to flooding strengthening and the pandemic, contracting by 1.5% in 2020, growth Sahelian zone, allowsthe riceeconomy to be cultivated, the incidence of poverty. However, the government promoting inclusive growth.and watermelon. is projected to recover to an average of 4.1% in along with other grains launched poverty reduction and strategy in About 75% of the poor live in rural areas, where However,a that outlook remainslaw subject to The government is working to expand irrigation2021-23.

2001 that has had a potential positive impact to date, and the prevalence of poverty is intertwined with downside risks, including the for the Omiprojects in oasis zones, primarily through the drip helped of people living the in monetary weak performance in the agriculture sector,that whichsavescron variant to reduce prolongthe theshare pandemic and delay technique, a form of micro-irrigation poverty from 10.9% in 2008 to 6% in 2014, accounts for 20% of GDP. Shepherds raise livestock, government’s reform programme, as well as weaker though water by slowly feeding moisture directly into the someprices other and measurements put the proportion of primarily goats and sheep, while farmers work to commodity climate change hazards. roots of plants, thereby avoiding evaporation. Sucpeople living in poverty at a higher level. derive as much value as possible from the small cessive governments have endeavoured to increase Nonetheless, a wide disparity in living standards, proportion of land that is arable. According to the the amount offigure irrigated land 0.4%. next to the Senegal food insecurity, malnutrition, gender inequality and World Bank, this is around Mining is an important engine for growth, contributing 59% of exports and roughly 10% of national GDP Foreign investment construction and utilities in 2009-15 The current national development plan fromdrove 2016 toinas 2030 River inruns the south, asgrowth well improve wellfor waterthe trade land degradation pose considerable hurdles incluforeign exchange, balance and terms of tradetoshocks.

These reforms its attractiveness to investors.

Incentives The government is laying the foundations access and palmproductivity, tree coverage to security. allow vegetables agreement granting its2021 vessels access to MauritaThe government is salary 2021 World Economic Outlook database, inflation sive growth.

In March close to 500,000 more agricultural especially among food Other strategic objectives include a cap on tax for expats, helped turn a people fiscal deficit of 2.7% of committed to diversifyingfamily and isgrains to be in oases. nian waters.

Theywere are allowed to catch forecast to grown reach 3.8% 2022. in the country projected besome food 290,000 insecure, farms, women and smallholders, while alsodevelopment ofin the national plan reductions in administration fees, and GDPtoin 2014-15 to a surplus of 1% in the mining sector and is Mauritania currently relies imports to meet per year, both for €16.5m sector supThe banking sector is centred inattracting Nouakchott and tonnes encompassing Mauritanians andinrefugees from working to minimise the impact ofonclimate change.

It the include more private sectorin return placing greater exemptions onemphasis customs duties and fees 2016-19 – one of the most robust fiscal bulkincludes of its food security requirements. an annual contribution €57.5m. several commercial banks varying sizes. port theand volatile security situation inof Mali. is partnering with the International Fund forofThree-quarAgriculon non-metal commodities participation in the economy, including for imported goods. tersDevelopment sub-Saharan Africa at the Insurance companies inclimate-adaptation Mauritania state- TRADE As has been the case Frozen inpositions manyfish countries around & INVESTMENT: is in another of of the population is engaged in raisingwere livestock; to implement such as limestone, clay fortural through of public-private partnerships; time.

Despite some continuing financial construction, phosphate policies owned prior to the liberalisation the sector by the world, some measurements suggest that the that aim to build capacity and knowledge, goats and sheep are the most prevalent, followed the country’s top exports, along with gold, molcreating a more inclusiveCovid-19 financial sector;iscrustaceans. and industrial minerals. theland government in the 1990s; by the early 2000s pandemic fuelling an increase poverty NOUADHIBOU FREE pressures inin 2021, the authorities are improve management and promote byZONE cattle and camels, and the sale ofwater-savanimals is anthe luscs and processed Its top imports, and theinestablishment of small ingimportant irrigation techniques Agri-business state-owned provider wasanalysis). in competition levels in Mauritania, whichinrose fromships, 5.4% in 2019to ramp up social sourceinsurance of (see income andfacilitating food for those meanwhile, include special-purpose planes a good position With the backing of multilateral EXTRACTIVE ECONOMY: Thebusinesses. country’s mineral to helicopters, 6.3% in 2020 as andwell 6.4% 2021. a number of privately owned firms. the with industry (see Agri-business analysis). and asin wheat, raw sugar and and investment spending to support a institutions, in 2019 the country was deposits areBay replete with oreofand – two EXTERNAL SUPPORT: Mauritania has long relied on refined EXTRACTIVE Mining remains an Lévrier opens ontoiron some thegold world’s richest petroleum.INDUSTRIES: China is its largest overall trading resilient recovery, and the fiscal balance nearing completion of a project to Building more resilient infrastructure toof economic offishing Mauritania’s largest exports.

The country also5% foreign aid from partners and multilateral important engine contributgrounds, and bilateral fishing contributes about to partner, while Switzerland is thegrowth, second-largest is expected to remain strong over the establish a seafood cluster in the support growth – and particularly renewable contains deposits copper, gypsum, uranium and that to of help balance the national budget ing 59% of exports by value and nearly 10% of GDP, GDP.agencies Since 1980 the government has required export market and France is its top import partner. medium revenue. term. Iron rare earth elements.

Phosphate is concentrated in energy facilities and transport networks Nouadhibou Free Zone, the port area assist in project development, as well as support as well as one-10th of government foreign fleets form a joint venture and establish In 2020 the current account deficit widened to a While the economy was the Kaédi andThis petroleum the coast. foodregion security. financial lifeline has ore Mauritania’s and gold are predominantly centredinin – along is also vital to grown improving that accounts for approximately 80% of vital a processing terminal in Nouadhibou.

In 2015 the record 17.6% of mining GDP, driven by a one-third decline negatively impacted by While Mauritania’s economy was The increasingly includes the Greater Tortue Ahmeyim important over time, with net official iron Fderik, in the Sahara copper is primarily export competitiveness. the valuecontracting ofand fish subsequent caught inlatter Mauritania. the pandemic, country adopted a new national fisheries strategy ore exports and a Desert, pause inwhile exports of fish prodThe discovery development of the a competitive livestock subsector and boosting valnatural gas field: one of West Africa’s largest offimpacted development assistance from $236.2m ucts. found theeconomy westernnegatively city of Akjoujt.

Iron ore by the pandemic, by 1.5% in 2020, growth is to ensure transparency andexpanding sustainable practices Thisaround saw the contract and pushed shore discoveries, in the waters between Mauritania projected to recover to an Greater Ahmeyim natural fieldthe on the marue-added industries such ascountry’s leather production.

Develin sector.

1990 toIn$412.2m asEU of 2020. gold are48,000 two ofpeople the largest exports, contracting by 1.5% in 2020, growth is Nouakchott-Oumtounsy International TheTortue project helped liftand fresh fish gas exports in the 2021 sealed new five-year anand estimated into extreme poverty.

The government isthe pursuing agricultural reform to fuel inclusive growth Senegal.

The liquefied natural gasa project is other average of 4.1% in 2021-23.

Key development partners include France, with former earning $1.7bn in 2019, though the to an average of Airport, which opened in 2016 and lies projected to recover From 2009 to 2015 foreign investment helped to more than 7000 tonnes per year itime border with Senegal has brought Mauritania’s oping theprocessing fisheriesof segment while preserving marine members of the EU, the both largely4.1% takes place overseas.

25 African km outDevelopment of town, operates routesinto 2021-23. drive growth the construction,inutilities, transprior to to the Covid-19 www.oxfordbusinessgroup.com/country/mauritania pandemic, from a Development and coastal diversity is another goal.

The aim is to fureconomy an important turning point. first gas Bank, the IslamicWith Bank, the IMF, the The government is committed to diversifying the several major African cities, as well as to port and communications sectors. In 2013 the baseline of less than 1000 tonnes in 2015. mining sector and is placing greater emphasis on An edited extract new report, in theFurther $4.8bngains project backed by BP andthe Kosmosmajor Energy ther like integrate into the national economy government sought to capitalise on the influx andfrom aand destinations Istanbulfisheries and Paris. are expected following non-metal commodities such as limestone, clay for GDP growth, 2010-22F (%) launched a freeto zone in Nouadhibou improve the Mauritania 2022 Economic expected in 2023, government is set to receive a lift its contribution GDP above thetocurrent level of 6%.Briefing, construction of the a refrigerated warehouse construction, phosphate and industrial minerals. port’s competitiveness and produced attract fish-processing

by Oxford Business Group, Importantly, the National Industrial and Mining with for fresh fish exports Nouadhibou vital new injection of taxatrevenue that could help make Mauritania’s waters are attractive, an industries fishing such as tuna canning. published with their kind permission.

8 Company (Société Nationale Industrielle et Minière, International Airport. Efforts continue to Mauritania’s public finances aredespite investment from mainly Spanish However, the long-held goal of economic diversification a reality. annual total catch potential of about $1.4bn.

The World 7 SNIM), Africa’s second-largest iron ore producer, The full report includes interviews with attract private investment in the free zone relatively strong following a series companies, of and Moroccan the free zone failed to has attracted African Development Bank Group 6 keyand ministers including the President of FISCAL RESPONSIBILITY: Mauritania’s hasin theBank frozen mackerel sardines, as well as for fish processing and other industrial economy reforms wakeidentifies oftake the 2015 collapse The government continues to court interandoff.

European Investment Bank support to enlarge 5 Mauritania, Mohamed Ould Ghazouani, activities, which should yield knock-on inas global commodity prices, which est, with plans for a new airport, athe tourist area and in which historically been reliant on minerals and mining, well chilled and fresh fish, as some of products the berthing capacity at the Port of Nouadhibou, 4 and can be obtained from OBG. the continued the deepwater benefits for job creation, public revenue, vulnerability to exportofcargo from which itaexpansion ships abroad.

Thefishing project as petroleum to a lesser extent, reflected by revealed the fact the country’s Mauritania holds comparative advantage in global 3 port.

President Ghazouani chairs a strategic council plans to deepen and widen the SNIM’s berths to 2 that GDP growth dropped from an average of 5.5% marketsdevoted and can therefore derive the tolarger enhancing attractiveness togreatest investors. handle ships,its maximising the efficiency ofbenefit.

1 Incentives include a while cap on salary tax for expats, The Greater Tortue its transport chain reducing costs. in 2011-14 to 2.5% in 2015-18 upon the end of the Other products of interest under the development Ahmeyim liquefied https://oxfordbusinessgroup.com/news/report-mauritania-s-strategies-attract-foreign-investment reductions in administration exemptions 0 The development of the oilfees, and and gas sector, for its natural gas project will global commodities supercycle.

Indeed, Mauritania plan are fish oil, sheep skin and leather, malt, Arabic on Customs duties and fees for imported goods. part, has been less straightforward.

