London- London, England’s Capital is in preparation to host the second British Gulf Economic Forum on Thursday. The event is chiefly organized by the Arab-British Chamber of Commerce.
Many senior officials, representing both the Gulf and UK, will be attending the forum’s activities. Policy and decision makers, investors and economists will also be making an appearance.
Speaking to Asharq Al-Awsat newspaper, Afnan al-Shuaiby, Secretary General and Chief Executive of the Arab-British Chamber of Commerce said that the forum will tackle vital topics concerning the Gulf Cooperation Council’s (GCC) economic bloc.
The forum will deal with the manners on outlining the future according to fundamentals of sustainable development and in coordination with the interests of partnerships established with the UK, said Shuaiby.
The Saudi national and thriving businesswoman said that the forum will open up opportunity doors wide, especially with investment and trade off consultations.
Brexit, bringing about heated economic controversy in its early phases, is still very much vague with undefined economic aftermath, said Shuaiby.
The forum’s final session has been reserved for discussions on Britain’s leave from the Eurozone, specialists will attempt to shed more light and bring clarity to Brexit’s economic footprint, she added.
Shuaiby said that the chamber is pleased to organize the second forum in London. She said that elite UK and Gulf decision makers, the GCC and the British Chambers of Commerce will be participating at the event.
Economic reform, considered the main basis on which a strong and balanced economy is established, also is a key factor to achieve sustainable development– consequently economic reform will be one of the quintessential topics which the forum will be reviewing.
Socio-economic development will also be highlighted at the forum as a second key topic. Thirdly, young entrepreneurs and youth innovation have their slot saved with the forum’s attention, considering that they play a major role in vitalizing the economy and the labor force.
Public and private sectors shared partnerships, which are credited for securing investment, will be the fourth matter delved into at the forum. Last but not least, the fifth session will revolve around Britain exiting the EU and its upshot on Gulf States, Shuaiby added.
According to Shuaiby, the GCC greatly supports all entrepreneurs and youth in general, encouraging them to develop and keep up with worldwide events.
The GCC and the Arab-British Chamber of Commerce provide substantial training programs for which generous funding has been allocated.
Entrepreneurs represent a large portion of medium to small businesses, which should constantly be supported both with effective training and funding, Shuaiby added.
The Arab-British Chamber of Commerce in cooperation with prominent and pioneering British institutions provides training year-on sessions, said Shuaiby.
On foreign investment, which a predominant part of goes into British real estate- especially in London, Shuaiby said that potent investment opportunities are open and available for entrepreneurs outside London city encompassing medium to small businesses.
Nonetheless, it remains at large the duty of the British economic sector to work on promoting investment opportunities so that they attract foreign investment, especially when speaking of small-size businesses, Shuaiby explained.
Facilitations should be made as to convince Gulf investors to take the risk and move into the small business sector, Shuaiby added.
The challenge mainly faced by Arab investors is to find a conventional and fitting partner. Moreover, the availability of opportunity is dependent to each sector –the full understanding of British trade guidelines and laws also play majorly to the flow of investment into the UK.
The Arab-British Chamber of Commerce works on providing data and necessary information, analytical research and future readings which aid the decision-maker to prepare for a healthy outlook and take the right steps towards success, said Shuaiby.
Despite the continuous and inevitable change and the challenges faced by Arab states, many of those countries witnessed positive development which displays wisdom, concern and determination to usher in a better future.
Overcoming obstacles, Arab states continue to provide an investment-friendly environment and further plan on diminishing hurdles and attracting foreign investment, said Shuaiby.
According to Shuaiby, GCC members ranked top on the trade list with Britain.
UK Trade & Investment 2015 issued statistics show that the UAE ranked top among Arab states with £ 8.8 billion figure, the Kingdom of Saudi Arabia ranked second with £7.3 billion and Qatar third with a £4.6 billion.