Departing UK infrastructure czar vows to fight Brexit

Pro-European Union, (EU), anti-Brexit demonstrators hold Union and EU flags outside the Houses of Parliament in central London, in this December 21, 2017 photo. (AFP)
Updated 31 December 2017
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Departing UK infrastructure czar vows to fight Brexit

LONDON: Britain's outgoing infrastructure chief is vowing to fight Prime Minister Theresa May on Brexit policy.
Andrew Adonis said Saturday he will campaign next year to keep Britain inside the EU because following May's Brexit plans may lead to economic calamity.
“Very few of the people who voted for Brexit voted, I believe, to make themselves poorer,” he told BBC radio.
Adonis resigned Friday night as chairman of the National Infrastructure Commission to protest May's Brexit policy.
The Labour Party peer is urging other senior figures to speak out against Brexit, which he said would rip Britain out of its key trading alliances.
Britain voted in a 2016 referendum to leave the EU, but negotiations toward a new trading agreement with EU nations have been slowed by disputes.


Multibillion-dollar deals expected as investment forum looks east

Participants watch a movie highlighting the Red Sea project at last year’s Future Investment Initiatives conference in Riyadh. (AFP)
Updated 23 October 2018
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Multibillion-dollar deals expected as investment forum looks east

  • The Future Investment Initiative is tipped to see big investment partnerships from Russia and China
  • The FII is a key event in showcasing Saudi Arabia’s investment opportunities and economy, and linking foreign and local businessmen

RIYADH: A major investment show in Saudi Arabia is expected to attract thousands of delegates and see deals worth hundreds of billions of dollars — despite several largely “symbolic” last-minute cancelations by speakers.

The Future Investment Initiative, which starts on Tuesday, is tipped to see big investment partnerships from Russia and China, despite several executives, mostly Western, pulling out after the killing of Saudi journalist Jamal Khashoggi.

Many of those Western firms have however sent lower-level representatives or regional heads — with big business likely to be done, Saudi officials said.

Speakers from the Russian Direct Investment Fund, Russia-China Investment Fund and electronics giant Samsung are all billed to speak at the event. They join Saudi speakers including Energy Minister Khalid Al-Falih, Yasir Al-Rumayyan, head of the Public Investment Fund (PIF), and sports official Princess Reema bint Bandar. 

“Investing in transformation,” “technology as opportunity” and “advancing human potential” are among the FII’s themes. Held at the Ritz-Carlton hotel in Riyadh, the three-day event is billed as a “blueprint for the 22nd century.”

Ellen Wald, president of the Transversal Consulting think-tank and author of the recent book “Saudi Inc,” said many executives — notably those from Russia and further east — were still looking to do business at the event despite some having pulled out.

“I think the big pull-out of CEOs is not really reflective of the corporate interest in the Kingdom because we see them sending their next level of executives along. So to some degree it is symbolic,” she told Arab News. “In terms of attracting foreign investment, Saudi Arabia could have strategic leverage with Russia and China, and a unique opportunity to work on cutting-edge technologies.”

John Sfakianakis, director of economic research at the Gulf Research Center in Saudi Arabia, said he expected the event to be a success. 

“The FII is a key event in showcasing Saudi Arabia’s investment opportunities and economy, and linking foreign and local businessmen,” he told Arab News.