WiMENA Women in Sport Conference
WHOLE SCHOOL OPEN DAY
September 28, 9:30 a.m.
A C H I E V E
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ABCC Hosts Kuwait Ambassadorial Roundtable
The ABCC was delighted to host an Ambassadorial Roundtable on 17 April 2024 focused on Kuwait chaired by Mr Bandar Reda, ABCC CEO & Secretary General, who welcomed His Excellency Mr Bader Mohammad Al-Awadi, the Ambassador of the State of Kuwait to lead a discussion on the latest commercial opportunities in his country. The discussion was held in the presence of H E Mr Manar Dabbas, the Ambassador of the Hashemite Kingdom of Jordan and H E Mr Samba BA, the Ambassador of the Islamic Republic of Mauritania, along with other diplomats and leading business executives.
His Excellency Mr Bader Mohammad Al-Awadi, Kuwait Ambassador (second left), H E Mr Samba BA, Mauritania Ambassador (left), H E Mr Manar Dabbas, Jordan Ambassador (right), with Mr Bandar Reda and Mr Abdeslam El Idrissi (back).
During the meeting, which took place in the Boardroom at the ABCC’s Mayfair premises, the Kuwait Ambassador stressed the importance of the country’s Vision 2035 in driving forward the nation’s economic development based on the principles of sustainability and diversification.
The Ambassador stressed that the implementation of Kuwait’s vision was being led by the private sector and equal importance was given to the participation of domestic and foreign companies.
As an illustration of the huge scale of current opportunities presently on offer in Kuwait, the diplomat cited the high level of investment spending devoted to new infrastructure projects which in 2023 had reached $170 billion. Recently, he said, numerous mega projects in various sectors have been unveiled which are all available for investors.
The attentions of delegates were drawn in particular to the new Abdali economic zone which aims to become a “new gateway for international trade” in the northern region of Kuwait, the ambassador stated.
Following his presentation, Ambassador Bader Al-Awadhi answered numerous questions from delegates concerning a wide range of topics such as Kuwait’s legal transparency, the 100% business ownership, free repatriation of funds and the speed of setting up a new company in the country.
Delegates at the roundtable heard details of the modernisation of infrastructure and the importance Kuwait places on cooperation in diversifying its economy and finding new sources of revenue to achieve its future vision.
The Ambassador highlighted the support that is available to new investors from the relatively new public body, the Kuwait Direct Investment Promotion Agency, (KDIPA), which should be seen as the first point of contact for firms interested in doing business in Kuwait and availing themselves of the many opportunities.
The clear unambiguous message conveyed from the meeting was that Kuwait was holding its door open to UK firms who are actively encouraged to explore the country’s business landscape and that every support that they require to succeed in the market is available for them.
The event concluded with a reception where delegates were able to exchange opinions and establish contacts.
Kuwait Investment Outreach
A celebration of 125 years of UK-Kuwait partnership in London
This year, 2024, marks the 125th anniversary of UK-Kuwait diplomatic relations and the 70th anniversary of the Kuwait Investment Office (KIO) in London.
To mark this development, Kuwait Investment Outreach was organized by TBY, the Kuwait Ministry of Foreign Affairs, KDIPA, and the UK Department for Business and Trade.
The event was an occasion to celebrate historical trade success and shape future collaborations in the key areas of innovation and economic development. The gathering also sought to foster discussions on tech-driven economic strategies and partnerships that will benefit Kuwait and the UK going forward.
The event, which took place on March 5 at The Peninsula Hotel in London, was attended by over 120 top-tier government representatives and business leaders from both economies. Representatives of both the private and public sectors gathered to explore new avenues for investment, particularly in emerging sectors that promise mutual growth and prosperity.
HE Dr. Anwar Ali Al-Muthaf, Minister of Finance and Minister of State for Economic and Investment Affairs of Kuwait, delivered the opening remarks outlining various channels for improvement, emphasizing the need for strategic investments and economic reforms, followed by the keynote speech by Lord (Tariq) Ahmad of Wimbledon, Minister of State (Middle East, North Africa, South Asia, United Nations, and the Commonwealth), who reflected on the UK’s commitment to global peace and stability, enriching
the dialogue on the future of KuwaitUK bilateral relations. Abdulwahab Al Rushood, Acting Group CEO of Kuwait Finance House (KFH), and Abdulrazzaq T. Razooqi, Senior VP of Advisory and M&A at Kuwait Financial Centre (Markaz), also delivered insightful speeches at the event. Al Rushood focused on innovative banking solutions and their impact on economic growth, while Razooqi delved into strategic investment approaches and M&A trends shaping the region’s financial landscape. Their expertise offered valuable perspectives on advancing Kuwait’s financial sector.
During the event, there were also three panel discussions. The first addressed finance and investments, highlighting key investment opportunities and financial strategies. The second panel analyzed UKKuwait ties from a diplomatic perspective, while the third and final panel explored areas of Technological Advancement and Digital Innovation, shedding light on the critical role of technology in shaping future economic landscapes. Panelists included: Sheikh Ahmad Al Duaij Al Sabah, Chairman of the Kuwait Banking Association (KBA) and Chairman
of the Commercial Bank of Kuwait; Faisal Sarkhou, CEO, Kamco Invest; Alderman Alastair King, Founder and Chairman, Naisbitt King Asset Management Limited; Joanna Mobed, Co-Head, Global Origination, UK Export Finance; Lord Dominic Johnson, Minister of State, DBT; HE Sadiq Marafi M. Marafi, Assistant Deputy of Foreign Affairs & Minister for European Affairs; HE Bader Al-Awadi, Kuwait Ambassador to UK; HE Belinda Lewis, UK Ambassador to Kuwait; Esam Alkheshnam, CEO, KNet; Robert Barnes, Co-CEO, BPX Digital Securities Exchange; David Rutter, CEO, R3; and Juliette Wilcox, Cyber Security Ambassador for UK Defense and Security Exports, Department for Business and Trade. These discussions aimed at forging pathways for collaborative growth and innovation.
The event was promoted by KDIPA and organized by TBY, with the support of KBA, KFH, Kamco Invest, Zain, and Kuwait Finance Center – Markaz.
Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, participated and represented the Chamber at the high level event.
New Trade Facilitation Platform launched
A
new Trade Facilitation Platform (TFP) for global traders was launched by the ABCC at a meeting held in our Mayfair premises on Tuesday 23 April.
Making use of the TFP brings significant benefits in real-time Warehousing Services in the Middle East and the UK, allowing traders to seamlessly find and hire storage facilities, along with other value-added services like Marine Cargo, Pre- and Post-Inspection of Goods Quality, and Custom Clearance.
The launch meeting was opened and hosted by Mr Bandar Reda, ABCC Secretary General & CEO and chaired by Mr Abdeslam El Idrissi, ABCC Deputy CEO & Secretary General, with a panel of experts who developed the new service outlining its tangible benefits to businesses engaged in international trade.
The new facility is the outcome of a close collaboration between the ABCC, Hashmove and the London Strategy Centre, both of which are ABCC member companies.
In his presentation, Mr Mashary Osman, Head of International Trade Services, ABCC, described the launch of the facility as marking “a significant milestone for us as we unveil this groundbreaking platform in collaboration with our esteemed partners, Hashmove and London Strategy Centre.”
The Trade Facilitation Platform offers comprehensive solutions to global traders, he said, stressing that “the true measure of success lies not only in the technology we create but in the impact it has.”
The facility has been launched against the backdrop of unprecedented technological advancements and global economic challenges, he said.
“At its core, our platform is about connectivity—connecting businesses with opportunities, connecting service providers with customers, and ultimately, connecting people with prosperity. By leveraging cutting-edge technology and industry expertise, we have created a platform that streamlines trade processes, enhances efficiency, and unlocks new avenues for growth.
