ABCC E-bulletin Dec 2023

ISSN 2977-1684

ARAB-BRITISH BUSINESS

E-BULLETIN

ISSUE 3 NEW SERIES | December 2023

BI-MONTHLY E-BULLETIN OF THE ARAB BRITISH CHAMBER OF COMMERCE

Season’s Greetings to All Our Readers

Optimistic Visions Shared at ABES 2023 See page 02...

The Due Perfect out thisChristmas Autumn Gift

Is this a secret too dangerous to ever see the light of day?

Deftly weaving real life stories of some of the most colourful figures from the time of World War II Paris with an ingenious art thriller plot that brings the narrative up to the high octane auction houses of today. In the Frame is a page-turning adventure that is at once historically fascinating and dramatically compelling. What were the links between Hermann Göring and Coco Chanel? What became of the Nazi’s hidden art plunders once they had been defeated? And what dark secrets must a new generation confront to get to the ingenious truth behind the iconic artworks we see in our galleries today?

This passionate celebration of art history’s intrigues, conjured from fact and fiction, is an adventure to delight and entertain.

To secure a copy the book, Available from Nomad of Publishing contact the author by email at: https://nomad-publishing.com/in-the-frame.html# lorraineamrani@gmail.com

For more information visit www.lorraineamrani.com For more visit: lorraineamrani.com

Contents

02

14

18

20

CONTENTS 02

ABES 2023

18

Libya-UK Trade

Optimistic vision shared at ABES 2023

19

UK-Morocco Trade Ties

20

Scottish Food Sector Looks to Gulf

22

Oman Investment

24

Investment Opportunities in Iraq

26

UK Unveils Innovative Battery Strategy

28

Saudi Regional HQ Programme

ABCC Activities

26

10

Members’ Networking Event

12

Final ABCC Members’ Networking Event Rounds Off a Busy Year Business News Reports

13

Mauritania Green Hydrogen

14

COP 28

17

Qiddiya City

Membership 29

ABCC New Members

30

ABCC Membership ISSN 2977-1684

ARAB-BRITISH BUSINESS

E-BULLETIN

ISSUE 3 NEW SERIES | December 2023

BI-MONTHLY E-BULLETIN OF THE ARAB BRITISH CHAMBER OF COMMERCE

To ensure you are seen in the next issue contact one of our Business Managers...

Sameh Metawea: sameh@wplcontractpublishing.com Wendy Chapman: wendy@wplcontractpublishing.com General Enquiries Arab-British Chamber of Commerce 43 Upper Grosvenor Street London W1K 2NJ Tel: +44 (0) 20 7235 4363 Web: www.abcc.org.uk

WHY JOIN THE ABCC?

Media No. 1841 Published December 2023 ©WPL Contract Publishing Ltd

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

Optimistic Visions Shared at ABES 2023 See page 02...

Publisher

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Disclaimer Arab British Business E-Bulletin is published for ABCC and is distributed without charge to Chamber members. All correspondence should be addressed to the Arab-British Chamber of Commerce.

Views expressed in Arab British Business E-Bulletin are not necessarily those of the ABCC. Reprinting in whole or part is forbidden except by permission. ©2023 Please note that submitting an article does not

guarantee publication. While every effort is made to ensure the accuracy and reliability of material in this journal, WPL Contract Publishing Ltd and its agents can except no responsibility for the veracity of The ABCC is dedicated to serving businesses claims made by contributions in advertising or editorial content. WPL Contract Publishing and the ABCC cannot be held responsible for any inaccuracies in web or email links supplied to us. whether they are located in the UK or operating from any Arab country. With decades of ARAB-BRITISH CHAMBER OF COMMERCE | 01 experience, the chamber offers expert advice on how to do business in the Arab markets.

ABES 2023

Rt Hon Baroness Symons opening the Summit with Bandar Reda (seated).

H E Mr Ahmed Aboul Gheit, Secretary General, League of Arab States, speaking in the opening session.

02 ?? | ARAB-BRITISH CHAMBER OF COMMERCE

ABES Boosting 2023 Food Exports

Optimistic Visions Shared at ABES 2023 The 3rd Arab British Economic Summit (ABES 2023) took place very successfully on 20 November 2023 with a record number of delegates in attendance.

The ABCC received exceptionally favourable press coverage and feedback from participants who were drawn from the Chamber’s membership and more widely. The day-long event saw several business delegations from Arab and non-Arab countries, which all in all made it the largest event so far held under the now well established ABES brand. There were 900 registered delegates which far exceeded previous numbers and more than 30 business stands promoting their companies at the accompanying expo.

Delegates were welcomed to the Summit, held at the Hilton London Metropole, by Mr Bandar Reda, ABCC Secretary General & CEO, and the Rt Hon Baroness Symons of Vernham Dean, ABCC Chairman.

Baroness Symons remarked that it was really tremendously encouraging to see so many people gathered together, including many old and new friends.

She felt that ABES 2023 would be able to act as an important platform for productive conversations and commended the Summit’s panels and programme which were a good reflection of the dynamism in the Arab world today.

In welcoming all the delegates and thanking all the supporters, Mr Reda stressed the ambitions of the ABCC to expand the Summit and hold similar events more frequently in the coming years.

With an ambitious topical agenda that covered digital innovations, Artificial Intelligence, sustainable tourism, prospects for new trade deals and looking forward to the COP28 deliberations in Dubai, ABES 2023 hosted discussions around the core theme of building on the enduring partnership between the UK and Arab countries to achieve greater sustainability and prosperity for all.

The comprehensive Summit agenda concentrated on the sectors of the future that are at the cutting edge of the rapidly transforming global economy while fully recognising the synergies that exist between the UK and the Arab economies. Speakers were optimistic at the potential for closer UK-Arab engagement going forwards. >>>

ARAB-BRITISH CHAMBER OF COMMERCE | 03

ABES 2023

H E Mr Ahmed Aboul Gheit, accompanied by H E Mr Abdulla Al-Muftah, Arab League Ambassador to London, (second left) and H E Mr Hossam Zaki, League of Arab States Assistant Secretary-General (right), welcomed by Rt Hon Baroness Symons and Mr Bandar Reda.

Lord Dominic Johnson, UK Minister for Investment, with Mr Reda and Mr Abdeslam El-Idrissi.

Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, speaking in the closing session.

04 | ARAB-BRITISH CHAMBER OF COMMERCE

Ms Rebecca McLaughlin-Eastham, event compere.

H E Mr Sameer Nass, President of the Union of Arab Chambers.

ABES 2023

Ms Shevaun Haviland, Director General, British Chambers of Commerce.

Ms Aleksandra Draskovic, Founder & CEO, Montenegro Properties Ltd.

Mr Marco Forgione, Director General, Institute of Export & International Trade.

Lord Ahmad of Wimbledon, UK Minister for the MENA.

Mr Andrew Elia, Managing Partner, Arishi.

ARAB-BRITISH CHAMBER OF COMMERCE | 05

ABES 2023

Panel in Session 5: (from left) Ms Lolade Onabolu, Home Office, Mr Ayman Al Awadhi, The Corporate Group, Ms Julia Onslow-Cole, Fragamon, and Ms Ayaa Gadad, Alsahl Group Holding.

