The Saudi-EU Investment Forum was held in Riyadh. EPA
The Saudi-EU Investment Forum was held in Riyadh. EPA
The Saudi-EU Investment Forum was held in Riyadh. EPA
The Saudi-EU Investment Forum was held in Riyadh. EPA

EU and Saudi Arabia reaffirm commitment to deepening investments


Matthew Davies
  • English
  • Arabic

Officials from the Saudi government and the European Commission meeting at a forum in Riyadh have reaffirmed their commitment to increasing and deepening the investment relationships between the two countries.

Meeting at the Saudi-EU Investment Forum, the Saudi Minister of Investment, Khalid Al-Falih, and the Vice-President of the European Commission Green Deal, Interinstitutional Relations and Foresight, Maros Sefcovic, released a joint statement in which both parties recognised "the imperative of forging a deeper strategic partnership between Saudi Arabia and the European Union".

Already one of Saudi Arabia’s largest trading and investment partners, the EU is aiming to "accelerate the development and implementation of sustainable, digital solutions to the benefit of their societies and contribute to global progress".

The Saudi-EU Investment Forum in Riyadh identified several key areas where investment co-operation between the two trading partners could be enhanced.

These ranged from sustainable energy to information technology and from critical minerals to entrepreneurship.

This meant increased investments in each other's green initiatives, digital developments and entrepreneurship schemes.

“Together, the European Union and Saudi Arabia can foster closer co-operation bringing mutual benefits, with enhanced trade and investment flows, support to the stability of the respective business and investment environments, and further promoting the integration of our economies,” Mr Sefcovic said.

According to UN figures, the European Union's imports from Saudi Arabia in 2022 were worth $46.22 billion, with oil and related chemical products making up the bulk of that.

Khalid Al-Falih, Saudi Arabia's investment minister. Getty Images
Khalid Al-Falih, Saudi Arabia's investment minister. Getty Images

Mr Al-Falih told the forum that 1,300 European companies have investments in Saudi Arabia, which in turn has “important Saudi investors in most EU countries".

“We are confident that there is a clear convergence between Saudi Arabia’s transformation and Europe’s transition – and that what Europe needs, the kingdom can provide like no other.

"Where Europe faces challenges or sees opportunity emerging from disruption, the partnership with Saudi Arabia can be a key part of the solution,” he added.

'Worse than a prison sentence'

Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.

“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.

“They were living in perpetual mystery as to how their futures would pan out, and what that would be.

“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.

“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.

“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”

How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

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Dubai works towards better air quality by 2021

Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.

The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.

These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.

“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.

“We’re in a good position except for the cases that are out of our hands, such as sandstorms.

“Sandstorms are our main concern because the UAE is just a receiver.

“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”

Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.

There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.

“There are 25 stations in total,” Mr Al Daraji said.

“We added new technology and equipment used for the first time for the detection of heavy metals.

“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”

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COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Updated: October 26, 2023, 2:37 PM