Latest news with #KhaledHanafy
The National
23-06-2025
- Business
- The National
How UK-Gulf free-trade agreement could transform global commerce
No obstacles are in the way of the UK and GCC negotiations for a free-trade agreement, according to Britain's chief negotiator who said the two sides are "hard at work" on bringing the deal into place. Tom Wintle was speaking at the Arab-British Economic Summit in London on Monday. Three years of deliberations have convinced Tim Reid, chief executive of UK Export Finance, that there are "real opportunities" for more UK collaboration with the Arab world. "There are lots of challenges in the world today, but forgive me, I'm going to focus principally on the opportunities," he told the event at the Hilton London Metropole. The region's big sporting events was one area where Britain could bring "expertise in clean growth and renewable energy", Mr Reid said. The agreement would send a "political signal" for both sides that there is trust in "valued partners". It would also make specific provisions for investors. An FTA would help to "reduce the administrative burden" for travel in both directions between the UK and the Gulf. A former Egyptian trade minister has said a new basis of commerce could lead to a wider transformation of the economic relationship. Khaled Hanafy, currently head of the Union of Arab Chambers, said mutual trust was needed to address the challenges of war, climate change and rapid digitalisation, 'towards a transformative model that focuses more innovation, sustainability and human capital". 'The future needs a different way of understanding, a different way of trust, a different way of mingling in the human capital between the two sides," Mr Hanafy added. "We are here today to say that we need to reconsider our economic relationship, to revisit the model." The event, which drew hundreds of businesspeople operating between the UK and the Arab world, was mired in concerns over the escalating conflict between Israel and Iran, which could disrupt trade and shipping routes in the Arabian Gulf. The UK has expressed support for the US's air strikes on Iran but Arab countries are wary of further escalation. Though trade from Arab countries with the UK has reached a about £72 billion ($97 billion), the political uncertainty in the Middle East signals the need for a different model, Mr Hanafy said. 'In our region, in the Arab countries, we believe that we have to change the [economic] model of dealing with others, specifically with the UK,' he said. 'We should not keep just focusing on targeting each other's market. This is the past. The future is different and the last few weeks have shown that we need to do something different. 'We are facing challenges … facing geopolitical realignments that might affect everybody and everybody's business as well."
Hi Dubai
27-02-2025
- Business
- Hi Dubai
Arab Private Sector Key to Regional Economic Growth
The Arab private sector plays a pivotal role in the region's economy, contributing approximately 75 percent of the Gross Domestic Product (GDP), according to Dr. Khaled Hanafy, Secretary-General of the Union of Arab Chambers. Hanafy highlighted the sector's significant impact on production, employment, investment, and exports. The Union of Arab Chambers, which operates through a vast network of chambers in 22 Arab countries and 16 joint Arab-foreign chambers globally, works to enhance Arab economic integration. Hanafy noted that these efforts have successfully attracted companies and investors, shifting perceptions of Arab markets from mere consumer hubs to strategic partners offering valuable resources, especially human capital. However, Hanafy stressed that Arab economies face challenges in adopting modern technologies, particularly transitioning to a digital economy driven by artificial intelligence. He emphasized that this transformation is not only about upgrading industries but also improving logistics, financial services, and supply chains. Arab youth, he said, are key drivers of this digital shift. Regarding the future of the private sector, Hanafy emphasized that empowering it is essential for economic success. Governments must create a business-friendly environment that fosters growth, innovation, and competitiveness. On privatization, he clarified that the focus should be on creating conditions where the private sector can thrive, not just transferring public institutions to private hands. Hanafy also praised the UAE's achievements in digital transformation, describing it as a global model that other countries, including European nations, are looking to emulate. He concluded by stressing the importance of developing solutions tailored to each country's unique economic and social landscape. News Source: Emirates News Agency