Mr Rashid Swani and Mr Reda after signing MOU between the ABCC and the Libyan Business Council.

Presentation in absentia to H E Sheikh Khalifa Bin Jassim Al Thani, Chairman Qatar Chamber and First Vice Chairman, ABCC.

06 | ARAB-BRITISH CHAMBER OF COMMERCE

Mr Khalid Al Marzooqi, V P, International Business Development, KEZAD Group.

Mr Tom Wintle, UK Government’s Chief Negotiator for the UK-GCC FTA.

Session 1 chaired by Dr Khaled Hanafy, Secretary Gen Quincy Quayson and Dr C

ABES 2023

Members of the Libyan business delegation

Mr Reda signing MOU with Mr Sarfaraz Alam, Group CEO, HashMove.

, Secretary General, UAB (left), with Dr Peter Thomas, ayson and Dr Chris Nonis.

Mr Mohamed Al Khadar Al Ahmed, CEO, Khalifa Economic Zones, KEZAD Group.

Mr Simon Penney, Head of Middle East, Gemcorp Capital.

Lord Dominic Johnson with Mr El-Idrissi (seated).

Mr Oliver Christian, H M Trade Commissioner for the MENA, DBT.

ARAB-BRITISH CHAMBER OF COMMERCE | 07

ABES 2023

08 | ARAB-BRITISH CHAMBER OF COMMERCE

ABES 2023

Continued from page 03...

Numerous insightful speeches were delivered by government ministers, leading business executives and heads of chambers of commerce, with a keynote address from the His Excellency Mr Ahmed Aboul Gheit, Secretary General of the League of Arab States, at the opening of the Summit. With an eye to the unfolding conflict in the region, Mr Aboul Gheit spoke of the urgent need for peace as a prerequisite for building an economy where trade could thrive and where there was confidence for investors.

Mr Mohamed Al Khadar Al Ahmed, CEO, Khalifa Economic Zones, KEZAD Group, described it as an honour to be a part of the Summit and looked forward to the opportunities that it opened up to develop partnerships between the UK private sector and Abu Dhabi.

Delegates heard detailed speeches from, among others, UK Government ministers, Lord Ahmad of Wimbledon, the Minister for the MENA and Lord Dominic Johnson, Minister for Investment, H E Mr Sameer Nass, President of the Union of Arab Chambers (UAB), Dr Khaled Hanafy, Secretary General, UAB, Mr Oliver Christian, H M Trade Commissioner for the MENA, Mr Tom Wintle, UK Lead Negotiator in talks for the UK-GCC Free Trade Agreement, and Ms Shevaun Haviland, Director General of the British Chambers of Commerce.

They were joined by many other high level speakers drawn from the ABCC’s

membership who wanted to share their expertise in the specific sectors where they excelled from healthcare, legal and financial services, food security, tourism and IT.

Summit’s success and the vital support extended by the Arab Ambassadors in London to the work of the ABCC throughout the year was especially valued.

The ABCC took pride in the fact that the Summit hosted one of Britain’s largest private sector delegations from Libya who witnessed the signing of an agreement between the Chamber and the Libyan Business Council designed to advance collaboration and strengthen bilateral trade and investment.

The Summit hosted many thoughtful speeches and fruitful panel discussions as well as informal meetings during the networking breaks. The success of the event reveals a sense of common purpose and shared vision of a productive, diverse, dynamic partnership. The overall message is that by working together we can create countless rich mutual rewards.

A separate agreement was formally signed between the ABCC and the private firm, Hashmove, with a view to offering an efficient B2B logistics platform to exporters.

ABES 2023 manifested a clear vision of optimism about the great potential for strengthening ArabBritish business relations in the future. ABES 2023 showed very clearly that the ABCC was delivering on its mission and that it continues to be a pivotal point of contact for Arab and British businesses seeking to seize on the growing opportunities.

The ABCC’s Headline Partner for the event, the KEZAD Group, was warmly thanked for providing its invaluable support, as were all the other sponsors and supporters of the event. The cooperation received from the chamber’s network proved essential to the

The Arab-British partnership is indeed growing and diversifying, solidly based on a strong enduring friendship. The Summit has become an important platform for deepening this partnership and shows that the ABCC is delivering and supporting business.

In concluding remarks, Mr Abdeslam El Idrissi, ABCC Deputy CEO, paid tribute to all the speakers, sponsors and delegates, stating that ABES 2023 had enabled new friendships to be formed, new contacts made and the sharing of many valuable insights.

Plans are well under way for ABES 2024. Registration is already open and it offers the prospects of an even bigger event.

A full report of the proceedings of ABES 2023 will be published soon.

ARAB-BRITISH CHAMBER OF COMMERCE | 09

ABCC Activities

Final Members’ Networking Event of 2023 The ABCC’s third members’ networking event and the last for 2023 took place on Thursday 14 December at the Chamber’s Mayfair premises.

These regular business focused meetings always prove very popular with members and non-members alike.

Investment Promotion Agency to promote investments in Montenegro including EXPO 2020 in Dubai.

The events enable member companies to make their pitches for their businesses and provide opportunities to share ideas with fellow attendees who may turn out to be potential investors, new customers or even future business partners.

Aleksandra focuses on high-end residential and mixed-use properties, foreign investment, and development.

Montenegro Properties has been recognised as the best agent, best marketing and best website in Montenegro by the International Property Awards, for excellence in the property industry worldwide.

During the networking reception, attendees can engage in one-to-one discussions, share ideas and get to know one another.

On this occasion, our speakers representing a broad array of industries and areas of expertise delivered brief presentations before answering questions from the audience.

Profiles of the speakers and their companies follow:

PAUL HEWES HEAD OF OPERATIONS, AREEN DESIGN LIMITED

ALEKSANDRA DRASKOVIC FOUNDER & CEO OF MONTENEGRO PROPERTIES LTD Aleksandra was appointed a Senior Adviser in the Secretariat General of Government of Montenegro in 2006, which saw her represent Montenegro at international conferences, seminars and round tables. She has worked closely with her country’s Government for several years.

After founding real estate agency Montenegro Properties Ltd, she took part in numerous real estate expos together with Montenegrin Government

10 | ARAB-BRITISH CHAMBER OF COMMERCE

As Head of Operations, Paul is responsible for driving organisational accountability, performance improvement and service excellence across Areen Design. With a depth of skill that combines architecture and project management, Paul is pragmatic and performance driven, a proven leader of complex teams and businesses and successful at delivering large-scale, fast-track, high-quality developments via all procurement methodologies.

With 30 years’ experience in the construction industry, Paul demonstrates excellent leadership skills, engaging all stakeholders within a collaborative, professional and system driven approach.

A theme throughout Paul’s career has been a central involvement in complex developments from strategic decision making and business case development, to successful project delivery.

NOOR KADHIM LAWYER, KADHIMS LIMITED Noor is an English law-qualified Solicitor Advocate with 15 years’ experience in dispute resolution. Her core competencies are in litigation, arbitration, litigation funding, and art and cultural heritage. She has served as a Deputy Counsel at the International Chamber of Commerce in Paris, and as advisor to numerous litigation funds and insurance providers, including as in house assessor. Noor’s regions of focus are Turkey, France, French-speaking Africa, and the Arabic-speaking world.

