ABCC Event Guide 2022

Welcome to the ARAB BRITISH ECONOMIC SUMMIT 2022

As Chairman of the Arab British Chamber of Commerce it gives me great pleasure to welcome you to this Economic Summit and to realise that we are among friends who have joined in a shared purpose of seeking out new opportunities and renewing contacts following the difficulties of recent times.

The interest shown in this event has exceeded expectations and the representation of strong delegations from across the Arab World and from different regions of the UK stand as testimony to the strength of our shared vision.

This Summit follows ABES2019 which was widely supported by our members and strategic partners. In recent years we have faced unprecedented disruptions of the COVID pandemic, the economic adjustments demanded by climate change and latterly a growing energy crisis. These formidable challenges create new uncertainties. Much has indeed changed since we last met in 2019 at this same venue, but the one certainty that remains is our shared appreciation of the value of working together. The UK-Arab partnership flourishes as never before, developing and extending into new economic sectors driven by emerging technologies.

It is in recognition of the growing significance of the enduring cooperation between the British and Arab nations that this Summit has been planned and organised.

The countries of the Arab League today represent some of the world’s most highly dynamic economies and they offer increasingly lucrative opportunities for doing business. New opportunities are opening up as a result of the breathtakingly ambitious transformative vision programmes adopted by proactive leaders across the Arab world stretching from the Gulf to North Africa.

Our shared vision is founded on achieving mutual advantage and reaping the rewards of prosperity that are the outcome of the strong collaborative efforts flowing from the entrepreneurial talents of the British and Arab peoples, particularly the younger generation. Thanks are due to all our sponsors and strategic partners who have made this Summit possible. I am aware that our CEO and his team at the Chamber have worked tremendously hard and with tireless dedication to prepare for this Economic Summit. As a Chamber we are entitled to take pride in the contribution that our organisation continues to make to ensuring the success and growth of the Arab-British partnership.

Finally, I would like to wish everyone at ABES2022 a productive and successful day.

The Rt Hon Baroness Symons of Vernham Dean, Chairman, Arab British Chamber of Commerce

A warm welcome to this Second Arab British Economic Summit on behalf of the Arab British Chamber of Commerce.

I wish to express thanks to all our distinguished guests, strategic partners, delegates, exhibitors, sponsors, speakers and friends. Your support has been invaluable to ensure the successful delivery of this Summit.

ABES2022 follows on from the first ABES held in 2019, which was widely judged to be a success. Once more this Summit underlines the shared vision of a strong and developing partnership between the United Kingdom and the Arab World.

These Summits, as with all our events and services, demonstrate the Chamber’s clear commitment to building stronger, deeper and more comprehensive partnerships between British and Arab private sectors. This endeavour reflects the intentions enshrined in our founding credo of “friendship through trade” which provides guidance and shapes all our activities.

ABES22 intends to highlight the enormous potential for productive cooperation in key innovative sectors that are driving forward the global economy and where the pursuit of closer collaboration is a priority shared by both UK and Arab governments and peoples. We will showcase the range of opportunities that are emerging for doing business and investment across the spectrum of sectors and regions. The impressive representation from leading public and private institutions on our speakers’ panels and among the visiting delegations to the Summit indicates a shared commitment to cooperation and partnership. This commitment is shared in equal measure by both the British and Arab peoples, who can draw on a long tradition of friendship, interactivity and association that stretches back many centuries.

Today, as we face new challenges and uncertainties in the global economy, the British and Arab peoples are determined to strengthen their collaboration and build on their rich record of past achievements. We are the stronger in working together. That is the basis of our shared vision.

I look forward to meeting you all at ABES2022.

Mr Bandar Reda, Secretary General & Chief Executive Officer, Arab British Chamber of Commerce

ABES 2022 Event Programme

REGISTRATION

WELCOMING REMARKS

The Rt Hon Baroness Symons of Vernham Dean, Chairman, ABCC

Mr Bandar Reda, Secretary General & CEO, ABCC

H E Sheikh Khalifa Bin Jassim Bin Mohammed Al Thani, Chairman, Qatar Chamber of Commerce & Industry & First Vice Chairman-ABCC

OPENING REMARKS (GCC - UK FREE TRADE AGREEMENTS)

H.E Mr Ahmed Aboul Gheit (Secretary General at The League of Arab States)

Mr. Simon Penney (Her Majesty’s Trade Commissioner for the Middle East)

Opening remarks (GCC – UK Free Trade Agreements)

H.E. Dr. Nayef Falah M. Al-Hajraf (Secretary General at Gulf Cooperation Council (GCC)

Mr. Tom Wintle (Chief Negotiator for the UK-GCC FTA Negotiations, Department for International Trade)

SESSION 1: REBOOTING UK ARAB TRADE

THEMES

New Trade Agreements: How new free trade deals can boost growth in exports and investment by deepening the strategic ties that are in our vital interests.

Sovereign Wealth Funds: Closer bilateral investment to ensure sustainable growth across all sectors.

Supply Chains: Innovative strategies to increase productivity and efficiency in trade.

(Chair) Dr Khaled Hanafy, Secretary General, Union Of Arab Chambers

Lord Karan Bilimoria CBE DL, Former President of the CBI and Founder, Cobra Beer

Ramy Jallad, CEO, Ras Al Khaimah Economic Zone (RAKEZ), UAE

Mohamed Juma’a Al Musharrakh, Chief Executive Officer, Sharjah FDI Office, UAE

Marc Saroufim, Managing Partner at Al Akeel & Partners, KSA

Q&A

COFFEE BREAK

SESSION 2: BEYOND COP26

THEMES

Renewable Energy: Working together to deliver on the commitment to reach net zero emissions by 2050.

Real Estate and Infrastructure: How Arab Vision strategies are boosting growth and resilience through new infrastructure projects and sustainable buildings.

Hospitality Industry: How new management practices and technology can satisfy changing consumer expectations and enhance the customer experience.

Transport & Logistics: How international aviation and public transport networks can meet growing public demand and achieve environmental sustainability.

(Chair) Damien McElroy, London Bureau Chief at The National Darren Ward, Chief Executive Officer, UVA UK)

Chris Kelsall, Chief Executive, Tokamak Energy

Adam Harris, Head of Civil, Infrastructure and Energy, UK Export Finance

SESSION 3: INNOVATE EDUCATION

THEMES

Ed Tech: How remote and digital learning facilitates knowledge sharing and educational inclusion.

Widening Access: The potential of tech to widen access to education and skills.

Updating the Curriculum: Equipping future generations with the marketable skills that the future economy needs.

(Chair) Dr Imran Zawwar, Regional Director, Cranfield School of Management

Dr Tony Chan, President, KAUST

Professor Mohamed Loutfi, President, The British University in Egypt

Francois Ortalo-Magné, Dean, London Business School

Rt Hon Charles Clarke, Former Secretary of State for Education, Advisory Board Member of Cambridge Partnership for Education

Q&A

SIGNING MOU WITH TRIPOLI CHAMBER OF COMMERCE

LUNCH BREAK

SESSION 4: ACCELERATING HEALTH

THEMES

Health Tech: E-Health, Telemedicine and AI are transforming healthcare, improving patient choice and outcomes.

Investment and Collaboration: How increased cooperation can accelerate the uptake of latest health technologies to bring services to more communities.

Sports and Wellbeing: As the Arab countries host more international sporting events, government initiatives are increasingly prioritising wellness to improve the quality of life for all citizens.

(Chair) Richard Burge, Chief Executive, London Chamber of Commerce and Industry

Jed Mrabet, President, Tunisian British Chamber of Commerce (TBCC)

Jess McCreadie, Principal, Octopus Investments

Chester King, CEO, International Hospitals Group (IHG)

Dr Oualae Alami, Vice President, Cluster Lead Hospital Business at Pfizer Biopharmaceutical Group

Talgat Takiyev, Head of Investor Relations of Deep Knowledge Group

Q&A

SESSION 5: BANKING AND FINTECH REVOLUTION

THEMES

Enhancing Digital Cooperation: How the UK financial services industry can share its expertise with the rapidly developing Arab Fintech sector.

Widening Access: The growth of Fintech hubs across the Arab region offers the potential for extending banking services to more people and achieving financial inclusion.

Sustainability and Cybersecurity: How the financial sector is responsive to customer demands for accountability, greater security in electronic transactions and in personal data management.

(Chair) The Rt. Hon. Baroness Symons of Vernham Dean (Chairman, ABCC)

Shevaun Haviland, Director General, British Chambers Of Commerce

Andrew Elia, Managing Director, Arishi

Nasser Saleh, Executive Chairman and Founder, MadfooatCom for e-Payments P.S.C.

Gabriele Giambrone, Managing Partner, Giambrone & Partners LLP

H E Suha Najjar, Chairman, National Investment Commission, Iraq

Q&A

CLOSING REMARKS & RECEPTION

The Rt. Hon. Baroness Symons of Vernham Dean (Chairman, ABCC)

Mr Abdeslam El-Idrissi (Deputy CEO & Secretary General, ABCC)

OPENING REMARKS

AHMED ABOUL GHEIT IS THE SECRETARY GENERAL OF THE LEAGUE OF ARAB STATES

Before being elected as Secretary General in July 2016 and being reappointed in 2021, he served as the Minister of Foreign Affairs of the Arab Republic of Egypt from 2004 to 2011. Aboul Gheit previously served as the Permanent Representative of Egypt to the United Nations, from 1999 to 2004. Between 1992 and 1996, he served as Egypt’s Ambassador to Italy, Macedonia, San Marino and Representative to the Food and Agriculture Organization (FAO) in Rome.

He served as Chef de Cabinet of the Minister of Foreign Affairs of Egypt twice, from 1996 to 1999, and 1989 to 1992, and was the Political Adviser to the Minister of Foreign Affairs from 1989 to 1990. Prior to this, Mr Aboul Gheit was Deputy Permanent Representative to the United Nations (1987-1989); Counsellor at the Permanent Mission of Egypt to the United Nations (1985-1987); Political Adviser to the Prime Minister of Egypt (1984-1985); and Political Adviser to the Minster of Foreign Affairs of Egypt (1982-1984). After joining the Egyptian Ministry of Foreign Affairs in 1965, Mr Aboul Gheit was an Attaché/Third Secretary at the Egyptian Embassy in Cyprus in 1968, where he served until 1972.