After offshore -1 produce up to OUTLOOK: While the pandemic saw significantanalysis). reserves at the Chinguetti wereadeveloped in -2 became particularly vulnerable to commodity price gum, gypsum and quartz (seefield Agri-business drop in foreign investment, from originally OF COMMERCE | 27 2006, the fielddirect quickly fell short of the an expectations ARAB-BRITISH CHAMBER FREEtoZONE: volatility after 2014. Improving financial management NOUADHIBOU forecast $937m $594m inWith 2020,the and backing put pres- of mulof the government and investors alike.

However, Source: IMF October World Economic Outlook tonnes per annum

10m

ABCC Activities

Visit to Essex Chamber of Commerce The ABCC would like to extend our warmest thanks to Denise Rossiter, Chief Executive of Essex Chambers of Commerce, and the whole team of Essex Chamber for their enormous efforts in organising what turned out to be an incredibly insightful and pleasant visit for our Secretary General & CEO, Mr Bandar Reda

and Deputy CEO & Secretary General, Mr Abdeslam El-Idrissi, on March 8th, 2022. During their visit, meetings with their Essex counterparts were held to explore areas of collaboration between our two chambers and in particular the positive opportunities which can bring mutual benefits to businesses in the Middle East and the UK.

Essex Chambers of Commerce & Industry is one of the ABCC’s agent chambers with whom we work closely on a daily basis to deliver an excellent and efficient service to exporters.

Mr Bandar Reda (left) in discussion with members of the Essex Chamber leadership team headed by their Chief Executive Ms Denise Rossiter (centred right).

28 | ARAB-BRITISH CHAMBER OF COMMERCE

Oman Minister interview

Oman sustainable, productive, hi-tech, prosperous, globally traded and competitive

His Excellency Qais bin Mohammed Al Yousef, Oman Minister of Commerce, Industry & Investment Promotion, discusses strengthening Oman’s competitiveness, attracting FDI, the sultanate’s investor residency programme and more in this exclusive interview with Mayank Singh, Oman Economic Review.

ARAB-BRITISH CHAMBER OF COMMERCE | 29

Oman Minister interview You have been Oman’s Minister of Commerce, Industry & Investment Promotion for just over 12 months in what can only be described as challenging times.

First of all, may I say how truly humbled I am to have been granted the honour and privilege of serving the people of Oman as Minister of Commerce, Industry & Investment Promotion. I thank His Majesty Sultan Haitham bin Tarik for placing his trust and confidence in me. Of course, the COVID-19 pandemic has clearly highlighted the fragile nature of markets, supply chains and employment worldwide.

this has not just been a tough year, but the toughest of years, not least for those in the retail, hospitality and leisure sectors. His Majesty’s Government remains focused not just on protecting people’s health but rolling-out policies and initiatives that safeguard livelihoods and help businesses pull through the pandemic. Looking ahead, we are putting in place measures to aid the post COVID-19 recovery and boost Oman’s competitiveness. In particular, this includes Oman Vision 2040, the sultanate’s long-term diversification strategy, the Economic Stimulus Plan (ESP) together with the Medium-Term Fiscal Plan (MTFP) 2020-24 and the 10th

the sultanate. The plan reduces land rents on the Special Economic Zone at Duqm and Madayn industrial estates by 25% for the period 1 January 2020 - 31 December 2022. A 50% reduction in fees for environmental licenses renewed in 2021. It also contains provision for foreign companies to own land over 5,000m2 or leased land that is either commercial or commercial residential, tourism or industry related. Let me be clear, these are historic steps taken to ensure the right support is in place for Omani businesses - to help firms get through the crisis, protect and create jobs, rebuild Oman’s economy and secure the sultanate’s economic future.

Five Year Development Plan (FYDP) 202125. The ESP supports the economy by offering interest-free emergency loans, tax and fee reductions and waivers, the flexibility to pay taxes in instalments and the establishment of the Job Security Fund to support citizens who lost their jobs. The Central Bank eased financial conditions through lower interest rates and liquidity injections, deferred loan payments and relaxed requirements on capital buffers and liquidity ratios.

In fact, the ESP is a direct result of crucial conversations with businesses.

It aims to help Omani business owners, entrepreneurs and workers right across

What reaction have these measures had from the international community?

I am pleased to say that this has been positive. As an example, let me share with you the response of the IMF after a virtual mission earlier this year to review economic developments and the outlook for the sultanate. The IMF’s Article IV Report statement on Oman reads upbeat, welcoming the strong and decisive leadership of His Majesty Sultan Haitham bin Tarik and the economic reform measures he set out in the MTFP. It notes Oman’s considered and ambitious approach to driving greater economic efficiency across the

In a very short period, the context in which we operate, and conduct business has changed dramatically. However, throughout these challenging times ministry staff have continued to engage with international companies, showcase magnet projects to attract foreign investment, help local companies build resilience while responding to new market conditions, investigate unfair business practices as well as promote Oman made goods and services. In fact, our future prosperity depends on this important work.

Of significance too is the work ministry teams do to build and develop the pro-enterprise economy we want – one that is sustainable, productive, hi-tech, prosperous, globally traded and competitive. It is important to acknowledge their perseverance and dedication in this regard. Individually and collectively, they have worked tirelessly in taking the ministry’s mission forward. This is a talented, committed and ambitious team, determined to make a positive difference to Oman and for Oman. Their can-do attitude during these unique and difficult times has been nothing short of inspiring.

Despite the challenges of the past twelve months, I am pleased to be able to say we have made considerable progress in nurturing a more pro-business environment here in Oman, one that is open, bold and fit for the future. It is an environment that builds on a decade of strong investment in world-class infrastructure and capitalises on local ambition and talent. Indeed, I am inspired each day by the potential of Oman and its people.

Over the course of 2021, the government put in place a number of measures to support local businesses navigate the ongoing COVID-19 crisis.

Could you talk us through those?

I have had many, many conversations with businesses, business representative organisations and SMEs from across Oman since I took on my role at the ministry in August 2020. It is clear that 30 | ARAB-BRITISH CHAMBER OF COMMERCE

Oman Minister interview economy, putting expenditures on a sustainable path, reducing bureaucracy, boosting public-private partnerships, increasing non-oil exports as well as attracting foreign investment. The report recognises the government’s prioritisation of the steadfast implementation of structural reforms to promote economic diversification and job creation for Omanis as well as support fiscal and external sustainability. Oman Vision 2040, the ESP, MTFP and 10th FYDP are helping us embrace change and rise to the challenges of a rapidly transforming world, improving our business appeal and competitiveness. In fact, Oman climbed ten places (68th) in The World Bank’s 2020 Ease of Doing Business Index. In cross-border trade, the 2020 Index ranked Oman 64th globally and first in the GCC. While in ‘starting a business activity’, the sultanate is ranked 32nd globally and second in the GCC. This is a notable achievement.

What would you say are the pillars of Oman’s competitiveness?

Although we are commonly known for our oil and gas industry, our business strengths do not stop there. Today, Oman is delivering a better than ever pro-business environment, making it even easier for investors to take advantage of the great opportunities that exist in Oman’s logistics, manufacturing, tourism, agriculture and fisheries, healthcare, education, mining and clean energy sectors. We are too an important centre for industrial innovation and hi-tech start-ups as well as home to food, metal, fragrance, cable, battery and marble brands that are enjoyed the world over. Combine all this with our young, educated talent base, excellent transport links, world-class industrial estates, free zones, deep-water ports, awarding-winning airports and globally ranked broadband and internet infrastructure and I think you begin to have a clear picture of why Oman has a distinct competitive advantage.

Having said that, it is not just the business side of Oman that separates us from other destinations. Our cosmopolitan, vibrant community is reflected in Numbeo’s 2021 Quality of Life Index, which ranked Muscat the number one city in Asia and the Middle East for quality of life and 10th worldwide for safety and security. We understand that as talent becomes more mobile and competition to attract it is stronger, quality of life is a major consideration for companies when deciding where to invest. Housing, schools, recreational and cultural amenities and healthcare are all on their radar, along with cost of living, transportation, crime and safety and climate. As the Numbeo Index suggests, we are a welcoming, open and attractive place to live and, for all those reasons, it is an easy place for people and businesses to set up and thrive.

Can you share with us some of the steps taken to improve Oman’s investment environment?

When we talk about attracting investment, it is important to first consider the global situation. According to UNCTAD, FDI flows plunged globally by 35% in 2020, to US$1 trillion from $1.5 trillion in 2019.

Bear in mind the downturn caused

by COVID-19 follows several years of negative or stagnant growth. As such, the health crisis we are experiencing compounds a longer-term declining trend. Looking ahead, global FDI flows are expected to bottom out in 2021 and recover some lost ground with an increase of 10% to 15%. This would still leave FDI some 25% below the 2019 level. Current forecasts show a further increase in 2022, which at the upper bound of projections bring FDI back to the 2019 level.

On the domestic front, FDI in Oman end of Q2 2020 stood at RO15.4bn (US$39.8bn) an increase of 13.2% compared to the same period in 2019.

We understand the effects of the pandemic on investment will linger and investors are likely to remain cautious in committing capital to new overseas productive assets. We know when investors look at Oman’s potential they consider our economy, connectivity, infrastructure, access to markets, talent pool and lifestyle offer. But experience has shown us that the deciding factor in investment decisions is how agile and business friendly we are, how we turn investor aspirations into reality. Thus, our agility in responding to the new demands of a post COVID-19 world, removing layers of bureaucracy, for example, will be critical to our continuing and future success. In this regard, Invest Easy is just one example of our response - simplifying the process of registering a new business, reducing procedures and time to complete investor transactions. Today, via Invest Easy, investors can obtain approval for more than 1,500 different economic activities – that is about 88% of all total economic activities - issuing one single document that includes all licenses and approvals from ten leading authorities. I am pleased to say that since the launch of the new Licensing approval service this April, over 40,555 applicants have already received automatic approvals – that is a number to be proud of. The Invest in Oman portal is another notable investment tool. Dedicated to driving and facilitating foreign investment into the sultanate, it lists potential investment opportunities from both the public and private sector. Launched just over a year ago, we believe it has been particularly useful connecting Omani project owners with investors from the international business community during the travel restrictions of the pandemic.

As a result of the pandemic, we are seeing changes in consumer behaviour. For example, the rise in popularity of local goods and services.

How have you capitalised on this?

The pandemic has accelerated a number of consumer trends – for instance, there has been a marked increase in e-commerce, online shopping, an appetite for virtual experiences, more adoption of home deliveries and widespread support for Omani businesses, products and services.