She has experience working in Dubai, Abu Dhabi, Paris, and London where Kadhims is based. Her clients include litigation funds, governments and state-owned entities, as well as international corporate and high net worth clients with projects across the globe. She speaks English, French, Arabic, and Italian.

RICHARD COLLINS Founder & CEO, CSR-Accreditation Richard aims to help improve the world for future generations, by reducing the negative impact we have on the environment and by building a better and

ABCC Activities

cohesive society. An experienced brand strategist, Richard has pursued a passion for helping companies in the public, private and third sector to promote their CSR and sustainability efforts. Richard founded and launched CSR Accreditation in 2018, which provides a global Environmental and Social Responsibility Accreditation Scheme.

CSR Accreditation now operates on an international stage with partners and offices being established throughout the globe. Richard is an international key- note speaker on sustainability. To compliment this, he also co-runs the International CSR Excellence Awards.

He is president for the Thames Valley Chamber of Commerce ‘Bucks’ Council, a member of the Society of Leadership Fellows, a Trustee for the Wycombe Arts Centre, a Fellow of the Institute of Corporate Responsibility and Sustainability and is a senior advisor to the APPG for ESG,

cultures in her work, highlighting the beauty in our differences and the connections we all share in the belief that art has the power to transcend boundaries and bring people together.

Maya’s journey from a young migrant woman to a successful tech leader has been shaped by her passion for art, resilience and determination.

Despite personal challenges, she has consistently pursued her artistic endeavours, leaving her mark in various industries including Design, Media, Fashion, Finance and IT. Maya’s recent work explores the potential of layering, with the use of gold layering and metal leafing adds vibrancy and texture, Maya is fascinated by the power of colour and how it can evoke a variety of emotions both deep and subtle.

CSR Accreditation addresses ESG Compliance, Net Zero, building a culture that empowers employees to do environmental and social good, attract new talent, win tenders improve brand reputation and report on non-financial disclosure. We provide a range of sustainability workshops, webinars, training, social impact reporting and consultation.

Maya was born in Sylhet, Bangladesh.

She moved to the UK with her family in 1977. As a self-taught artist, she portrays the essence of different

Whether it’s prior to market entry, during the life of an investment, or at exit, the company helps clients navigate potential challenges by identifying contingent or hidden liabilities that may arise with a particular focus in cross-border M&A transactions, where expertise and insights prove invaluable to clients seeking successful outcomes in complex global markets.

Audere’s approach combines the values of confidentiality, objectivity, and integrity with analytical thinking to provide bespoke services to clients.

IMRANALI KHAKI MANAGING DIRECTOR INFOCUS OPTICIANS BURCU OZCELIK ASSOCIATE DIRECTOR, AUDERE INTERNATIONAL

MAYA SCHULZ FOUNDER/ MAYA SCHULZ ART

negotiations, facilitate dispute resolution, and identify risks when investing overseas.

Audere is a specialist commercial intelligence and investigations company, headquartered in London, with extensive expertise spanning the Middle East, Africa, Russia, CEE, Central Asia, Asia Pacific, the UK, and North America.

The company focuses on sourcing and analysing previously undisclosed information and intelligence on individuals and companies. Its goal is to support clients during commercial

Infocus Opticians is a local family-owned practice that specialises in providing tailored eyecare services. These services include professional and thorough eye examinations, a wide range of designer and high-end eyewear and quality lenses and contact lenses.

The goal of the company is to ensure that a client’s eyes are looked after to the best possible standards. To do this the company has a team of skilled optometrists who will look at the patient’s history and symptoms and then use a range of eye examination techniques and industry-leading equipment, to ensure that the patient’s eyes are fully looked after.

ARAB-BRITISH CHAMBER OF COMMERCE | 11

ABCC Activities

Final ABCC Members’ Networking Event Rounds Off a Busy Year Our third and final members’ networking event of the year took place at the ABCC’s Mayfair premises on Thursday 14th December with representatives from seven member companies delivering their presentations.

Mr Abdeslam El-Idrissi, ABCC

Mr Sam Lytton Cobbold, Audere International

Mr Richard Collins, CSR-Accreditation

12 | ARAB-BRITISH CHAMBER OF COMMERCE

Mr Abdeslam El-Idrissi, ABCC Deputy CEO & Secretary General, welcomed speakers and delegates and drew attention to the Chamber’s planned events for 2024 which would include ABES 24, a special event on women in sport, new sector seminars and business training sessions. Speakers addressed a wide range of topics from high-end real estate, interior design, legal services and dispute resolution, corporate social responsibility, eyecare services, market intelligence and risk assessment and art as a means of communication. The connections and synergies between all the different disciplines were explored in discussion.

Upwards of 100 people had registered for the event which concluded with an end of season networking reception, and which suitably rounded off what has been a busy year of activities for the ABCC. Copies of the first novel by guest author, Lorraine Amrani, were available during the reception. The ABCC received much positive feedback from many people who attended the event.

Ms Maya Schulz, Maya Schulz Art

Ms Aleksandra Draskovic, Montenegro Properties Ltd

Mr Imranali Khaki, Infocus Opticians

Green Hydrogen Market

Mauritania Positions Itself as a Green Hydrogen Hub Mauritania’s abundant solar and wind potential, coupled with its strategic location and proximity to international markets such as Europe, has made the country a highly attractive green hydrogen market. As global capital and technology providers turn their interest towards the market, Mauritania is well positioned to become a major player in the global green hydrogen market.

A new report from the International Energy Agency (IEA), launched at the MSGBC Oil, Gas & Power 2023 conference in November, outlined three key strategies Mauritania can adopt to establish itself as a leading green hydrogen export hub.

Ammonia Despite the high costs associated with converting hydrogen to ammonia, the overall costs of transporting ammonia – specifically by sea – is substantially lower compared to that of liquid hydrogen, making ammonia a strategic method of distribution. Leveraging green ammonia as a hydrogen carrier to global and long-distance markets will therefore provide Mauritania with an efficient and safe alternative for monetizing and distributing the resource.

At the same time, international trade of ammonia is already well-developed, with the infrastructure established and technologically mature. According to the report, approximately 150 terminals and ports can handle ammonia. As Mauritania’s green hydrogen and ammonia market grows, it becomes imperative to enhance port infrastructure to support exports. Through strategic investments in Mauritania’s ports, the country is well positioned to supply the global market.

Green Iron Mauritania can capitalize on its strong mining industry and future green hydrogen supplies to establish itself as a global green iron supplier. In 2022, the country achieved a significant milestone by exporting 13 million tons of iron ore, generating approximately $1.3 billion in revenue. Embracing the production of iron that is powered by green hydrogen presents a substantial opportunity to lower mining costs while facilitating the export of higher-value refined iron products.

Currently, large steel importers such as the United States are the European Union are looking at importing sponge iron from regions with low-carbon energies and space for large-scale project developments. In this scenario, Mauritania is strategically placed to become the preferred supplier.