“This Platform has the potential to transform industries, create jobs, and drive economic prosperity. But its ultimate success will be determined by the value it delivers to our customers and the positive change it brings about,” Mr Osman told the meeting.
Details of the platform were further elaborated by Mr Sarfaraz Alam, Group CEO & Co-Founder, Hashmove, who stated, “The forthcoming Trade Facilitation Platform encompasses essential modules designed to optimize various aspects of international trade. Digital and Realtime Trade Documentation, for instance, simplifies paperwork by enabling electronic submission and processing of trade documents, enhancing efficiency while minimizing errors.
“Cargo Search and Booking Facilities streamline the process of locating available shipping options across sea, air, and ground transportation, facilitating
timely bookings and real-time tracking.
“Additionally, TFPs provide real-time Warehousing Services in the Middle East and the United Kingdom, allowing traders to seamlessly find and hire storage facilities, along with other value-added services like Marine Cargo, Pre and PostInspection of Goods Quality, and Custom Clearance. Collectively, these modules empower traders to navigate the entire trade process with confidence and ease. By consolidating these functionalities into a unified platform, TFPs promote transparency, reduce costs, and facilitate smoother trade transactions, ultimately fostering economic growth and nurturing trust among trading partners,” Mr Alam concluded.
For further details and to access the Trade Facilitation Platform contact:
Mr Sarfaraz Alam, Mr Mashary Osman and Mr Bandar Reda.
Ambassadorial Roundtable on Mauritania
On the morning of 9 May 2024, the ABCC was delighted to host an Ambassadorial Roundtable on Mauritania where the esteemed guest speaker was His Excellency Mr B A Samba, Ambassador of the Islamic Republic of Mauritania to the UK, who delivered a detailed presentation on the growing economic opportunities in his country.
The very well attended meeting, held in the Boardroom of the Chamber’s Mayfair premises, was chaired by Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman, and attracted an audience of potential investors, leading executives, consultants, media professionals, diplomats and politicians from the ABCC’s membership and beyond. The discussion took place in the presence of Mr Bandar Reda, ABCC Secretary General & CEO, and Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General.
Prior to handing over to the Ambassador to lead the discussion, Rt Hon Baroness Symons remarked on the key attractions of Mauritania in terms of mining, agriculture, fishing and renewable energy.
She also highlighted the Northwest African country’s growing importance as a source for LNG and the commercial potential of mineral mining following recent reported discoveries of uranium deposits.
The chairman stressed the purpose of the roundtable was to consider how the UK can help support sustainable development and growth in Mauritania.
His Excellency began by mentioning how he was newly installed in post and was keen to develop stronger links with the British business sector.
He proceeded to give a brief overview of key facts about Mauritania, touching on its strategic location in Africa, its population of 4.6 million and size of approximately 1.03 million km2.
The Ambassador stated that the country was rich in mineral resources which presented growing investment potential along with other opportunities in areas such as oil and gas, renewable energy, power generation and transmission.
He outlined details of the legal framework for investors and the incentives available including 100%
foreign ownership, equal treatment of foreign and domestic entities, exemptions on customs duties and the lack of restrictions in most areas apart from defence and security.
H E Mr Samba went into more detail on each sector highlighting numerous promising projects that were open to investment and partnership with the UK. Answering questions from delegates, His Excellency indicated his determination to ensure that his country was firmly on the map as far as UK investors were concerned.
The ambassador thanked the ABCC for providing him with the opportunity to promote his country’s potential and looked forward to future collaborating with the chamber.
H E Mr B A Samba, Mauritanian Ambassador (centre), flanked by Mr Bandar Reda, Rt Hon Baroness Symons and Mr Abdeslam El-Idrissi.
Spring Reception 2024
Many distinguished guests were welcomed to the Chamber’s Mayfair premises on the early evening of 24 April as the ABCC hosted its annual Spring Reception.
The Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman, Mr Bandar Reda, ABCC Secretary General & CEO, and Mr Abdeslam El-idrissi, Deputy CEO & Secretary General, welcomed and greeted the guests who were drawn from the worlds of business, the diplomatic sphere and public life. Members of the ABCC Board of Directors and senior staff members also attended.
Several diplomats were present including the Ambassador of Lebanon, H E Mr Rami Mortada and the Ambassador of Tunisia, H E Mr Yassine El Oued, along with former UK Chancellor of the Exchequer, Rt Hon Kwasi Kwarteng MP. Representatives of member companies of the ABCC and their guests joined us for the very well attended high level networking evening which proved to be most successful and highly enjoyable.
During the evening, ABCC Platinum Member, Mackwoods Tea, displayed various samples of its fine tea products which were offered to attendees.
Rt Hon Baroness Symons of Vernham Dean, (centre and from left) Mr Bandar Reda, former UK Chancellor of the Exchequer, Rt Hon Kwasi Kwarteng MP, Mr Abdeslam El-idrissi, the Ambassador of Lebanon, H E Mr Rami Mortada, Sir Nadhmi Auchi and the Ambassador of Tunisia, H E Mr Yassine El Oued.
Jordan’s Minister for Investment Visits ABCC for a Roundtable with UK Businesses
The ABCC on the morning of 30 April 2024 was honoured to host Her Excellency Ms Kholoud M Saqqaf, Jordan’s Minister for Investment, for a ministerial roundtable on new investment opportunities in the Kingdom and its latest plans to attract more investors with the aim of strengthening its economic prospects.
The roundtable meeting was held in cooperation with the Ministry of Investment and the Embassy of the Hashemite Kingdom of Jordan in London.
Speaking to a gathering of business executives, investors and consultants in the Board room at the ABCC’s Mayfair premises, the Minister delivered a comprehensive survey of the key investment opportunities in priority sectors and tangible projects that have been identified as offering the most attractive investment options.
The discussion chaired by Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman, took place with the participation of Mr Bandar Reda, ABCC CEO & Secretary General and Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General.
The Minister was joined by H E Mr Manar Dabbas, the Ambassador of Jordan to the UK, and a team of officials from her ministry and the embassy.
H E Ms Saqqaf said that the country’s priority sectors included ICT, tourism, healthcare and mining, among others.
She explained the numerous attractions of the Kingdom such as its stability, strategic location, transparent legal environment and various incentives. The Minister informed delegates that Jordan had embarked on an ambitious Economic Modernisation Vision 2033 and was inviting UK partners to participate in its implementation to enable the Kingdom to meet its target of achieving an annual 5.5% GDP growth.
Jordan’s Minister for Investment, H E Ms Kholoud M Saqqaf, with Rt Hon Baroness Symons, Ambassador H E Mr Manar Dabbas, Mr Abdeslam El-Idrissi and Mr Bandar Reda.
She described the close friendship of the UK and Jordan as providing a strong basis for future cooperation.
She stated that Jordan was seeking to attract around $43 billion in foreign investment and had adopted serious reforms to achieve this such as introducing a new Investment Environment Law which put foreign investors on an equal footing with their domestic counterparts.
A first point of contact for anyone seeking details about the opportunities in Jordan would be to consult the website of Invest Jordan, Invest.jo to find all the latest information they require about the legal framework, various incentives, exemptions and news projects.
The Minister indicated that she welcomed all serious enquiries and also remarked that officials at the Jordanian Embassy would be more than keen to assist, a point reiterated by H E the Ambassador.
The minister’s presentation was followed by questions, a wider discussion and ended with networking. Describing the discussion as very productive and encouraging, Rt Hon Baroness Symons shared her personal observations of visits to Jordan which she described as a great country and a true friend of the UK.
Essex Global Summit Hailed A Resounding Success
Essex Chambers of Commerce reports in their recent global summit where the ABCC was represented by Deputy CEO & Secretary General, Mr Abdeslam El-Idrissi, who delivered a presentation on latest business and investment opportunities in the Gulf.