He later served as a member of the staff of the Adviser to the President on National Security Affairs (1972- 1974); Second/First Secretary at the Permanent Mission of Egypt to the United Nations (1974-1977); Counsellor, Cabinet of the Minister of Foreign Affairs and Special Aide (1977-1979); and Political Counsellor, Embassy of Egypt in Moscow (1979-1982). Born on 12 June 1942 in Heliopolis, Egypt, Mr Aboul Gheit obtained a bachelor’s degree in economics at Ainshams University, Cairo. He is married with two children.

H E SHEIKH KHALIFA BIN JASSIM BIN MOHAMMED AL THANI, CHAIRMAN, QATAR CHAMBER OF COMMERCE & INDUSTRY

H E Sheikh Khalifa bin Jassim bin Mohammed Al-Thani, a prominent member of the ruling family in the State of Qatar, has held the Chairmanship of Qatar Chamber of Commerce & Industry (QCCI) since May 2006. Under his chairmanship, QCCI has flourished and developed into one of the most active chambers in the Gulf Region, playing a decisive role in representing, promoting and safeguarding the interests of the Qatar business community.

HE Sheikh Khalifa also chairs the International Chamber of Commerce Qatar (ICC Qatar). His efforts in promoting the country to foreign business people and investors have strengthened Qatar’s trade with countries around the world, providing Qatari companies with valuable opportunities. A firm believer in free trade and laissezfaire economics, HE Sheikh Khalifa has worked tirelessly to identify new business opportunities, create strategic partnerships and cultivate existing relationships.

H E was the recipient of the prestigious International Chamber of Commerce’s ‘Merchant of Peace’ award in March 2017, in recognition of the role he played in the creation of ICC and QCCI’s World Trade Agenda Initiative. H E Sheikh Khalifa has participated in G20 summits, in Amiri and Ministerial delegations to foreign countries, and hosted the 8th World Chambers Congress.

H E Sheikh Khalifa holds a BSc in Economics and Political Science from Portland State University, USA. After his graduation, he held several senior government positions. He currently holds the positions of Head of the “Protect competition and Prevent Monopolistic Practices’” Committee at the Ministry of Commerce and Industry ; Chairman of Al Dar Exchange Company; Chairman of General Takaful Insurance Co.; First Vice Chairman of the Islamic Chamber of Commerce; Vice Chairman of the Arab French Chamber of Commerce, First vice chairman and member of the Executive Committee of the Arab British Chamber of Commerce, Chairman of the Qatar General Insurance & Reinsurance Company; Member of ICC Executive Board, Member of ICC G20 CEO Advisory Group, Member of the ICC Global Network Committee (NetCom); Member of the Board of Trustees of the Arbitration Center of the Organization of Islamic Cooperation, Active Board Member of several Arab-Foreign Joint Chambers of Commerce and the Union of Arab Chambers. Second vice-chairman of the Federation of Gulf Chambers of Commerce (FGCC). H.E also chaired the Federation of Gulf Chambers of Commerce (FGCC) from 2014-2016.

MR SIMON PENNEY, HER MAJESTY’S TRADE COMMISSIONER FOR THE MIDDLE EAST

Mr Simon Penney is Her Majesty’s Trade Commissioner for the Middle East and Her Majesty’s Consul General to Dubai.

Mr Penney was appointed HM Trade Commissioner for the Middle East in May 2018 and in January 2021 he was also appointed as HM Consul General to Dubai.

He spent many years in the banking sector with extensive experience leading corporate and financial institution groups and teams across Europe, the Middle East, Africa and Asia.

His previous roles in the Middle East include Head of Corporate and Investment Banking at First Gulf Bank and CEO, Middle East and Africa, the Royal Bank of Scotland.

Mr Penney has also worked for ABN AMRO Bank in South Africa and the UK, as a consultant at PwC and in project finance within the construction industry.

He holds an MBA from Nottingham University and a construction management degree from Reading University.

THE RT HON BARONESS SYMONS OF VERNHAM DEAN, CHAIRMAN, ABCC

The Rt Hon Baroness Symons of Vernham Dean, the chairman of the ABCC, is a senior Labour member of the House of Lords and a prominent business leader in the UK and known across the Middle East. Formerly Deputy Leader of the House of Lords, Baroness Symons was a Minister in the UK Government from 1997 until 2005. Among her posts in government, she was Minister for the Middle East, Minister for International Trade and Minister for Defence Procurement, as well as the Prime Minister’s Envoy to the Gulf.

Baroness Symons has a wide range of experience, in the Middle East in particular, and is an adviser to a number of commercial organisations including DLA Piper, the CCC Group, Blenheim Capital and Protection Group International. She has been a non-executive director of British Airways.

The Rt Hon Baroness Symons is Honorary President of the Saudi-British Joint Business Council, Chairman of the British Egyptian Society and she sits on the Advisory Board of British Expertise, among other organisations, including a number of not-for-profit organisations, such as the International Red Cross.

Previously, Baroness Symons has served as general secretary of the Association of First Division Civil Servants, as an Equal Opportunities Commissioner and as a governor of the London Business School.

MR BANDAR REDA, SECRETARY GENERAL & CEO, ABCC

Mr Bandar Ali Reda joined the Arab British Chamber of Commerce on 1 March 2019 as Secretary General and CEO, making him the fourth person to lead the Chamber since its foundation almost five decades ago. As CEO, Mr Reda contributes his expertise by drawing on his wealth of experience as a diplomat and extensive time spent in the private sector to ensure that the Chamber moves to the next level.

Mr Reda has a distinguished professional career of more than a decade in banking and corporate industry at SABB HSBC Saudi Arabia, prior to senior positions in the diplomatic service of the Kingdom of Saudi Arabia, where he served his country as Commercial Attaché in the UK & Europe, based in London, and in Italy and as part of the Saudi delegation to the Bureau International des Expositions (BIE) in Paris.

He has been an Executive Member of the Saudi-Italian Business Council, the Council of Saudi Chambers; a Member of the Business Youth Committee, Jeddah Chamber of Commerce; a Member of the Saudi Economy Association; and a Member of the Saudi Arabian legal accountants. Mr Reda has demonstrated his abilities in his roles in both public and private sectors.

Since joining the ABCC, Mr Reda has successfully steered the Chamber through the difficult months of the pandemic and lockdown, a period which presented unprecedented challenges for international trade and the business community.

Under Mr Bandar Reda’s guidance and clear leadership, the Chamber not only continued all its activities uninterrupted but extended its services during this period and thereby reinforced its reputation as the leading strategic business services organisation in the UK dedicated to strengthening Arab-British trade and building closer business co-operation.

Mr Reda holds a BA in Economics and Business Administration from Orlando, USA.

MR TOM WINTLE, CHIEF NEGOTIATOR FOR THE UK-GCC FTA NEGOTIATIONS, DEPARTMENT FOR INTERNATIONAL TRADE

Mr Tom Wintle is the UK Department for International Trade’s Chief Negotiator for the UK-GCC FTA Negotiations. Since joining the DIT in 2018, Mr Wintle has led the UK’s transition to independent membership of the World Trade Organization, represented the UK in G20 trade discussions, and delivered the inaugural G7 Trade Ministerial track.

Prior to joining the Department for International Trade, he held a variety of Senior Civil Service roles in the Cabinet Office, the Department for Business, Energy and Industry, and the Department of Energy and Climate Change, leading teams on internationally focussed issues.

Tom Wintle worked as a financial management consultant before joining the civil service and has a degree in Biological Natural Sciences from Cambridge University.

H.E. DR. NAYEF FALAH M. AL-HAJRAF SECRETARY GENERAL, GULF COOPERATION COUNCIL (GCC)

His Excellency Dr Nayef Falah M Al-Hajraf took up his position as Secretary General of the GCC on 1 February 2020.

He was formerly Minister of Finance of Kuwait from December 2017 to November 2019.

In a distinguished career in both public and private sectors, H E Dr Nayef Falah M Al-Hajraf has served as Chairman of the Board of Commissioners and Managing Director of the Kuwait Capital Markets Authority (CMA) from September 2014 to December 2017.

He was Kuwait’s Minister of Education and Minister of Higher Education from February 2012 to January 2014.

He was also Acting Minister of Finance, Kuwait, Chairman of the General Investment Authority, Kuwait, Chairman of the General Organization for Social Insurance, a Member of the Supreme Council for Planning, Member of the Civil Service Council, a Member of the Supreme Petroleum Council.

He became a Member of the Board of Directors of Bahrain and Kuwait Bank in January 2014. His Excellency was awarded a PhD in Accounting and Finance by the University of Hull in 2002.

OUR SPEAKERS

SESSION 1: REBOOTING UK ARAB TRADE

LORD KARAN BILIMORIA CBE DL, FORMER PRESIDENT OF THE CBI AND FOUNDER, COBRA BEER

Karan Bilimoria is the founder of Cobra Beer, Chairman of the Cobra Beer Partnership Limited, a Joint Venture with Molson Coors, and Chairman of Molson Coors Cobra India. He is a former President of the Confederation of British Industry (CBI).

Lord Bilimoria, a Crossbench Peer in the House of Lords, is the Founding Chairman of the UK India Business Council, a Deputy Lieutenant of Greater London, a former Chancellor of Thames Valley University (now University of West London). Karan was a former Senior Non-Executive Director of the Booker Group now TESCO PLC (20072016); he is a visiting entrepreneur at the University of Cambridge; and a founding member of the Prime Minister of India’s Global Advisory Council.

In 2006, he was appointed the Lord Bilimoria of Chelsea, becoming the first ever Zoroastrian Parsi to sit in the Lords. In 2008 he was awarded the Pravasi Bharti Samman by the President of India.

He is an Honorary Fellow of Sidney Sussex College, Cambridge and was Chair of the Advisory Board of the Judge Business School, Cambridge from 2015-2020 and subsequently appointed as an Honorary Ambassador.

He qualified as a Chartered Accountant with Ernst & Young and graduated in law from the University of Cambridge. He is also an alumnus through executive education of the Cranfield School of Management, the London Business School and the Harvard Business School.

In July 2014, he was installed as the seventh Chancellor of the University of Birmingham, making him the first Indian-born Chancellor of a Russell Group University. Since 2017 Lord Bilimoria has been a Bynum Tudor Fellow at Kellogg College, Oxford.

Lord Bilimoria is an Honorary Group Captain in 601 Squadron Royal Air Force. In September 2020, he was appointed Visiting Fellow at Oxford based at the Centre for Corporate Reputation. Karan has been awarded Honorary Doctorates from the universities of East Anglia, Birmingham, Brunel, Cranfield, Exeter, Heriot-Watt, London Metropolitan, Staffordshire, York St John, West London and Westminster. He is also President of The UK Council on International Student Affairs (UKCISA) and Co-chair of the All Party Parliamentary Group (APPG) for International Students. In January 2022, Lord Bilimoria joined the Board of the International Chamber of Commerce (ICC) UK.