Creating Direct Export Links to Europe The construction of a pipeline connecting Mauritania to Spain offers a viable solution for exporting hydrogen to Europe. Through pipeline infrastructure, the MSGBC country will have a competitive edge over other potential suppliers – including Namibia, Brazil, and Australia – who are projected to heavily depend on shipping for distribution in the future. Mauritania is already progressing towards leveraging pipelines for green hydrogen exportation with

renewable energy developer Gaia Future Energy and energy firm Hydeal inking a deal to spearhead a project capable of transporting one million tons from Mauritania and Morocco to Europe by 2030 and up to five million tons by 2035.

New Project for Green Hydrogen Meanwhile, renewable energy developer CWP Global is reported to be advancing its plans for a 30-GW green hydrogen project in Mauritania, with technical and environmental studies in advanced stages.

The $40 billion AMAN project, a collaboration between CWP and the government of Mauritania, aims to include 18 GW of wind capacity and 12 GW of solar capacity.

The facility is expected to produce 110 TWh at full capacity, generating 1.7 million tonnes of green hydrogen or 10 million tonnes of green ammonia annually for both local use and export.

Mauritania is witnessing a surge in green hydrogen projects, including collaborations between Infinity Power Holding and Conjuncta GmbH and Total Eren with Chariot Ltd, reports global solar energy sector media outlet, SolarQuarter.

Sources: energy media various ARAB-BRITISH CHAMBER OF COMMERCE | 13

COP28 Agreements

New partnerships and initiatives on sustainable urban development Over 40 ministers met in Dubai in support of subnational climate action, joining the COP28 Presidency to announce a series of partnerships to accelerate the net-zero transition and climate resilience in cities.

The announcements span sectors including buildings, waste and resource management systems, urban water resilience, and urban nature restoration.

They build on the 1 December launch of the Coalition for High Ambition Multilevel Partnerships for Climate Action (CHAMP) to include cities and regions in the design of federal climate commitments and strategies.

“Meeting the aims of the Paris Agreement and keeping 1.5°C within reach depends on the leadership and support of the world’s mayors and governors,” said Dr Sultan Al Jaber, COP28 President, “That is why at COP28 we have empowered

14 | ARAB-BRITISH CHAMBER OF COMMERCE

leaders and communities by launching CHAMP and working with organizations like UN-Habitat and Bloomberg Philanthropies to recognize and support the important roles cities and their leaders can play in addressing climate change.”

Urbanization, Built Environment and Transport Multilevel Action, Urbanization, Built Environment and Transport Day hosted the second Urban Climate Ministerial, co-organized with United Nations Human Settlements Programme (UNHabitat), and the UN Climate Change High-Level Champion for COP28, and

concludes a week of unprecedented mayoral and gubernatorial participation in the COP process. Brazil’s Minister of Cities, HE Jader Barbalho Filho, closed the meeting by announcing Brazil’s plans to widen participation and mobilization for the Ministerial at COP30.

The COP28 Presidency and Bloomberg Philanthropies partnered to deliver the Local Climate Action Summit (LCAS) which saw over 500 subnational leaders join the summit portion of a COP for the first time. Nearly USD $500 million of new city-focused climate investment was also announced.

COP28 Agreements

Methane Hub, Google Foundation, Rocky Mountain Institute, Clean Air Taskforce (CATF), the Netherlands Institute for Space Research (SRON)/ GHGSat, and Carbon Mapper. Local governments and NGOs can use the platform to identify and mitigate methane emissions before they become hazardous. The platform is set to go live in 20 global megacities that are collectively home to over 100 million people.

Buildings Breakthrough The Buildings Breakthrough, launched with the support of 27 countries, is led by France and Morocco. The partnership aims to make ‘near-zero and resilient buildings’ the new normal by 2030, addressing the fact that the building sector alone accounts for nearly 40 percent of global energyrelated CO2 emissions, 50 percent of extracted materials, and one-third of global waste.

Cement Breakthrough The Cement and Concrete Breakthrough was launched by Canada and the UAE, along with an inaugural cohort of endorsing countries that include the United Kingdom, Ireland, Japan and Germany. The initiative strives to make clean cement the preferred choice in global markets, with near-zero emission cement production established and growing in every region of the world by 2030.

Waste to Zero initiative Waste to Zero is a voluntary coalition made up of governments of all levels, NGOs, and the private sector to decarbonize the waste management sector and transform waste into resources. Waste to Zero is an official initiative under the UAE’s ‘Year of Sustainability’ and spearheaded by the UAE Ministry of Climate Change and Environment (MOCCAE), Abu Dhabi Waste Management Company (Tadweer), and Roland Berger.

Waste MAP The Waste MAP is the first-ever global platform to use satellite monitoring to track and measure methane emissions from waste, developed by the Global

Two new programmes to accelerate the adoption of 15-minute city (15MC)/ proximity planning policies and measure their impact: C40, a network of nearly 100 mayors of the world’s leading cities, is increasing actions to accelerate the adoption of the 15-minute City (15MC) - highly liveable, walkable, and peopleoriented cities.

The Green and Thriving Neighborhoods programme created in collaboration with Urban Partners provides deep support to more than 40 cities to help them turn the 15MC into reality through the implementation of concrete pilot projects. C40 also launched a tool to measure the impacts of 15MC with Novo Nordisk.

The Generation Restoration project Guided by the Paris Agreement and the Global Biodiversity Framework, the Generation Restoration project (20232025) is currently supporting pilot projects to catalyze urban ecosystem restoration and emissions mitigation in eight world cities. These cities include Douala (Cameroon); DakarPlateau & Thies (Senegal); Quezon City (the Philippines); Kochi (India); Sirajganj (Bangladesh); Samborondon (Ecuador); Mexico City (Mexico); and Manaus (Brazil).

Commitments to fossil fuel-free land transport World transport systems are vital for people’s lives and livelihoods, with transport representing around 22 percent of global carbon emissions.

The COP28 Presidency, the UAE Ministry of Energy and Infrastructure, the International Transport Forum, and the International Energy Agency have come together to organize the first ever transport-energy ministerial at a COP. Working closely with key delivery partners, including the SLOCAT Partnership, the Air Transport Action Group and the UN Climate Change High-Level Champions team, the COP28 Presidency spotlighted key solutions to decarbonize the transport sector.

‘A Playbook for Nature-Positive Infrastructure Development’ ‘A Playbook for Nature-Positive Infrastructure Development’, in partnership with the World Wildlife Fund (WWF) and the International Federation of Consulting Engineers (FIDIC) spotlights the construction sector’s role in conserving and restoring natural ecosystems. The playbook draws from some of the world’s most important infrastructure projects, to offer practitioners a wide range of nature-based solutions that put nature at the heart of infrastructure design.

Forest & Climate Leaders’ Partnership’s (FCLP) Greening Construction with Sustainable Wood initiative Together, the Buildings Breakthrough, Cement Breakthrough, and the FCLP’s Greening Construction with Sustainable Wood initiative, aim to unlock intergovernmental and multi-level collaboration in response to the Global Stocktake. They offer national governments and other stakeholders a framework to rapidly transform the building sector with greater mitigation, adaptation, and resilience.