Mr Abdeslam El-Idrissi speaking at the Essex Global Summit
Essex Chamber says, The inaugural Essex Global Summit was a tremendous success for Essex Chambers of Commerce. We welcomed over 100 attendees to the wonderfully opulent surroundings of Hylands House in Chelmsford on Wednesday 22nd May to partake in a conference unlike anything brought to Essex before. Working in partnership with Chelmsford City Council the Summit brought together thought leaders and industry experts to explore the huge potential and opportunities open to Essex on the international stage.
The Essex Chambers team worked tirelessly to bring together an
outstanding programme of speakers for a conference event that included keynote addresses, panel discussions and breakout sessions. As the only accredited Chambers of Commerce in Essex we have fantastic access to globally respected companies and household names who agreed to participate in the day to share their expertise and insights to our attendees.
The speaker line-up included representatives from both Thames Freeport and Freeport East as well as BDO LLP to discuss the many benefits Freeports can bring to the region. We were delighted to be joined by William
Bain, Head of Trade Policy at the British Chambers of Commerce who outlined their position on global trade issues and the work they do to lobby for businesses across the Chambers network. It was also a pleasure to welcome Sally Jones, the Trade Strategy & Brexit Leader at EY UK, who gave a frank and insightful talk on the Windsor Framework.
Attendees had access to a host of business leaders, who were happy to share their experiences and knowledge on how they developed successful international companies, including the likes of Wilkin and Sons Ltd and Vegtrug Ltd. The day proved to be a fantastic opportunity for businesses of all sizes to learn from one another, as well as making connections and building relationships.
Cllr Marie Goldman, Deputy Leader of Chelmsford Council commented on the event, saying: “Small and mediumsized businesses are the backbone of the Essex economy. I’m proud to be the Deputy Leader of a council that understands the importance of supporting them and working in partnership with excellent organisations like the Essex Chambers of Commerce. Together we can create opportunities and an environment in which businesses can grow and thrive. I was very pleased to welcome them to Chelmsford at the start of the Global Summit event focusing on international trade.”
WHAT MAKES A GREAT BOARDING EXPERIENCE?
Every now and again I have the pleasure of meeting with boarding alumni, some of whom were boarding at the School before I was born. I very much enjoy listening to the stories of their time at the School and how things used to be in the good old days. Perhaps unsurprisingly, they never seem to mention the quality education that they received here for several hours per day over a number of years, nor the soggy porridge, but they do take great delight in reminiscing about the homely chaos of twenty students sharing a dorm, battling cold showers in the depths of winter, and recounting various tales of clandestine midnight mischief.
Times have changed. Legislative standards are constantly being raised under the umbrella of safeguarding and schools are evermore on the lookout for an edge within a crowded market. This has led to increasingly fanciful facilities and blankets of smothering support whenever a child displays a hint of emotion. I feel sorry for students opting into new-build boarding facilities with their single bedrooms, kitchenettes, underfloor heating, and all of the ambience of a Travelodge. They are missing out on the essence of a great boarding experience, which is communal living and shared experiences.
environment is complicated. We want students to learn how to problem-solve and manage their own well-being. This sometimes requires a lighter touch than metaphorically wiping their noses for them at the first sign of a sniffle.
OPEN DAY
L E A D
Yes, a dorm needs to be clean, safe, and comfortable, but an espresso machine isn’t going to one day be the best man at your wedding. Yes, a boarding program needs to be well organized and administered, but spreadsheets don’t make you laugh until you cry (unless you’re a Bursar). Yes, we need to make sure that the safeguarding of students is a priority, but keeping them under constant lock and key is akin to keeping a lion cub in a cage before releasing her and expecting her to have accumulated the necessary skills to survive in the wild.
schools find a balance between risk and experience in order for young people to flourish both within school and on into their adult lives.
September 28, 9:30 a.m.
Communal living creates memories. Investing time and resources in social events, trips, and fun activities is vital, and young people will deposit those memories into a bank that they can draw upon for a lifetime. Communal living also creates problems for young people to work through, which is equally as important as what they learn within the classroom. Ensuring that our boarding students are able to develop independence and resilience within a highly legislated
Ultimately, we want our young boarding students to be happy and successful and to leave us with a sense of belonging, so that one day they’ll be the ones returning to campus and reminiscing for all of the right reasons. My favorite day of the school year is senior graduation, and that’s not just because it’s the final hurdle before an epic summer holiday. It’s special as so many of the students cry their eyes out, because they are sad to be ending a significant chapter in their young lives. Communal living ensures that this chapter is not a gray monologue, but a creative collage of shared experiences. We as boarding schools must never lose that sense of shared belonging, because that lies at the heart of what we are.
Developing kindness and integrity is as important as achieving academically.
Matt Kiely, Boarding Manager TASIS England
TASIS England offers a world-class education with a global outlook that nurtures future leaders brimming with the
The best boarding
BEYOND RESULTS
An exercise schools routinely undertake is to create a profile of their graduates. For parents, the question is: What will this school provide to ensure my child thrives?
From the perspective of a school governor, leader, and/or teacher, the question is: How does our school mission drive all that we do in our schools to support the development of the attributes required for students to thrive? Another question may be: How will other schools, colleges, and employers perceive our students?
Once a school initiates this process of identifying the attributes that represent the core of the graduate, it is revealing and powerful to see the characteristics emerge. They do not include words like “excellent grades” or “great test-takers,” but they do include attributes — or qualities — such as being principled, compassionate, and open-minded. In a landscape where schools are rightly held more and more responsible for business-oriented concepts such as higher standards of accountability, expectations, and targets, it is equally important that school leaders and teachers do not lose sight of their high sense of moral purpose. In my experience, in addition to academic rigor, schools desire to provide service, create community, stimulate inquiry, and nurture a sense of justice and equality.
In my over 25 years in international education, I am humbled to have belonged to and served such learning communities. We are fortunate to have school governors, leaders, faculty, and staff who are committed to inspiring future generations to gain more from school than just knowledge and academic success. While gaining the knowledge students need to continue their learning journey is obviously important, so too is the development of attributes that will promote a focus on community as well as self and define our current generation of students as principled, compassionate, and open-minded.
When school governors, leadership teams, faculty, parents, and students focus on more than test scores, it can transform their learning communities. These schools flourish through the positive and supportive relationships they build, both within the school and the wider communities to which they belong. Community service features high on the list of priorities and, as compassionate school community members reach out, they will be inspired by those for whom they provide service. These flourishing schools also provide balance through a range of pathways that offer a wide variety of subject areas and co-curricular activities that engage students in learning through physical, cognitive, and affective domains.
Students from these schools commit to the quality of relationships they wish to have with their peers and teachers. They are confident, not only in the areas in which they find joy and success but also when faced with challenges. This selfassurance enables our young people to embrace the possibility of failure and to pursue a less well traveled, but ultimately more illuminating, path. This courage sparks innovation through the opportunities that students, teachers, and school leaders identify that will enhance learning and teaching. Such innovation and creativity go far beyond introducing various technologies and revising course guides or content. It delves into the exploration of meaningful questions and real-world issues, providing our future leaders with the ability to be open-minded enough to embrace and analyze multiple perspectives and opinions, to respectfully communicate their questions, suggestions, and solutions,
and to effectively collaborate with others to resolve complex and dynamic issues.
As educators, we know how important rigor and results are in determining school success, as evidenced by the plethora of marketing emails and posts we see from schools following the release of examination grades each summer. But we need to courageously take that additional and challenging step to focus our school communities on creating opportunities for our children to inquire, explore, and discover within and beyond whatever content our curriculum defines. In this way, we will promote the skills and attributes that will serve them (and us) well in the future.
The strength of this foundation will help schools truly embolden our children and inspire a life-long passion for learning that will ensure they are ready for whatever challenges face them and their communities in the future.
