Britain looks to the Gulf to boost post-Brexit trade
May 7, 2022, 9:05 am

Britain looks to the Gulf to boost post-Brexit trade

Today the Prime Minister is visiting the UAE and Saudi Arabia for talks on energy, regional security and international diplomacy as part of the UK’s work to galvanise global action on the invasion of Ukraine (File photo: UK Prime Minister Twitter page)

The Euronews reported, the UK is hoping to enter negotiations in the coming months for a free trade agreement with the GCC in a bid to boost bilateral trade.

Simon Penney, Her Majesty's Trade Commissioner for the Middle East and Her Majesty's Consul General to Dubai and the Northern Emirates told Euronews: "We're currently at the stage now where we're working with our GCC hosts and looking at what that mandate will look like as we seek to enter negotiations."

The GCC is the UK's third largest export market globally outside of the European Union, behind the United States of America and China.

Trade between the GCC and UK exceeded more than 46bn euros before COVID with British exports amounting to 25bn euros in 2020.

"[It] is a very strong foundation on which we are building our trade relationship going forward," Simon Penney said, adding "It's across a whole spectrum of sectors and industries that matter both to the United Kingdom, but also and arguably, more importantly, to the economic transformation that is happening here in the Gulf."

The UAE is the UK's 25th largest trading partner globally and the free trade agreement will cement the UK's relationships across the wider GCC in the post Brexit era.

Boris Johnson visits Saudi Arabia and the UAE in pursuit of additional oil flows

"It's a huge opportunity for us as the UK, but most importantly for British businesses who are looking for new markets to expand." Simon Penney also told Euronews.

"It gives us a higher degree of sort of independence and the ability for us to chart our own future with the Gulf in the Middle East."

A Dubai resident for over 13 years, Simon Penney described how the emirate has positioned itself as a global business destination hub.

Boris Johnson arrives in UAE, Saudi Arabia to press for more oil

"It's gone through an exceptional transformation…you're seeing significant economic transformation occurring, and that is going to continue for years and decades to come."

Source: euronews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”