For all official press releases, announcements, including speeches at COP28, see the website: https://www.cop28.com/en/newsand-media

ARAB-BRITISH CHAMBER OF COMMERCE | 15

ABCC

Translation Services

For all your translations from English to Arabic or Arabic to English.

With over 40 years’ experience in technical translation, the Arab-British Chamber of Commerce specialises in Arabic/English and English/Arabic translation and has excellent facilities and top quality translators.

Our translators are officially qualified and trained to handle customer requirements accurately and professionally in both languages. Our experience lies in first class commercial, financial, legal and technical translation of the highest standard.

The Chamber’s translation service is officially recognised by all the Arab embassies in London and by the Foreign, Commonwealth & Development Office (FCDO).

However, we strongly advise clients that the FCDO should authenticate all official documentation translated from Arabic to English if it is to be used in the UK. Translation of official documents from English to Arabic, for use in the Arab world, must be authenticated by both the FCO and the Arab embassy of the country where the document is to be used.

The ABCC translation service covers all types of documents, including: Birth/marriage/baptism/divorce/death certificates Certificates of academic qualification Certificates of Origin Commercial invoices Company/personal financial documents Divorce documents from the Shar’i Mazun or from a court of law Memorandum & Articles of Association Passport details.

See online for TRANSLATION CONTACT FORM https://abcc.org.uk/translation-services/

Megaproject

Qiddiya City

Riyadh’s New Entertainment Megaproject One of the most impressive megaprojects unveiled by Saudi Arabia in recent years as it drives forward with the implementation of its transformative Vision 2023 strategy is the innovative entertainment venue known as Qiddiya City.

The urban design for the city of Qiddiya and the project brand have just been revealed by Crown Prince Mohammed bin Salman, chairman of the Board of Directors of the Qiddiya Investment Company (QIC), according to Saudi Press Agency (SPA), reported 8 December 2023.

Construction of the project actually started in 2019.

The megaproject is expected to have a positive impact and boost the Kingdom’s international profile and contribute towards economic growth. The project aims to improve the quality of life, helping turn the Kingdom into one of the top 10 global economies.

Qiddiya’s first offering will be Qiddiya City, a one-of-a-kind destination located on the outskirts of Riyadh, promising exceptional leisure opportunities for residents and visitors alike through unrivalled facilities in entertainment, sports, culture, and urban living.

The stunning natural landscapes will ultimately become the city’s most unique hallmark with sustainability at its heart. In fact, protection and preservation of the natural environment guides the principles of its development. “Our planet always comes first,” proclaims the website of Qiddiya City.

Located 40 minutes from the centre of Riyadh overlooking the stunning cliffs of the Tuwaiq mountains, Qiddiya City will be connected to the capital by major highways and form an integral part of Riyadh’s public transport network.

Its attractions will include a gaming and esports district which is set to become a global hub for competitions, a speed park track, golf courses, a

massive water theme park, and Six Flags Qiddiya.

The city will also feature a multipurpose stadium. Qiddiya City’s unparalleled proximity and concentration of sports, culture and entertainment experiences all in one place – some of which will be launched in the coming months – will make it a globally unique destination.

Qiddiya Investment Company (QIC) is the holding company that contains all the for-profit investments of the enterprise and guides the overall strategic direction of the company.

For more on Qiddiya City see the website, https://qiddiya.com/

With 60,000 buildings in an overall area of 360 square kilometres, Qiddiya City will eventually be home to over 600,000 residents.

The city is expected to attract around 48 million visits per year with its array of world-class attractions and venues.

Qiddiya City is on track to create over 325,000 job opportunities, yielding a nominal GDP of SAR135bn per annum.

ARAB-BRITISH CHAMBER OF COMMERCE | 17

Libya-UK Trade

Bilateral Trade Between the UK and Libya on the Increase

Total trade in goods and services (exports plus imports) between the UK and Libya was £1.7 billion in the four quarters to the end of Q2 2023, an increase of 10.5% or £163 million in current prices on the same period in 2022, according to the latest UK government data.

In the four quarters to the end of Q2 2023, total UK exports to Libya amounted to £339 million (an increase of 41.3% or £99 million in current prices, compared to the four quarters to the end of Q2 2022).

Of all UK exports to Libya in the four quarters to the end of Q2 2023, £197 million (58.1%) were goods and £142 million (41.9%) were services.

In the four quarters to the end of Q2 2023, UK exports of goods to Libya increased by 23.9% or £38 million in current prices, compared to the four quarters to the end of Q2 2022 while UK exports of services to Libya increased by 75.3% or £61 million in current prices, compared to the four quarters to the end of Q2 2022.

quarters to the end of Q2 2022. In the four quarters to the end of Q2 2023, the UK had a trade in goods deficit of £1.1 billion with Libya, compared to a trade in goods deficit of £1.1 billion in the four quarters to the end of Q2 2022.

Meanwhile, in the four quarters to the end of Q2 2023 the UK reported a trade in services surplus of £94 million with Libya, compared to a trade in services surplus of £72 million in the four quarters to the end of Q2 2022.

In the four quarters to the end of Q2 2023, Libya was the UK’s:

In the same period, UK imports of goods from Libya increased by 1.9% or £25 million in current prices, compared to the four quarters to the end of Q2 2022 while UK imports of services from Libya increased by 433.3% or £39 million in current prices, compared to the four quarters to the end of Q2 2022.

• 73rd largest trading partner (accounting for 0.1% of total UK trade).

– 54th largest goods trading partner (0.1% of UK goods trade).

– 119th largest services trading partner (less than 0.1% of UK services trade).

• 93rd largest export market (accounting for less than 0.1% of total UK exports).

– 86th largest goods export market (less than 0.1% of UK goods exports).

– Joint 99th largest services export market (less than 0.1% of UK services exports).

• 61st largest import market (accounting for 0.2% of total UK imports).

– 50th largest goods import market (0.2% of UK goods imports).

– Joint 129th largest services import market (less than 0.1% of UK services imports).

This means the UK reported a total trade deficit of £1.0 billion with Libya, compared to a trade deficit of £1.1 billion in the four

More timely data, for trade in goods only, show that UK exports of goods to Libya increased by 26.2% the 12

In the four quarters to the end of Q2 2023, total UK imports from Libya were £1.4 billion (an increase of 4.9% or £64 million in current prices, compared to the four quarters to the end of Q2 2022).

Of all UK imports from Libya during this period, £1.3 billion (96.5%) were goods and £48 million (3.5%) were services.

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months to September 2023 in current prices, compared to the same period the previous year. UK imports of goods from Libya decreased by 3.7%, in current prices, over the same period.