Bryan Nixon, Head of School TASIS England
Saudi Ministerial Roundtable on Education
The Arab British Chamber of Commerce was pleased to host a Ministerial Roundtable with His Excellency Mr Yousef Al-Benyan, Saudi Arabia’s Minister of Education, at the chamber premises on 21 May 2024.
During the roundtable, the Minister spoke about the education sphere in Saudi Arabia and was joined by a delegation including Mr Abdulrahman Al-Hajri, the KSA Deputy Minister for Investment at the Ministry of Education, to shed a light on business opportunities in the education sector.
Opening the discussion, Rt Hon Baroness Symons, ABCC Chairman, focused her remarks on professional development and the education of young Saudi citizens which formed a key part of the Kingdom’s Vision 2030. Cooperation in the education was an important area for developing the UK-Saudi strategic partnership.
The main presentation was delivered by His Excellency Professor Yousef Abdullah Al-Benyan, the Saudi Minister of Education, who stated that he was overwhelmed by the positive response to the event and in particular the large number of participants. Over 130 people had registered for the event which was held in the auditorium at the ABCC’s Mayfair premises.
In his speech, the Minister stressed the following points:
The significance of the historical relationship between KSA and the UK and the role of education within this context and in particular the importance of youth development.
He said that Vision 2030 meant that the KSA had more than 85 universities and the vision offered an opportunity for the UK and KSA to complement each other within the education field.
The Kingdom was working to enable its people to become globally competitive citizens and welcomed partnership with the UK to achieve this aim. In this respect, more than 14000 Saudi citizens were studying in the UK on various scholarship programmes.
At the same time, the Minister emphasised that it was essential to ensure that the Kingdom became a destination of choice for education. New initiatives were being introduced to attract people and teachers into the Saudi education sector.
In particular, there was increased demand for special needs schools and a need to enhance capacity and capability.
His Excellency stressed the need for the private and public sectors of education to work more closely together.
The Kingdom recognised the importance of digital awareness and stated that the KSA was investing heavily in digital as it had implications across all sectors.
The Minister went on the highlight the need for more lifelong learning. He addressed the question of the development of the curriculum to enhance the appreciation of practical skills.
H E Professor Yousef Abdullah AlBenyan concluded by answering questions from members of the audience which ranged widely over various topics including the opportunities for SMEs in the delivery of digital services in the Kingdom, the strengths of the UK tertiary sector and teacher training, Saudi needs for
language learning including English and other languages, how the Kingdom welcomed private sector involvement, the role of R&D, boarding schools, and technology as a educational tool.
Senior members of the Saudi delegation headed by the Minister visiting the UK included:
Mr Abdulrahman Al-Hajri, Deputy Minister for Investment at the Ministry of Education
HE Prof. Einas Al-Eisa, President of Princess Norah University
Dr Abdullah Al-Salman, President of King Saud University
Dr Mohammed I. Alodaib, Deputy Minister for Private Education
Dr Abdulrahman Alamri, Assistant Deputy Minister for International Cooperation
Dr Hala Alshahrani, Deputyship for International Cooperation
Dr Sulaiman Aljarallah, Deputyship for Scholarship
They were accompanied by officials from the KSA Embassy in London including Dr Amal Fatani, Saudi Cultural Attaché.
His Excellency Mr Yousef Al-Benyan, Minister of Education, KSA, speaking at the ABCC.
UK-Oman Business Forum held at The Savoy
Mr Abdeslam El Idrissi, ABCC Deputy CEO & Secretary General, spoke at the opening of the UK-Oman Business Forum, a major gathering of businesses from both countries which gathered at London’s prestigious Savoy Hotel on 28 May.
The event provided an important platform for discussions between highlevel business participants from both the UK and Oman private sectors.
The special event organised by the ABCC in collaboration with the Embassy of the Sultanate of Oman and the Oman Chamber of Commerce and Industry (OCCI), saw a large delegation of private sector executives and officials from Oman meet counterparts from the British Chambers of Commerce to explore closer collaboration and take advantage of the investment opportunities in Oman opening up as a result of Oman Vision 2040.
Muscat Daily reported on the event: The Omani-UK Business Forum, which was held to expand the trade relations between the two countries, showcased a range of Omani products starting from incense and perfumes to dates
and honey. It discussed the supportive measures provided by the sultanate to foreign investors as it seeks to enhance its investment opportunities.
The event dwelt on the progress of Omani small and medium enterprises (SMEs) transforming into globally competitive brands.
A promotional exhibition showcased a range of Omani products including handicrafts, incense, perfumes, fashion items, and various value-added products of dates and honey.
A significant theme at the forum was the empowerment of Omani women entrepreneurs, with initiatives designed to help them enter the British market by forming partnerships with their British counterparts.
Areej Mohsin
Haider Darwish, a member
of the Board of Directors of OCCI, spoke of the longstanding relationship between Oman and the UK. “This forum seeks to bolster cooperation and investment across various sectors,” she said.
“Aligned with Oman Vision 2040, our strategic directives are set to enhance the business environment, support women entrepreneurs in the economic sectors, and elevate their global market presence through experience exchange.”
Karim Fatehi, CEO of the London Chamber of Commerce and Industry, shared his enthusiasm about participating in a session titled ‘The Impact of the Private Sector in Economic Development’. He highlighted the forum’s role in fostering cooperation and opening avenues for both Omani and British chambers to explore potential opportunities.
Mr Abdeslam El-Idrissi speaking at the forum.
Second Members’ Networking Event of 2024
The second of the ABCC’s popular member focused networking events of 2024 took place with great success on the afternoon of 23 May 2024 with representatives from seven of our member companies showcasing their top grade expertise, products and services before an audience of members, non-members and diplomats.
Chaired by Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, with welcoming remarks delivered by Mr Bandar Reda, ABCC Secretary General & CEO, the event held in the auditorium at the Chamber’s Mayfair premises proved to be as enjoyable as it was informative with inspiring speeches from members displaying an impressive range of talent and expressing great optimism about the growing opportunities arising from doing business in the Arab markets.
Delegates unfamiliar with the ABCC’s activities and services were informed of preparations for the forthcoming Arab British Economic Summit 2024 to be held in November and the upcoming Wimena Women in Sport Conference taking place at Chelsea Football Stadium, among other events.
Speakers taking part in the event were from Hashmove Inc, TASIS the American School in England, Diligencia, Arishi, Aswar Sports Agency, Airc.Digital and HCR Law LLP.
The presentations and discussion concluded with a social gathering in the board room and on the terrace where refreshments were served and where informal one-to-one discussions were held.
Jaime Ingram, Co-founder and BIM lead, AIRC DIGITAL OpenBIM Consultancy
Andrew Elia, Managing Director, Arishi
Amanda Nelson, Senior Legal Counsel, Head of Private Wealth London, HCR Law LLP and John Karim, Private Wealth Solicitor, HCR Law LLP
Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General
Mary Biddlecombe, Director of Development and External Relations at TASIS The American School England
Organisers Delighted by Success of Women in Sport Conference
The WiMENA Women in Sport Conference was widely hailed as a tremendous success attracting a large audience of top executives, industry experts, investors, sports personalities and athletes alongside diplomats from the UK and Arab World.
Hundreds of people attended the one-day conference with saw inspiring speakers including leading professional sportswomen, diplomats, sporting entrepreneurs and consultants sharing their expertise and experience.
Experts in five panel sessions looked in detail at core topics driving the sports sector today such as a women’s inclusion, commercial opportunities, technology in sports and sports tourism.
The event was also a celebration of the continuing achievements of women in sport. Taking place at Chelsea Football Stadium on 6 June 2024, the conference successfully turned a spotlight on the growing sporting activities of Arab women and how they are making their mark across fields as varied as athletics, motor racing, tennis, horse riding and football.
Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman, opened the event by speaking of the importance of encouraging more women to participate
in sporting activities and the need to increase efforts to support them. She warmly thanked all the organisers, sponsors and supporters for launching the event.
In opening remarks, H R H Prince Khalid bin Bandar Al Saud, Ambassador of the Kingdom of Saudi Arabia to the UK, welcomed the conference as a celebration of women all over the Middle East who were increasingly active in sport.
Sport, the Ambassador stated, was not simply a leisure activity; sport created jobs and opened up new opportunities for women.
From the UK government, Lord Ahmad of Wimbledon, Minister for the Middle East, said that sportswomen were breaking down barriers and were an inspiration to many, including himself.
He believed that “Sport has the power to change the world”, referring to a comment made by the late South African leader, Nelson Mandela.
The minister felt that the insights shared at the conference would help develop practical guidance for future advances in the sporting field.
Leading paralympic sports personality, Baroness Tani Grey-Thompson, now a TV sports presenter and advocate for sport, shared her personal story of success and stressed the vital importance of physical activity for child development in the early years and in education.
The topics under discussion consisted of sport as a vehicle for increased gender equality, unlocking sports potential for developing female talent, the impact of role models as catalysts for inspiring more young women to take part n sporting activities, the growing importance of technology within the sports industry, how hosting sports competitions and events boost tourism and the commercial opportunities opened up by the increasing popularity of sport among women.
A special session was devoted to the transformation of the sporting world in
Saudi Arabia under the guidance of the kingdom’s Vision 2030 strategy with a panel of high level speakers drawn from private industry and government headed by Mohammed Awlia, General Manager of Strategy & Planning and of Special Projects at the Ministry of Sport. Industry experts involved in the development of sport in the Kingdom shared their insights on major events as the Saudi Grand Prix.
Amanda Fone, Founder & CEO, F1 Search and Recruitment Ltd, is planning a Women’s Career Accelerator programme in Saudi Arabia in 2025 in line with the 2030 Vision.
The high calibre speakers’ panels consisted of Ms Arwa Al Bulushi, Commercial and Investment Attache, Embassy of Oman, Shaima Saleh Alhusseini, CEO, Saudi Sports for All Federation, Lama Al Fozan, Vice Chair, Saudi Athletics Committee, and Sarah
Essam Hassanin, from the Egyptian Women’s National Football Team.
Sports personalities taking part included British racing drivers, Abbie Eaton and Burca Cetinkaya and English rugby player, Sarah Bern.
Advocates on behalf of women in sport included Lisa O’Keefe, Secretary General of the International Working Group (IWG) on Women and Sport, Karen Webb Moss, Chair of Aquatics GB and Strategic Adviser/ Chair of More than Equal, and Janie Frampton OBE, Vice President of the International Federation for Sports Officials and the Greater Birmingham Global Chamber of Commerce.
Experts including consultants and investors such as Jennie Price OBE, Portas Consulting, Heba Bevan OBE, CEO & Funder, Utterberry Ltd and global entrepreneur Nalain Naidoo.
Joining the speakers were some
senior academics, Brigitte Stangl, University of Surrey, Professor David Hassan, University of Ulster and Katy Storie, Director of Sport, Newcastle University.
Delivering remarks at the conclusion of the conference, Mr Bandar Reda, ABCC Secretary General & CEO, was delighted by the huge success of the event and expressed pride in the exceptional achievements of Arab sportswomen and the opportunities opening up for them in particular in Saudi Arabia, which was a key focus of the event.
The ABCC was proud of its involvement in the inspiring and innovative initiative which had seen us partner with business-tobusiness networking organisation, WiMENA -Women in the Middle East and North Africa – to organise this unique international event which was an enjoyable as it was informative.
Ms Heba Bevan OBE
Ms Arwa Al Balushi, Commercial & Investment Attache, Oman Embassy
Mr Bandar Reda, ABCC Secretary General & CEO
Sponsorship Opportunities
The Arab British Chamber of Commerce has long been the platform of choice for both British and Arab businesses and is strategically placed to help firms meet and expand their networks. A trusted champion of the Arab-British partnership and an influential voice for business within the UK and Arab World, the ABCC is the organiser of the 4th Arab British Economic Summit 2024 (ABES2024).
What ABES offers you.
Networking
ABES 2024, the ABCC’s annual flagship event, will once again bring together senior government officials, ministers, diplomats, executives, investors and decision makers in the business sector. We anticipate 900- 1,000 delegates and participants based on past event successes.
Branding Awareness
Maximise your company’s brand recognition with our packages designed to provide effective exposure and awareness. ABES 2024 will provide your brand with targeted visibility in the months leading up to the event, on the day of the event itself as well as afterwards.
Promotion
By choosing to become a sponsor or an exhibitor you will be able to take advantage of the extensive publicity campaign in the British and Arab media during the run up to ABES 2024, along with exposure for your business when all delegates gather on the day of the Summit.
Attractive Options to Suit Your Business
• SUMMIT HEADLINE SPONSOR
• Strategic Sponsor
• Gold Sponsor
• Silver Sponsor
• Session Sponsor
• Lunch & coffee break Sponsor
• Closing reception Sponsor
• Exhibit at ABES2024
Contact us
For more details of the attractive sponsorship packages that are available see https://abcc.glueup.com/event/4th-arab-british-economic-summit-2024-93156/sponsorship-packages.html
4th Arab British Economic Summit 2024
Bridging Visions: Arab-British Pathways to Progress
MONDAY, NOVEMBER 25, 2024 (08:00 - 18:30) (GMT+0)
LONDON
As part of our ongoing activities to nurture collaboration between the United Kingdom and the Arab World, the Arab-British Chamber of Commerce is pleased to invite you to its flagship event of the year, the 4th Arab British Economic Summit 2024.
The Summit, under the banner of ‘Bridging Visions’, will highlight the strategic UK-Arab partnership with an emphasis on the widening scope of cooperation within various sectors and industries. 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.
Discussion will concentrate on sustainable tourism, e-commerce, franchising, as well as the banking and financial industry. This high-level event will bring together government officials, senior executives, thought leaders and decision-makers from across the UK and the Arab world to share their ideas and debate the diverse trade and investment opportunities that are emerging in the new technology-based industries.
ABES 2023
The 3rd Arab British Economic Summit (ABES 2023) took place very successfully on 20 November 2023 with a record number of delegates in attendance.
The Summit, held under the overarching theme of “Sustaining an Emerging Vision,” hosted a series of sessions on diverse topics, including water, food security, healthcare and tourism, and the evolution of banking, finance and insurance.
ABCC Translation Services
For all your translations from English to Arabic or Arabic to English.
With over 40 years’ experience in technical translation, the Arab-British Chamber of Commerce specialises in Arabic/English and English/Arabic translation and has excellent facilities and top quality translators.
Our translators are officially qualified and trained to handle customer requirements accurately and professionally in both languages. Our experience lies in first class commercial, financial, legal and technical translation of the highest standard.
The Chamber’s translation service is officially recognised by all the Arab embassies in London and by the Foreign, Commonwealth & Development Office (FCDO).
However, we strongly advise clients that the FCDO should authenticate all official documentation translated from Arabic to English if it is to be used in the UK. Translation of official documents from English to Arabic, for use in the Arab world, must be authenticated by both the FCO and the Arab embassy of the country where the document is to be used.
The ABCC translation service covers all types of documents, including:
Birth/marriage/baptism/divorce/death certificates
Certificates of academic qualification
Certificates of Origin
Commercial invoices
Company/personal financial documents
Divorce documents from the Shar’i Mazun or from a court of law
Memorandum & Articles of Association
Passport details.
