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minute break through. | 0:00:00 | 0:00:05 | |
That's all the sport for now. | 0:00:05 | 0:00:12 | |
Dubai made its name as a global hub
or trade and travel and for tourism. | 0:00:12 | 0:00:16 | |
It used the proceeds of oil to
transform its economy. But as that | 0:00:16 | 0:00:22 | |
trade shifts from West to East, what
does that mean for the economies of | 0:00:22 | 0:00:27 | |
that region? IV Gulf country is
ready for life after oil? -- Are | 0:00:27 | 0:00:36 | |
the. We will find out in this week's
Talking Business. | 0:00:36 | 0:00:48 | |
Located between Asia and Europe, the
United Arab Emirates has been a | 0:00:56 | 0:01:01 | |
natural hub for international trade.
From the old wooden dowells that | 0:01:01 | 0:01:08 | |
still ply the waters of the Gulf to
the vast containerships of cargo | 0:01:08 | 0:01:12 | |
from around the world. This port in
Dubai and also the 17 million | 0:01:12 | 0:01:20 | |
containers a year. That is expected
to ship 22 million next year. These | 0:01:20 | 0:01:27 | |
containers used to travel from east
to west. Full of goods made in Asia | 0:01:27 | 0:01:33 | |
are like cars, computers, and
clothes. But a shift in global | 0:01:33 | 0:01:37 | |
demand means a change in direction.
Asia and China in particular are | 0:01:37 | 0:01:42 | |
booming markets for exporters. And
for the golf, that means oil. China | 0:01:42 | 0:01:49 | |
is now the world's largest importer
of Middle Eastern oil. But the | 0:01:49 | 0:01:55 | |
booming economy means goods and
services as well. And most of those | 0:01:55 | 0:02:00 | |
passed the reports like this. So,
let's talk about some of those | 0:02:00 | 0:02:04 | |
issues raised. With me is the
president of the US- UAE business | 0:02:04 | 0:02:14 | |
council responsible for business
links between the two countries. | 0:02:14 | 0:02:16 | |
This is the Chief Executive and head
of trade and finance. One of the | 0:02:16 | 0:02:23 | |
biggest transporters of shipping
containers. And the president and | 0:02:23 | 0:02:27 | |
Chief Executive of GE Gulf,
responsible for strategy here in the | 0:02:27 | 0:02:37 | |
Gulf. Welcome. And for joining us.
Perhaps I could start with you. You | 0:02:37 | 0:02:43 | |
have a great insight into where
trade is coming from and where it is | 0:02:43 | 0:02:49 | |
going to. What does the data tell
you about how it is changing? Global | 0:02:49 | 0:02:53 | |
trade has been consistently growing
steadily since World War Two. The | 0:02:53 | 0:02:58 | |
past few decades have seen a real
exponential growth. The last 60 | 0:02:58 | 0:03:04 | |
years has led to this, and low
transportation cost. Everything you | 0:03:04 | 0:03:10 | |
touch from when you wake up in the
morning, a cup of coffee, going to | 0:03:10 | 0:03:14 | |
bed, it has come from somewhere else
in the world. That has given rise to | 0:03:14 | 0:03:18 | |
value chains. Everything consumed in
one country, parts of it or all of | 0:03:18 | 0:03:25 | |
it is usually made elsewhere. We
think of trade in terms of | 0:03:25 | 0:03:31 | |
containers and goods being shipped
around the world. Many people know | 0:03:31 | 0:03:35 | |
GE as the company that makes
commercial jet engines. And also | 0:03:35 | 0:03:39 | |
shipping people around the world.
