Britain and Saudi agree $90 billion trade deal

Saudi Arabia’s Crown Prince Mohammed Bin Salman meets British PM Theresa May (SPA)
Updated 08 March 2018
0

Britain and Saudi agree $90 billion trade deal

DIUBAI: Britain and Saudi Arabia set out an ambition to build £65 billion ($90.29 billion) of trade and investment ties in coming years, the prime minister’s office said on Wednesday, calling the agreement a vote of confidence in the British economy ahead of Brexit.
“The meeting agreed a landmark ambition for around £65 billion of mutual trade and investment opportunities over the coming years, including direct investment in the UK and new Saudi public procurement with UK companies,” a spokeswoman from Prime Minister Theresa May’s office said in a statement.
“This is a significant boost for UK prosperity and a clear demonstration of the strong international confidence in our economy as we prepare to leave the European Union.”
Prime Minister Theresa May discussed bilateral relations with Saudi Crown Prince Mohammed Bin Salman.
The meeting at 10 Downing Street was preceded by a meeting with Queen Elizabeth at Buckingham palace.
In a statement the Saudi delegation said the Kingdom was an important destination for British companies.
“There are almost 200 joint ventures that are currently valued at £11.5 billion, including the British bank HSBC and Marks & Spencer and Jaguar Land Rover.”
The statement explained that Saudi Arabia was one of the world’s 20 largest economies and that it also had the third fastest growing market in British exports and imports.
“The Kingdom hopes that British companies will be able to take advantage of the profound changes that occur after the completion of Britain’s exit from the European Union negotiations.”
The statement added that British trade relations and Saudi Arabia exceeded £2.3 billion in the past five years.
Furthermore, the statement added – trade in goods and services in 2016 was estimated as being worth £9 billion.
The statement added that Britain faced “huge opportunities” in the post-Brexit era.
“After Britain’s exit from the European Union, there will be huge opportunities for Britain as a result of the 2030 vision,” the statement explained.


Budget carrier XL Airways seeks rescue deal with Air France

Updated 22 September 2019

Budget carrier XL Airways seeks rescue deal with Air France

  • XL Airways needs $38.6 million (€35 million) in fresh financing
  • XL Airways’ woes follow similar issues at French airline Aigle Azur

PARIS: French airline XL Airways has called on Air France to discuss a rescue deal to avert the collapse of the budget carrier that halted ticket sales and payments last week.
XL Airways, which has said it needs $38.6 million (€35 million) in fresh financing, requested in a statement on Sunday a meeting with Air France and the French authorities in the coming hours before a court is expected to put it into receivership on Monday.
In an interview with Le Journal du Dimanche, also published on Sunday, XL Airways’ Chief Executive Laurent Mignan said his airline could become Air France’s low-cost offer on long-haul routes.
An Air France spokeswoman declined to comment.
Air France, France’s historic national carrier, is part of the Air France-KLM group.
XL Airways operated four Airbus A330 aircraft and provided mainly long-haul flights to the Caribbean, the United States and France’s Reunion island.
XL Airways’ woes follow similar issues at French airline Aigle Azur. Aigle Azur’s unfolding bankruptcy is the latest among smaller European airlines struggling to contend with higher fuel costs and stiff low-cost competition.