Saudi Arabia’s PIF tops global sovereign wealth fund brand rankings
The Kingdom of Saudi Arabia’s Public Investment Fund (PIF) has the single most valuable brand name among the world’s sovereign wealth funds; valued at $1.1 billion and among all AM firms, ranked sixth in brand value to assets under management ratio.
PIF is the most valuable SWF, according to new data from Brand Finance, a global brand valuation firm. PIF leads among SWFs driven by its investment strategy, trust in its name, brand awareness, and for being a catalyst for advancement, according to the new report.
The leading performances of Abu Dhabi Investment Authority and Qatar Investment Authority are also recognised in the report.
In preparing its report, Brand Finance surveyed over 4,400 entities, including companies, individuals, and media from the investment and financial sectors, to compile a list of 50 major asset management and SWF brands from around the world.
PIF’s value is largely driven by high scores for the brand’s awareness, purpose and commitment to positive growth. Among the other notable high-ranking SWFs, Abu Dhabi
Investment Authority was recognised as the strongest SWF brand, scoring 63.9 out of 100 with an A+ rating. PIF’s own BSI stands at 62.1 out of 100, and also scores A+. Meanwhile Qatar Investment Authority has a BSI of 61.02 and is also graded A+.
Brand Finance highlights the PIF’s strong brand appeal and ambitious growth plans, aiming to reach $2 trillion in managed assets by 2030.
The fund’s bold investment strategies have boosted its brand value and commercial strength. With assets exceeding $930 billion, the PIF is a major global investor, shaping the future of the global economy by developing business sectors and creating new opportunities.
The fund also plays a crucial role in Saudi Arabia’s economic transformation under Vision 2030, launching 94 new companies since
2017 and creating over 644,000 job opportunities domestically.
“According to Brand Finance research, PIF, Abu Dhabi Investment Authority, and Qatar Investment Authority demonstrate impressive brand awareness with A+ brand strength, underscoring the importance of brand perceptions in this sector. With significant AUM and a long investment horizon, PIF and other SWFs are leaning into strategies based on patience and partnership, which we expect to continue to drive the brand perception of SWFs in the coming years,” commented David Haigh, Chairman and CEO, Brand Finance, on the release of the company’s new report which is said to be the world’s first global ranking of brand strength and brand value of asset managers and sovereign wealth funds.
Sources: Brand Finance, Asharq Al Awsat
Saudi Arabia
The Kingdom’s ‘non-oil’ sectors are expanding significantly, recording growth rates of 5.3% in 2022 and 3.8% in 2023. Overall GDP surpassed US$1 trillion for the first time in 2022 and is forecast to grow to US$1.43 trillion in 2029, according to the IMF. On the social front, the country’s strict social code has eased, enabling much greater societal and economic openness. Men and women now mix in public, dress codes are less strict, the religious police are no more, and massive dance music concerts are now among the country’s leading entertainment events.
All of this change is making Saudi Arabia perhaps the most exciting market in the world right now. Its own ambitions, the opportunities for foreign investors, and the country’s growing role on the global stage have all been turning heads. There is a real buzz in and around the country. So, what is all the noise about and what structural and business changes have actually been taking place?
Vision 2030
Reform is being driven by an economywide national transformation plan called Vision 2030. This was launched in 2016 and is the brainchild of the Kingdom’s young de facto ruler, Crown Prince Mohammed bin Salman. In essence, the Vision is a series of goals and strategic initiatives to grow new economic sectors and reduce the country’s heavy dependence on oil revenues. The
Vision 2030 and Saudi Arabia’s changing business environment
Saudi Arabia is currently undergoing major economic and social transformation, says consultant Charles Phillips.
idea is to ensure long-term economic prosperity, especially for a time when oil plays a smaller role in the global economy. Economic diversification has long been on the agenda for Saudi Arabia but Vision 2030 and the country’s new leadership has put this into overdrive.
Core objectives of the Vision include increasing female labour force participation, creating employment opportunities for the country’s large youth population, establishing itself as an international tourism destination, fostering private sector growth, boosting entrepreneurship, promoting domestic manufacturing, becoming a clean energy hub, and expanding virtually every economic sector.
Common wisdom is that the country may not achieve all of its hugely ambitious targets for 2030. Nevertheless, even if some targets are achieved that would still be a significant success. This is especially the case for a country where change and reform used to take place at a snail’s pace. Change is now part of the very fabric of the country. Vision 2030 should therefore be viewed not just as an end in and of itself (a series of targets) but also as a means – a catalyst for action and change.
Change has been taking place at such a rapid pace over the last several years that many observers outside Saudi Arabia have not been able to keep up
with new developments. Many still only know the country by its old stereotypes. Yet more and more international marketing campaigns that showcase the country’s new giga-project and mega-project developments, such as NEOM, have provided international audiences with an alternative window into the country and the new economy it is building.
One useful way to think of Saudi Arabia today is a split between the ‘old Saudi Arabia’ that existed before the launch of Vision 2030 and the ‘new Saudi Arabia’ that has been emerging since the Vision’s launch. While the legacy of the old Saudi Arabia still persists and will continue to do so, the new Saudi Arabia is proving to be a very different place. Much of what is commonly known about the country internationally will need to be relearnt and updated.
Women’s participation and SME growth
Some of the most notable successes of Vision 2030 so far are transformations in the labour market and an improved entrepreneurial environment. Participation of Saudi women in the labour market has risen dramatically, from 17% in 2017 to over 35% in 2021. This is a rate of increase rarely seen elsewhere in the world. The number of registered SMEs in the country has also grown significantly from around 430,000 in 2016 to more than 1.3 million in 2023.
The country has shot up in entrepreneurial rankings and now ranks as one of the best countries to start a business. In 2023, Saudi Arabia ranked 3rd in Global Entrepreneurship Monitor’s National Entrepreneurship Context Index (NECI), rising from 41st place in 2018. The entrepreneurial gap between men and women has also been closing. In 2009, for every 10 men starting or running a new business there was only one woman doing the same. By 2023, there were more than eight women starting new businesses for every 10 men doing the same.
Business destination
International businesses are taking an increasing interest in the Kingdom. This is being driven by a combination of push and pull factors. The reforms that have been implemented since Vision 2030’s launch have been making Saudi Arabia a much more compelling destination to do business. With huge state investment committed to the country’s economic transformation, numerous foreign companies have been seeking to enter the Saudi market to provide the goods and services needed to meet Vision 2030’s various goals.
The government is also actively encouraging companies to move their operations here. As part of a push to get multinational corporations to relocate to Riyadh, a new regional headquarters law came into force at the start of 2024. This stipulates that multinationals wishing to win contracts from Saudi government agencies must have their regional headquarters in the Kingdom. This was coupled with generous incentives including a 0% tax rate for 30 years and a 10-year exemption from Saudisation requirements (rules on hiring a certain ratio of Saudi citizens).
Regulatory improvements
Several reforms have been introduced to improve the regulatory and legal environment for doing business. Licencing procedures have been simplified for foreign entities seeking to invest and operate within the Kingdom. Restrictions on foreign ownership have been relaxed, now enabling 100% foreign ownership in specific sectors. To streamline visits and enable residency, a range of new visas have been introduced including long-term residency visas tailored for entrepreneurs and investors. In December 2023, a new civil code came into effect which is expected to
make rulings on civil and commercial transactions more consistent and predictable. Vision 2030 has an explicit aim to make it easier to do business in Saudi Arabia and as such the regulatory environment is likely to continue to improve and evolve.
FDI and funding Vision 2030
In order to fund Vision 2030’s various initiatives, Saudi Arabia will need major investment and many years of continued income from its oil exports. While oil revenue and local capital is expected to provide most funding, the country is aiming to attract $100 billion in foreign direct investment (FDI) per year by 2030. However, there will be a steep mountain to climb to achieve that. Average inflows of FDI between 2017 and 2022 were US$17 billion per year. Preliminary estimates for 2023 indicate inflows of US$19 billion.
