La Liga’s Levante announce shirt sponsorship deal with Saudi Arabia firm Jawwy

Levante have announced a shirt sponsorship deal with Saudi Arabian firm Jawwy until the end of the season. (Photo: LevanteUD.com)
Updated 21 February 2018
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La Liga’s Levante announce shirt sponsorship deal with Saudi Arabia firm Jawwy

VALENCIA: La Liga side Levante have announced a sponsorship deal with Saudi Arabian mobile and telecommunications operator Jawwy.
Under the terms of the deal, the Saudi firm will serve as a shirt sponsor of the Spanish team until the end of the current 2017/18 season. The financial terms of the deal were not disclosed.
The news comes after Levante signed Saudi Arabian player Fahad Al-Muwallad on loan from Saudi Professional League side Al-Ittihad.
Several Saudi Arabia internationals have joined La Liga clubs as part of a strategic partnership between the league and the General Sports Authority of Saudi Arabia (GSA), which was agreed in October to give World Cup-bound Saudi players game time and experience in Europe ahead of the tournament.


The agreement also includes branding opportunities, an academy partnership and a talent ID scouting initiative for young soccer players in the Asian country.
Levante are currently fourth from bottom in the La Liga table, after winning just three of their 24 games so far this season.
Al-Muwallad is also yet to make an appearance for the Valencia-based side.


French state-owned bank drops plan to aid trade with Iran

Updated 10 min 47 sec ago
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French state-owned bank drops plan to aid trade with Iran

PARIS: French state-owned bank Bpifrance has abandoned its plan to set up a mechanism to aid French companies trading with Iran, in the face of US sanctions against Tehran.
Earlier this year, the bank had said it was working on a project to finance French companies that wished to export goods to Iran despite US sanctions.
“It’s put on hold,” said Nicolas Dufourcq, Bpifrance’s chief executive. “Conditions are not met (...) Sanctions are punitive for companies.”
Bpifrance was working on establishing euro-denominated export guarantees to Iranian buyers of French goods and services. By structuring the financing through vehicles without any US link, Bpifrance thought it was possible to avoid the extraterritorial reach of US legislation.
Dufourcq’s latest comments show how the scope of the sanctions is making trade with Iran increasingly difficult for European companies.
The United States is renewing sanctions on Iran after withdrawing from a nuclear deal forged in 2015 between Tehran and world powers. Washington reimposed some of the financial sanctions from Aug. 6, while those affecting Iran’s petroleum sector will come into force from Nov. 4.
Even though several European countries have said they are seeking to protect their companies from the sanctions, several major companies including oil company Total, Air France-KLM and British Airways have announced they would suspend activities in Iran.
German officials have in recent weeks advocated for the creation of an independent system for cross-border payments to make trade with Iran possible even with the US sanctions.
European Union diplomats have said US President Donald Trump’s positions on trade and on Iran were fueling a rethink about the EU’s dependency on the US financial system.
However, European countries appear to be struggling to find or agree on effective options to tackle the issue.