DR KHALED HANAFY, SECRETARY GENERAL, UNION OF ARAB CHAMBERS

Dr Khaled Hanafy is Secretary General of the Union of Arab Chambers and a Professor of Economics and International Business. He held several governmental, academic, business and consultancy positions, most recently as Minister of Supply and Internal Trade in Egypt, Chairman of Internal Trade Development Authority and Dean of College of International Transport & Logistics in the Arab Academy for Science, Technology & Maritime Transport. He was awarded “The Best Minister” for two consecutive years according to top surveys, in recognition of developing a New Food Subsidy System serving more than 70 million Egyptian citizens.

Dr Hanafy has made a notable contribution to developing the Egyptian internal trade, through launching a number on initiatives that were reflected in developing internal trade and in making it more efficient. These initiatives include: Egypt’s Food Industries, Consumer Complexes E Linking Project, Gameeti Project, Internal Trade and Logistics Zones and Upgrade The Egyptian Storage Capacity.

Dr Hanafy was the Chief Editor of the Economic constitution of Egypt. He was Chairman and board member of several holding companies in the private and governmental sectors. He participated in and headed a number of consultancy projects for the Arab League, the World Bank, the International Monetary Fund, the World Trade Organization, the United Nations, the International Labour Organization and the European Union. He was also an Economic Advisor for the Federation of Egyptian Chambers of Commerce and provided consultancy services to several national & multinational organizations.

He holds a PhD degree in International Trade and a MSc degree in Regional Development. He also holds many diplomas in International Trade, & Business Administration from top American universities. On the academic level, Dr Hanafy is a Professor of Economics and International Business and has produced a wealth of profound publications.

RAMY JALLAD, CEO, RAS AL KHAIMAH ECONOMIC ZONE (RAKEZ)

Mr Ramy Jallad is the Chief Executive Officer of Ras Al Khaimah Economic Zone (RAKEZ). His role is to develop and drive the strategic growth, creating a thriving commercial and industrial business hub that attracts and welcomes investors from all around the world. Mr Jallad leads a thriving team of over 580 multicultural employees who are subject matter experts in diversified fields and expertise.

He is also the CEO of RAK fDi and sits on the boards of RAK Academic Zone as well as RAK International Corporate Centre (RAKICC) offshore jurisdiction. He has over 25 years of experience in developing and leading various commercial and industrial zones, business parks, airports and mixed-use real estate developments, contributing to the GDP and economy.

Mr Jallad is fluent in both English and Arabic. He holds a degree in Mechanical Engineering, and is also a Lead Assessor by the European Foundation for Quality Management and a certified trainer in sales, marketing, customer experience and leadership.

MOHAMED JUMA’A AL MUSHARRAKH, CHIEF EXECUTIVE OFFICER, SHARJAH FDI OFFICE (INVEST IN SHARJAH)

H E Mohamed Juma’a Al Musharrakh is Chief Executive Officer at Sharjah FDI Office (Invest in Sharjah), the investment promotions office operating under the Sharjah Investment and Development Authority (Shurooq).

He worked for the Sharjah Chamber of Commerce and Industry (SCCI) for 7 years and held numerous posts in the International Affairs Department at the SCCI. He joined Shurooq in 2012 as the Head of Investment Promotion and in September 2016, he was promoted to Director of the Sharjah FDI office (Invest in Sharjah), before promoted to CEO of Invest in Sharjah in 2018.

Mr Al Musharrakh is also the Regional Director of WAIPA Steering Committee for the MENA region, and member of the Steering Committee since 2019. He is Board Member of the Sharjah Investors Services Centre (Saeed), and member of the Board of Trustees at Pantheon-Assas University Paris II.

Mohammed Juma Al Musharrakh holds a master’s degree in International Business Management from the Australian University of Wollongong in Dubai, a Bachelor’ s degree in International Relations from the American University in Sharjah. He graduated from the Executive Authentic Leadership Development at the Harvard Business School in the United States, the Executive Leadership Programme at the Stanford University Graduate School of Business in the United States, and the Executive Leaders Programme at the London Business School, UK.

MARC SAROUFIM, MANAGING PARTNER, AL AKEEL & PARTNERS

Marc Saroufim is the Managing Partner at Al Akeel & Partners and is a US-trained legal consultant with over 19 years of experience in providing advisory services on a wide range of corporate and commercial legal issues. Marc’s career has spanned practices in Saudi Arabia, the UAE, and USA. Marc was recommended as a corporate legal consultant of note by prominent publication, Corporate Law Experts in 2019.

Mr Saroufim has advised a variety of clients, including local and international entities/conglomerates, family-owned businesses, high net worth individuals, government organizations, and small and medium sized enterprises, on transactions involving joint ventures, M&A, initial public offerings, rights issues, real estate development, agency and distribution, franchises, intellectual property, corporate formations, employment, and company restructuring. Marc’s experience includes the drafting of advice on a wide variety of Saudi laws and regulations, as well as the drafting of appropriate legal documentation associated with the types of transactions listed above.

His clients most appreciate that he is constantly available, is regularly responsive, and is humble in character. Mr Saroufim’s colleagues most appreciate that he has an open-door policy and is constantly giving of his time to offer any advice or feedback sought.

Marc Saroufim obtained his Juris Doctor degree from Valparaiso University School of Law in Indiana and his Bachelor of Arts in International Relations from Boston University. He is fluent in English, Arabic and French.

OUR SPEAKERS

SESSION 2: BEYOND COP26

DARREN WARD, CHIEF EXECUTIVE OFFICER, UVA UK)

Mr Darren Ward is Chief Executive Officer at UVA UK. He is a serial entrepreneur who has been involved in many start-ups in the Mobility as a Software Solution (MASS) space. He has worked with many ride-hailing and delivery solution including Gett, Addison Lee, Wheely and iGo which was acquired by UBER in 2021. UVA UK a ride-hailing app that is community driven. Darren also loves snowboarding and in his younger days was an instructor in Meribel France.

OUR SPEAKERS

SESSION 2: BEYOND COP26 CONTINUED...

CHRIS KELSALL, CHIEF EXECUTIVE, TOKAMAK ENERGY

Chris Kelsall was appointed Chief Executive of Tokamak Energy in May 2021. He previously served as the company’s Chief Financial Officer, following his appointment to the Board of Directors in 2020.

He has over three decades of international experience spanning business development, financing, operational and transformation roles. This includes leadership positions in private and listed companies in the energy sector.

In prior financing and advisory roles at ABN AMRO Rothschild and Deutsche Bank, in London, Sydney and Hong Kong, Mr Kelsall worked closely with a wide range of private and public sector management teams and Boards to deliver international capital markets and financing solutions.

More recently, as Chief Operating Officer for HSBC Global Banking Europe, Chris Kelsall was responsible for risk management and operations, including the major hubs in the UK and France. He also led the delivery of business transformation programmes, including Brexit.

Mr Kelsall holds degrees in Economics and Law, in addition to a Master of Finance from London Business School.

DAMIEN MCELROY, LONDON BUREAU CHIEF AT THE NATIONAL

Damien McElroy is London bureau chief of Abu Dhabi headquartered The National where he oversees coverage of the UK and Europe. Prior to joining the team at The National in 2017 Mr McElroy worked for The Sunday Times and Telegraph as an editor and roving reporter in the Middle East, Europe and China. With a bureau in London and correspondents in key cities worldwide, The National has developed a reputation for providing in-depth coverage and a window into the Middle East since its foundation in 2008.

ADAM HARRIS, HEAD OF CIVIL, INFRASTRUCTURE AND ENERGY, UK EXPORT FINANCE

Adam Harris is Head of Civil, Infrastructure and Energy at UK Export Finance.

He began his career in the Civil Service Fast Stream, gaining experience in a range of positions, including credit risk analysis at UKEF, as well as policy at HM Treasury and HM Revenue and Customs. Mr Harris spent over five years in UKEF’s aerospace underwriting division, before becoming Chief of Staff to Louis Taylor, the UKEF Chief Executive, in 2016.

Mr Harris is now head of the UKEF Civil, Infrastructure and Energy team, and has played an influential role in closing a number of high-profile transactions to support the UK government’s trade agenda.

FRANÇOIS ORTALO-MAGNÉ, DEAN OF LONDON BUSINESS SCHOOL,

François Ortalo-Magné is Dean of London Business School, a position he has held since August 2017. He is leading a strategy focused on academic research and its impact, learning innovation and alumni engagement and inclusion, with an emphasis on gender parity and greater socio-economic and ethnic diversity.

Dean Ortalo-Magné serves on the board of directors of the Graduate Management Admission Council and on the International Advisory Board of British-American Business.

His research on the economics of land and housing markets has been published in leading academic journals. He has built on his research and leadership experiences to advise a broad range of private, governmental and multilateral organisations and share his insights in leading media outlets and at conferences around the world.

Prior to his appointment, Mr Ortalo-Magné was the Albert O Nicholas Dean and Robert E Wangard Professor of Real Estate at the Wisconsin School of Business.

His first academic appointment was at the London School of Economics. He holds a PhD in Economics from the University of Minnesota.

OUR SPEAKERS

SESSION 3: INNOVATE EDUCATION

DR TONY CHAN, PRESIDENT, KAUST

Professor Tony Chan became the third president of KAUST in September 2018 after nearly a decade as president of The Hong Kong University of Science and Technology. He led a strategic planning process to lead KAUST into its second decade, including growing the faculty and students by up to 50%.

He has expanded KAUST’s research emphasis from energy, water, food and environment to include digital and health, launching new initiatives in Artificial Intelligence, Smart Health, Cyber Security and Circular Carbon.

By positioning the university to leverage Saudi Arabia’s ambitious Vision 2030 strategic plan, he is strengthening its engagement with the nation. He also leads efforts to enhance the global and national visibility of KAUST.

President Chan was Assistant Director of the Mathematical and Physical Sciences Directorate at the US National Science Foundation from 2006 to 2009. He taught Computer Science at Yale University before joining UCLA as Professor of Mathematics in 1986 and was Chair of the Department of Mathematics in 1997 and later Dean of Physical Sciences. He was a co-founder and Director of the US NSF funded National Math Institute IPAM.