Funding challenges have recently come to the fore. In December 2023, Saudi officials announced some projects were being pushed back beyond 2030. In April 2024, a story broke that target for completion of the first stage of The Line, NEOM’s linear city, were being scaled back. Developers had until recently aimed for 1 million residents to be living on The Line by 2030 but this is now expected to be closer to 300,000 people. These announcements are not necessarily surprising considering the logistical and financial constraints of delivering such ambitious projects, especially under tight timelines.
For the short term, the government is well positioned to borrow and run a deficit to fund these projects if necessary. Oil revenues will also likely continue well into the future.
Saudi Arabia
Even though the world is set to transition away from fossil fuels and needs to do so rapidly, Saudi Arabia will be one of the last players to remain in the oil game due to its lowcost and lower-carbon intensity oil production.
A Saudi century?
Looking ahead, the ambition of Saudi Arabia’s leadership and its young and growing population should not be underestimated. The leader behind Vision 2030, Mohammed bin Salman, is in this for the long run. Currently aged 38, he is set to rule for the next 50 years. It is no surprise then that in a September 2023 interview, he proclaimed Saudi Arabia will be the biggest success story of the 21st century, adding “do you want to miss it or not? That’s your call.”
This editorial was supplied to us by ABCC member company, Diligencia. The writer is an independent consultant specialising in sustainable development in Saudi Arabia.
Diligencia helps customers from around the world to find essential information on organisations registered in Africa and the wider Middle East, drawing on primary sources that are otherwise hard to find
Investing in Kuwait Infrastructure
The Kuwait Direct Investment Promotion Authority (KDIPA) has published its Investing in Kuwait: A Guide for Investment Opportunities to enable potential investors to learn about the best and latest options for investing in Kuwait.
KDIPA says that a rigorous opportunity assessment process was adopted based on a scoring model analysis to determine the overall attractiveness rating for the potential opportunities in those sectors selected. These are based on a set of strategic guiding principles that fall within Kuwait’s economic policy and its development priorities.
One of the areas identified by KDIPA as offering great opportunities for investment is the infrastructure sector.
Kuwait is investing substant amounts into infrastructural projects to meet the rising demand of the growing population, and to contribute towards economic growth.
Infrastructure is prioritized by the development of several new economic and industrial zones in the country that are expected to cater to different competitive industries and businesses. Numerus subsectors are linked to this sector such as Desalination plants, Power Generation plants based on both fuel & renewable energies and Economic & Industrial Zones.
Kuwait offers interested investors a host of mega investment opportunities in infrastructural projects in the field of
electricity generation, water desalination, renewable energy, and establishing economic and industrial zones to attain the goals of the National Vision 2035 and its development plans.
The Kuwaiti government has adopted the PPP model for developing new independent power plants (IPPW) allowing for the participation of the private sector in power generation sector.
There is growing interest in power generation by utilizing resources that are mainly based on renewable energy, like the use of solar, wind, tidal power, and green hydrogen energy. The government
has set up an ambitious plan to generate at least 15% of the county’s energy mix from renewable energy by 2035.
The Kuwaiti government has also adopted the PPP model for developing new IWPP plants involving the participation of the private sector in water production.
As part of Kuwait Vision 2035 Development Plan, the Shuaiba North Station is to be privatized, which will help in increasing its efficiency and thus the production capacity of fresh water.
Kuwait stands as the 3rd largest producer of desalinated water in the GCC only behind Saudi Arabia and the UAE. The demand for fresh water in the GCC is expected to increase by 62% by the year 2025.
Kuwait has developed Economic Zones to support competitive clusters in logistics, manufacturing, trading and other activities.
The zones are subject to the laws and regulations of the Kuwait Direct Investment Promotion Authority (KDIPA), and incentives granted by KDIPA while adhering to the country’s legal framework, rules, and initiatives. These zones are:
• Al-Abdali Economic Zone: KDIPA obtained the approvals for the final master plan design from competent government authorities; and a Council of Ministers Decision No. (1010) of 2021 assigned KDIPA the task of coordinating with competent authorities to proceed with the option to directly auction the tender for the implementation, investment, and utilization of Al-Abdali Economic Zone project. Several introductory visits to present Al-Abdali Economic Zone project were conducted to a number of foreign banks branches and foreign companies early 2022.
• Al-Wafra Economic Zone: KDIPA completed he projects tender documents for developing its masterplan through the Central Agency for Public Tenders (CAPT). KDIPA evaluated the received bids.
• Al-Naayem Economic Zone: KDIPA discussed the project with the Public Authority for Industry (PAI), who has an adjacent industrial zone, to consider jointly developing these two zones, along with other potential options.
• Shuwaikh Free Zone: is Kuwait’s first free trade zone that was established in accordance with Law No. 26 of 1995 aiming to encourage and facilitate the re-export and transit
Investing in Kuwait
trade to enhance Kuwait commercial regional position. KDIPA was assigned the task to manage Kuwait free zones along with its economic zones by a Council of Ministers Decision No. 907 of 2016. Later, another Council of Ministers Decision No. 1337 of 2018 cancelled the free zone status from Shuwaikh free zone and re-classified it as state property.
• Al-Nuwaiseeb Free Zone: is a new free zone project under development by KDIPA who prepared the tender documents, following the issuance of a Council of Ministers Decision No. (412) of 2018 to proceed with the option of utilizing a usufruct of a third party - a specialized company.
For more on the investment opportunities in Kuwait, the laws for investors and the incentives, see the KDIPA website.
KDIPA is an economic implementing arm of Kuwait and performs developmental, promotional, regulatory, and advocacy roles.
https://kdipa.gov.kw/about-kdipa/
AI to add $15 trillion to global economy –DMCC report
DMCC –the Government of Dubai Authority on commodities trade and enterprise – has estimated that an additional $15 trillion will be brought to the global economy by the widespread use and adoption of artificial intelligence (AI), particularly in highly tradeable sectors.
The DMCC, a world renowned flagship free zone, revealed the estimate at the launch event of its latest biennial Future of Trade thought leadership report held in Singapore.
Whilst trade is set to grow by 2.6% in 2024, the anticipated scaling up and adoption of generative AI alongside a wider surge in e-commerce and digital services trade will drive global trade resilience in the years to come.
This will herald a paradigm shift in the operating environment, as businesses use AI to optimise supply chains, enhance efficiency and reduce costs through predictive analytics. AI will bring data-driven market insights to capture new business opportunities, and AI-powered trade finance solutions will streamline transactions.
The impact will be most prominent in highly tradeable sectors such as computers and electronics, machinery, IT services, transport equipment and electrical equipment –all deeply embedded in international trade and sectors where 90% of current AI-related patent filings are concentrated.
Global trade hubs such as the UAE will see their influence rise against a backdrop of increased regional and bloc-based trade around the world. As the advantages of AI become more pronounced, both hubs will benefit from their advanced trade
infrastructure, access to global markets and innovation-friendly regulatory approaches.
The Future of Trade is the flagship thought leadership report series from DMCC on the changing nature of global trade. The report examines the impact of global economic trends, geopolitics, technology, sustainability and finance on the future of the trade landscape. The report series has been viewed and downloaded over 1.9 million times, underscoring DMCC’s growing recognition as a leading voice on international trade.
The report explains that generative AI tools consist of algorithms that generate visual, audio and visual content using data inputs drawn from a vast corpus45. While the field has overtaken web3 in the public imagination since the public launch of ChatGPT a year ago, AI is a crosscutting capability that will impact and accelerate innovations in web3.
For instance, the report says, one of the key obstacles to mass adoption of the 3D immersive internet has been the ability to create immersive environments quickly and cheaply. In much the same way that tools such as WordPress democratised 2D website building and opened this up to the masses, something similar is needed for the metaverse. The barriers to entry of using engines such as Unity and Unreal are high in terms of cost,
time and programming knowledge.