Perhaps more interesting is the evidence that these emerging trends are here to stay. According to research by consulting firm Kantar involving 45,000 consumers across fifty markets, COVID-19 is driving a surge in localism, with 65% of consumers preferring to buy goods and services from their own country. This rise in localism is particularly apparent in the food industry and presents an opportunity for Omani companies to shine and capture domestic market share. Capitalising on this shift in consumer sentiment, the ministry, in partnership with the SME Development Authority, Oman Chamber of Commerce & Industry, Madayn and a number of key public and private sector players, ran a month-long ‘Omani Products: My Choice’ campaign, December 2020. The idea was to encourage people to think, buy and eat local and raise awareness of popular everyday products they might not have realised were made right here in the sultanate. I am happy to report that the overall economic impact of the campaign was impressive. If the pandemic has inspired anything positive, it has reinforced our sense of togetherness. Let us not forget, Oman has always been a place where people pull together, where people support each other, collaborating and contributing to help everyone thrive. To carry forward the campaign’s momentum, we have formed a permanent committee to support and promote local industry, products and services across the sultanate – helping people understand the quality and range of things made in Oman. The committee will also educate on the impact buying local can have on our economy and job creation.

We have also seen an increase in the number of new start-ups and industrial licenses. What do you put this down to?

The ESP along with other SME support packages have triggered an uptick in the number of new businesses. Set up by entrepreneurs, many of these businesses are responding to the changing needs of a socially-distanced Oman, such as online retail, home delivery services, app development, social media marketing and virtual fitness classes. There is reason for optimism for their long-term success as, though

ARAB-BRITISH CHAMBER OF COMMERCE | 31

Oman Minister interview counterintuitive, some of the world’s bestknown businesses, brands such as Uber, Disney, Airbnb, FedEx, Microsoft and WhatsApp all rose out of tough economic times. As consumer confidence returns, so will spending, with revenge shopping sweeping through sectors as pentup demand is unleashed. That has been the experience of all previous economic downturns. In 2020 alone, 12,176 industrial licenses were approved - inclusive of both new and renewal licenses - as compared to 9,161 in 2019 – an increase of 32.9%.

At the end of June 2021, we saw the number of SMEs registered with the SME Development Authority rise to 54,804, an increase of 23.2% compared to June 2020.

While on the whole, the pandemic has proven devastating for small businesses worldwide, we will take good news where we can find it and the positive trend in entrepreneurship could bode well for job growth and economic activity once recovery takes hold.

Given the pandemic’s impact on global trade should Omani businesses re-think international markets and what role do you see for manufacturing going forward?

On the export front, the pandemic has shown what happens when sectors and industries are overly reliant on certain markets for their export revenue. We are, and must always remain, a strong trading nation - we have historically exported to over 130 countries - but we will need to look at greater diversification of both our export and import markets to make sure we are prepared for any future shocks to trade networks. Looking ahead, we want Omani businesses of all sizes and types to think of themselves as exporters from the very outset. In partnership with public sector stakeholders, we will be looking to give businesses the right tools and create the right conditions to help our non-oil exporter numbers grow. Our economy depends on it. Going forward, the 10th FYDP (2021-25), which effectively kicks off Oman Vision 2040, offers a clear-cut economic roadmap, assigning manufacturing a significant role in Oman’s economy with its GDP contribution projected to rise from 10.71% in 2021 to 15% by 2040. We recognise that a vibrant Omani manufacturing base leads to more research and development, innovation, productivity, exports and jobs.

It also helps raise living standards. As we seek to recover from the pandemic, our economy will need manufacturers to continue to step-up and boost productivity, to power economic growth and create opportunities in every region of the sultanate. A digital, global and sustainable future post COVID-19 is possible, but it will require significant effort and close public-private cooperation. The road ahead may be bumpy, as many of our biggest export 32 | ARAB-BRITISH CHAMBER OF COMMERCE

markets will take time to fully recover from the pandemic; however, history teaches us that a strong industrial base provides the foundations needed to create a prosperous society.

The crisis triggered by the COVID-19 pandemic has shown us that things can and must be done differently.

How do you see the ‘next new normal’ unfolding?

The next ‘normal’ is going to be different. It will not mean going back to the conditions that prevailed in 2019.

As I mentioned earlier, the pandemic has ushered in changes to consumer behaviour, for example, increased digital adoption and online shopping, buying more locally produced goods and an increased awareness of environmental and sustainability issues. I would expect these trends to continue in the post-COVID-19 world. In fact, recent Accenture research reveals that 74% of consumers aged 18 to 39 want businesses to take a stand on issues important to them. While 47% expect brands to translate values and promises into new and innovative products and services. This research illustrates the point that companies succeeding in the post-pandemic economy will be those that embrace sustainability and integrate a truly authentic, activated purpose.

Indeed, in the months and years ahead, sustainability will not be an add-on for Omani companies but will be about building competitive advantage, getting ahead of new carbon taxes, attracting investors and responding to the growing demands of eco-conscious consumers.

Your Ministry has recently launched a new investment residency programme (IRP) for expatriates; what is the thinking behind the initiative?

The IRP has been designed to attract high-impact foreign investment, talent, help create jobs and enhance economic growth. The IRP offers two extended residency programmes through real estate and commercial investment on a renewable five and ten-year basis subject to applicants meeting specific criteria. This initiative is a demonstration of Oman’s strong commitment under the wise leadership of His Majesty Sultan Haitham bin Tarik to opening up new routes for investment in the wealth of opportunities presented by Oman Vision 2040. Alongside other enhancements to the sultanate’s commercial environment such as the provision of quality digital services and the streamlining of procedures and processes, this landmark program shows Oman’s determination to become ever more globally competitive, increase trade, strengthen industry and empower our business community.

The pandemic is reshaping economic geography and businesses as well

as people are rethinking their real estate needs and physical footprints, reimagining how and where they live, work and invest. The Government’s innovative pathway to extended residency is a direct response to this trend and an important decision not only for foreign direct investment but also for attracting valuable human capital to Oman, boosting the highly skilled sectors key to the ambitions of the sultanate’s diversifying economy. We understand that successful places of the future will be those that engender an environment in which creative and innovative people can make a home, raise a family and pursue a rewarding career. In this respect, we are confident the introduction of the IRP will make Oman even more attractive to business, investors as well as talent.

Can you tell us a little about Oman’s participation in Expo 2020?

I am proud to say Oman’s pavilion inspired by the frankincense tree - has been designed by two young talented Omani architects, Rihab Al Zakwani and Alya Al Battashi of Adi Architecture.

Our presence at Expo 2020 offers us an unparalleled opportunity to raise Oman’s profile as an exceptional destination, not only for business and investment, but also for culture and tourism. We look forward to welcoming visitors from all over the world to our pavilion.

A final word for our readers?

Let us remember that Oman’s reputation as a trusted trading partner remains strong and the pillars of our competitive offer – location, talent, infrastructure, connectivity, proenterprise environment and ambitious leadership – are unchanged. We are committed to building a revived, rejuvenated, resilient, digitally driven economy.

Prior to his appointment as Oman’s Minister of Commerce, Industry & Investment Promotion, His Excellency Qais bin Mohammed Al Yousef Qais bin Mohamed Al Yousef served as Chairman of Oman Chamber of Commerce & Industry and was also a member of the board of the ABCC.

We thank Oman Economic Review for this interview, which was first published in October 2021.

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There are over 20,000 employees who skillfully stand behind the bank’s extensive operations. These resources enable NBE to broaden its reach and bolster its impact in society.

For more than a century, NBE has played a pivotal role in the banking sector in particular and the national economy at large, by carrying out the role of the Central Bank of Egypt and through its customary banking services as a commercial bank until 1950. After the nationalization of NBE in 1960, the bank purely became a commercial bank, but it continued performing the functions of the Central Bank in areas where the latter had no branches.

NBE enjoys a substantial international rank, as reflected through its presence in London (NBE United Kingdom Limited), Khartoum (NBE Khartoum), and its branches in New York and Shanghai. The bank also has representative offices in Johannesburg, Addis Ababa, and Dubai.

NBE boasts the highest financial results in the Egyptian banking market for several years running. This outstanding performance attests to the bank’s crucial contribution and cardinal function in society.

122 years of the National Bank of Egypt Established on June 25, 1898, the National Bank of Egypt is the first and largest commercial bank in the Egyptian banking sector with a paid-up capital of EGP 50 bn (£2.4bn) and an issued capital of EGP 100 bn (£4.8bn), making it also one of the largest banks in the MENA region.

34 | ARAB-BRITISH CHAMBER OF COMMERCE

The Bank is owned by the Egyptian government, having been nationalized in 1960.

The bank has the largest widespread network of branches and outlets all over Egypt, and captures the largest 24/7 ATM network.

Thereby, NBE has continuously proven its commitment to enhancing the lives of Egyptians. As one of Egypt’s top contributors to social responsibility, NBE demonstrated its unwavering support and pioneering role in financing healthcare, educational, and economic projects that directly impact the living conditions of Egyptian citizens.

As a foundational financial institution in society, NBE will proudly continue to uphold its stalwart function in the national economy and consistent support of the Egyptian people.

ARAB-BRITISH CHAMBER OF COMMERCE | 35

Corporate Income Tax

UAE to Introduce New Corporate Income Tax in 2023

By Shaun Hardiman, Partner, Trowers & Hamlins LLP

36 | ARAB-BRITISH CHAMBER OF COMMERCE

Corporate Income Tax

City photo created by diana.grytsku - www.freepik.com

The United Arab Emirates (UAE) has a long-established reputation as a low tax jurisdiction attracting a multitude of foreign investors. This is set to change with the introduction of a new corporate income tax (Corporate Tax) regime announced on 31 January 2022 by the Ministry of Finance. The new regime is set to come into force for any financial years commencing after June 2023 and will impose a standard Corporate Tax rate of 9%. This tax rate will only be levied on any taxable profits over AED 375,000 with anything below that still benefitting from tax free status.

Meanwhile, multinational companies earning more than €750 million in global revenues will be subject to a higher corporation tax rate of 15%.

This significant change in the UAE’s tax regime follows the introduction of 5% VAT paid on goods and services on 1 January 2018 under Federal Decree Law Number 8 of 2017. The latest update to the UAE’s tax regime stems from the country’s desire to align itself with new international standards after it signed up to a global minimum tax of 15% for multinational corporations in 2021, along with 135 other countries.

The UAE’s status as a low tax jurisdiction has attracted significant global business.

However, the country has been subject to criticism over its weak corporate regulation. The new Corporate Tax regime will introduce more stringent corporate regulations, including requirements for companies to register for corporate tax purposes and file a corporate tax return for each financial period.

Further details of the Corporate Tax regime are expected once the draft law and implementing regulations are promulgated. The Ministry of Finance’s announcement on 31 January 2022 stated that Corporate Tax will be payable on the profits of UAE businesses as reported in their financial statements, except for companies engaged in the extraction of natural resources who will be exempt from the new regime. The Ministry of Finance also announced that UAE businesses will be exempt from paying Corporate Tax on capital gains and dividends received from qualifying shareholdings.

These will consist of shareholdings in a UAE or foreign company which meets certain conditions, as will be specified in the pending legislation.

The announcement also reported that the regime will provide relief for group companies who suffer losses or make intragroup transactions by allowing them to be taxed as a single entity.