He received his BSc and MSc in Engineering from Caltech and his PhD in Computer Science from Stanford University, followed by a Research Fellowship at Caltech. He holds an Honorary Doctorate from the University of Strathclyde. He is a member of US National Academy of Engineering, a Fellow of IEEE, AAAS and SIAM.

Professor Chan was awarded the 2020 SIAM Prize for Distinguished Service to the Profession. He serves on the Future Investment Initiative Institute; King Abdulaziz City of Science & Technology; the Biotechnology City Initiative of Riyadh; Skolkovo, Russia; Yidan Prize Foundation, Hong Kong; IPAM, UCLA and the Hong Kong Academy of Science. He also serves on the Advisory Board/Committee of King Fahd University of Petroleum & Minerals; NEOM; KAPARC College, the Supervisory National Strategy Committee of Data and AI of the Saudi Data & AI Authority; KAIST, Korea; RIKEN, Japan; Hang Lung Mathematics Awards, China, SUSTech, China; and the Academic Ranking of World Universities, China.

PROFESSOR MOHAMED LOUTFI, PRESIDENT, THE BRITISH UNIVERSITY IN EGYPT

Professor Loutfi is currently President and Vice-Chancellor of the British University in Egypt. He was previously Vice-Chancellor’s Special Envoy at Coventry University and served as the inaugural President of the Knowledge Hub at Coventry’s campus in Egypt.

He has held numerous leadership roles such as the Pro-Vice-Chancellor of Cardiff Metropolitan University and at the University of Sunderland.

He holds multiple international roles; he is an Ambassador (former council member) at the Observatory of Magna Charta Univeristatum of Fundamental University Values and Rights in Bologna, Vice-President of the Board of the Arab European Leadership Network in Higher Education ARELEN and was the first in Europe to take part in a global education think tank set up by the Ministry of Education in China to promote innovation, entrepreneurship, and start-up education.

Professor Loutfi has been responsible for building partnerships with over 25 different countries, some at governmental level. Projects have included partnerships with universities and enhancing institutional cooperation in learning, teaching and enterprise.

He worked on many EU projects for Higher Education Reforms and on Accreditation and Quality Assurance in Ukraine, Russia, Jordan, Lebanon and Egypt. He has worked with Ministries of Higher Education in Lebanon, Egypt, Libya, Tunisia, and Morocco to develop frameworks for building capacity for leadership in higher education.

Professor Loutfi holds a BSc in Economics and Political Science, an MSc in Information Technology and a PhD in Systems Thinking, his research involves Modelling and Simulation of Social Systems, Non-linear, Dynamic Feedback Systems. A Professor of Internationalisation from Cardiff Metropolitan University, a visiting Professor at Coventry University – UK, and a visiting Professor of Innovation and Globalisation at Eurasia University – China.

The professor has 30 years of experience in higher education with extensive experience in university leadership and management.

DR IMRAN ZAWWAR, REGIONAL DIRECTOR, CRANFIELD SCHOOL OF MANAGEMENT

Dr Imran Zawwar is a business strategist and heads the Middle East portfolio at Cranfield School of Management as a Regional Director. He has led several executive and corporate development engagements/programmes and has worked on key projects helping governments and other business entities.

Dr Zawwar is a well-respected academic and a member of the Strategy Thought Leadership group at Cranfield School of Management. His research focuses on the strategic interaction between technological innovation and the role entrepreneurs play in helping the countries to grow.

His teaching, research and consulting interests include business strategy, digital transformation and business model innovation.

RT HON CHARLES CLARKE, FORMER SECRETARY OF STATE FOR EDUCATION, ADVISORY BOARD MEMBER OF CAMBRIDGE PARTNERSHIP FOR EDUCATION

Consultant on international education reform, Cambridge Partnership for Education Rt Hon Charles Clarke was Member of Parliament for Norwich South from 1997 to 2010. He served as Education Minister from 1998 and then in the Home Office from 1999 to 2001. He then joined the Cabinet as Minister without Portfolio and was Labour Party Chair. From 2002 to 2004 he was Secretary of State for Education and Skills and then Home Secretary until 2006.

Charles was previously Chief of Staff to Neil Kinnock, when Leader of the Labour Opposition and previously a councillor in the London Borough of Hackney, chairing the housing committee.

Mr Clarke now holds Visiting Professorships at Lancaster University and King’s College London and works with educational organisations internationally. He is a consultant on international education reform for Cambridge Partnership for Education and co-leads the Baltic Geopolitics programme at the Cambridge University Centre for Geopolitics.

He is the author of numerous publications. In 2011 the Centre for European Reform published his ‘The EU and Migration: A Call for Action’. In 2014 he published ‘The Too Difficult Box’, an analysis of the problems which need to be overcome in promoting change, and in September 2015 two studies in political leadership, ‘British Labour Leaders’ and ‘British Conservative Leaders’; in 2015 he co-wrote, with Professor Linda Woodhead, “A New Settlement, Religion and Belief in Schools”; in 2020 he co-wrote, with Professor Ed Byrne, “The University Challenge”. Mr Clarke read mathematics and economics at King’s College, Cambridge.

OUR SPEAKERS

SESSION 4: ACCELERATING HEALTH

JED MRABET, PRESIDENT, TUNISIAN BRITISH CHAMBER OF COMMERCE (TBCC)

He holds a master’s degree in criminal sciences, University of Law, Toulouse, France (2004) and a degree in legal sciences, Faculty of Legal, Political and Social Sciences of Tunis (2003).

Jed Mrabet was admitted to the Tunisian Bar in 2005.

He has been a Managing Partner of Mrabet Avocats law firm since 2006. He has acted as an Attorney before the Tunisian Supreme Court since 2018.

His varied professional career includes:

• Legal assistance to national airline company TUNISAIR for the sale and lease back agreement (2020);

• Legal assistance to Amen Bank for the transfer of the entire shares constituting the share capital of Al Farabi clinic;

• Legal assistance in the constitution of a joint venture company between the Tunisian-Kuwaiti Development Consortium, Kuwait Investment Authority (KIA) and Echiffa Holding to constitute a Real-estate subsidiary, Echiffa Immobilier in November 2017.

• Legal counsel on behalf of the Tunisian state for the sale by Al Karama Holding of its direct and indirect interests in the Carthage Cement Company in June 2017;

• Legal assistance to Groupe Médical les Oliviers (GMO) in the sale of controlling stake in the capital of the company in favour of the TunisianKuwaiti Development Consortium;

• Counsel at the Initial Public Offering of DELICE DANONE in April 2014, which was a first in the history of Tunis Stock Exchange;

• Intervention during the Private Equity transaction relating to the sale of 49% of the capital of SAH (LILAS) to the investment fund Emerging Capital Partners (ECP) in 2008;

• Intermediary council at the initial public offering of the SOPAT agribusiness company 2007. Of the work of the TBCC, Mr Mrabet says, “The Chamber’s role is to attract investment and create jobs, as well as to boost economic growth; it acts as an ambassador of the Tunisian economy to foreign companies, bilateral chambers, it develops an incentive framework for Tunisian investors abroad and trade exchanges; strengthening cooperation between Tunisian and British business leaders.”

RICHARD BURGE, CHIEF EXECUTIVE, LONDON CHAMBER OF COMMERCE AND INDUSTRY

Mr Richard Burge joined the London Chamber of Commerce and Industry (LCCI) as Chief Executive in February 2020.

Previously, he was an independent advisor on international affairs focusing on trade, conflict, and development with a portfolio of advisory and consultancy work. Richard’s varied career has seen him lead four multi-million pound organisations as Chief Executive over a total of 18 years. These comprised a leading charity, a UK government agency, a private company and a membership body.

Mr Burge has been on the Board and a non-executive director of five multi-million pound operations including companies, charities, two government agencies, and a UK Russell Group university. He has worked in over 55 countries, specialising in Africa, the wider Commonwealth, and post-conflict situations.

He was Chief Executive of the Commonwealth Enterprise and Investment Council (CWEIC) from 2017 to 2019. For the previous eight years, he was Chief Executive of Wilton Park (a Foreign and Commonwealth Office agency for conciliation and dialogue on global issues). He was also a Commissioner for Commonwealth Scholarships, and on the Council of Durham University.

His other roles have included Chief Executive Officer of the Countryside Alliance, Director General of the Zoological Society of London, and for ten years he served with the British Council in Africa and the Middle East.

JESS MCCREADIE, PRINCIPAL, OCTOPUS INVESTMENTS

Jess McCreadie is Principal at Octopus Investments. She sits in the company’s health team, and her focus is engaging with, investing in and supporting Europe’s most promising health tech companies.

“The gap between health and life expectancy is widening and to improve quality of life in later years we need a more decentralised, preventative and personalised approach to healthcare,” she says.

Prior to joining Octopus Ventures in June 2021, Jess led the health tech investing team at Legal & General supporting leading health innovations. She invested balance sheet capital into early-stage health tech businesses and supported scale up via board representation in her portfolio.

Earlier in her career Jess McCreadie invested into and was a banker in a range of alternative asset classes including renewable energy, real estate, and Venture Capital Funds. Jess has a passion for sustainability and delivering social impact alongside economic value.

Outside of work Jess can be found enjoying London’s restaurants, cycling, running, trying out the newest fitness classes, or in the park running around with and after her dog.

CHESTER KING, CEO, INTERNATIONAL HOSPITALS GROUP (IHG)

He is a co-owner of the International Group of companies which operates IHG. He has over 28 years senior management experience within the healthcare, advertising, marketing, sports, esports and leisure industries. He is a Trade Advisor Group member to the UK Government’s Department of International Trade (DIT). Mr King holds a BSc (Hons) in Biomechanics.

DR OUALAE ALAMI, VICE PRESIDENT, CLUSTER LEAD HOSPITAL

Dr Oualae Alami has over 20 years of experience in health care with 18 years at Pfizer. She is currently leading the Hospital Business across Europe with a focus on the UK and 14 Western European countries. Oualae is driven by the mission of providing treatment options and breakthroughs that aim to save lives. Her work involves partnering with Scientific societies, industry and governments to leverage effective policy making and strategic leadership to advance on some of the world’s most pressing health issues in the field of infectious disease especially in the face of the Covid-19 pandemic.

Oualae is a strong believer in the power of inclusive and agile organization that enable colleagues to bring their best selves in all settings and is purposeful about their growth. She leads a diverse team of over 200 colleagues who are committed and empowered to making an impact for patients.

