Sabic chief sees Brexit as start of new era for UK-KSA trade

Ibrahim Al-Omar, the governor of the Saudi Arabian General Investment Authority and Sabic CEO Yousef Al-Benyan address business chiefs in London on Thursday. (AN Photo)
Updated 09 March 2018

Sabic chief sees Brexit as start of new era for UK-KSA trade

LONDON: Saudi Arabia will firmly support the UK as it embarks on Brexit, the chief of chemicals giant Sabic said on Thursday.
Speaking at a gathering of CEO’s from both countries in London, Sabic CEO Yousef Al-Benyan said: “The UK is going through a journey with Brexit. As a Kingdom that is also going through a journey, we understand.”
He added: “We see this as chance to take advantage of Brexit – this is a new chapter and is the time to make sure our interests in the region are included in the new (UK) vision.”
The SABIC CEO said that changes in Saudi Arabia were “coming in a speedy manner like we have never seen” and that SMEs were going to play a major role in bringing the Kingdom’s Vision 2030 to fruition.
“SMEs will have an ability to play a major role, especially around job creation for males and females,” Al-Benyan said. “In order for the SMEs and companies to be sustainable they have to grow globally and invest in technology advances to stay ahead. This is why partnerships with the UK and other partners is going to be a very important catalyst for success.”
Speaking on the same panel, Ibrahim Al-Omar, the governor of the Saudi Arabian General Investment Authority (SAGIA), agreed that the development of two-way trade was imperative for the sustainability of the Kingdom’s 2030 vision.
He said: “We look to the UK particularly for health, education and fintech. The UK has a good supply of these skills and we have a big demand.
The SAGIA governor added: “Investors told us they were concerned about transparency, regulation and then customs. So we identified 297 reforms and we have already completed 45 percent of them, including issuing the new companies law and creating the commercial arbitration center. Today, you will be granted a business visa within 24 hours of application.”
Al-Benyan added: “In Saudi Arabia, this is the first time we have a clear vision of where we are going – but we need to be realistic, there are so many challenges to implementation.”
Speaking at the event, former UK secretary of state Peter Mandelson agreed the proof of the vision’s success lies in its execution.
He said: “The Saudi vision is clear and ambitious and, if it delivers, it will be a point of transformation.”

World Cup football fakes keep Dubai’s ‘Dolce & Karama’ traders busy

Updated 22 June 2018

World Cup football fakes keep Dubai’s ‘Dolce & Karama’ traders busy

  • Dubai's “Dolce and Karama” is the emirate's copycat capital
  • Neymar Jr shirts are proving especially popular with local shoppers

DUBAI: Tucked away in an old residential district and far from Dubai’s glitzy air-conditioned malls, the Karama area of the city is doing a roaring trade in selling World Cup football shirts.

But if you’re looking for the genuine article, you may have come to the wrong place.

Karama is Dubai's copycat capital where the knockoff imitations of the world's most famous fashion brands are sold for a fraction of the genuine price.

Known to some locals jokingly by the epithet “Dolce and Karama,” a play on the Dolce & Gabbana Italian fashion house, this is a place where if you have to ask the price, you probably can afford it.

With three weeks to go until football’s new world champions are crowned, the world’s biggest sporting tournament is keeping the tills chiming on the street that has become notorious for selling everything from fake Luis Vuitton bags to knockoff Ray-Ban sunglasses.

However since the tournament kicked off just over a week ago, it’s been football not fashion, that has put a smile on the face of traders.

Retailing for a fraction of their high-street cost, the copycat shirts — especially those bearing the name of Brazilian superstar Neymar — are flying off the stalls less than week into the tournament, as UAE-based fans who want to don the colors of their favorite team or player, look for bargains.

Mohammad Ashraf has been trading in Dubai’s Karama Shopping Complex for 15 years.

At his store, Mina Fashion, Ashraf said the World Cup has brought a booming trade.

When asked how many shirts he would sell prior to the Fifa World Cup, he shrugged.

“Maybe one, two — maximum five a day,” he said.

But the Indian trader has quadrupled his business since last week’s kick-off.

“Now, we have been very busy,” he said. “We sell at least 20 pieces a day — maybe more,” he said.

His football shirts are a fraction of the cost of the genuine article on sale in Dubai malls where retailers are feeling the pressure from the growth of online rivals, the introduction of VAT and the strong dollar to which the UAE dirham is pegged — that is hitting tourist spending hard.

Karama football shirts sell for about 65 dirhams ($18) in adult size and 55 dirhams for children. But the real deal costs three or four times as much a few miles down the road in the Dubai Mall, the city’s biggest tourist draw.

In Karama, the football shirts of the Brazil, Argentina and Germany teams have been among the biggest sellers.

And the most popular player?

Ashraf said shirts bearing the name of Brazilian footballer Neymar da Sila Santos Junior have been flying off the shelves.

Abdulla Javid, runs Nujoom Al Maleb in the Karama shopping district — a shop selling a variety of knock-off sportswear — including World Cup shirts for men, youths and children.

“They are not real, not branded — branded ones are very expensive,” he said.

“We have shirts for Germany, for Argentina, for Portugal, for Sweden, for Brazil and for Belgium,” he said, pointing to racks of multi-colored football shirts.

Mens shirts retail for about 45 dirhams for adult sizes in his shop and 40 dirhams for youths. For young children, he sells shirts and shorts for a combined price of 30 dirhams.

The World Cup has also been a welcome boom for business.

“Before we sell maybe between five to 10 (shirts) a day,” he said. “Now, at least 20 to 30 pieces a day. It has been very busy. This time is a good time for us.”

Also at Karama Shopping Complex is Zico Sports.

Ahmed Jaber, a 53-year-old trader, said there are good deals to be found in at the shop he has worked in since the 1980s.

He sells football shirts that are both “branded” and “non-branded” — in other words the genuine article and cheaper knock-offs.

He said customers have been happy to shell out for the genuine football shirts for the adult sizes — which he sells for 379 dirhams, but for children, shoppers prefer to buy the fake football shirts, which he sells for about 30 dirhams.

The most popular shirts since the start of World Cup have been for Brazil, Argentina and France, he said, but his shops have an abundance of kit for all competing countries.

When he asked how the 2018 World Cup had been for business, he laughed.

“Not bad at all!,” he said.