Where is the demand for jet engines | 0:03:39 | 0:03:44 | |
telling us about where people want
to be in the world? If you look at | 0:03:44 | 0:03:49 | |
the way the economy has evolved, 40
years ago when GE first started off | 0:03:49 | 0:03:56 | |
in this region, I could describe
this region as more of a recipient | 0:03:56 | 0:04:00 | |
of technology. That has transformed
into a assembly and further into | 0:04:00 | 0:04:04 | |
manufacturing and then research and
development and now innovation and | 0:04:04 | 0:04:08 | |
inventing things that can be
exported. If you look at the | 0:04:08 | 0:04:12 | |
statistics as far as UAE and US
trade is concerned, it is | 0:04:12 | 0:04:19 | |
staggering. A more than $20 billion
surplus from the US to the UAE. You | 0:04:19 | 0:04:27 | |
have been doing this a while and
things must have changed. We had a | 0:04:27 | 0:04:31 | |
$25 billion surplus year in and year
on for the last 5-6 years. The UAE | 0:04:31 | 0:04:39 | |
is the largest export market in the
region for the US, larger than | 0:04:39 | 0:04:45 | |
India, Turkey. This is the hub as we
were talking about, with goods | 0:04:45 | 0:04:52 | |
brought in and additional services
added to that before they go onto | 0:04:52 | 0:04:56 | |
something else. I want to talk
quickly about your council itself, | 0:04:56 | 0:05:05 | |
the UAE US Business Council. It was
built from controversy. It bought up | 0:05:05 | 0:05:12 | |
the ports of P&O that angered
people. We started to get more | 0:05:12 | 0:05:20 | |
information and statistics. I refer
to the relationship is having three | 0:05:20 | 0:05:25 | |
legs added to the stool. Trade is
the most important and vibrant. I am | 0:05:25 | 0:05:33 | |
interested in this idea of the new
Silk Road from China. Certainly, | 0:05:33 | 0:05:39 | |
from the leadership in China, they
want these new trade routes to be | 0:05:39 | 0:05:43 | |
what does that mean for your
business? As a shipping company, 150 | 0:05:43 | 0:05:46 | |
of our trade routes come through
this region. It is part of the | 0:05:46 | 0:05:50 | |
diverse investment we have away from
oil. Talking about pharmaceutical, | 0:05:50 | 0:06:00 | |
and getting away from conventional
oil. Added into the mix what we have | 0:06:00 | 0:06:06 | |
heard from the White House of late
about protectionism and wars going | 0:06:06 | 0:06:11 | |
on, America being first. What is
that mean with trade booming in this | 0:06:11 | 0:06:18 | |
region? De facto away with talk of
protectionism? First of all, the | 0:06:18 | 0:06:23 | |
trade is pretty much one-way. Not
much goes on to the UAE at this | 0:06:23 | 0:06:29 | |
point We don't get much energy from
the UAE, mosque is the other way to | 0:06:29 | 0:06:34 | |
China and Japan in places like that.
-- most. There is some steel and | 0:06:34 | 0:06:40 | |
aluminium. We are going to give the
wall down for things going outward | 0:06:40 | 0:06:45 | |
from the US to many of these
countries going forward. I worry | 0:06:45 | 0:06:51 | |
about, you know, storm clouds on the
horizon, if you will in the future. | 0:06:51 | 0:06:55 | |
And I think the talk in Washington,
I think the talk of protectionism | 0:06:55 | 0:07:02 | |
fans the talk of protectionism
around the world in general. And | 0:07:02 | 0:07:06 | |
that is the trend line I worry
about. Do you worry about that when | 0:07:06 | 0:07:11 | |
you suddenly see talk of
protectionism about those walls | 0:07:11 | 0:07:16 | |
going up? Does that worry you? The
writing on the wall is pretty clear. | 0:07:16 | 0:07:24 | |
Wherever in the world we have seen
bilateral trade agreements, free | 0:07:24 | 0:07:29 | |
trade practices, policies, the
growth has been much higher than the | 0:07:29 | 0:07:33 | |
global economy growth rate. The
Pacific alliance, the EU, 7.5, | 0:07:33 | 0:07:44 | |
Mexican trade outperforming the
largest economy, and Brazil. | 0:07:44 | 0:07:53 | |
Protectionism is the reality of the
world. Fight protectionist measures | 0:07:53 | 0:07:59 | |
are being rolled out by the
developing world a week. But today's | 0:07:59 | 0:08:04 | |
world is about opening doors, not
closing. We talk about the Gulf | 0:08:04 | 0:08:10 | |
Cooperation Council, but in some
respects, it doesn't actually | 0:08:10 | 0:08:13 | |
deliver too much in terms of
agreement. Each country is doing | 0:08:13 | 0:08:18 | |
something different. Different
industries. Are they competing? No, | 0:08:18 | 0:08:24 | |
they are compliment in each other.