The introduction of Corporate Tax in the UAE highlights the benefits of the UAE’s many free zones, such as the ADGM and DIFC, which international companies have traditionally used to establish fully owned Limited Liability Companies (LLCs) without the need for a local shareholder. Prior to the amendment of the Commercial Companies Law 2015 by Federal Law Decree Number 26 of 2020, LLCs were required to have at least one UAE national shareholder which owns a minimum of 51% of the company’s shares.

Most free zones in the UAE provide tax incentives to companies established there, which are usually valid for a set number of years. For example, the ADGM offers a 50-year zero percent corporate tax holiday. The Ministry of Finance has highlighted that companies established within the UAE’s free zones will be subject to the new Corporate Tax regime.

However, the Corporate Tax regime will honour the corporate tax holiday offered to free zone companies, provided that they comply with the regulatory requirements and do not conduct business in mainland UAE. Ultimately, the new standard Corporate Tax rate of 9% remains lower than the corporate tax rates in almost all other countries with the average corporate tax worldwide set at an average of 23.54%. By comparison, the UAE’s proposed new Corporate Tax rate is lower than most of its GCC neighbours, but more far reaching by applying to local businesses as well. For example, Oman, sets a corporation tax of 15%, but this does not apply to local Omani establishments and LLC’s that fulfil the conditions of being classified as a small or medium enterprise.

Whilst the full details of the Corporate Tax regime are awaited through its new law and implementing regulations, it is too early to determine whether the regime may have an impact on investors’ appetite for investments in the UAE. Nevertheless, the UAE remains a compelling proposition for investors due to its strategic location, investor friendly climate and economic stability. However, companies who already operate within mainland UAE will continue to monitor the position and eagerly await the details of the new Corporate Tax regime to determine how it will impact their returns on investment going forward.

The author may be contacted at: shardiman@trowers.com Trowers & Hamlins LLP is a member of the ABCC.

ARAB-BRITISH CHAMBER OF COMMERCE | 37

Renewables in North Africa

The expansion of renewables in North Africa

By Charles Phillips

Photo by Jan Kopřiva from Pexels

38 | ARAB-BRITISH CHAMBER OF COMMERCE

Renewables in North Africa

North Africa has an abundance of renewable energy resources, with some of the highest potentials in the world for solar energy deployment. After a series of successful projects in recent years, the region is now set to develop much greater renewables capacity this decade, in line with national clean energy targets. While Morocco and Egypt have become the region’s leaders in renewables, Algeria, Tunisia and Libya all show signs of making an entrance on the clean energy scene. More renewables will help to boost the region’s energy security, lower long-term energy costs, and generate a range of economic benefits.

RENEWABLES TARGETS

WIND

Across the region, countries have introduced targets to increase the share of renewable energy in their electricity mix. Morocco, now an experienced player in the renewables space, has a goal to produce 52% of its electricity from renewables by 2030. Egypt has a 42% renewable electricity target for 2035. In 2022, Egypt will be hosting the next UN climate summit, COP27, in Sharm El Sheikh, where it will be responsible for coordinating global climate efforts and raising ambition on clean energy and climate adaptation.

In 2020 Egypt had close to 1.5 GW of wind power, representing around 20% of Africa’s installed wind capacity while Morocco had 1.3 GW, representing 18% of the continent’s installed capacity.

Morocco’s largest wind project, the 300 MW Tarfaya wind farm is owned and operated by French energy firm Engie and Moroccan electricity company Nareva Holding through a 50/50 joint venture. Egypt’s largest wind project, the 262.5 MW Ras Ghareb wind farm was developed through a joint venture between Engie, Japan’s Toyota Tsusho, and Egypt-based Orascom Construction. Egypt is planning a 500 MW wind farm in the Gulf of Suez to be developed by the same consortium and become operational by 2024.

Algeria is planning to become a global competitor in the renewables space with a plan to deploy an impressive 22 GW of renewables by 2030, including 13.6 GW of solar, up from the country’s 423 MW of solar capacity as of 2020.

Libya is aiming to achieve 22% renewable electricity generation by 2030 and has around 2.2 GW of solar projects under planning. Tunisia has a 30% renewable electricity target for 2030. This will require an increase from the 373 MW of installed renewable energy capacity as of 2019 to almost 4 GW by 2030.

SOLAR Morocco is currently home to the world’s largest concentrated solar power plant, the 510 MW NoorOuarzazate Concentrated Solar Power (CSP) Complex. The facility provides energy for around 2 million Moroccans and is estimated to be saving around 800,000 tonnes of CO2 per year.

Egypt is home to the 1.8 GW Benban

GREEN HYDROGEN

solar project which is the largest solar project in Africa and one of the largest solar photovoltaic (PV) parks in the world. Norwegian developer Scatec Solar has led the development and implementation for the first stages of the project which started operating in 2019. In 2019 Tunisia launched a 500 MW solar tender. Scatec was awarded 360 MW across three projects which are yet to be developed. Algeria is currently planning a 1 GW solar PV tender as part of a planned 4 GW solar mega project called Tafouk 1. Additional 1 GW tenders are due to be held each year between 2022 and 2024.

Capitalising on the growing international interest in hydrogen energy and their abundance in renewable energy resources, both Egypt and Morocco are aiming to become major green hydrogen producers and exporters over the coming decades.

This will require the development of new renewables, paired with electrolysis facilities to sustainably derive hydrogen from water. This year, Egypt announced intentions to invest US$4 billion in green hydrogen production and to date has signed agreements with four energy companies on hydrogen research and development. These include Siemens, ENI, Scatec and DEME Group. Egypt and Siemens are currently exploring a green hydrogen pilot project. Morocco has signed agreements with Portugal ARAB-BRITISH CHAMBER OF COMMERCE | 39

Renewables in North Africa

Photo by Kindel Media from Pexels

and Germany to invest in hydrogen. The country has estimated it could capture up to 4% of the global green hydrogen market by 2050.

CURRENT ENERGY MIX Despite positive recent developments in clean energy expansion, the region remains heavily reliant on oil and gas to fuel its energy needs. In 2020, 99% of

Algeria’s overall energy consumption and 94% of Egypt’s came from oil and gas. Renewables (including hydropower) represented just 0.3% of Algeria’s overall energy mix in 2020 while for Egypt this was a more significant 5.6% (2.4% if hydropower is excluded). Morocco boasted an impressive 8.2% renewables in its 2020 energy mix (7.1% if hydropower is excluded). However, unlike the other North African economies, over 30% of Morocco’s energy currently comes from coal which is the most polluting of the three fossil fuels. Another 57% of Morocco’s energy came from oil while just 3% came from natural gas.

which the region’s current renewables targets are focused on.

Charles Phillips is a researcher and consultant specialising in energy and climate change policy in the Middle East. He has an MPhil in Modern Middle Eastern Studies from the University of Oxford and a BA in International Relations from the University of Exeter.

His work has included extended periods of in-country field research in Saudi Arabia, the UAE, Qatar, Turkey, Palestine, Egypt, Morocco, Kenya, Ghana, and Nigeria.

Diligencia is a member of the ABCC.

The region will need to overhaul its entire energy system to achieve accelerated decarbonisation in line with global climate goals. Greater inflows of investment will be required to support this. Importantly, this will also involve targeting the energy used in heavy industry, the heating of buildings, and transport, not just the electricity mix

https://www.diligenciagroup.com/insights-resources/the-expansion-of-renewables-in-north-africa/?

40 | ARAB-BRITISH CHAMBER OF COMMERCE

ABCC Activities

ABCC pledges to help develop the food supply chain to Arab markets ABCC Secretary General & CEO, Mr. Bandar Reda and Mr. Abdeslam El-Idrissi, Deputy CEO & Secretary General, were delighted to join the Governor of the Argentine Province of Entre Rios, Mr Gustavo Bordet and his delegation at the Embassy of the Argentine Republic in London on 4th April. During the meeting hosted at the embassy detailed discussions focused on the potential bilateral opportunities specifically in developing the food supply chain to the Arab markets. The ABCC pledged to uses its good offices to work to facilitate this growth in trade along with our key strategic partners to the benefit of all parties concerned.

From left: Mr Bandar Reda, Mr Gustavo Bordet, Governor of the Argentine Province of Entre Rios, Mr Abdeslam El-Idrissi, and Mr Juan Jose Bahillo, Minister of Production and Tourism of the Province of Entre Rios.

ARAB-BRITISH CHAMBER OF COMMERCE | 41

Expatriate Tax

Expatriate Tax Advisory Service Limited

By Karen Worcester Director, Expatriate Tax Advisory Service Limited The services available from this ABCC member company include:

Before Departure

PROPERTY

They will need consider the following tax related issues:

•

UK property CGT

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60 day limit

RESIDENCE TESTS

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5 Apr 2015 value.

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Automatic

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Split year Ties to the UK.

Return to the UK

On their return to the UK, the couple will need to consider the following areas:

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Personal tax advice for individuals and employers

•

•

UK and US tax advice and tax returns

INVESTMENTS

RESIDENCE

•

ISAs

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Split year

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UK, UAE and worldwide

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Pensions

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Exceptional days

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Keeping In Touch service.

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Portfolio.

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Tax treaty relief.

A Case Study

The case study illustrates the areas where tax advice should be sought and how Expatriate Tax Advisory Service Limited can assist.

US HUSBAND AND UK WIFE The case involved a husband and wife who are US and UK nationals respectively. They are living in the UK and taking up new jobs in Dubai.

PROPERTY

INVESTMENTS & PENSIONS

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Renting out UK property

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Pension limits

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Capital Gains Tax

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Capital Gains Tax

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Exemptions and reliefs.

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Unrealised gains/losses.

Considerations in the UAE

When in the UAE the couple will need to consider:

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Check CGT impact

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Exemptions and reliefs.

RESIDENCE

All the above areas have certain tax implications and professional advice may be needed to adopt the most advantageous approach to protect the couple’s assets.

•

Work days

The couple have UAE and UK employers.

The entire family is moving to Dubai.

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Days in the UK at midnight

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Exceptional days

WORLDWIDE ASSETS

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COVID-19

Their assets consist of:

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Tax treaty relief.

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UK family property

INVESTMENTS & PENSIONS

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UK pension plans

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Pension limits

•

UK & US investments.

•

Capital Gains Tax

•

Unrealised gains/losses.

42 | ARAB-BRITISH CHAMBER OF COMMERCE

PROPERTY

Contact

Address any enquiries to the author. karen@expatriatetax.co.uk https://www.expatriatetax.co.uk/

Visit our new website

www.abcc.org.uk

Investment in Saudi Arabia

Investment Opportunities in Priority Sectors in Saudi Arabia Latest Opportunities in the Energy Sector

Photo by Khalid Elkady on Unsplash

44 | ARAB-BRITISH CHAMBER OF COMMERCE

Investment in Saudi Arabia The latest opportunities are as follows:

The Kingdom of Saudi Arabia’s energy sector is the country’s economic backbone, thanks to a large and well-established industrial base. The Kingdom’s booming economy is set to drive exceptional demand across all market segments, coupled with a renewed focus on energy efficiency and sustainable growth.

