Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
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Arab-British Summit Highlights Youth as Key Driver of Regional Economies

Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)
Secretary-General of the Arab League addresses the Arab-British Summit in London (Arabic Website)

The Arab British Economic Summit 2019 (ABES 2019), which kickstarted in London on Wednesday, witnessed the participation of dozens of representatives of major financial institutions, investors and statesmen who came together to explore means of bolstering trade ties and encouraging investment in youth, infrastructure, and renewable energy.

Speakers focused on the importance of investing in the stock of human capital present in the Middle East and North Africa and promoting Arab-British cooperation in energy, education, health, and infrastructure.

The repercussions of Britain's exit from the European Union, named Brexit, dominated official and sideline meetings held at the event. Nevertheless, Brexit was reviewed positively by attending investors who saw the split as an opportunity to push forward economic relations between the two sides.

Elizabeth Symons, Baroness Symons of Vernham Dean, considered the energy, education and health sectors as great sectors offering broad opportunities for cooperation between the UK and Arab countries.

In a statement to Asharq Al-Awsat, lady Symons noted that one of the main sectors in which Britain is distinguished and seeks to enhance cooperation with the region is renewable energy, especially the means of generating them.

She added that the education sector is another prominent area for cooperation anchored in the exchange of knowledge and qualifying youth for modern-day jobs that are heavily reliant on information technology.

She added that the discussions between the participants on the sidelines of the economic summit focused on the funding that may be obtained by investors from the Middle East and North Africa in Britain.

Chairman of the Council of Saudi Chambers (CSC) Sami bin Abdullah Al-Obaidi, for his part, reiterated the need for exerting more efforts on all levels, including both business and government. This is set to maximize trade exchange, strengthen economic partnership, and build joint projects in various producing and industrial sectors.

According to Obaidi, services sectors are also slated to reap the benefits of outcomes achieved in future-held summits, forums, and conferences.

The Saudi official underlined that economic integration between Saudi Arabia and Britain is not new, but dates back years.

“British companies will be one of our best partners in the mega projects of Kingdom Vision 2030,” Obaidi was cited as on the sidelines of ABES, adding that will be achieved through the exchange of experience and advanced entrepreneurship.



Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Slips as Iran-Israel Conflict Enters Sixth Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices fell on Wednesday, after a gain of 4% in the previous session, as markets weighed up the chance of supply disruptions from the Iran-Israel conflict and as they ponder a direct US involvement.

Brent crude futures fell 93 cents, or 1.2%, to $75.52 a barrel by 0918 GMT. US West Texas Intermediate crude futures fell 88 cents, also 1.2%, to $73.96 per barrel.

US President Trump warned on social media on Tuesday that US patience was wearing thin, and called for an "unconditional surrender" from Iran.

While he said there was no intention to kill Iran's leader Ali Khamenei "for now," his comments suggested a tougher stance toward Iran as he weighs whether to deepen US involvement.

A source familiar with internal discussions said one of the options Trump and his team are considering included joining Israel on strikes against Iranian nuclear sites.

A direct US involvement threatens to widen the confrontation further, putting energy infrastructure in the region at higher risk of attack, analysts say.

"The biggest fear for the oil market is the shutdown of the Strait of Hormuz," ING analysts said in a note.

"Almost a third of global seaborne oil trade moves through this chokepoint. A significant disruption to these flows would be enough to push prices to $120 [a barrel]," the bank added.

Iran is OPEC's third-largest producer, extracting about 3.3 million barrels per day (bpd) of crude oil.

Meanwhile, Iranian ambassador to the United Nations in Geneva Ali Bahreini said on Wednesday that Tehran has conveyed to Washington that it will respond firmly to the United States if it becomes directly involved in Israel's military campaign.

Markets are also looking ahead to a second day of US Federal Reserve discussions on Wednesday, in which the central bank is expected to leave its benchmark overnight interest rate in the range of 4.25% to 4.50%.

However, the conflict in the Middle East and the risk of slowing global growth could potentially push the Fed to cut rates by 25 basis points in July, sooner than the market's current expectation of September, said Tony Sycamore, market analyst with IG.

Lower interest rates generally boost economic growth and demand for oil.

Confounding the decision for the Fed, however, is the Middle East conflict's potential creation of a new source of inflation via surging oil prices.

US crude stocks fell by 10.1 million barrels in the week ended June 13, market sources told Reuters, citing American Petroleum Institute figures on Tuesday. Official Energy Information Administration data is due later on Wednesday.