She has held various leadership positions across Africa and Middle East. She was instrumental in establishing Pfizer’s Oncology organization and helped position the company as a key player in advancing cancer care in the region, bringing novel medicines and access solutions to patients across the region. More recently, she led Pfizer Biopharmaceutical group in the Middle East. With her team, she focused on building sustainable partnerships that recognized the value of innovation in research-based medicines.

Oualae is a passionate advocate for diversity and inclusion with a focus on advancing Women in leadership in general and on Women from minority groups. She is involved in various programmes that focus on developing, mentoring and coaching women and Pfizer and across industries.

She was the former Africa and Middle East Chair of Pfizer diversity and inclusion council leading Pfizer’s efforts to promote diversity and inclusion in Africa and the Middle East.

Dr Oualae sits on the board of the Arab International Women’s Forum and a number of other key regional organizations. Oualae started her career as a pharmacist in Paris, then worked in Novartis France before joining Pfizer in 2004 where she served in a variety of leadership roles across the MENA before moving back to Europe in 2021. Oualae holds a Doctor of Pharmacy from Paris XI University as well a master’s and leadership diplomas from ESSEC and Harvard Business School.

OUR SPEAKERS

SESSION 4: ACCELERATING HEALTH CONTINUED...

TALGAT TAKIYEV, HEAD OF INVESTOR RELATIONS OF DEEP KNOWLEDGE GROUP

Talgat is a finance professional with in-depth expertise in investor relations, management and business development. Prior to joining Deep Knowledge Group, he worked for asset management companies and family offices in the UK and Switzerland, as well as an investment banking boutique in New York. Talgat holds a master’s degree in Management from Imperial College Business School.

OUR SPEAKERS

SESSION 5: BANKING AND FINTECH REVOLUTION

SHEVAUN HAVILAND, DIRECTOR GENERAL, BRITISH CHAMBER OF COMMERCE

Shevaun Haviland became Director General of British Chamber of Commerce in April 2021. She joined the BCC from the Cabinet Office where she led Business Partnerships. She joined the Government in 2016 and also ran its Inclusive Economy Partnership.

Shevaun Haviland started her career in consultancy in London and New York. She then moved to the Walt Disney Company in strategic planning before joining Disneyland Paris, opening the second theme park. Ms Haviland then joined the agency world, running global accounts for Millward Brown, Mindshare and WPP. Following this, she became a partner in a start-up digital innovation agency and venture builder, Independents United, where she also became an Advisor for the Danson Foundation.

Most recently, Shevaun Haviland was the New Ventures Director for Avado, building new businesses in Edtech and founding the Academy of Digital Business Leaders.

Ms Haviland has a passion for business as a force for good. She is a social impact investor, sits on the Ventures Advisory Board of UnLtd, and is Trustee of Barefoot College International as well as a board member of Women of the World Foundation.

ANDREW ELIA, MANAGING DIRECTOR, ARISHI

Andrew Elia, Managing Director of Arishi, is a hard-wired technology expert who has helped hundreds of clients create seamless, trusted applications for the fintech, commercial and advertising sectors. Arishi is a member of the ABCC.

Understanding the power of agile development and secure, highly performant software, Arishi delivers solutions that are practical, imaginative and robust, with the flexibility to adapt to changing regulatory conditions.

Combining enthusiasm, experience and humour, Andrew Elia is an inspiring speaker on technology who has written for magazines and spoken at conferences on how start-ups should use technology, mobile payments and the sometimes awkward union between technology and business.

Mr Elia has delivered ground-breaking technology across a variety of areas within financial services and artificial intelligence that others couldn’t, wouldn’t (or just plain didn’t) develop, often years ahead of the competition.

Arishi has become highly regarded in industries across the globe, where split second improvements in performance, usability and visual appeal are becoming increasingly important – government, health, finance, fintech, advertising, and international business, to name a few. Arishi has delivered exceptionally performant digital projects for major clients in the Middle East and now has an office in Abu Dhabi.

When not immersed in the virtual world, or pursuing his passion for retro computers, Andrew enjoys spending as much time as possible with his family, who all enjoy exploring the GCC region.

NASSER SALEH, EXECUTIVE CHAIRMAN AND FOUNDER, MADFOOATCOM FOR E-PAYMENTS P.S.C.

Nasser Saleh is Executive Chairman & Founder of MadfooatCom company with more than 25 years of experience in IT, banking and consultancy. Prior to MadfooatCom, Nasser was a Consulting CIO to the Director General of ISTD – DAI Jordan Fiscal Reform II USAID project.

Nasser worked on managing the e-Channels and ePayments at AlRajhi Bank in Saudi Arabia. Nasser also worked as a Senior Consultant at Accenture, KSA and as a Senior Test Engineer at Microsoft, USA.

His diversified experience in the financial industry gave him deep insight into the Fintech sector, its challenges and its criteria for success, allowing him to develop MadfooatCom’s vision which became the national operator and manager for the electronic bill presentment and payments in Jordan, eFawateerCom, for the Central Bank of Jordan.

Nasser was awarded King Abdullah II ibn Al Hussein Medal of Excellence in 2017 for establishing MadfooatCom/ eFawateerCom and won Sheikh Mohammad Bin Rashed best service company award in the Arab world in Dubai. Nasser was selected as an Endeavor Entrepreneur in 2014, a member of the American Entrepreneurs Organization (EO) in Jordan, won EY Entrepreneur of The Year Award for 2013 and he was awarded Queen Rania National Entrepreneurship Award in 2012. Nasser holds a B.Sc. In Electrical Engineering from the University of Jordan.

GABRIELE GIAMBRONE, MANAGING PARTNER, GIAMBRONE & PARTNERS LLP

Gabriele Giambrone is the Global Managing Partner and is head of its European Litigation and Arbitration team at Giambrone & Partners LLP.

Mr Giambrone is a multi-jurisdictional dispute resolution lawyer specialising in international arbitrations, mediations, investigations, regulatory, white-collar fraud, antitrust, anti-corruption, bribery and the strategic management of complex litigation. He has strong academic credentials, and is qualified as Barrister in England & Wales, as Avvocato Cassazionista in Italy and as Abogado in Spain.

Gabriele Giambrone has a comprehensive understanding of both the technical legal requirements for matters involving multiple jurisdictions and the practical concerns and investigative methods used by governments and experts in different countries. He manages a large disputes portfolio resulting from the rise of financial fraud including crypto, forex and binary options claims and assisted in pioneering the technological advances relating to service of legal documents. Giambrone & Partners LLP is a member of the ABCC.

H E SUHA NAJJAR, CHAIRMAN, NATIONAL INVESTMENT COMMISSION, IRAQ

She is a member of the Iraq Prime Minister’s advisory committee for restructuring and rehabilitating of the industrial sector.

Dr Al-Najjar has been an advisor to many leading private companies in different sectors on investment and acquisitions, particularly in Iraq. She was the founder and CEO since 2010 of Akkadia Partners, a boutique advisory and asset management company.

She previously worked for Pharos Holding, an Egyptian investment bank, the National Bank of Kuwait, Nomura International and J P Morgan.

She holds higher degrees in finance and economics from the universities of Kuwait, Sussex and London.

OUR SPEAKERS

CLOSING REMARKS

ABDESLAM EL-IDRISSI, ABCC DEPUTY CEO & SECRETARY

GENERAL

Mr Abdeslam El-Idrissi is proud to have served the best part of over 36 years with the Arab British Chamber of Commerce, serving both as Director of Trade Services, Acting General Manager and now his present position as Deputy CEO and Secretary General. During this time, he has cultivated strong relationships with British Chambers, Government bodies, educational institutions, NGOs across both the Arab world and the UK regions, as well as the UK-Arab business communities as a whole.

To this end, Mr El-Idrissi is in much demand across the regions as a keynote speaker and as one of the UK’s leading experts on UK-Arab trade relations.

He is also a key member of the Institute of Export where in the past he has held the position of Vice Chair of the Institute of Export, London Branch, for a period of 7 years.

EVENT HOST

REBECCA MCLAUGHLIN-EASTHAM, FOUNDER AND MD OF RMD MEDIA

Rebecca McLaughlin-Eastham is a broadcast journalist, event host & executive media trainer with more than twenty years’ experience at leading US, Middle East and European TV networks.

Until 2021, Rebecca anchored Inspire Middle East, the flagship Gulf TV show of Euronews. She also presented Business Line and covered the GCC region as a live news correspondent. She currently freelance presents for Euronews TV, most recently having launched Spotlight from Abu Dhabi.

Ms McLaughlin-Eastham is the former Middle East Business & Oil Correspondent for Bloomberg Television in London and the Middle East, prior to which she was a stock market correspondent and Bureau Chief for CNBC Europe Television in Paris.

During her fourteen years in the MENA region, Rebecca also anchored the flagship current affairs and business programme for state broadcaster Dubai One TV.

Rebecca has interviewed hundreds of CEOs, heads of state & cultural figures over the years. Some notable interviewees have included the Prime Ministers of France, the UK and Egypt, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Bernard Arnault, Sylvester Stallone, Gwyneth Paltrow, Nobu, Nancy Ajram, Yousra and Vivienne Westwood. She has written extensively for leading global publications, from Vogue magazine and The National newspaper, the South China Morning Post and the Wall Street Journal.

Rebecca McLaughlin-Eastham is a UAE-based, Irish national and a university graduate of the London School of Economics and Political Science.

ARAB BRITISH ECONOMIC SUMMIT 2022

Sponsors, Supporters and Partners

Sponsors

Strategic Partner

Partners

ARAB BRITISH ECONOMIC SUMMIT 2022

Supporters and Media Partners

Supporters

Media Partners ABES

Crowned with Trust

Throughout the past decade, Kuwait Financial Centre “Markaz” won more than 60 awards from prestigious financial institutions and publications. These awards reflect “Markaz’s” reliable performance and constant endeavor to achieve excellence in the investment banking and asset management fields.

With commitment towards wealth creation for its clients, dedication in offering innovative financial solutions and professionalism in all that it offers, Markaz has proudly gained the trust of its clients and international experts, who remain a key priority at Markaz.

WHAT MAKES RAS AL KHAIMAH IN THE UAE A PREFERRED HUB FOR GLOBAL BRANDS?

The United Arab Emirates is a promising industrial destination with opportunities in the Middle East within reach, and Ras Al Khaimah is at the centre of the drive to create a supportive ecosystem for investors. The emirate has an adaptable and highly diversified economy, with varied sectors, a strong and stable economy, and an extensive suite of services to encourage the growth of businesses.