1. Energy (21 opportunities listed) 2. Agriculture & Food Processing (25 opportunities) 3. Real Estate (33 opportunities) 4. Chemicals (102 opportunities) 5. Information and Communications Technology (16 opportunities)

Saudi Vision 2030 sets the ambitious goal of meeting over 50% of the energy mix with renewable energy sources, boosting market demand for solar, wind, tidal, and other renewables through significant government backing and private sector investments.

Taking the vision forward towards implementation, Saudi Arabia has announced plans to become the region’s renewable energy hub by 2030, recognizing the importance of a diverse energy mix for its long-term economic prosperity. The Kingdom also aspires to become a major manufacturing hub, offering green energy investors attractive investment opportunities in a large and underdeveloped market.

KSA Value Proposition •

Limitless solar and wind energy endowment

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Large unsaturated regional market

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Advanced knowledge-based market

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Investor centric ecosystem.

InvestSaudi has brought together a variety of investment opportunities for potential investors who are keen to invest in the Kingdom. These opportunities are of different types such as public tenders, PPP, identified opportunities by our advisors, etc.

More details of each of the following opportunities in the energy sector can be found on InvestSaudi: •

General Lighting Manufacturing

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Waterproof Lighting Manufacturing

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Insulator Post and Insulator Suspension

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Reclosers / Autoclosers and Sectionalizers

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Surge and Lightning Arrestors

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Acquisition of an Existing EVA Film Plant

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Street Lights Manufacturing

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Manufacturing/Assembly Plant for Solar PV Trackers

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Plant For Module Assembly

6. Environment Services (16 opportunities) 7. Healthcare and Life Sciences (42 opportunities)

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Manufacturing/ Assembly of Solar PV Mounting Steel Structures

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Power Transformers

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Ar Rass Solar PV 700 MW

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Saad Solar PV 300 MW

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Layla Solar PV 80 MW

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Wadi Aldawasir Solar PV 120 MW

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Electrical Cutout Fuse

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High Voltage & Extra High Voltage Gas Insulated Switchgear

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Electric Generators

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Energy Audit Company

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Energy Services Company (ESCO)

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Industrial Energy Audit Company

Find contact details and further information on these projects https://www.investsaudi.sa/en/ sectors-opportunities/energy

INVESTMENT OPPORTUNITIES IN OTHER PRIORITY SECTORS Investment opportunities across all priority sectors of the Saudi market can also be found on the InvestSaudi website.

MISA launched a new version of its InvestSaudi website during the Future Investment Initiative held in October 2021. The InvestSaudi website now carries details of all the latest Investment reports published every quarter. Updated lists of these opportunities are posted on the website on a regular basis. Listed below are links to a total of 511 opportunities –the numbers are always increasing. On this page are examples of the Investment Score Cards that are available to investors on the InvestSaudi website.

8. Transport and logistics (8 opportunities) 9. Financial Services (3 opportunities) 10. Human Capital Innovation (2 opportunities) 11. Pharmaceuticals and Biotechnology (2 opportunities) 12. Industrial and Manufacturing (57 opportunities) 13. Tourism and Quality of Life (114 opportunities) 14. Mining and Metals (70 opportunities) To find more information about all of the above opportunities, potential investors are advised to visit InvestSaudi. https://www.investsaudi.sa/en

ARAB-BRITISH CHAMBER OF COMMERCE | 45

Spring Is In The Air: The Smell of Spring We can officially say “spring is in the air” with all the beautiful smells that come with the change of season.

But what exactly does spring smell like? Let’s explore some of the fresh scents you can smell in the season of new blooms. a sunny spring weekend, you can hear the relaxing hum of lawnmowers and smell the scent of cut grass. Research has shown that the smell of cut grass can make us happier and reduce stress!

Leafy Green

WHAT DOES SPRING SMELL LIKE?

There are many scents associated with spring. Our sense of smell comes alive with the change in weather. Gardens begin to bloom and the rain warms along with the air. We begin to venture away from the cosy indoors and spend more time in the great outdoors. We put down the deeper woody fragrances in search of light and fresh scents. Being around this exciting change evokes our sense of smell and creates strong memories. Here are just 3 things that let us know spring is in the air.

CUT GRASS

Over the winter months our gardens go into hibernation and need little tending to. Before you know it spring rolls around and it’s time to get things in order ready for the warmer months.

Nature comes alive with new blooms as flowers and grass colour the ground. On 46 | ARAB-BRITISH CHAMBER OF COMMERCE

Cut grass produces an oily, leafy green scent caused by a chemical reaction from the grass being in distress. Cis-3hexenol, a compound that is naturally occurring in most plants, is used in small quantities in fragrances to recreate the smell of vegetation, leaves, grass, fruity notes such as apple and pear or flowers.

It is the perfect ingredient to use to give any scent a spring twist. Other green ingredients that can be used to create the smell of leaves and vegetation are cis-3-hexenol acetate, stemone or undecavertol.

APRIL SHOWERS

Although the days are starting to warm, the rain doesn’t leave us just yet or at least not where we are based in London! The electricity in the air combined with the changing weather patterns brings along thunderstorms and the infamous April Showers.

Our sense of smell is enhanced in humid conditions as scent molecules can diffuse more easily through the sensory receptors in our nose. This then gives a stronger scent perception.

When you wander outside after a storm has passed, it often smells warm, damp and earthy. Those who live in more urban areas may also notice the smell of concrete or rock. Petrichor is the name for the oily scent emitted from wet rocks.

Earthy & Aqueous To create the smell of cold and wet rock, you’ll want to associate ingredients that have a dry earthy and mineral smell (such as patchouli or cashmeran) to wet aqueous notes such as Calone or Nonadienal (cucumber) for instance. Aldehyde would also give you an impression of hot metal.

Abdul Samad Al Qurashi

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SPRING BLOSSOMS

Spring blossoms typically begin to bloom in March and by April, the streets are lined with powdery pastel colours of white and pink. If you’re lucky enough to live by blossom trees that is.

In Japan, cherry blossoms are the iconic imagery of spring. Their bloom is celebrated across the entire country in an ancient practice known as Hanami.

Picnics are enjoyed under the blossom trees and the brief beauty of the petals is admired. To most people, blossoms symbolise new beginnings.

Spring blossoms carry a very subtle soft, sweet, musky and floral scent. Flowers smell best just before and after it rains because moisture in the air helps odour molecules travel!

Fresh and Floral In perfumery, when we say blossom, we are referring to all blossoms that carry a sweet, fresh, green smell that can be almost imperceptible. Fresh and abstract floral ingredients such as Hedione, Lilial or Florosa will give you an impression of dewy fresh petals.

The flowers of spring Spring flowers smell like spring: fresh, green and delicate. While a lot of the spring flowers are fragrant, it is actually not possible to extract their scent due to the delicate nature of these flowers.

Perfumers often have to work their magic to recreate these smells. Here is a selection of some of the flowers of spring used in perfumery.

Hyacinths have a powerful scent which can be described as floral green with vegetal aquatic accents and sweet and spicy notes. Lilac has a sweet, delicate floral fragrance close to that of lily of the valley with sweet powdery balsamic notes. Magnolia smells like the way it looks: creamy, velvety and exotic. It can be described as having a delicate creamy floral scent with a hint of lemon, spice and vanilla. Last but not least, we have the wildflower, narcissus or daffodil.

Its smell can be extracted to obtain the very rare and expensive narcissus absolute extract. As many as 1200 kilos of flowers is required to obtain 1 kilo of the precious perfumery ingredient!

The clean scent of linen The smell of fresh bed linen is also evocative of springtime. But how do perfumers interpret the smell of clean sheets? Traditionally, the fresh and aromatic scent of lavender is linked to

depth and an indulging cocoon-like effect that is long-lasting.

Chocolate or cocoa?

Spring wouldn’t be spring without Easter, and Easter wouldn’t be Easter without chocolate! In other words, the pure smell of happiness …

a clean smell. Nowadays, our washing powders feature notes from clean, fresh and aromatic to woody via floral fruity scents. Perfume ingredients such as aldehydes (which have a soapy mineral scent), floral transparent notes (such as lilial) and musks are typically used to create the smell of clean bed linen. Woody amber notes such as ambroxan and Iso E Super deliver

Cocoa is used in perfumery in its absolute form. It is used to give an edible/gourmand note to a fragrance.

It can also be used in ambery, oriental, spicy, woody and fruity fragrances.

There is a big difference between the smell and taste of raw cocoa bean, which is bitter and earthy, and the chocolate we eat, which is sweet and creamy. The latter is made from roasted cocoa beans with the addition of sugar, vanilla and milk powder. Perfumers recreate the smell of the chocolate we eat not with Cocoa Absolute but instead with a blend of ingredients that smell of vanilla, caramel, milk and almond.

In perfumery, there are ready-made accords (called bases) that perfumers can use to give a creamy, vanilla, chocolate hint in a fragrance.

ARAB-BRITISH CHAMBER OF COMMERCE | 47

ABES Summit

Thursday 15 September 2022

Venue: QEII Centre, Westminster, London The Arab British Economic Summit (ABES 2022) is an international business conference organised by the Arab British Chamber of Commerce. As our flagship event of the year, ABES 2022 follows on from the success achieved with the previous event, ABES 2019.

The aims and ambitions of ABES reflect the ABCC’s dedication to the pursuit of “friendship through trade”.

ABES 2022, under the banner of ‘Shaping a Shared Vision’, will highlight the strategic UK-Arab partnership with a stress on how Technology and Climate Change are transforming the priorities of business and reshaping our commercial relationships. The event will seek to identify practical initiatives that can strengthen transnational trade ties and bilateral investment flows in the post-pandemic, post-Brexit low-carbon economy. Sessions will focus on rebooting Arab-British trade, innovation in education, healthcare, financial services (FinTech), renewables, hospitality, real estate, transport and logistics.

ABES 2019 The Arab-British Economic Summit 2019: A Shared Vision (ABES 2019) took place on 3rd July 2019 attracted hundreds of senior business executives, diplomats, government officials and investors with an interest in building stronger UK-Arab bilateral economic and commercial relations.

View the highlights of ABES 2019 48 | ARAB-BRITISH CHAMBER OF COMMERCE

ABES Summit

SPONSORSHIP PACKAGES FOR ABES 2022 SUMMIT HEADLINE SPONSOR

SESSION SPONSORS

STRATEGIC SPONSOR

OTHER OPPORTUNITIES

£50,000

£35,000

GOLD SPONSOR £25,000

SILVER SPONSOR £10,000

£15,000

Lunch & Coffee Break Sponsor £15,000 Closing Reception Sponsor £20,000

EXHIBITING AT ABES 2022

Showcase your products and services at the ABES Expo £4,500 For details of our sponsorship packages and exhibiting https://abcc.glueup.com/ event/47350/register/

To discuss our sponsorship opportunities please contact Mrs Rita Massoud T:+44(0) 207 659 4855 E: Rita@abcc.org.uk

ARAB-BRITISH CHAMBER OF COMMERCE | 49

ABCC Activities

H E Mr Hakim Hajoui, Moroccan Ambassador Rt Hon Baroness Symons with Ms Lamia Merzouki, Mr Christophe Bachelet and Ms Zineb Lahlou

Morocco Gateway to Africa

Morocco’s growing importance as a strategic global hub for trade and investment across the continent of Africa was the focus for an ABCC event on 15 March 2022 held in collaboration with the Embassy of the Kingdom of Morocco and the Casablanca Finance City Authority.

as the economy continues its recovery after the pandemic and as Africa comes to be seen as an increasingly significant engine for global growth, the Ambassador stated.