Even though the progress is not as | 0:08:24 | 0:08:30 | |
much as we want, there is progress.
We have been at the forefront. But I | 0:08:30 | 0:08:35 | |
think that has encouraged other
countries. It is a big focus area | 0:08:35 | 0:08:43 | |
for Saudi Arabia and a focus area
for Kuwait etc. There is a sense of | 0:08:43 | 0:08:49 | |
collaboration and each country
encouraging each other to move | 0:08:49 | 0:08:54 | |
towards a certain sector. I would
say with regard to the GCC, the | 0:08:54 | 0:09:01 | |
cooperation in the past two years
has increased so they are even more | 0:09:01 | 0:09:05 | |
close. The VAT added by the end of
the year is a good example of that. | 0:09:05 | 0:09:11 | |
For the first time there will be a G
GCC wide new standards are being put | 0:09:11 | 0:09:19 | |
in place. It is part of closer
cooperation between the GCC | 0:09:19 | 0:09:27 | |
organisation. And in today's
globalised world, it is not entirely | 0:09:27 | 0:09:33 | |
up to governments and corporation
between countries to build this | 0:09:33 | 0:09:36 | |
movement to the next level. It is
also for corporations and | 0:09:36 | 0:09:42 | |
individuals and businesses to play a
role and make this all work | 0:09:42 | 0:09:45 | |
together. When we look at the
region, we talk about cooperation | 0:09:45 | 0:09:49 | |
twin countries here. One issue right
now is the blockade as far as | 0:09:49 | 0:09:56 | |
traders concerned, and politics.
What does that mean for the region? | 0:09:56 | 0:10:07 | |
There's no getting around that this
is a very serious problem and it is | 0:10:07 | 0:10:11 | |
a political problem which now has
economic dimensions as well. Most | 0:10:11 | 0:10:14 | |
companies have found a way to be
quiet about what they're doing and | 0:10:14 | 0:10:18 | |
continue the business, continue the
movement of goods and services, they | 0:10:18 | 0:10:22 | |
may have changed some of the ways
and directions they're bringing the | 0:10:22 | 0:10:26 | |
goods and services in but they are
doing the business that needs to be | 0:10:26 | 0:10:31 | |
done to move the diversification
forward. From a purely practical | 0:10:31 | 0:10:33 | |
point of view, what does it mean for
how you operate? Maersk is a global | 0:10:33 | 0:10:40 | |
company that operates in 130
countries and it's important for us, | 0:10:40 | 0:10:45 | |
like any other big corporation, but
we are totally compliant with any | 0:10:45 | 0:10:49 | |
regulations or laws, and likewise in
this case, we stop moving cargo to | 0:10:49 | 0:10:54 | |
and fro from Qatar, we are moving it
from elsewhere. Companies have found | 0:10:54 | 0:11:02 | |
it hard to ensure business goes on
but not to the same scale, it has a | 0:11:02 | 0:11:06 | |
huge economic impact as well outside
of the political. Thanks row much | 0:11:06 | 0:11:11 | |
for now.
That's how changes in global trade | 0:11:11 | 0:11:15 | |
are reshaping the business landscape
in this region -- thanks row much | 0:11:15 | 0:11:19 | |
for now. But what about the other
concern here, the price of oil? -- | 0:11:19 | 0:11:23 | |
thanks very much for now. Prices
have fallen considerably over the | 0:11:23 | 0:11:27 | |
last two years and that causes
concern for the governments of this | 0:11:27 | 0:11:30 | |
region that rely on it to meet their
spending commitments. So other | 0:11:30 | 0:11:35 | |
governance here too reliant on oil?
I've been finding out that the | 0:11:35 | 0:11:39 | |
governments here.