The main attractions for businesses in Ras Al Khaimah include its strategic location providing easy access to fastgrowing global markets; opportunities to connect with thousands of international businesses in the country; ease of doing business from quick set-up processes to a range of support services; and a conducive environment at Ras Al Khaimah Economic Zone (RAKEZ) that encourages the growth of businesses across all sectors big and small.

The emirate provides a world-class infrastructure for health, education and real estate and also a world of investment opportunities in these sectors among many others. It promises a relaxed way of life balancing wellness, work, exploration and leisure – an ideal combination for a wholesome lifestyle.

FROM RAS AL KHAIMAH TO THE WORLD

Ras Al Khaimah is home to over 40,000 companies including global brands from

more than 100 countries operating in over 50 sectors. Below are some you may have heard of:

Refreshing tea blends in our cups since 1986

One of the world’s top five tea brands, Ahmad Tea, produces 14 million kg of tea blends every year in Ras Al Khaimah for export to 80 countries.

Reliable buses that move the public World’s fourth-largest bus manufacturer,

Ashok Leyland, has been operating in the emirate since 2006, producing around 3,000 busses annually.

Ceramics that beautify iconic landmarks

World’s largest ceramics brand, RAK Ceramics, was born in the emirate and now supplies 116 million m2 of tiles, 5 million pieces of sanitaryware and a million pieces of faucets globally every year.

Personal care pioneer in Ras Al Khaimah

Multinational consumer goods company Dabur Naturelle has been manufacturing personal care products in the emirate since 2007 and supplying to the MENA region.

Aviation leader’s base

One of the leading manufacturers of aviation training equipment, Spatial Composite Solutions serves a global customer base, including blue-chip airlines such as Lufthansa, Singapore Airlines, Qantas, and British Airways.

WHAT DO THEY HAVE IN COMMON?

These companies are based in RAKEZ! The economic zone is home to around 770 manufacturers operating in diverse sectors including automotive, glass and ceramics, food and beverage, pharmaceuticals, cement, packaging, robotics and many more. The investor-

friendly community at RAKEZ brings industrial and supply chain players together, so they can flourish and successfully expand in the region.

RAKEZ offers customised business solutions to global investors – taking care of everything they may require to get their business up and running in the UAE.

When it comes to facilities, RAKEZ provides manufacturers and traders with state-ofthe-art warehouses which are expandable as the business grows. The economic zone offers the perfect environment for industrial ventures with three strategically located industrial zones connected to MENA’s major markets via land, airways and seaports. Lands for development are also available in unlimited sizes.

Introducing UVA

UVA is a technology company focused on ride-hailing. It’s a brand that is community driven and honest, with driver welfare at the forefront of everything we do.

We recognise that the ride-hailing industry has been fraught with false promises and has developed a false economy by creating unmanageable expectations.

Traditional long-standing businesses, private hire operators, have been resilient to an evolving industry and remained strong with local communities at the heart of their success.

UVA is partnering with local fleets and drivers to provide a local service that will ‘Be Global and Act Local’.

A huge part of our philosophy is to remain very much a localized company that employs and operates locally to provide the best service, in your area, for you!

With a strong driver focus, UVA driver partners will choose to work with UVA however and whenever they want, on their terms with real benefits being made available to them.

These benefits include holiday pay, sick pay, mental health support, automated accounting services, and integrated insurance. Safety as a Standard training will provide many upskilling opportunities with first aid and customer

service qualifications being some of the examples of what will be available to all driver partners. All the data collected by our powerful solution will be shared with the local government to help build the future transport infrastructure supporting electrification, connected vehicles, and transport efficiencies for the future.

UVA will evolve and revolutionize the ride-hailing industry promoting a future in which all professional drivers will be given the identity they deserve.

UVA is providing the main ABES transport service

The Chamber’s current registered members exceed 79,000 and are represented in the general assembly of the KCCI. The general assembly elects 24 members of the KCCI Board of Directors to each serve for four years, half of whose members are elected every two years.

Subscriptions and authentication fees are the main sources of income for the Chamber. The President of the KCCI and its Board Members are considered to be engaged in voluntary public service.

The Chamber acts as a consultative body in all economic affairs in the country.

The KCCI has various departments that deal with different activities of the Chamber. These include a commercial arbitration centre dealing with important arbitration issues that involve KCCI members; a business centre; a commercial relations department; an economic studies department that produces Kuwait economic briefs; a foreign relations department, among others.

Business Centre

Services that the business centre provides:

• Foreign trade statistics.

• Most important laws and regulations governing trade in the State of Kuwait.

• A model agency agreement in Arabic and English.

• Receives industrial and commercial complaints.

• A Kuwait specifications and standards directory.

• Trade offers and opportunities.

• International tenders (special specifications and conditions and date of these tenders).

• Information about conference and seminars inside and outside Kuwait.

• Handling commercial enquiries regarding Kuwaiti and foreign companies.

• Issues monthly magazine, The Kuwaiti Economist as well as the Chamber’s annual report.

• Economic information

• Details of trade delegations.

• Training courses and workshops.

• Contact details of Kuwaiti companies and establishments registered with the KCCI.

• Details of Kuwait’s Commercial Conciliation and Arbitration System.

Commercial Relations Department

The Commercial Relations Department seeks to provide the best commercial services through guiding and advising the Kuwaiti business sector.

The department’s goals are:

• Cooperating with government entities to promote Kuwait’s exports.

• Seeking to improve the services of Kuwait’s ports and border crossings (Sea-Land-Air)

• Working to create a suitable environment for businesses in cooperation with all government entities.

• Seeking to remove any obstacles or difficulties that have a direct impact on investment and commercial operations within The State of Kuwait.

Services

• Providing information and commercial laws for members willing to invest in the member states of the Gulf Cooperation Council, GCC.

• Providing commercial regulations and laws in the State of Kuwait and the GCC countries for the members of KCCI.

• Receiving KCCI member’s complaints and work to overcome them by cooperating with the official authorities in the country.

• Liaison with Gulf Economic Organizations.

• Holding seminars and periodic meetings in cooperation with the concerned authorities in the country with the aim of educating the business sector about the laws and requirements that regulates the Kuwaiti commercial market.

• Implementation and follow-up of the recommendations of the Committee of Trade and Transport which is originated from the Board of Directors of KCCI.

The Legal Department

The services provided include:

• Considering commercial complaints

forwarded by the members or foreign companies and business entities, which it tries to resolve amicably.

• Trying to solve commercial disputes referred to the Chamber in accordance with the procedures of the reconciliation and arbitration system.

• Identifying the commercial and industrial traditions in business practices.

• Issuing special introductory certificates on the basis of information held on members.

• Giving legal opinion on all incoming inquiries connected with the Chamber’s activities.

Foreign Relations Department

Within the scope of Kuwait Chamber’s endeavours to enhance economic relations and trade / investment ties between the Kuwaiti private sector and its counterparts from all over the world, the Foreign Relations Department plays an important role in achieving this objective by accomplishing many tasks, such as: organizing business meetings for the visiting trade delegations with Kuwaiti businessmen, sending / receiving correspondences and answering all kinds of trade enquiries, as well as preparing countries economic reports and bilateral trade statistics of the Kuwaiti private sector with the others worldwide.

The KCCI Foreign Relations Department, in collaboration with other departments, plays an important role in the Foreign Joint Committees organized by the Kuwait Government (such as the Ministry of Foreign Affairs, Ministry of Commerce & Industry, Ministry of Finance). Its staff participate in the committee meetings and follow-up on their recommendations, as well as prepare for upcoming meetings through proposing or following-up on the topics of the same interest with Private sector representatives from other countries.

Kuwait Chamber of Commerce and Industry (KCCI) is a non-profit, self-financed private institution, established by Emiri decree issued in 1959.

WHY JOIN THE ABCC?

The ABCC is dedicated to serving businesses whether they are located in the UK or operating from any Arab country. With decades of experience, the chamber offers expert advice on how to do business in the Arab markets.

Joining the ABCC is a strategic decision which helps corporate entities gain solid foothold in the Arab region and United Kingdom with minimum time and effort.

The Chamber is very widely recognised at the highest levels in government and business for its work and achievements. In the delivery of its professional services, it cooperates closely on a daily basis with official organisations, the Arab Embassies in London and with key government institutions in Britain such as the Foreign and Commonwealth Office and official trade bodies such as The Department for International Trade (DIT).

As they increasingly come to realise the value of what the Chamber can do for them, new companies are joining our membership and making use of our set of bespoke benefits and valuable services, such as:

• Discounted rates on document services

• Free access to our updated insights and publications

• Venue hire at preferential rates

• Visa, translation services and research at preferential rates

• Business networking opportunities

• Discounted fees for ABCC’s events

Towards a Greener Future

Speakers explained that achieving a greener future meant major transformation of energy, water, food security, climate and virtually all sectors.

The Greener Future business forum took place as a hybrid event with speakers participating in person and online.

The discussion took place exactly three months before the ABCC’s Arab British Economic Summit (ABES22), whose programme would also consist of a discussion on net zero and how the COP26 commitments are reshaping the global economy.

In welcoming remarks, Mr Bandar Reda, ABCC Secretary General & CEO, described sustainable economy and renewable energy as vital for the future of everyone and our children. The Rt Hon Baroness Symons, ABCC Chairman, reiterated these comments in her remarks.

Chairing the session, Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, said that panel would be addressing key topics brought into focus by COP26.

The discussion was a preliminary to ABES 2022 which would be looking beyond COP26 and forwards to COP27 and COP28, which were both planned to be held in the Arab world.

These international summits were having an impact on how business was conducted across the entire range of economic activities.

The question of a greener future touched on areas of energy, water, food security, climate and the sectors that were transforming the economy of the future.

Mr El-Idrissi urged delegates to sign up for ABES2022 and participate in the opportunities that would be highlighted at the event. To give people an idea of what could be expected, a short video was screened concerning the proceedings of ABES2019.

Professor Upal Wijayantha, Head of the Centre for Renewable Energy Systems at Cranfield University, made the opening speech which began by describing his twenty year involvement in developing green energy solutions.

He had been among a team of experts responsible for developing a masterplan for a UK hydrogen strategy.

Prof Upal spoke of a growing public awareness of the urgency of the climate challenge. He recalled speaking more than a decade ago at a conference in the Gulf on the theme of moving beyond oil when renewables like solar power were not so widely appreciated as they are at present.

By contrast, today countries like Saudi Arabia were leading players in the development of green solutions, he said. He believed that the younger generation including those in the Arab world were eager to find green solutions to reduce the impact of human activities in the environment.

