Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

GCC-EU ties getting stronger  Join our daily free Newsletter

MENAFN - Khaleej Times - 22/06/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Synergistic opportunities contribute to surge in regions bilateral trade and investment

bilateral trade flows between the eu and gcc reached €152 billion in 2013. it has surged by more than 50 per cent in the last four years. the exports to the eu were close to €57 billion in 2013 and had surged by more than 60 per cent in the last four years while imports from the eu exceeded €95 billion in 2013 and had surged by more than 45 per cent in the last four years. exports to the eu from the gcc mainly comprise of crude oil and chemicals. the imports from the eu by the gcc mainly comprise of machinery chemicals vehicles aircraft and plastic products. the gcc constitutes 4.4 per cent of eu trade in 2013.

the adoption of the eu-gcc joint action programme in 2010 has been useful in order to establish some sort of a fresh impetus between the eu and the gcc. the ever more rising status of the gcc and the role of their sovereign wealth funds in economies affected by the repercussions of the global financial breakdown has led to gcc states becoming more assertive in their relations with the eu. securing unrestricted access to the largest regional bloc in the world will benefit the gcc while free access to the most advanced and resourceful sub-region of the arab world will further enhance business opportunities for the eu. the european union will continue to work on a free trade agreement with the gcc.

in order to have a proper roadmap for regional prosperity the gcc is committed to achieve deeper economic integration and expand trade with other blocs for its benefit. the eu should balance between growth and austerity and should minimise the gap between prosperous and struggling economies within it. increased eu-arab trade on a mutually-beneficial basis will maintain their relative competitiveness. the eu-arab bloc can benefit from each other’s strength have easier alignment with less transaction cost. the potential areas where they can actively participate include energy education health agriculture telecommunication and other infrastructure developments. financial services can play an important role in boosting gcc-eu bilateral cooperation. the non-hydrocarbon diversification in the gcc and the msci upgrade of qatar and the uae will provide opportunities. they can leverage expertise in areas such as project finance and asset management. they can also improve cooperation to fight financial crimes channelise investments across the region prudently syndicating towards development financing and closely integrating trade and commerce.

the eu was viewed primarily as a matured market that may not necessarily yield a high potential in terms of growth rates yet remains very attractive for the gcc investor in terms of its stable and highly-developed business environment as well as its access to leading technologies and a highly-skilled labour market. the eu was valued especially for foreign direct investments or fdis in terms of its strong political stability and its good infrastructure. the most important factors for fdi in the gcc were mainly the positive economic situation high growth rates and a very positive future outlook which was aided by high government spending. uae-based investment funds such as mubadala and the international petroleum investment company have made several direct investments in eu countries. saudi arabia’s sabic has investments in research and development as well as production facilities for chemicals and polymers in various european countries. uae-based dp world has investments in various eu ports and logistics companies. the abu dhabi investment authority has investments in europe such as britain’s gatwick airport. masdar has made several multimillion dollar investments into spanish power production facilities. the kuwait investment authority has a stake in daimler and has also invested in several agricultural businesses and properties in romania and bulgaria. the qatar investment authority has stakes in british supermarket chain j. sainsbury bank barclays the london stock exchange and credit suisse. the synergistic opportunities between the eu and gcc have contributed to surge in bilateral trade and investment.

the writer is the group chief executive officer of doha bank. views expressed are his own and do not reflect the newspaper’s policy.


 


Khaleej Times




  MENA News Headlines
 Jan 25 2015 - Saudi- Kingdoms economy expected to expand 3.22 this yearArab News
(MENAFN - Arab News) DUBAI: Cheap oil will slow growth in most Gulf Arab economies this year but heavy spending by governments and healthy private sector activity will prevent any serious slump a ...

 Jan 25 2015 - Dubai's Deyaar net profit down 43 percent in Q4MENAFN
(MENNAFN) Dubai's Deyaar Development said that it has registered a decline by 43 percent in its net profit during the October-December period of 2014, Gulf Business reported.During the fourth quarter ...

 Jan 25 2015 - Renault's GCC sales up 44 percent in 2014MENAFN
(MENAFN) Renault announced that it has registered a 44 percent increase in its sales within the region during 2014, which led by Dubai resulted in the manufacturer selling 23.626 vehicles, Emirates ...

 Jan 25 2015 - Sharjah firm to build solar power plantMENAFN
(MENAFN) Bee'ah, a Sharjah-based waste management company, announced that it is planning to build a solar power plant in the emirate with a capacity to generate more than 20 megawatts, Emirates 24/7 ...

 Jan 25 2015 - Bahraini JBG invest USD2.44m on expansion in GCCMENAFN
(MENAFN) Bahrain-based Jawad Business Group (JBG) announced that it was planning to expand its business in the UAE and the GCC by opening 10 new stores this year, with an investment of over USD2.44 ...

 Jan 25 2015 - Dubai Arabtec wins USD152m contractsMENAFN
(MENAFN) Dubai's Arabtec Holding announced that it has won two contracts in Abu Dhabi, through its Target Engineering unit, with the contracts having a combined value of USD152.5 million, Emirates ...

 Jan 25 2015 - Qatari Barwa, Erga Qatar sign USD24.14m deal on projectMENAFN
(MENAFN) Qatari Barwa Real Estate Group said that it has signed an agreement with Erga Qatar Architectural and Engineering Consultants for the second phase of Dara project, which is currently being ...

 Jan 25 2015 - US, UK consortium wins contract for Expo 2020 projectMENAFN
(MENAFN) Dubai World Trade Centre said that it has awarded a consortium of US-based CH2M HILL and UK's Mace a contract regarding all the real estate and construction related project management for ...

 Jan 25 2015 - Abu Dhabi Int'l records record-traffic in 2014MENAFN
(MENAFN) Abu Dhabi Airports said that it has recorded its highest numbers in terms of passengers' traffic in 2014, with the airport recording 20 million inbound, outbound and transfer passengers, ...

 Jan 25 2015 - Dubai's property sales up 15 percent in 2014MENAFN
(MENAFN) According to a report by MPM Properties, the real estate consultancy arm of Abu Dhabi Islamic Bank (ADIB), property sales prices in Dubai registered an increase by 15 percent during 2014 as ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help