Many countries across the Gulf have | 0:11:39 | 0:11:43 | |
been diversifying their economies
but progress has been mixed -- so | 0:11:43 | 0:11:48 | |
are the governments here too
reliant. There is a gateway being | 0:11:48 | 0:11:55 | |
created through aviation to Africa
and Europe. Creation of tourism, | 0:11:55 | 0:11:59 | |
financial services and banking has
helped create new sources of income. | 0:11:59 | 0:12:05 | |
But there are still challenges,
cutting red tape and improving | 0:12:05 | 0:12:08 | |
education and skills are key. That
could determine how well economies | 0:12:08 | 0:12:13 | |
here cope with life after oil.
Let's talk about some of those | 0:12:13 | 0:12:19 | |
issues with my guests here today.
Maybe I can start with you, | 0:12:19 | 0:12:26 | |
diversification in the region
clearly a big focus, we have heard | 0:12:26 | 0:12:29 | |
announcements from various countries
in the Gulf, what does | 0:12:29 | 0:12:33 | |
diversification mean for countries
here? There's two things we could | 0:12:33 | 0:12:36 | |
talk about here, emoji
diversification and economy | 0:12:36 | 0:12:41 | |
diversification. For energy
diversification -- energy. Looking | 0:12:41 | 0:12:46 | |
at the UAE, a country that's been
99% dependent on gas as a source of | 0:12:46 | 0:12:52 | |
fuel, it has now progressed a lot in
terms of diversifying their | 0:12:52 | 0:12:57 | |
portfolio, particularly around
bringing solar energy into the mix | 0:12:57 | 0:13:00 | |
and coal as well with the 2.4
gigawatts Hassey and project. That | 0:13:00 | 0:13:06 | |
is one aspect. The other aspect in
terms of economy diversification, a | 0:13:06 | 0:13:13 | |
lot of what we had spoken about
before, which is looking at | 0:13:13 | 0:13:17 | |
innovation, building
entrepreneurship, ecosystem, | 0:13:17 | 0:13:26 | |
allowing for innovation not only
with trade but all sorts of services | 0:13:26 | 0:13:29 | |
and the smart by initiative and
bringing digital into the day-to-day | 0:13:29 | 0:13:35 | |
lives of the citizens in UAE. Each
country in the region concentrating | 0:13:35 | 0:13:40 | |
on different things, in Dubai, you
look at the tourism and financial | 0:13:40 | 0:13:44 | |
services and banking, it is not easy
to compare like-for-like because all | 0:13:44 | 0:13:48 | |
these countries are doing different
things but who's made the most | 0:13:48 | 0:13:51 | |
progress in the Gulf? I wouldn't
want to say that one are doing more | 0:13:51 | 0:13:56 | |
progress than the other but I like
to see them as all complementing | 0:13:56 | 0:14:00 | |
each other. I think there's a lot of
similarities in these countries and | 0:14:00 | 0:14:04 | |
there's a lot they learn from each
other. As you mentioned, yes, | 0:14:04 | 0:14:08 | |
Dubai... There's advancement in
terms of bringing digitisation, | 0:14:08 | 0:14:15 | |
positioning Dubai as a smart city.
But then also in Abu Dhabi, and the | 0:14:15 | 0:14:20 | |
industrialisation of the whole oil
and gas markets and the servicing of | 0:14:20 | 0:14:24 | |
the oil and gas fields and being
more efficient there, driving | 0:14:24 | 0:14:28 | |
efficiency there as well, and then
renewable energy, which we see also | 0:14:28 | 0:14:32 | |
across the border, so you see the
demand, for example, among Saudi, a | 0:14:32 | 0:14:37 | |
great place for wind technology as
well, whereas you may not have so | 0:14:37 | 0:14:41 | |
many wind opportunities here in the
UAE and you see solar panels being | 0:14:41 | 0:14:45 | |
flourished more here. They all come
ferment each other in a very | 0:14:45 | 0:14:49 | |
cohesive white. Danny, we heard in
that piece about how important it is | 0:14:49 | 0:14:54 | |
to address some of the challenges,
those challenges being skills and | 0:14:54 | 0:14:58 | |
education and cutting red tape. When
you're dealing with American | 0:14:58 | 0:15:02 | |
businesses here, is it as easy as
the authorities would have us | 0:15:02 | 0:15:05 | |
believe to set up and operate in the
Gulf? It's got a lot easier. The UAE | 0:15:05 | 0:15:10 | |
in particular is constantly trying
to be on the cutting edge of | 0:15:10 | 0:15:16 | |
business reform because it wants to
be the place where foreign companies | 0:15:16 | 0:15:19 | |
set up first to establish their
beachhead if you will in the region | 0:15:19 | 0:15:23 | |
and then broaden out to other
countries as their business grows. | 0:15:23 | 0:15:26 | |
The UAE makes great efforts to cut
down on the red tape but there's | 0:15:26 | 0:15:30 | |
still more things that can be done.