Exports The top 5 goods exported from the UK to Libya in the four quarters to the end of Q2 2023 were: • 1 - Beverages & tobacco (£40.5 million or 20.6% of all UK goods exported to Libya) • 54 - Medicinal & pharmaceutical products (£22.4 million or 11.4%) • 07 - Coffee, tea, cocoa etc (£19.3 million or 9.8%) • 02 - Dairy products & eggs (£14.7 million or 7.4%) • 8OI - Other miscellaneous manufactures (intermediate) (£14.1 million or 7.1%) Imports The top 5 goods imported to the UK from Libya in the four quarters to the end of Q2 2023 were: • 33O - Crude oil (£1.3 billion or 98.5% of all UK goods imported from Libya) • 52 - Inorganic chemicals (£16.5 million or 1.2%) • 792 - Aircraft (£820 thousand or 0.1%) • 72I - Specialised machinery (intermediate) (£420 thousand or 0.0%) • 71MI - Mechanical power generators (intermediate) (£370 thousand or 0.0%) Source: Trade and Investment Factsheet, DBT, 17 November 2023

Boosting Food Exports

British Parliamentarians call for closer trade ties with Morocco The MPs say this will help support the UK’s aims for year-round food security.

A report from Westminster’s All-Party Parliamentary Group (APPG) on Morocco finds that British consumers are buying Moroccan fresh produce in increasingly larger amounts compared to traditional European countries and calls on the UK Government to go further to develop this key trading relationship.

The Group published a report alongside the bilateral Agriculture Review, undertaken by both the UK and Moroccan Governments in Casablanca.

The MPs’ key findings include: The UK and its consumers increasingly benefit from a reliable and high-quality supply of fresh produce from Morocco, helping to ensure that supermarket shelves are well-stocked throughout the year.

Official data from ONS shows that: Fruit and vegetable imports from Morocco have almost tripled since 2018, rising from £158m annually to £408m in 2022.

Moroccan imports play an increasingly large role in providing fresh fruit and vegetables in the UK winter season with Q1 2023 imports being £168m almost tripling from Q1 2018 (£60m). This growth shows how the economies of the two kingdoms are highly complementary.

Agriculture trade brings substantial local economic benefits to Morocco, which in turn supports social development and furthers the nation’s stability.

The APPG also welcomed efforts made by both governments to undertake

initiatives to develop bilateral agriculture trade. However, recognising that yet more can be done, the APPG made five recommendations to the UK Government in order to build on this progress:

du Maroc, stated: “Moroccan agriculture is the UK’s most reliable partner, and we’re delighted to play a vital role in keeping supermarkets well stocked with quality fresh produce year-round.

• To further understand the mutual benefits derived from UK / Morocco agriculture trade the UK Government should develop and publish an annual trade impact report.

“Trade with the UK has brought enormous economic and social benefits to the people of Morocco and especially in the Sahara region, where much fresh produce is grown. I am delighted that our two Kingdoms have developed such a reliable long term trading partnership, which I am confident will continue to go from strength to strength.”

• Industry have urged the Prime Minister to appoint a new Trade Envoy to Morocco.

• Agriculture Reviews should be regularised to enable continuous improvement in the relationship as opportunities continue to emerge.

• The UK should seek to establish preferred buyer status within the Moroccan market.

• The Government should continue campaigns to raise awareness of the opportunity of UK / Morocco trade.

Commenting on the report, Heather Wheeler OBE MP, Chair of the APPG on Morocco, said: “Agriculture trade is crucial for both our countries, keeping British families well fed with affordable, secure produce and helping economic development in Morocco. I urge the UK government to renew its commitment to bilateral trade to make sure these mutual benefits continue to grow.”

Meanwhile, Abir Lemseffer, of the Moroccan business association, the Confederation Generale Des Entreprises

Morocco is Britain’s fourth-largest trading partner in Africa, according to ONS data, and ministers are now calling on the government to deepen its trade ties with the nation.

The strategy would aim to avoid shortages such as those seen earlier this year, when unseasonably cold weather devastated fruit & veg crops and led to weeks of patchy availability across UK supermarkets.

At the time, it surfaced that other continental retailers did not struggle with supply as much, with critics pointing to Britain’s weakened trade relationships post-Brexit as a key factor.

The report called on the government to seek to establish preferred buyer status within the Moroccan market, and to develop and publish an annual trade impact report.

Sources include Food & Drink International, The Grocer, Morocco World News.

ARAB-BRITISH CHAMBER OF COMMERCE | ??

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Boosting Food Exports

Scottish Food Industry Targets Gulf Markets Scotland kicked off its COP 28 activity with a St Andrew’s Day Reception following the first day of the conference, Gulf Today reported. The First Minister, Humza Yousaf, joined 21 Scottish businesses and organisations in the food and drink sector at the VIP business event, who showcased their products, with support from Scottish Development International (SDI), and set the stage for the country’s participation at COP 28 in Dubai.

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Boosting Food Exports

The St Andrew’s Day Reception kickstarted the activities for Scotland at the Conference Of Parties (COP), serving as a catalyst for strengthening collaborations and knowledge sharing.

The event provided the 21 Scottish businesses, who are either already operating in the UAE or looking to break into the emirates, a platform to engage with senior decision makers, establish connections, and explore partnerships.

The event served as a microcosm of the country’s broader objectives for COP 28 - to showcase its existing business activity in the UAE; increase business-to-business engagement that supports trade and investment opportunities; and demonstrate its innovation strengths in key net zero sectors.

The First Minister Humza Yousaf said: “Scotland has demonstrated that we can lead the way on taking tangible steps, but collective action is needed to tackle the climate emergency and address the devastating effects of climate change. We simply do not have time to work alone when it comes to our just transition to net zero.

“COP28 also allows the Scottish Government to advance international relations and build partnerships.

Our existing business and alumni relationships in the UAE are an important part of the Scottish Connections diaspora community, and Scottish companies that are at the leading edge of net zero technologies will be attending to enhance Scotland’s global reputation. It is also an opportunity to attract investment in strategic net zero sectors in Scotland, including renewable energy.”

Scottish Lamb A notable highlight of the St Andrew’s Day Reception was the introduction of Scottish lamb to the market for the first time. Chef Adam Tracy, Culinary Director of Radisson, presented the groundbreaking initiative during the event, alongside Quality Meat Scotland and meat specialists, Woodhead, showcasing Scotland’s commitment to diverse and sustainable offerings in the culinary industry.

The diverse range of food and drink companies showcased at the event included a range of businesses such as:

Woodhead, the British meat specialists, which was introducing Scotch lamb to the UAE for the first time; Nairns, famous for seeded oatcakes; Mackies, renowned for its ice cream; Seafood Scotland Association, the national trade and marketing body for Scottish seafood; and Quality Meat Scotland, the public body responsible for helping the Scottish red meat sector improve its efficiency and sustainability and facilitating the introduction of Scotch lamb to the market.

Reuben Aitken, Scottish Enterprise Managing Director of International Operations, said, “Our aim for COP 28 is to further Scotland’s trade and investment interests by highlighting Scotland’s innovation strengths in key net zero sectors, such as energy transition, climate-tech and hydrogen, to a global audience, and showcase Scotland as an incredible investment opportunity for global businesses to achieve their net zero aspirations.”

Seafood Prior to COP28, Seafood Scotland, the national trade and marketing body for the Scottish Seafood industry, hosted a business lunch at Jumeirah Al Qasr’s The Hide restaurant to showcase the expanse of the sector offering and the pivotal role Scotland plays within the seafood industry regarding quality and sustainability.

The event brought together F&B industry leaders from the UAE, including chefs and seafood distributors.