The keynote speech was delivered by H E Mr Hakim Hajoui, Ambassador of the Kingdom of Morocco to the UK.

Their joint presentation provided a detailed description of all the services, incentives and benefits available from the CFC before the gathered audience of UK investors, executives, financiers and diplomats.

The potential of Morocco as a gateway to Africa is growing more important

50 | ARAB-BRITISH CHAMBER OF COMMERCE

Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, formally opened the event and introduced a short video about the Chamber and its services.

At this extremely well attended event, the Chamber was joined by Ms Lamia Merzouki and Ms Zineb Lahlou who are senior executives with the CFCA who shared their expertise with UK investors on the attractions of Morocco and Casablanca in particular.

Rt Hon Baroness Symons of Vernham Dean Mr Abdeslam El-Idrissi

The CFC offers an attractive package of incentives to companies seeking to set up operations in Casablanca and do business with any of the markets of Africa.

The briefing also introduced the numerous attractions that the CFC’s central city location offered in terms of access to sophisticated infrastructure, elegant lifestyle, property and its role as a vibrant trading hub.

Companies seeking to pursue the multiple opportunities in the growing African markets and the potential for North-South trade and investment would be hard pushed to find a better option than CFC. Expert opinion was also delivered by Mr Christophe Bachelet, Country Managing Partner, Morocco at DLA Piper, and Amin Hajji, of the leading Moroccan law firm, Hajji & Associés, which is based in Casablanca.

Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman, chaired the proceedings and the event was sponsored

by Hajji & Associes, whose founder, Prof Amin Hajji spoke via video link.

Photo by you deal on Unsplash

Hajji & Associés

Hajji Law Firm (Hajji & Associés) Established in 1996, Hajji Law Firm, located in Casablanca, Morocco, has dedicated its main activities to foreign investments in the Kingdom of Morocco.

Its clients are located in five continents with numerous international entities specialised in sectors such as telecommunications, energy, finance, new technology and others.

The firm combines strong legal expertise with rigor and ethical conduct in providing its legal services which include the representation of international companies before Moroccan courts and local and international arbitration courts.

law firm decided to launch in 2020 an independent arbitration centre named Mizan which specifically provides a digital arbitration platform in order to improve the efficiency of the delivery of legal services and to increase access to a modern and efficient justice system.

As a result of the development of technology, the main partners in the

Even though the size of the law firm is medium, it has seized on and adapted

to new technology as an opportunity.

The most advanced legal technologies of some well-known platform data bases using AI enable Hajji Law Firm to enhance the activities it offers to its international clients. www.ahlo.ma

ARAB-BRITISH CHAMBER OF COMMERCE | 51

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Cranfield

The Impact of Executive Education Dr Wendy Shepherd discusses the unique research behind Cranfield Executive Development’s Annual Impact Report The post-pandemic imperative to ‘build back better’ and reset business to address multiple environmental and social challenges requires the development of agile, entrepreneurial business leaders, able to formulate a vision for the future and motivate their followers to deliver it.

For business schools to play a pivotal role in developing leaders with these characteristics, it is essential that client organisations have faith in the effectiveness of the learning programmes they offer. The Financial Times Rankings are often used as a gauge of executive education effectiveness, however, over 80% of the questions asked by the FT are about inputs such as programme design, methods and content. Very few questions are asked about the outputs or the ‘impact’ the executive programme has had on the individual participants and their organisations.

For organisations, return on investment (ROI) measured in terms of financial return is widely considered to be the ‘Holy Grail’ when weighing the effectiveness of executive education.

Based on her research, Dr Wendy Shepherd, Director of Individual and Organisational Impact at Cranfield Executive Development, believes financial measures can be misleading.

“When it comes to financial measures, it is difficult to isolate the impact of development from other activities that are simultaneously taking place within the organisation. Financial measures can therefore at best be misleading and at worst insulting to those not associated with the development who have worked hard to deliver the organisation’s financial performance.”

52 | ARAB-BRITISH CHAMBER OF COMMERCE

“Financial measures can therefore at best be misleading and at worst insulting to those not associated with the development who have worked hard to deliver the organisation’s financial performance.”

Shepherd argues that there is nothing to say that ROI needs to be a financial measure and that ROI or ‘impact’ can be measured in other ways.

“Impact is in a sense the same as ROI, in that it tracks what the individual or the organisation has received as a consequence of investing in the development; what the payback has been in terms of outcome for the individual or what has changed within the organisation.”

What’s more, impact may not always be positive. “There’s a continuum between negative to positive,” observes Shepherd.

“When people say ‘we’ve had no impact from the development’, I think that’s unlikely. You’ll always have had an impact, but it may be that the impact is detrimental.

“For me, that’s why tracking and understanding impact is so important.

The output of my research was about managing impact as well as measuring it.” She notes that, when measuring ROI becomes the priority, there is a tendency to wait until the end to ask ‘did it or didn’t it work?’ “We really want to know mid-flow whether or not things are hitting home.

So, with individuals who perhaps might have left with a poor outcome, changes can be made before the opportunity is lost and the investment wasted.”

Through her research and her awardwinning doctorate, Shepherd has identified what she refers to as ‘impact drivers’, which can be used “to link the development intervention with changes within the workplace.” While following one of these impact drivers might lead to a direct financial benefit, other tangible benefits may also be identified.

SHEPHERD’S SIX KEY DRIVERS OF IMPACT IN EXECUTIVE DEVELOPMENT: 1. Conversations Executive development provides participants with an opportunity to develop a common language and engage in new topics of conversation. New skills may also develop through participation in facilitated discussion that requires active listening and an ability to present complex ideas succinctly.

2. Sense-making Learning initiatives can influence the way learners think about problems.

For example, a logical mindset might be broadened by exposure to ideas around emotional intelligence.

Changed critical thinking impacts both individual performance and organisational problem-solving.

3. Relationships Networks and relationships can broaden as a result of learning interventions. Participants can develop new relationships with

Cranfield

members of their own organisation or with attendees from elsewhere.

Back in the workplace, relationships can improve as participants put into practice skills they have learnt.

4. Engagement Executive development can lead to an increase in discretionary effort and organisational commitment.

Participants may have an improved understanding of what is required in their role or respond positively to the investment in their career. There may also be improved engagement within the participant’s team as they benefit from changes in the leader’s performance.

5. Alignment Learning interventions can lead to changes in the activities and issues that individuals prioritise, and to a better alignment with organisational aims, culture and strategies.

6. Skills When participants return to the workplace with new or improved skills and capabilities, whether that’s in functional expertise, self-awareness or leadership, they are often able to address the challenges which had previously eluded them, and make an immediate and impactful contribution to the success of the organisation.

Take conversations, “Conversations may be either positive or negative,” notes Shepherd, “a positive conversation may be about sharing what has been learnt to improve practice, whereas a negative conversation might involve using new insights to provide non-constructive criticism.” It is important, therefore, to not just know whether new conversations have developed but also something about the nature of those conversations.

Based on Dr Shepherd’s research Cranfield Executive Development conducts an Annual Impact Survey, the results of which are presented in an Annual Impact Report. The 2021 impact survey monitored a time when the business school’s clients were having to adapt to remote working and Cranfield had been forced to rapidly accelerate its online learning delivery; innovating in a space of a few weeks to new ways of working remotely that might otherwise have taken several years.

The survey allowed Cranfield Executive Development to identify how the impact of its programmes was affected by these new methods of remote delivery. “The first place you might expect to see impact reduced is in relationships, because people aren’t getting the opportunity to socialise as they would on a residential programme.

What we actually saw, however, was that people learned how to create and manage relationships via technologies such as Zoom. Many reported that the techniques that they used during their development could also be used to inspire their teams. There were some really good examples where people had used their learning intervention as a way to develop their digital leadership capability and review what their teams would need from them whilst working remotely during the pandemic.”

“The first place you might expect to see impact reduced [during remote delivery] is in relationships, because people aren’t getting the opportunity to socialise as they would on a residential programme. What we actually saw, however, was that people learned how to create and manage relationships via technologies such as Zoom.”

For many stressed-out businesses, investing in learning during the Covid-19 crisis was unthinkable. This was certainly true for those that view development as a luxury or only as an opportunity to advance careers. But there are many that view development as a driver of individual and organisational performance and a catalyst for solving problems and creating competitive advantage. Shepherd believes that “by understanding more about impact drivers, people can see why they should continue with executive development, even during

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times when things have started to go a little pear-shaped. Because getting people aligned and engaged, getting conversations going and improving people’s relationships and their ability to communicate; what could be more important, particularly during a crisis?”

“Because getting people aligned and engaged, getting conversations going and improving people’s relationships and their ability to communicate; what could be more important, particularly during a crisis?”

As Cranfield continues to collect information about the impact of its programmes, it will learn more about what works, and perhaps more importantly, what doesn’t work within specific contexts. This all adds to the knowledge that underpins Cranfield’s unique approach to impact management and measurement ‘Design for Impact™’.

Finally, asked if her research has strengthened her belief in the potential for individuals and organisations to learn and to change, Shepherd has no doubt. “What started out as a theoretical model, of how executive development delivers organisational impact, is now supported by the data from our programmes. We know that the outcomes from executive development are context specific; the knowledge we gain by focusing on impact drivers provides us with new insights that can further strengthen the return from our clients’ investment.”

Dr Wendy Shepherd, Director of Individual and Organisational Impact, Cranfield Executive Development

ARAB-BRITISH CHAMBER OF COMMERCE | 53

3rd ABCC Members' Networking Event

14 Septemb

4th ABCC Members' Networking Event

08 Decemb

ABCC UPCOMING EVENTS Book your ticket now n Egypt: Sustainability in Healthcare 20 May 2022 n 2nd ABCC Members’ Networking Event 18 May 2022 n Health and Education Forum 25 May 2022 n A Greener Future 16 June 2022 n 3rd ABCC Members’ Networking Event 14 September 2022 n Arab British Economic Summit 21 September 2022 n 4th ABCC Members’ Networking Event 08 December 2022

ONLINE

INTERNATIONAL TRADE

TRAINING COURSES n

Import Procedures – 5 May

n

Understanding Commodity Codes – 10 June

n

Customs Procedures and Documentation (This includes Customs Declarations) – 7 July

n n n n n

Details of the programme may be subject to change.