He stressed that green or sustainable solutions encompass far more than the transformation of the energy sector alone but included construction, transport, technology and the protection of nature.

Prof Upal had worked on drawing up a detailed ten point plan for green growth in the Midlands which had included participants from both the public and private sectors.

The proposals had examined the

advantages of sustainable solutions to the main economic activities and had considered hybrid transport policies, the use of sustainable building materials in construction and the impact on such activities on the natural landscape

The plan had been inspired by a determination to improve how people live by developing green urban spaces and how low carbon hydrogen was a clean energy solution could create new jobs and produce savings.

Green innovation could assist industry to adapt to meet the climate challenge that we all confront, Prof Upal stated.

The investment needed to carry out the plan could be obtained from green finance.

The Midlands plan could be adapted to meet the needs of countries in the Arab world as they faced the challenges of moving towards low carbon economies, the professor believed.

The issues of water supply, energy, waste management and transport all posed distinct challenges shared by the Arab world and the UK.

Prof Upal argued that the search for solutions to these challenges presented

The ABCC held a business forum under the title of Towards a Greener Future bringing together a panel of experts from the UK and Arab World to share insights into aspects of the green economy.

Dr Daniel Klier, CEO, ESG Book

Rt Hon Baroness Symons

H E Dr Husam S Zomlot, Palestine Ambassador

With Mark Menzies MP in the House of Commons.

Meeting with H E Nevine Gamea, Egypt Minister of Industry & Trade, Cairo.

Visit by Greater Birmingham Chamber of Commerce Visit to the France-Arab Chamber of Commerce, Paris. His Excellency Mr Kheiry Amr, Jordan’s Minister for Investment.

Discussion on UK-GCC FTA

Arab League delegation and Moroccan Ambassador, H E Mr Hakim Hajoui

With Prof Mohamed Lotfi, President, British University in Egypt, Cairo.

H R H Prince Khalid bin Bandar bin Sultan bin Abdulaziz Al Saud, Ambassador of Saudi Arabia

At the Argentine Embassy in London

His Excellency Dr Khaled Abdel Ghaffar, Egypt’s Minister of Health.

Palestine Ambassador

At BCC Annual Conference

H E Mr Manar Dabbas, Jordan’s Ambassador to the UK

Dr Muna Salim Al-Jardinia, Under Secretary, Ministry of Higher Education, Oman

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

Moroccan Ambassador, H E Mr Hakim Hajoui Boardroom at Essex Chamber of Commerce

Saudi Shura Council roundtable

Egypt Minister of Health in the CEO’s office

Located in the heart of London’s prestigious Mayfair, the ABCC boasts unique and elegant spaces perfectly suited for your business meetings, conferences, exhibitions, arts events and more.

Based in Cen p Berkeley Square, in the heart of the West End, we have access to one of the largest databases of available OFF MARKET properties for sale or rent within Central London Our clientele are generally high net worth individuals and international companies, this extensive network of contacts allows us to buy or sell exclusive properties within London

Based in Central London and located in luxurious premises on Berkeley Square, in the heart of the West End, we have access to one of the largest databases of available OFF MARKET properties for sale or rent within Central London Our clientele are generally high net worth individuals and international companies, this extensive network of contacts allows us to buy or sell exclusive properties within London

PROPERTY FOR SALE

PROPERTY FOR SALE

Stunning five bedroom property, elegantly arranged over five floors,

Stunning five bedroom property, elegantly arranged over five floors, Elegant interiors and a high-quality finish, situated on South Audley Street, in the heart of Mayfair with some of the capital’s most prestigious shops, restaurants and boutiques close to Regent Street, Oxford Street, Piccadilly and New Bond Street

Stunning five bedroom property, elegantly arranged over five floors, Elegant interiors and a high-quality finish, situated on South Audley Street, in the heart of Mayfair with some of the capital’s most prestigious shops, restaurants and boutiques close to Regent Street, Oxford Street, Piccadilly and New Bond Street

Elegant interiors and a high-quality finish, situated on South Audley Street, in the heart of Mayfair with some of the capital’s most prestigious shops, restaurants and boutiques close to Regent Street, Oxford Street, Piccadilly and New Bond Street

The property comprises a stunning double reception room with a fantastic dining area, separate kitchen, master bedroom with dressing room and en-suite bathroom,

The property comprises a stunning double reception room with a fantastic dining area, separate kitchen, master bedroom with dressing room and en-suite bathroom,

The property comprises a stunning double reception room with a fantastic dining area, separate kitchen, master bedroom with dressing room and en-suite bathroom,

5 Bedrooms - 4 Bathrooms 3944 Sqft - 205 years Lease

5 Bedrooms - 4 Bathrooms 3944 Sqft - 205 years Lease

5 Bedrooms - 4 Bathrooms 3944 Sqft - 205 years Lease

Asking Price £12,750,000

Subject to contract

Asking Price £12,750,000 Subject

PROPERTY FOR SALE

Hertford Street, Mayfair, London W1J Asking Price £25,795,000

Hertford Street, Mayfair, London W1J Asking Price

South Audley Street, Mayfair, London W1K Asking Price £12,750,000

Hertford Street, Mayfair, London W1J Asking Price

Park Mansions, Knightsbridge, London SW1X Asking Price £3,495,000

South Audley Street, Mayfair, London W1K Asking Price

C O N T A C T U S

For inquiries contact:

Park Mansions, Knightsbridge, London SW1X Asking Price

Fursecroft Court, Marylebone, London W1 Asking Price £2,695,000

South Audley Street, Mayfair, London W1K Asking Price

Park Mansions, Knightsbridge, London SW1X Asking Price

Richbourne Court, Harrowby Street, W1H Asking Price £2,495,000

Fursecroft Court, Marylebone, London W1 Asking Price

Fursecroft Court, Marylebone, London W1 Asking Price

Great Portland Street, Marylebone W1W Asking Price £2,795,000

Richbourne Court, Harrowby Street, W1H Asking Price £2,495,000

Great Portland Street, Marylebone W1W Asking Price £2,795,000

Bickenhall Mansions, London W1U Asking Price £3,275,000

Bickenhall Mansions, London W1U Asking Price £3,275,000

Macready House, Marylebone, London W1 Asking Price £1,800,000

Macready House, Marylebone, London W1 Asking Price £1,800,000

Bickenhall Mansions, London W1U Asking Price

Macready House, Marylebone, London W1 Asking Price

Based in Cen p Berkeley Square, in the heart of the West End, we have access to one of the largest databases of available OFF MARKET properties for sale or rent within Central London Our clientele are generally high net worth individuals and international companies, this extensive network of contacts allows us to buy or sell exclusive properties within London S A L

Visit : www werinvestments com for full details on over 50 new properties

Visit : www werinvestments com for full details on over 50 new properties

Visit : www werinvestments com for full details on over 50 new properties

You Can Also Find us:

You Can Also Find us:

You Can Also Find us:

For inquiries contact: Siham Ben Amore Office:+44 020 3700 7177 Mobile: +44 7985 475 966

siham@werinvestments com

For inquiries contact: Siham Ben Amore Office:+44 020 3700 7177 Mobile: +44 7985 475 966 siham@werinvestments com

Siham Ben Amore Office:+44 020 3700 7177 Mobile: +44 7985 475 966 siham@werinvestments com

sales@werinvestments com

sales@werinvestments.com

sales@werinvestments com

lettings@werinvestments com

lettings@werinvestments com

lettings@werinvestments com

Asking Price £12,750,000 Subject to contract w w w

siham@werinvestments com

siham@werinvestments com

siham@werinvestments.com

WER Investments Limited Berkeley Square House, London W1J 6BE

UK-GCC Free Trade Agreement Negotiations: Potential New Benefits for States and Investors

By Robert Volterra, Partner

Fietta, Jehad Mustafa, Associate

“A UK-GCC [FTA] will increase trade and investment both ways, contributing to economic growth and prosperity in the UK, Saudi Arabia and across the Gulf, and cementing the strong diplomatic cooperation between the UK and GCC countries.”

could be done. Importantly, it also considers how foreign investors could benefit from such a free trade deal.

Nature and scope of FTAs

An FTA is a treaty between States that seeks to reduce or eliminate barriers to international trade and to promote foreign direct investment between State partners. Such barriers can include:

• Tariffs on imported items levied to increase the prices of such items;

The UK government is targeting opportunities for its food and drink sector as part of the GCC-UK FTA. The GCC is a net food importer with an affluent and discerning customer base. Although tariffs between the parties are already relatively low, the UK sees room for further reductions on areas such as cereals, which currently face a tariff of up to 25%; chocolate, up to 15%; baking products, up to 12%; sweet biscuits, up to 10%; and smoked salmon, which has a 5% tariff at present.

The United Kingdom and the Gulf Cooperation Council (GCC) States have enjoyed a long and close relationship, politically and economically. Despite this, the GCC and the UK have never enjoyed the benefits of a comprehensive Free Trade Agreement (FTA). That looks set to change as talks begin on what all sides hope will be a “modern and comprehensive” deal. Potential and current foreign investors may wish to consider how this could affect the legal protections to their investments in the UK and GCC States.

Following its exit from the EU, the UK Government has prioritised a deal with the GCC as a key objective. This is unsurprising. The GCC has long been an important trading and political partner for the UK - the GCC is the UK’s fourth largest export market outside of the EU. The GCC-UK trade relationship was worth GBP 33.1 billion in 2021, a figure that will increase in 2022.

There is however room for even more growth. All sides agree that a comprehensive free trade deal can make the economic, political, and cultural relationship between these longstanding allies even closer.

This article looks at why and how this

• Quotas that limit the quantity of certain goods that can be imported or control prices;

• Lengthy or unduly complex customs procedures; and

• Government procurement restrictions and “buy national” regulations: for example, conditions that give local businesses an advantage over foreign competitors in winning government contracts.

Removing or reducing these barriers will make it more efficient and easier for businesses to export, import, and invest across borders. This is presently an even more important consideration given the perilous global economic situation.

The UK’s approach to negotiating the GCC-UK FTA FTAs can vary greatly in terms of the sectors they cover, the scale by which barriers to trade are removed, and the depth of the sustainability related provisions.

The scope of the UK-GCC FTA remains to be seen. However, the fact that the GCC and the UK are complimentary economies with few sectors in which they are in direct competition means that the FTA is likely to be ambitious and farreaching.