According to research from Statista, the UAE spends $637 million per

year on seafood imports, more than double the global average of seafood per capita, with consumers now increasingly looking for more responsibly sourced, high-quality seafood.

Scotland’s largest food export, salmon, took centre stage as a confit with coconut emulsion. The lunch also featured langoustines, of which Scotland produces two-thirds of the world’s supply, accompanied by scallop carpaccio and salmon tartare.

Rounding out the menu was a brown crab amuse-bouche, a lobster and monkfish bisque and a langoustine tartelette, showcasing just a fragment of Scotland’s diverse seafood, which boasts more than 60 species.

Adam Wing, Head of Trade Marketing at Seafood Scotland, commented: “Our goal is to not only satisfy the UAE’s appetite for high-quality seafood but also to do so in an environmentally responsible way. This lunch was a unique celebration of our commitment to providing the UAE with the finest seafood from Scotland.”

Into 2024 Scottish Development International will be taking a Scottish food industry delegation to Gulfood, when it opens in Dubai in February 2024. The trade fair is described as the world’s largest food and beverage exhibition and will run for five days at the Dubai World Trade Centre, from 19-23 February 2024.

Sources: Seafood Scotland, Scottish Development International, Scottish Enterprise.

ARAB-BRITISH CHAMBER OF COMMERCE | 21

Oman Investment

Oman on the global map for investment Oman’s National Programme for Investment and Export Development, Nazdaher, has unveiled promising outcomes in Oman’s investment sector, showcasing significant progress achieved through the active collaboration of key stakeholders in the industry.

Over the preceding two years, the Nazdaher team has diligently partnered with the public and private sectors to enhance the business environment and successfully address numerous challenges investors encounter.

They have worked to identify investment priorities for various sectors, empowering them to achieve their specific targets by 2025.

Additionally, efforts have been dedicated to cultivating opportunities within each sector, ensuring they are meticulously prepared for presentation to potential investors.

The Nazdaher team put in significant efforts to enhance the foreign trade sector, focusing on refining its performance and leveraging the strategic location of the Sultanate to transform it into a regional export and re-export hub.

Expressing satisfaction with the milestones achieved within each of the programme’s pillars at the level of the business environment, the investment sectors, and the development of foreign trade, Khalid Al Shuaibi, President of Nazdaher, stated, “The programme has accomplished numerous milestones across various fronts. We are confident that Oman’s investment ecosystem is now in a strong and competitive position globally.

“Presently, the achievement rate stands at 68.9% of the investment target for non-oil sectors outlined in the tenth five-year plan (2021-2025). This progress is reflected across 305 projects, each valued at over OMR1 million. Currently, efforts are underway to analyse and enhance numerous investment opportunities spanning various sectors.

Nazdaher consistently showcases a comprehensive and refined list of investment opportunities on an interactive investment map on the Invest Oman platform,” Al Shuaibi further stated.

Three Pillars Initiated by the Oman Vision 2040 Implementation Follow-Up Unit and

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supervised by Oman’s Minister of Commerce, Industry, and Investment Promotion, the Nazdaher programme commenced operations in late 2021. It is strategically centred on three pivotal pillars: the business environment, the investment sectors, and the development of foreign trade. The programme also oversees various tasks falling within its purview and responsibility.

In a concerted effort to elevate the business environment, the Nazdaher team worked diligently to align all stakeholders within the investment sector.

Additionally, a paramount objective was to boost Oman’s competitiveness on an international scale. Noteworthy among the initiatives undertaken recently was the establishment of the National Negotiation Team, which was given the authority to negotiate and confer incentives and facilities to investors.

Furthermore, the programme played a pivotal role in overseeing the inauguration of the Invest Oman lounge, designed to serve as the unified window for investors both within and outside the Sultanate.

The team developed the unified investment incentives guide for all economic sectors, including free zones, special economic zones, scientific zones, industrial zones, and small and medium enterprises. This comprehensive guide serves as a valuable resource, providing in-depth information about the diverse investment incentives offered to potential investors.

The Nazdaher team also played a pivotal role in overseeing the establishment of the Fast Track Team in collaboration with the Invest Oman team. This dynamic team is tasked with thoroughly investigating challenges encountered by investors and designing innovative solutions to address them. Furthermore, the Fast Track Team actively supports the government in making strategic decisions related to these challenges.

On the other hand, Nazdaher’s team of business analysts has successfully devised the National Matrix for Investment. Notably, the programme has secured an intellectual property certificate for this matrix.

Foreign Trade Regarding the development of foreign trade, the Nazdaher team successfully executed the executive programme for the development of a foreign trade framework aimed at attaining international performance benchmarks. A total of 14 initiatives were introduced to optimise the programme’s impact across three key pillars: developing exports, substituting imports, and maximising the strategic advantages of the Sultanate’s location to strengthen its position as a prominent re-export hub.

“Recently, we established the Investment Targeting Team, which commenced operations in the current year’s third quarter. The team formulated a methodology grounded in economic data and indicators to identify target markets that align with the nature of the economic sectors to be promoted. Concurrently, they developed a realistic, detailed work plan with a timeframe and specific outputs.”

Khalid Al Shuaibi concluded, “We are confident that the initiative is on the right trajectory to attract the necessary investments, thereby boosting comprehensive economic development and achieving the objectives of Oman Vision 2040 within the economic and development pillar.

“We extend our gratitude to all entities in the public and private sectors for their collaborative efforts over these past months. We will continue to provide support and facilitate a conducive environment for all stakeholders to collectively achieve the mutual goals of elevating Oman on the global map of major investment destinations.”

Source: Times of Oman

Investment Opportunities

New Investment Opportunities in Iraq A substantial document has been prepared and published by the National Investment Commission (NIC) in the Republic of Iraq for the purpose of providing a detailed presentation about the available investment opportunities in Iraq around its provinces and from the various government ministries.

The ABCC wishes to thank the Embassy of Iraq in London for sending us this very valuable information for distribution among our membership and wider readership.

Here we provide details of the projects in the oil & gas, electricity, healthcare and housing sectors.

Published opportunities in further sectors will feature in a future edition of this bulletin.

Interested investors and companies seeking to participate in the implementation of any of these projects are invited to get in touch directly with the Iraqi authorities using the following initial contacts: lc@nici.gov.iq or uk19@iraqcomattache.com

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Investment Opportunities

ARAB-BRITISH CHAMBER OF COMMERCE | 25

UK Battery Strategy

UK Unveils Innovative Battery Strategy A new government report sets out plans to use energy in a more flexible way.

The UK’s Department for Business & Trade has issued a report outlining a new Battery Strategy where significant opportunities for business are identified in the growth and development of this important innovative sector.

UK automotive manufacturers are responding to the growing demand for electric vehicles. There were there were 265,000 new EV registrations in 2022 with registrations becoming 20% higher in October 2023 compared to October 2022.

The strategy sets out the government’s vision for the UK to achieve a globally competitive battery supply chain by 2030.

The report states that there is a significant opportunity for the UK economy as global demand continues to increase for green products and the batteries that power them. In particular, the global transition to EVs will continue to drive battery demand through this decade and beyond.