Generative AI is a catalyst to accelerating 3D creation for all, enabling people to describe what they want and have AI generate templates for 3D assets and environments rather than building pixel by pixel. This will help the metaverse to scale across users and environments as needed, while keeping costs down. For example, Landvault is building generative AI tools to auto-generate buildings and interiors in the metaverse, helping customers to preview environments.
One obstacle for the gaming world, however, is that graphics processing units (GPUs) are dominated by generative AI, which is creating a shortage of the tools needed for streaming and graphics for the metaverse. It is therefore likely to be a few years before chipmakers catch up with demand.
According to Accenture, the next decade will be defined by three mega technology trends—cloud, metaverse and AI—which collectively will collapse the distance of our digital and physical worlds. While generative AI will have far-reaching impact, leaders must dive in now to achieve its full promise46. Companies wishing to realise the full potential of the metaverse should also be cognisant of the need to develop generative AI capability, as this will grant them the
Artificial Intelligence
ability to take use cases to market with greater ease and speed. In spite of the promise of generative AI and the metaverse, the technology remains a nascent and underdeveloped field, and one in which there is no longterm track record of success. This represents an obstacle to adoption by governments and big organisations, who want to see the impact on business growth and talent attraction over time, the report shows.
The Future of Trade report can be obtained from DMCC. https://www.futureoftrade.com/
Exploring Oman’s Investment Potential
Investment and doing business in the Sultanate of Oman were highlighted at a UK-Oman Business Forum held at The Savoy Hotel, London, on 28 May 2024.
Bilateral relations between Oman and the UK were brought into the spotlight at the event.
Trade between the two countries has been on the increase. Total trade in goods and services (exports plus imports) between the UK and Oman was £1.3 billion in the four quarters to the end of Q4 2023, an increase of 11.9% or £139 million in current prices from the four quarters to the end of Q4 2022.
Of all UK exports to Oman in the four quarters to the end of Q4 2023, £542 million (51.5%) were goods and £510 million (48.5%) were services. UK exports of goods to Oman increased by 18.6% or £85 million in current prices, compared to 2022 while UK exports of services to Oman increased by 7.1% or £34 million in current prices, compared to 2022.
Total UK imports from Oman were £258 million (an increase of 8.4% or £20 million in current prices. Of all UK imports from Oman in the four quarters to the end of Q4 2023, £232 million (89.9%) were goods and £26 million (10.1%) were services. In the same period,
UK imports of goods from Oman increased by 26.1% or £48 million in current prices, compared to 2022 while UK imports of services from Oman decreased by 51.9% or £28 million in current prices, according to recent data from the Department for Business and Trade, (Fact sheet, 17 May 2024).
Oman Vision 2040
The transformation of the country’s economy is being driven forward by Oman Vision 2040. This is the name for Oman’s ambitious strategy aimed at transforming its economy by boosting diversification and ensuring future prosperity. An invaluable source for information is Invest Oman, the official investment marketing initiative under Oman’s Ministry of Commerce, Industry & Investment Promotion.
Six Key themes
Launched in January 2021 by order of His Majesty the Sultan, Oman Vision 2040 is a progressive development strategy that repositions Oman’s national competitiveness around six objectives, which are;
1. Knowledge for innovation and sustainable development
2. A skilled and flexible workforce
3. World-class infrastructure and transport services
4. An education system responsive to the needs of a Low Carbon Economy
5. A regulatory framework led by informed entrepreneurial-minded civil servants
6. Public services that support the growth of Oman’s business sector.
Main Sectors for Investment
These sectors can be listed as: Petrochemicals
Agriculture
The Circular Economy
Fisheries Manufacturing ICT Sport Education Logistics
Renewable energy Mining Healthcare Tourism.
Mining
Agriculture
Agricultural modernization and rural farm development are key pillars of Oman’s Ministry of Agriculture and Fisheries and Water Resources’ Sustainable Development 2040 Strategy.
With more than 1,200 species of plants, Oman offers excellent opportunities to invest in the agriculture sector.
Manufacturing
Oman is looking to develop opportunities using its rich mix of natural resources, particularly in petrochemicals, construction, cement, marble, gypsum, building products, minerals, as well as food and beverage.
Oman’s manufacturing sector is also focused on capital-intensive activities such as electrical equipment, machinery, cables, electrical connectors, furniture and shipbuilding.
Renewable Energy
Oman has a wealth of solar and wind resources at its disposal and over 50,000 km2 of land for the development of renewables.
A Hydrogen Development Oman has been set up to oversee the country’s energy transition.
Oman’s natural resources include raw materials like dolomite, limestone, gypsum, clay, silica, ornamental stone and building materials. The country is also rich in more valuable copper, gold, gabbro (like basalt) and limestone, industrial minerals and salt.
It is estimated that the mining sector in Oman will contribute US$779mn to GDP by 2030. More efficient mining is to be achieved through greater automation and digitalization.
Oman is making increasing use of IT in the mining sector with greater use of 3D modelling, AI and drones at the prospecting and exploration stage.
ICT
Oman Vision 2040 calls for enhanced national technical capabilities, the construction of vital ICT infrastructure and improvement of e-Government services. The Oman government has prioritized the development of ICT and the sector is well positioned for growth with a focus on creating a society powered by smart IT infrastructure driving significant investment.
Future opportunities in Oman’s ICT sector include ICT training, 5G networks and the expansion of fiber networks, e-health, e-learning, cloud computing and data centres, disaster recovery services, cybersecurity, smart city initiatives, IoT, AI and blockchain.
Tourism Sector
As part of its National Tourism Strategy, Oman aims to create 500,000 jobs in the sector by 2040. Growth of Oman’s tourism sector involves the development of luxury, adventure and eco experiences as key tourism priorities along with boosting the number of international tourists and increasing the number of hotel stays.
The Circular Economy
Measures that Oman is taking are designed to minimise waste and increase recycling. Oman’s circular economy ambitions aim to maximize value and eliminate waste by improving the design of locally made materials, products, systems and business models.
Transitioning to a low-carbon, circular economy will deliver significant economic, social and environmental benefits as well as present Oman with a variety of opportunities including the design and use of long lasting, reusable and easily recyclable products.
Find out about Investor Incentives and more
A guide is available from Invest Oman which can be found at the link below. https://investoman.om/
Non-oil Sectors
Available Now
Deftly weaving real life stories of some of the most colourful figures from the time of World War II Paris with an ingenious art thriller plot that brings the narrative up to the high octane auction houses of today. In the Frame is a page-turning adventure that is at once historically fascinating and dramatically compelling. What were the links between Hermann Göring and Coco Chanel? What became of the Nazi’s hidden art plunders once they had been defeated? And what dark secrets must a new generation confront to get to the ingenious truth behind the iconic artworks we see in our galleries today? This passionate celebration of art history’s intrigues, conjured from fact and fiction, is an adventure to delight and entertain.
To secure a copy of the book, contact the author by email at:
Available from Nomad Publishing https://nomad-publishing.com/in-the-frame.html#
For more information visit www.lorraineamrani.com
Head of International Trade
Your guaranteed road
Surrounding the uncertainty of Brexit, the Arab-British Certificate of Origin remains the certain method to trade with the Arab world. There will be no changes to the certificate, and the ABCC’s services will suffer no interruption irrespective of Brexit’s outcome.
The Arab-British Certificate of Origin remains the only certain, secure and reliable means of export documentation for companies trading with the Arab world. There have been no changes to the certificate, and, likewise, the ABCC’s range of trade services remain entirely unaltered in the post-Brexit trading environment.
We at the ABCC remain available to support your exporting and wider business needs.
We at the ABCC remain available to support your exporting and wider business needs. www.abcc.org.uk