BOOK A PLACE/ REGISTER YOUR INTEREST

The Arab-British Chamber of Commerce is delivering a series of courses designed to educate and train companies on the procedures of importing and exporting now that the UK has left the EU. These courses are designed for companies new to international trade as well as those experienced in it but looking to update their knowledge post-Brexit. Due to the current pandemic, these courses will be delivered online. Upon registering, participants will receive an email with details on how to access the online session.

The UK government is offering funding for businesses who undergo training courses that help them complete customs declarations and processes. Find out more at www.gov.uk/guidance/grants-for-businesses-that-completecustoms-declarations

For more information,

Incoterms® 2020 - 2 Aug

please contact Randa El-Daouk at randa@abcc.org.uk or 0207 6594891

Introduction to Export – 6 Oct

Updated details of courses can be found here:

Preference Rules of Origin – 7 Sept Import Procedures – 11 Nov

Understanding Commodity Codes – 6 Dec

www.abcc.org.uk/tradetraining-courses.php

Al Khair

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Bless and Be blessed this Ramadan, donate with Al-Khair Foundation Volunteers from a leading Muslim charity In these extraordinary times, giving is even more important this Ramadan and the Al-Khair Foundation is once more asking for your incredible generosity to help those in need both in the UK and around the world.

are scaling the UK’s highest peak to raise awareness of the plight of millions struggling through the winter season.

also arranged cooked meals for 658,250 The Al-Khair Foundation began life with and water filtration. We have also provided individuals. education. Established in 2003 by Imam toilet and washroom facilities for Qasim Rashid Ahmad, the Foundation communities around the globe.

Health began as a school but soon found itself Orphan and Widows: overseas, focussing on orphans and poor Healthy people are the foundation of children from underprivileged communities. healthy societies andUK, economies, this Families can be torn apart through natural In the it runs and homeless shelters, funds for those in the most hardship at Thethere, Al-Khair Foundation From its attention lead to helping team year we are improving the health and and manmade disasters. AKF is sponsoring employment schemes and supports the most difficult time of the year. vulnerable and soonBen grew into one in 569 (417 in Gaza and Pakistan 152) nutrition of children in Somaliland, access will bewomen climbing Nevis of domestic while of the leading Muslim charities in the UK. to healthcarevictims in India and Bangladeshviolence as orphans who are benefitting from our “Al-Khair’sprogram. efforts make a huge well as essential around the world it responds swiftly to Scotland torebuilding raise funds for 1-2-1 sponsorship From water aid and communities eye healthcare. difference to communities and this is to improving health and providing help in natural disasters and conflicts to support essential supplies and support emergency situations, Al-Khair Foundation Food: made possible by our volunteers and and rebuild devastated communities. has around the globe while Religious: From distributing food parcels and tohelped the people vulnerable at home and those who donate” added Thabrez.

Starvation is the world’s greatest solvable still remembering the basic belief that problem and we strive to put an end to Our Muslim identity underpins everything hand-operated water pumps to teaching abroad. charity begins at home with assistance to starvation and hunger. At Ramadan 2019, we do at the farming Foundation and the AKFand implementing techniques communities all around the UK. Ramadan and Qurbani programme saw The charity provides hot food, warm AKF distributed 19,114 food packs in 31 solar powered water wells, their aid countries benefitting 107,593 people. AKF 725,185 people in 31 countries receive clothes, shelter and clean delivery has advanced tremendously. On Today we work in countries acrosswater Asia, to the Iftar Meals while we also organised a homeless Africa, Europeand and low-income the Middle East,families top of6500 theiranimals continued emergency relief Qurbani for around last year alleviating theUK suffering of vulnerable across the and has a track record for activities, they now focus on designing benefitting over 35000 families. people and communities communities andfacing thanks to the helping hardship at projects that equip communities with generosity of our donors, weworld. have spent Shelter: the right skills and education to lift home and around the over £165 million in ten years on delivering Shelter is notthemselves just protection it isofalso a out poverty. aid.

Some of their recent work in the UK home. In Africa and Asia, communities that

includes providing energy grants to

How work is with donethe looming thoseour struggling

Our work is split over hacks nine themes, energy bill price and their annual ensuring that the needs of those in trouble Christmas day soup kitchen which around the world can be directly met.

provided over 600 warm meals.

Water, Sanitation and Hygiene: The Winter Ben Nevis Water supply and hygiene areChallenge vital to a will be held over the weekend March 11 to community’s wellbeing.

AKF isof providing 13 with each volunteer raising £450 in clean drinking through hand pumps, wells sponsorship to climb the 1,345-metre peak in Scotland. “This is a challenging and rewarding adventure and we know that everyone who takes part will get a lot of personal satisfaction from climbing Ben Nevis,” said Thabrez Khan, Head of Branches at Al-Khair Foundation. They will also raise vital

In emergency situations people need many types of assistance. The one thing that cannot have lost their homes have been given Recent projects include the wait is access to sponsoring of Raqqa Hospital, the only free maternal and children’s healthcare as life hospital in the the North East of war-torn Do not mistreat depends upon this orphan.Syria.

Al-Khair also constructed a And do not chide hospital in Gaza, provided medical the one services who asks for refugee help camps in in three

The charity, founded in 2003, has raised over 10 million pounds, becoming a major contributor of international aid with a delivery footprint across 74 countries that has alleviated suffering for more than 50 million people. Over the years, Al-Khair Foundation has steadily grown from a small holistic Islamic school into one of the UK’s most successful Muslim charities.

(Qur’an 93:9-10) Kenya, and tackled drought and

malnutrition with projects in Somalia.

“In emergency situations people need many types of assistance. The one thing that cannot wait is access to healthcare as life depends upon this,” said Imam Qasim, Al-Khair Foundation Chairman and Founder.

ARAB-BRITISH CHAMBER OF COMMERCE | 55

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Mizan Arbitration

Introducing Mizan Arbitration Introducing Mizan Arbitration

THE ARBITRATION DIGITAL PLATFORM TO RESOLVE NATIONAL AND PLATFORM INTERNATIONAL LITIGATION THE ARBITRATION DIGITAL TO RESOLVE NATIONAL AND INTERNATIONAL LITIGATION

long-term goal is to empower Mizan conducts its activities in three Mizan works in close cooperation with Mizan works in close cooperation with an international panel ofMizan’s arbitration specialists within emerging arbitration practitioners in the languages: Arabic, English and French. an international panel of arbitration Europe, the Middle East and Africa (EMEA), making it open toAfrican different cultures and legal continent. specialists within Europe, the Middle Mizan implements innovative East and Africa (EMEA), making it jurisdictions. technological tools including a open to different cultures and legal jurisdictions.

predictive one in support of its

Mizan is an independent professional organization started by a group of legal practitioners arbitration activities which allows secure For further information and efficient arbitration proceedings.

Mizan is an independent professional motivated by the desire to contribute to the emergence of the city of Casablanca as a leading about Mizan and its organization started by a group of international arbitration hub at regional and continental levels.

Mizan offers specialized services for legal practitioners motivated by the services visit our website: the practice of arbitration with hearing desire to contribute to the emergence rooms,languages: visiting offices,Arabic, professional mizan-adr.com Mizan conducts its as activities English and French. of the city of Casablanca a leading in three international arbitration hub at regional and continental levels. innovative Mizan implements

services for the support of arbitration and includes a documentation centre.a technological tools including

predictive one in support of its arbitration activities which allows secure and efficient arbitration proceedings.

Mizan offers specialized services for the practice of arbitration with hearing rooms, visiting offices, professional services for the support of arbitration and includes a documentation centre.

Mizan’s long-term goal is to empower emerging arbitration practitioners in the African continent.

56 | ARAB-BRITISH CHAMBER OF COMMERCE

Photo by Mehdi Sakout on Unsplash

COMPLIMENTARY ADMISSION PASSES ARE AVAILABLE FOR ABCC MEMBERS ABCC members can obtain their concessionary pass by contacting Our Membership Department by email on: rana@abcc.org.uk

Cross-border legal expertise

Cross-Border Disputes Require CrossBorder Legal Expertise

By Giambrone & Partners Cross-border disputes require comprehensive Cross-border Legal Expertise as well as Cultural Knowledge to read the signs in Negotiations.

In the ever-increasing commercial globalisation, businesses not only face the prospect of cross-border disputes, during the course of which they must also tackle divergent jurisdictions and legal systems, regulatory variations and not infrequently a language barrier.

Giambrone & Partners, recognising the crucial importance of both speed of action and a cohesive strategy to address contentious cross-border issues, has built a seamless service across our offices in Europe which provides multi-jurisdictional lawyer/ advocates able to plead before the highest courts and who all speak a range of languages. We can deliver with a comprehensive array of multijurisdictional expertise under one roof. Our astute lawyers are dedicated to resolving complex cross-border litigation as efficiently as possible, wherever it arises internationally, to enable our clients to revert to their core business without the distraction and worry of a legal case over their heads.

The lawyers in Giambrone & Partners dispute resolution team always prefer negotiation to litigation and consider that their cultural knowledge of many 58 | ARAB-BRITISH CHAMBER OF COMMERCE

countries is a key factor and assists in understanding how to negotiate with opposition parties.

Gonzalo Butori, a partner based mainly between London, Barcelona and Naples, is an excellent example of the extent of the legal capacity within Giambrone & Partners. Gonzalo is a Registered Foreign Lawyer (RFL) admitted to practise in England & Wales, he is admitted in to practice as an Abogado, a Spanish-qualified lawyer in Spain, as well as Avvocato Stabilito in Italy. He has recently successfully assisted a British company with a complex cross-border dispute involving breach of contract against a European construction company; the claim amounted to over £400,000. The case was compounded by the defendant being based out of jurisdiction. The matter was heard before the High Court in England and Wales.

Gonzalo commented, “many businesses add a jurisdictional clause in their contract naming England and Wales as the jurisdiction in which a dispute should be heard, as the London courts are perceived as fair and incorruptible.

Ensuring that your contract includes a jurisdiction clause enables you to be fully prepared, including having a first class legal assistance available when needed.”

Gonzalo further remarked, “all too often a business is on the back foot when a contentious issue flares up and has to find legal representation quickly. Sometimes reverting to their

usual commercial law firm that does not have capacity in the jurisdiction where the matter is being heard, resulting in a second law firm being instructed hastily which can lead to problems arising out of language difficulties, this can be very detrimental to the outcome if the facts of the matter are not fully understood by all parties.”

Gonzalo has acted in a wide range of international and domestic commercial disputes. He regularly appears at mediation and arbitration hearings.

He has acted as co-advocate in international commercial disputes under ICC rules as well as in other Alternative Dispute Resolution (ADR) proceedings.

Gonzalo is recognised for his focus on resolution for his clients as well as his robust capacity when pursuing his clients’ best interests. He has assisted in a number of cross-border transactions involving various EU jurisdictions and achieving highly successful results for his clients. He specialises in conflict of laws and jurisdiction.

Gonzalo also leads the Latin America LATAM Desk in London where the focus is assisting companies and individuals from South America with interests in the United Kingdom in a variety of matters including contract disputes as well as assistance for businesses wanting to enter new markets.