UK production of electric vehicles as a proportion of total automotive production has increased from 3.4% in 2019 to 9.5% in 2022. The Society of Motor Manufacturers & Traders (SMMT) predicts UK automotive sector could see a ten-fold increase from 74,000 to over 750,000 annual electric cars and vans produced, worth £106 billion in 2030, with further growth opportunities in supply-chain, aftermarket and heavy-duty vehicles.

Some extracts from the report follow.

Batteries will enable us to use energy in a more flexible way that supports decarbonisation goals by helping to balance the system, maximise the usable output from renewable energy, and avoid the need for new generation capacity.

As batteries become lighter, smaller, and more efficient, the aerospace, rail, marine, and defence sectors are expected to increase their use of these technological advances.

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The automotive industry is tradeintensive, with 78% of domestic production exported. Meeting these requirements and avoiding tariffs with our largest export market is vital for the health of the industry.

The importance of investment in the production of high value-add battery supply chain elements such as cathode precursors and active materials is

reflected in RoO requirements in our Free Trade Agreements.

Like other net zero enablers, batteries are a rapidly developing technology and the source of much research. The battery sector has the potential to become highly diverse, with different battery types used for different applications based on their key characteristics – including size (volumetric energy density), weight (gravimetric energy density), use-cycle and life-cycle longevity, and power performance.

Advances in both lithium-ion batteries and their alternatives are creating opportunities to electrify other applications and sectors.

Critical Minerals A robust domestic industrial base for battery manufacturing requires secure, resilient, and diversified supply chains for key inputs. To make batteries we need lithium, cobalt, nickel, and graphite, among other critical minerals. However, supply chains are not only strained by rapidly increasing demand, but also take time and investment to build, as do the associated skills and know-how.

UK Battery Strategy

The Government seeks to encourage sustainable UK critical mineral production and processing. The UK has unique strengths in critical minerals – both domestically and overseas – including mineral and mining expertise, R&D, finance, and standards, and it is a home to global mining majors.

The UK automotive sector continues to invest heavily in R&D as it transitions to a zeroemission future. In 2020, the automotive sector invested £2.9 billion into R&D – 6.6% of total UK business R&D spend that year.

The UK is also leading the way in the development of batteries for aerospace applications. The Aerospace Technology Institute (ATI) leads a £3.58 billion programme to 2025 jointly funded by the Government and industry that supports world-class R&D into sustainable flight innovations.

Scale-Up Finance With over half of the value of our start-up ecosystem concentrated in companies founded since 2015, there is a significant opportunity to scale up these technology start-ups in the UK. Government-backed finance options are available through the British Business Bank (BBB), UK Infrastructure Bank (UKIB) and UK Export Finance (UKEF) to help UK companies develop and scale their business.

The British Business Bank works with, and through, the market to provide smaller businesses with access to finance and information.

The UK Infrastructure Bank invests in projects that generate a financial return, crowd-in significant private capital over time, and deliver against one or both of its strategic objectives of tackling climate change and promoting regional and local economic growth.

UK Export Finance, the UK’s export credit agency, offer loans, guarantees and insurance to help grow UK exports.

The battery sector is one of the highest growth clean energy sectors134 and the UK is well placed to reap the rewards thanks to its comparative advantage in research and automotive manufacturing.

Critical Minerals The UK’s demand for critical minerals is set to increase significantly by 2030.

According to an estimate from the UK

Critical Minerals Intelligence Centre (CMIC) in 2022, battery manufacturers in the UK could require approximately 15,000 tonnes of lithium, 90,000 tonnes of nickel, 11,000 tonnes of cobalt, 10,000 tonnes of manganese, and 135,000 tonnes of graphite annually by 2030.

The Government is engaging with UK mining, mining finance and metals trading communities to facilitate and encourage greater private sector capital investment in critical mineral projects along the value chain.

The Government is engaging with UK mining, mining finance and metals trading communities to facilitate and encourage greater private sector capital investment in critical mineral projects along the value chain. This is helping

position the UK as a global centre of responsible mining finance. The UK is also leveraging engagement with our international partners to promote and secure opportunities for UK companies overseas through trade missions.

The UK has strong chemicals and metals sectors with the potential to establish globally significant capabilities in critical minerals refining and processing, thanks in part to its many industrial clusters.

The report was published on 26 November 2023.

To read the full report follow the link below: https://www.gov.uk/government/ publications/uk-battery-strategy ARAB-BRITISH CHAMBER OF COMMERCE | 27

Regional HQ in Saudi

Saudi Regional Headquarters Programme Achieves Results The Kingdom of Saudi Arabia’s Regional Headquarters Programme was launched in 2021, in a joint initiative between the Ministry of Investment and the Royal Commission for the City of Riyadh, which calls on international companies to move their regional headquarters to Saudi Arabia, with the aim of transforming the country into a leading regional hub for multinational companies.

US financial services firm, Northern Trust Corp. has become one of the first major global financial institutions to establish its regional headquarters in Riyadh, strengthening the Saudi government’s efforts to have international companies manage their operations in the Middle East from the Kingdom, reported Asharq Al Awsat on 10 December.

The company, which manages assets worth $1.3 trillion, obtained a license from the Saudi Ministry of Investment to establish its Middle Eastern base in Riyadh.

Speaking to Bloomberg, a spokesman for the company said that Northern Trust continues to achieve “significant growth” throughout the region through its offices in

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Abu Dhabi and Riyadh, explaining that the establishment of the regional headquarters for the Middle East and North Africa region in Saudi Arabia reflects the continued investment in infrastructure, capabilities and expertise in the region.

The Kingdom announced last Tuesday, 5 December, that it would provide a new tax incentive package for a period of 30 years to foreign companies whose regional headquarters are located in the Kingdom, including exemption from income tax.

The Saudi News Agency said that the Ministry of Investment - in coordination with the Ministry of Finance and the country’s Zakat, Tax and Customs Authority - announced “the provision of a new tax

incentive package, for a period of 30 years, to support the programme to attract the regional headquarters of international companies.”

This step comes to “encourage and facilitate the procedures for international companies to open their regional headquarters in the Kingdom of Saudi Arabia,” the agency added.

For guidance and support on setting up a regional headquarters in the Kingdom see Invest Saudi https://www.investsaudi.sa/en/sectorsopportunities/regionalHQ

ABCC Membership

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Head of International Trade

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ECONOMIC FOCUS

ISSUE 1 NEW SERIES | July 2023

ECONOMIC FOCUS

MAGAZNE OF THE ARAB BRITISH CHAMBER OF COMMERCE

Sustaining an Emerging Vision

dedicated to promoting bilateral trade and investment between Britain and the Arab countries.

Pa y

EA RL Y

B

£1 IRD 00 R in EG st ea IST d of ER £2 NO 00 W

20th November 2023

ISSN: 1751-4339

ECONOMIC FOCUS

ISSUE 2 | November 2023

The main aim of the publications is to foster closer relations between Britain and the Arab World, which equally embraces all the Arab states, a unique selling point, although the larger economies in the Gulf and elsewhere inevitably receive more attention.

The extensive international distribution network of the publications, via its combined online presence and printed edition, ensures that your company’s message will reach a broad spectrum of influencers and decision-makers who share your interests in doing business in the MENA region.

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