Saudi-French Agreements Boost Aviation Safety

Saudi Minister of Transport Saleh al-Jasser and French Minister of Transport, Jean-Baptiste Djebbari sign the cooperation agreement. (SPA)
Saudi Minister of Transport Saleh al-Jasser and French Minister of Transport, Jean-Baptiste Djebbari sign the cooperation agreement. (SPA)
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Saudi-French Agreements Boost Aviation Safety

Saudi Minister of Transport Saleh al-Jasser and French Minister of Transport, Jean-Baptiste Djebbari sign the cooperation agreement. (SPA)
Saudi Minister of Transport Saleh al-Jasser and French Minister of Transport, Jean-Baptiste Djebbari sign the cooperation agreement. (SPA)

French President Emanuel Macron will visit Saudi Arabia next year to further boost the strategic partnership between the two countries and create long-term sustainable development, announced French Transport Minister, Jean-Baptiste Djebbari.

The Minister told Asharq Al-Awsat that he discussed issues of bilateral interest with the Saudi Minister of Transport and Chairman of the Board of Directors of the General Authority of Civil Aviation Saleh al-Jasser.

On Sunday, Djebbari and Jasser signed a joint cooperation agreement in civil aviation, air transport programs, and cooperation in safety and security projects in the aviation sector.

The agreement includes an executive program to enhance cooperation between the two sides in all transport and logistics systems.

It also takes advantage of modern and future technologies in developing multiple modes of transportation and contributes to achieving the objectives of the Saudi national strategy for transport and logistics to consolidate the Kingdom's position as a global logistics hub.

Djebbari explained that he discussed with Minister of Investment Khalid al-Falih bolstering joint investments in areas of high added value, especially technological industries, artificial intelligence, and infrastructure, in light of giant projects seeking digitization and automation, such as the NEOM project.

The French Minister also indicated that he explored with Saudi officials the investment opportunities in creative projects, saying they are a "fertile environment" for increasing cooperation in the technical and technological fields.

The transport and train project in Riyadh is a crucial investment to increase cooperation between the two countries, in light of ongoing efforts to open these projects next year, said Djebbari.

During his interview with Asharq Al-Awsat, he also announced that the meeting addressed cooperation in aviation projects, artificial intelligence, innovation technology, and digitization.

"I will return to Riyadh as part of the delegation of President Macron's visit to Saudi Arabia next year," he announced.

Djebbari stressed that Macron's visit comes within the framework of strengthening the strategic partnership that benefits both countries and peoples, highlighting a common desire to enhance cooperation in the technological field and technical industries.

The Saudi Green Initiative and the Middle East Green Initiative are global because they address the world's primary concerns, namely the challenges of climate change.

The two countries will continue to boost their cooperation to help improve the quality of life and address the carbon economy.

He pointed out that the initiatives launched by Saudi Arabia develop solutions to the challenges recently addressed by the UN Climate Change Conference (COP26) in Glasgow, stressing that hydrogen and clean energy products are essential in the sustainability of the transport and aviation sectors.

The two countries face common challenges, said Djebbari, adding there is a need to ensure large investments in the transport, aviation, and logistics sectors.

"I think it is time for a long-term investment in our strategic partnership to achieve all the desired goals and long-term sustainable development," said the Minister, noting that it will generate value-added economic and investment opportunities, expand trade, and create job opportunities for young people.



ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.