In addition to being admitted to practise in England & Wales as a Registered Foreign Lawyer (RFL), Gonzalo is admitted in to practice as an Abogado, a Spanish-qualified lawyer in Spain, as well as Avvocato Stabilito in Italy and divides his time between the London, Barcelona and Naples offices.

He speaks English, Spanish and Italian.

For more information concerning assistance with a cross-border dispute or commercial matter please contact his clerk sam.groome@giambronelaw.com or see the firm’s website. https://www.giambronelaw.com/site/ people/senior-lawyers/ Giambrone & Partners LLP are members of the ABCC.

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The Chamber provides either a standard next day service via the Milton Keynes FCDO Office, or for the more urgent time sensitive requirements we can provide a same day premium service.

Should you require further details, or to make use of this service please contact Randa El-Daouk on 020 7659 4891 or email: randa@abcc.org.uk

www.abcc.org.uk

Surrounding the uncertainty of Brexit, the ArabBritish Certificate of Origin remains the certain method to trade with the Arab world. There have been no changes to the certificate, and the ABCC’s services have suffered no interruption by the UK’s departure from the European Union. We at the ABCC remain available to support your exporting and wider business needs.

www.abcc.org.uk

The Arab British Chamber of Commerce is delighted to be working in partnership with our inhouse law firm, Sterling Stamp, to deliver an over-the-counter same day Solicitor Certification Service along with all your other export documentary and legal requirements.

What documents can we certify?

Legalisation is a process of document authentication observed by international governments. If you intend to use a document overseas, then local authorities require it to be legalised before it can be considered valid. Each country has its own legalisation requirements determined by the type of document being legalised and its intended use.

There are many different types of documents that we can authenticate, such as: • Academic certificates and qualifications (original or copies may be certified) • Company documents (original or copies may be certified) • Passports and driving licence (copies are always signed) • Power of attorney (normally original documents are witnessed) • Wills and last testaments (original or copies may be signed) • Affidavits and declarations (original documents are witnessed) • Deed Polls (original or copies may be signed) • Contracts, agreements, or resolutions (original or copies may be signed).

Do you need a Public Notary?

In many circumstances a solicitor can perform certification and authentication, but occasionally an overseas authority may insist that a document is signed by a notary public rather than a solicitor. Please check with the requesting party to establish if they need specifically a public notary rather than a solicitor. If your document clearly states that it must be signed or witnessed by a notary public then you must follow this instruction and for such cases the A-BCC does also offer a notary service.

For further information about these services and charges please contact: Mr Saleh Hasaballah Business Trade Officer Tel: +44 (0) 207 659 4875 Email: saleh@abcc.org.uk Mr Mashary Osman Trade Officer Tel: +44 (0) 207 659 4882 Email: Mashary@abcc.org.uk

abcc.org.uk

sterlingstamp.com

New Members

WELCOME TO NEW MEMBERS...

PLATINUM MEMBER Octopus Investments

33 Holborn London EC1N 2HT T: +44 7846498491 E: investorsupport@octopusinvestments.com https://octopusinvestments.com A financial services company with a difference, and one that put its customers first. A part of Octopus Group, the firm manages more than £11.3 billion on behalf of over 63,000 investors.

GOLD MEMBER

MATCH Hospitality AG

The Gatehouse 16 Arlington St London SW1A 1RD T: +44 2037636131 E: alex.sawbridge@match-hospitality.com https://fifa.fans/3qZWiY9 The firm is the global industry leader in the development, sales management and production of official commercial hospitality programmes for major sporting events, with the FIFA World Cup being our largest operation.

GOLD MEMBER Hague Group

Thomas House Don Pedro Avenue Normanton Industrial Estate Normanton WF6 1TD E: simon.hayward@hague-group.com https://hague-group.com Security print & secure IT solutions offering customers a complete security print solution. Products include cheques, certificates, tax stamps, VISA’s, holograms, University certificates, secure ID cards, security labels & secure parking permits.

Wide range of secure web based software & hardware solutions available including cheque scanning, electronic certificate / document delivery, cheque book production, TROY secure printers, hologram applicators, digital ID card software, International Driving Licence solutions & Queue management applications.

62 | ARAB-BRITISH CHAMBER OF COMMERCE

Pincvision UK Ltd

Bahar Property Trading

Aldallah Trading

British Community Honours Awards

Unit 5, Lancaster Way Biggleswade SG18 8YL T +31(0)88-4321800 E info@pincvision.com https://www.pincvision.com A partner in trade compliance outsourcing: export documentation, customs compliance, regulatory reporting, risk management and monitoring and related services.

Iraq T: +964 7801043616 E: drayd_con@yahoo.com

Al Shakreen

Baghdad Iraq T: +964 7705845559 E: alisaad201819@gmail.com Spare parts for cars

Aperio Intelligence Ltd

16-18 Kirby Street London EC1N 8TS T: +44 2031468900 E: thomas.ready@aperio-intelligence.com https://www.aperio-intelligence.com Provider of insights and intelligence on subjects and situations worldwide, enabling decision makers to act with confidence. Having a thorough understanding of the background and reputation of a third party – be they a customer, business partner, investment target, supplier, or prospective employee – is vital to business success.

Arquer Diagnostics Limited

North East Business and Innovation Centre Wearfield Enterprise Park East Sunderland SR5 2TA T: +44 (0) 191 516 6765 E: info@arquerdx.com https://arquerdx.com Dynamic, female-led and UK-based company working at the cutting-edge of cancer diagnostics with a mission to transform how patients are diagnosed with cancer and then monitored throughout their treatment journey.

Develops and commercialises noninvasive, highly accurate, cost-effective cancer biomarker test.

8a Rock Street Finsbury Park London N4 2DN T: +44 7534445180 E: baharchoudhary@aol.co.uk Supports investors in finding land, farms, equestrians, large estates, hotels, commercial properties, and high worth assets in the UK.

93 Munster Road Fulham SW6 5RG https://www.bcha.info Works to promote the welfare and social cohesion within British society, through the advancement of inclusion and minority community integration into mainstream society.

Comedy App Ltd (t/a Twisted Mirror)

Suite 303 Pill Box Studios 115 Coventry Road London E2 6GH T: +44 7490891516 E: mikael@twistedmirror.tv https://twistedmirror.tv Video and film distribution. An International comedy streaming multi-platform developed for Connected TVs, Mobile Apps and Web offering comedy films, series and stand-up comedy in many languages.

Dial Partners LLP

28 Bolton Street Mayfair W1J 8BP T: +44 2070987098 E: scottyoung@dialpartnersllp.com https://www.dialpartnersllp.com An FCA-regulated Mergers & Acquisitions and Corporate Finance Advisory working with clients from around the world assisting entrepreneurs and companies with raising growth capital and buying and selling businesses. Key areas of work are Renewable Energy, Life Sciences, Technology and Manufacturing.

New Members

WELCOME TO NEW MEMBERS...

Dr Houda 360

25 Harley Street London W1G T: +44 7803825181 E: info@drhoudaounnas.com Health care provider

Ecosystem Consultants

Kuwait University 8 Floor, Darwaza Tower Mubarak Al-kabir St Sharq Kuwait City T: +965 99750790 E: dralmubaraki@live.com https://www.ecosystemconsultants.com Management consultancy shared global knowledge and innovation for data-driven development and decision making in a financially sustainable way.

Envorem Ltd

4th Floor The Northern and Shell Building, 10 Lower Thames Street London EC3R 6AF T +442034885966 E office@envorem.com https://www.envorem.com Displacing sludge disposal practices with environmentally responsible technology and, cleaning the environment by remediating the world’s inventory of tailings ponds and sludge lagoons.

Finantia UK Limited

5th Floor 11 Austin Friars London EC2N 2HG T +44 207 382 5200 E finantia.london@finantia.com https://www.finantia.com A global and independent bank with more than 30 years of experience specialising in private, corporate and investment banking.

Genepool Group

1 Bligh’s Road Sevenoaks Kent TN13 1DA T +44 (0)1959 578920 E info@genepoolhealth.com https://www.genepoolhealth.com Framework agency with opportunities for nurses, ODPs, doctors, healthcare assistants and other allied healthcare professionals within private and NHS hospitals and care homes throughout the UK.

G&G Vitamins

Vitality House 2/3 Imberhorne Way East Grinstead West Sussex E: kgillmore@gandgvitamins.com https://www.gandgvitamins.com Manufacturer of high-quality, affordable supplements producing over 140 multivitamins, minerals, antioxidants, oils, organic whole foods and botanicals.

Giambrone and Partners LLP

2nd Floor 12 Bridewell Place London EC4V 6AP T +44 (0) 207 183 9482 E london@giambronelaw.com https://www.giambronelaw.com International law firm with offices in Europe and North Africa providing legal advice across a wide range of jurisdictions. The firm aims to provide clients with legal advice in their own language.

Grant Thornton UK LLP

30 Finsbury Square London EC2A 1AG T +44 (0)20 7383 5100 https://www.grantthornton.co.uk Business and financial adviser with a global network of offices employing 58,000 people in 135 countries.

Intelligent Sanctuary Ltd

91 Wimpole St London W1G 0EF T: +44 7723370996 E: jonathan.benton@ intelligentsanctuary.com https://intelligentsanctuary.com Financial investigations, asset tracing and recovery.

London DE Limited

25 Hatton Garden London EC1N 8BQ T: +44 2078594754 E: phil@londonde.com https://www.londonde.com Fine jewellers and gemstone dealers.

Shabuj Global Outsourcing Limited

1st Floor 94A Whitechapel High Street London T: +44 7850349791 E: z.alam@shabujglobal.com https://www.shabujglobal.com UK education advisory services, recruiting international students for most UK universities, operating through eight global offices with 100+ global outlets. Help to students from initial advice, application assessment, processing applications and postadmission support.

Torbay Pharmaceuticals

Wilkins Drive Paignton Devon TQ4 7FG T: +44 (0) 1803 664707 E: torbaypharmaceuticals@nhs.net Suppliers to the health service of a specialist portfolio of licensed and unlicensed terminally sterilised injectables, high-quality electrolyte solutions for TPN compounding, and a range of non-sterile oral solutions.

UVA UK

Unit 2 The Courtyard 707 Warwick Road B91 3DA https://uva.uk UVA UK (Pronounced U.V.A.) is an appbased e-Hailing service that’s as solid as a rock. It’s where you know what the pricing will be for your journey – because it doesn’t mysteriously change every trip. Where there’s no ‘surge charge’ when things start to get busy.

Verder Ltd

Unit 3 California Drive Castleford West Yorkshire WF10 5QH T: +44 (0)1924 221 001 E: info@verder.co.uk https://www.verderliquids.com Global manufacturer and supplier of pumps and pumping products.

Contact us on Tel: 020 7235 43 63 ARAB-BRITISH CHAMBER OF COMMERCE | 63

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British Economic Survey

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British Economic Survey

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Abdul Samad al Qurashi: 353 Oxford Street, London W1C 2JG | + 44 (0) 207 409 2494