They're working on a company | 0:15:30 | 0:15:33 | |
ownership law and other measures
that will come in the years ahead, | 0:15:33 | 0:15:37 | |
but the UAE and Saudi Arabia and
other countries have made great | 0:15:37 | 0:15:41 | |
progress in this area and will
continue to do so. Is that progress | 0:15:41 | 0:15:46 | |
fast enough? We talk about life
after oil, we seen the big fall in | 0:15:46 | 0:15:50 | |
the price of oil and revenues
falling and governments in the | 0:15:50 | 0:15:53 | |
region have to balance their books,
is that change coming quickly | 0:15:53 | 0:15:56 | |
enough? It is but we have to think
about how quickly a society can take | 0:15:56 | 0:16:00 | |
change and we have to make it
palatable for the people. Just 40 | 0:16:00 | 0:16:05 | |
years ago, I've only really been
travelling in this region for 30 | 0:16:05 | 0:16:09 | |
years, and 40 years ago the
difference... The economy was 90% | 0:16:09 | 0:16:14 | |
dependent on oil revenue. They've
turned that on its head. Today the | 0:16:14 | 0:16:19 | |
economy is 30% dependent on oil
revenue in the UAE and the | 0:16:19 | 0:16:23 | |
diversification strategy has
resulted in the economy being 70% of | 0:16:23 | 0:16:27 | |
all these other verticals, that's a
huge change to occur in such a short | 0:16:27 | 0:16:30 | |
period. And it will continue. And
the leadership here, who has a great | 0:16:30 | 0:16:35 | |
vision, will continue to work with
the people to bring them along in | 0:16:35 | 0:16:39 | |
that regard but it's got to be at
the pace they can be comfortable | 0:16:39 | 0:16:43 | |
with and that can be achievable. And
sustainable. It strikes me | 0:16:43 | 0:16:48 | |
diversification will be about trade
policy, about the role of a country | 0:16:48 | 0:16:52 | |
in the world and how it sees either
competitors or trading partners, | 0:16:52 | 0:16:56 | |
what do you see of that with your
business? I think clearly like Danny | 0:16:56 | 0:17:01 | |
said, the leadership has made it
very clear and the change has been | 0:17:01 | 0:17:07 | |
massive, especially over the last
three decades. There's definitely | 0:17:07 | 0:17:12 | |
manufacturing but trading has huge
potential. UAE is the third-largest | 0:17:12 | 0:17:15 | |
trading hub to Singapore and Hong
Kong. Maersk themselves do about 25% | 0:17:15 | 0:17:22 | |
of exports and imports into the UAE.
A good start has been made. The | 0:17:22 | 0:17:31 | |
change has had different stages of
progress depending on how the change | 0:17:31 | 0:17:37 | |
was brought in. I think leadership
has made there in ten very clear, | 0:17:37 | 0:17:41 | |
that it has to be a diversifying
economy. Danny, when we talk about | 0:17:41 | 0:17:46 | |
the diversification of these
economies, there's always an | 0:17:46 | 0:17:50 | |
underlying issue about jobs. We know
this region has a huge young | 0:17:50 | 0:17:54 | |
population and finding enough jobs
for that population is going to be a | 0:17:54 | 0:17:57 | |
key issue.
How do you make sure the economy | 0:17:57 | 0:18:01 | |
diversifies while creating those
jobs, where will those jobs come | 0:18:01 | 0:18:04 | |
from?