Other sectors likely to be targeted by the UK Government in negotiations include manufacturing and the renewables sector, as well as services. The UK Government is confident that a strong trade deal could increase UK GDP by up to GBP 3.1 billion per year. The UK Government’s strategic approach briefing has also identified that the GCC is an “important gateway to the Indo Pacific region.”

Speaking at an Arab British Chamber of Commerce (ABCC) event held to discuss the UK-GCC FTA, the UK’s chief negotiator, Tom Wintle, emphasised that the UK Government had a “very clear political will” to conclude the FTA. He emphasised that the forthcoming change of UK Prime Minister would not change this position. Mr Wintle also stressed that the GCC and the UK are “complimentary economies” with very few areas of direct competition, a factor that promises to make the FTA highly fruitful for all parties.

The GCC’s approach to negotiating the GCC-UK FTA

The objectives of the GCC are likely to focus on the ambitious and exciting Vision plans that are in place across the region. A key aim of these Vision plans is greater industry diversification, including diversification away from the hydrocarbon industries. That diversification drive may benefit from smoother access to the expertise that the UK has in technology, cyber, life sciences,

HMA Neil Crompton, British Ambassador to Saudi Arabia, as quoted by ArabNews. com, June 2022.

at Volterra

at Volterra Fietta and Florentine Vos, Associate at Volterra Fietta.

creative industries, Artificial Intelligence, financial services, and renewable energy. As noted by His Excellency Dr Thani bin Ahmed Al Zeyoudi, the United Arab Emirates’ Minister of State for Foreign Trade, a UKGCC FTA could “further diversify supply chains and accelerate knowledge transfer”. Other benefits to the GCC could include improved access to UK banking, travel, and telecommunications sectors.

Speaking at the ABCC, Bahrain’s Minster for Industry, Commerce and Tourism, His Excellency Zayed bin Rashid Alzayani, said that the GCC was “very much committed” to securing an ambitious FTA with the UK. He also set the ambitious deadline of August 2023 for the FTA to be agreed. His Excellency Alzayani noted that the creation of a dedicated team within the GCC Secretariat with expertise in negotiating FTAs, together with the fact that the GCC is a harmonious entity, made meeting this deadline possible. Similarly, the UK’s team led by Tom Wintle has the advantage of representing only one State, which should facilitate negotiations. By contrast, the EU’s negotiations with the GCC for an FTA started in 1990 and are still not finalised.

While the GCC will negotiate with one voice it has left open the possibility for individual member States to conclude bilateral agreements with the UK if they have specific requirements. In this respect, His Excellency Salman bin Hamad Al Khalifa, Crown Prince of Bahrain, has said that the GCC’s approach may be to negotiate a “general sort of [FTA] that will be acceptable to all. And then maybe a more bilateral agreement with countries that have an appetite to do more.”

State-to-State dispute resolution

The UK and the GCC are close allies. Complex and far-reaching FTAs however inevitably bring with them the risk of trade disputes. A recent example is the dispute between Canada and New Zealand regarding dairy imports under the TransPacific Partnership Agreement.

The GCC-UK FTA is likely to include a mechanism for resolving State-to-State disputes. The UK Government’s strategic approach briefing indicated that the UK will seek to establish “a strong state-tostate dispute settlement mechanism that promotes compliance with FTA”, among other reasons to provide “predictability and certainty for businesses and stakeholders”.

Investment protections and dispute settlement

The UK and the GCC States have long had friendly political and economic relations. But, as with any major business endeavour, foreign investment inevitably carries certain political and regulatory risks.

It is common practice for FTAs to include an investment chapter providing foreign investors with certain additional legal protections against those risks associated with foreign investment. The UK-GCC FTA will likely offer this as well.

Such investment protections are key to increasing foreign capital flows between the UK and the GCC States. Investors often rely on these investment protections in making investment decisions, such as how to best structure their investments.

What specific legal protections the GCCUK FTA will offer foreign investors will depend on the negotiated text of the agreement. The legal protections included in FTAs vary. However, they generally provide for the following substantive protections, which may also be included in the UK-GCC FTA:

• Protection against “illegal expropriation”, which concerns situations where the State deprives a foreign investor of the legal title to or of the possibility of utilising its foreign investment, without adequate and prompt compensation;

• “Fair and equitable treatment”, which involves principles of good faith, the protection of legitimate expectations, transparency, protections against denial of justice, and prohibitions of discrimination and unreasonable conduct;

• Prohibitions on more favourable “national treatment” and a guarantee of “most-favoured nation” treatment, which require the State to treat foreign investors and their investments no less favourably than how it treats domestic investors and investments. The most favoured nation standard allows a foreign investor to rely on any more favourable substantive protections offered to the investors of any third State; and

• An “umbrella clause”, whereby the obligations of the State with respect to an investment (for example, contractual obligations) are automatically incorporated into the investment chapter of the FTA.

It is likely that the UK-GCC FTA will also offer foreign investors procedural protection against adverse State action, in the form of investor-State arbitration. This is a dispute settlement mechanism that allows qualifying foreign investors to bring a claim against the host State for breach of the FTA’s substantive investment protections in an international and neutral forum.

There are strong reasons to include investor-State arbitration in the UKGCC FTA. First, this is what gives the substantive protections teeth. It also avoids a dispute between a foreign investor and the host State from escalating to the State-to-State level, which may cause unnecessary diplomatic friction. There are many other advantages of investor-State arbitration. For example, such arbitral proceedings can be shorter than national proceedings. The parties also have discretion in who to appoint to decide the dispute and how to conduct the proceedings (for example, by choosing the language of the proceedings and the rules for the taking of evidence). Another important advantage is that investment arbitration awards are often easier to enforce in other States than judgments delivered by national courts.

The UK-GCC FTA could result in changes to the protections currently enjoyed by foreign investors from or with investments in the UK and the GCC States. At present, the UK and three GCC States - Bahrain, the United Arab Emirates, and Oman - have bilateral agreements in place that offer certain investment protections similar to those likely to be included in the UK-GCC FTA. (The UK and, respectively, Kuwait and Qatar, signed such bilateral investment treaties, but these are not in force). It will be a matter for the UK and the relevant GCC State to consider whether these bilateral investment treaties will be terminated once the GCC-UK FTA comes into effect.

It is important that investors that currently rely on existing bilateral investment treaties between the UK and a GCC State consider the potential effects of the GCCUK FTA and any potential agreements to terminate those bilateral treaties on their investment protection in order to mitigate any risks in a timely manner. Likewise, future investors need to analyse carefully whether their investment qualifies for protection under the GCC-UK FTA’s investment chapter.

Volterra Fietta is an elite public international law firm that advises States and investors in contentious and noncontentious matters. Volterra Fietta has acted in numerous disputes before the World Trade Organisation, State-to-State courts and Investor-State dispute tribunals including the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). Volterra Fietta lawyers have extensive experience in negotiating trade and investment agreements on behalf of States and private entities as well as in dispute resolution in these fields.

www.volterrafietta.com

as trustees, making them responsible for ensuring that the crypto assets are not removed from the wallets. This is an important development in curbing fraud as the cryptocurrency exchanges now have the potential shoulder the responsibility for the safety of the funds within the wallets.

LANDMARK JUDGMENT

The landmark judgment allowing NFT service should act to slow down the exponential rise of crypto fraud, particularly in situations where the contact details for fraudulent platforms are no longer active and the anonymous perpetrator has disappeared before the victim recognises the deception, which is often the case.

Giambrone & Partners banking and financial fraud litigation lawyers believe that another way to reduce and limit frauds relating to cryptocurrency may be to hold the organisations surrounding the fraud to account, from the celebrities and influencers that promote scams, (often unwittingly), to social media platforms where romance frauds and pump and dump frauds are frequently found.

Social media platforms were initially slow to act in the face of frauds being pitched on their sites, taking the view that they were simply a medium through which information was delivered and had no responsibility for the nature of the information; they did

not protect the users of their facilities. Also, sometimes using what, to some, appear to be spurious arguments to defend their lack of action, suggesting they were unaware a fraud was being executed.

Whilst the social media platforms do not have any part in the deception, holding the facilitators of fraud to account would spur the platforms to introduce tighter controls on those who wish to access their sites, as well as ensuring that the celebrities and their agents are more diligent in investigating the schemes that they are asked to promote. If there are consequences to any association with fraudulent investment schemes, it may cause the celebrities and platforms to consider carefully the products and services that they promote.

RISKS OF INVESTMENT

In another example, related to the responsibilities that must be recognised by persons or organisations involved in cryptocurrency activities, the Advertising Standards Board (ASB) has sanctioned Arsenal Football Club on two counts, in relation to an investment advert that encouraged fans to buy fan tokens. In the first instance, the ASB pointed out that the football club failed to alert purchasers to the risks of investment and, secondly, the club did not clearly explain that the fan tokens were crypto assets and further purchases of cryptocurrency would be required.

Arsenal Football Club resisted the suggestion, saying that that they were not required to issue such warnings. However, following further consideration by the ASB, the original decision was upheld with the ASB commenting “…the ads trivialised investment in cryptoassets and took advantage of consumers’ inexperience or credulity…”

ACCEPTING PAYMENT

Cryptocurrency is increasingly appearing in commercial transactions with organisations from small companies to big conglomerates accepting payment in cryptocurrency, primarily Bitcoin, the first cryptocurrency to appear in 2009. Some of the major organisations that accept payment in cryptocurrency include Microsoft, AT&T and Shopify. No less an establishment as Sotheby’s announced that Bitcoin and Ether would be accepted as payment in the auction of a work of art by Banksy. In order to trade using cryptocurrency, a company must have a wallet that is protected by cryptography.

Demetri Bezaintes, an associate, points out that “regardless of the undeniable volatility in the crypto market, it has many advantages; the use of cryptocurrency in commerce is becoming more popular and will steadily be accepted as a form of payment across global markets”.

Demetri further commented, “there will inevitably be disputes. The High Court’s acceptance of service of legal documents by an NFT via blockchain will be central to litigation, particularly where there are anonymous defendants holding crypto assets.”

BLOCKCHAIN BENEFITS

One of the perceived benefits that blockchain brings to business is that the parties to a transaction can share immutable records relating to the transaction through private distributed ledger technology. This provides endto-end work-flow clarity and limits the potential for disputes. In many industries the “middle man” can be eliminated bringing cost savings. Also, the legal basis of ownership may be more easily verifiable as well as more cost effective and brings a higher level of security.

Once the promised increased regulatory supervision has been enacted, the brave new world of crypto will become far more appealing to commerce and businesses must be ready to take full advantage of new innovation.

https://www.giambronelaw.com/

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.