Economy: Saudi investors observe post-Brexit scenario

Economy: Saudi investors observe post-Brexit scenario

Saudi businessmen and investors are watching post-Brexit developments in Britain and Europe very closely with considerable interest and concern, a business dialogue at the Arab News office in Jeddah was told on Thursday.

Welcoming senior diplomats from Britain, France and Italy to the discussion on the theme — Europe, UK, GCC and Brexit: Winners and losers, Arab News Editor In Chief Mohammed Fahad Al-Harthi highlighted the importance of robust relationship between Britain, Saudi Arabia and Gulf states in various fields including trade.

Mohammed Showkat, consul general of Britain; Patrick Nicoloso, consul general of France; and Elisabetta Martini, consul general of Italy, cautioned against speculating on Brexit’s impact on financial markets in their remarks.

They also agreed that the fundamentals of the British economy are very strong. They, however, stressed the need to end the period of uncertainty as soon as possible.

“We recognize there is a need to restore confidence in the financial markets,” said the British diplomat.

“We have contingency plans to deal with any sustained volatility,” he added. The three diplomats praised the initiative of Arab News in organizing the discussion on this important issue.

Basil Al-Ghalayini, CEO, BMG Financial Group, Sami A. Al-Nwaisir, chairman, Al-Sami Holding Group, and Kamran Butt, managing director, head of client advisory, SEDCO Capital, also made interesting observations about post-Brexit developments.

Al-Ghalayini expressed the view that London is still an attractive destination for investors from Saudi Arabia, Gulf countries and the rest of the world.

Read more: Brexit “good news” for Saudi Arabia’s trade