In the UAE what's been a great | 0:18:04 | 0:18:07 | |
advancement is putting a Minister of
youth in place, it's a lady and she | 0:18:07 | 0:18:11 | |
is in her early 20s. That's given a
voice to the youth of the UAE. And | 0:18:11 | 0:18:23 | |
it's really incorporated into the
vision of the UAE and where we want | 0:18:23 | 0:18:28 | |
to take this country next and how do
we incorporate the youth and make | 0:18:28 | 0:18:34 | |
them also accountable to that
strategy? I think once you have that | 0:18:34 | 0:18:40 | |
engagement and that dialogue, the
more empowerment you give to the | 0:18:40 | 0:18:46 | |
youth, the more likely that you
would take them into consideration | 0:18:46 | 0:18:51 | |
as you draw your employment
strategy. | 0:18:51 | 0:18:54 | |
It starts with education. It starts
with education. The UAE and the | 0:18:54 | 0:18:59 | |
region as a whole is really focused
on providing opportunities for their | 0:18:59 | 0:19:03 | |
youth in all of these sectors and
areas going forward. Where education | 0:19:03 | 0:19:08 | |
is important, skill development is
equally as important. It is fair to | 0:19:08 | 0:19:12 | |
say you're worried about how these
new technologies might be a threat | 0:19:12 | 0:19:16 | |
to jobs, but if you're able to
create skills for the new age | 0:19:16 | 0:19:20 | |
technologies then you create new,
different kind of jobs. Again, the | 0:19:20 | 0:19:23 | |
intent in the leadership here is
very clear. | 0:19:23 | 0:19:27 | |
Aviation has been a huge growth area
for countries of the Gulf, be that | 0:19:27 | 0:19:31 | |
Emirates, Etihad or Qatar Airways.
We've also seen problems with the | 0:19:31 | 0:19:36 | |
open skies agreement. And there's
that perception that the rest of the | 0:19:36 | 0:19:42 | |
world is willing to brace the region
as long as it doesn't go too far. | 0:19:42 | 0:19:47 | |
And the open skies dispute about
whether Gulf carriers could operate | 0:19:47 | 0:19:51 | |
in the United States and what
landing slots it would get was a | 0:19:51 | 0:19:55 | |
real issue, has that gone away? It
hasn't gone away. The three major US | 0:19:55 | 0:19:59 | |
airlines continue to lobby in
Washington for relief my continue to | 0:19:59 | 0:20:04 | |
lobby in Washington for the Trump
administration to put some sort of | 0:20:04 | 0:20:08 | |
restrictions on the Gulf carriers.
But I have to tell you, the real | 0:20:08 | 0:20:12 | |
development came when the Gulf
carriers decided that the Indian | 0:20:12 | 0:20:15 | |
market was one that they could
access and transport thousands, | 0:20:15 | 0:20:20 | |
millions of Indian visitors to the
United States and Europe with one or | 0:20:20 | 0:20:26 | |
two flights as opposed to having to
take three or four flights, to | 0:20:26 | 0:20:29 | |
change to get all the way back to
California. That's where this really | 0:20:29 | 0:20:34 | |
started. Again, Dubai and Abu Dhabi
and Doha being a hub between East | 0:20:34 | 0:20:39 | |
and West. Just this week Saudi
Arabia announced a $500 billion fund | 0:20:39 | 0:20:44 | |
for a multicountry free trade area,
all sorts of industries, creating | 0:20:44 | 0:20:50 | |
thousands of jobs. Does the Gulf see
that as an opportunity or does it | 0:20:50 | 0:20:55 | |
see that as a huge threat? Because
someone else is doing something may | 0:20:55 | 0:20:59 | |
be that they're not. The GCC
countries want Saudi to be | 0:20:59 | 0:21:03 | |
successful, they do not want Saudi
to fail. There's been a great study | 0:21:03 | 0:21:08 | |
of the successes here and how they
can be educated elsewhere in the | 0:21:08 | 0:21:12 | |
region. This is a huge commitment by
the new Crown Prince and its | 0:21:12 | 0:21:16 | |
commitment with Egypt and Jordan
again, as you said, to make it an | 0:21:16 | 0:21:21 | |
international city and it is new and
it's a big development and I think | 0:21:21 | 0:21:25 | |
there's a big chance it will
succeed. When you hear those | 0:21:25 | 0:21:28 | |
announcements, or an announcement of
such scale and scope and ambition, | 0:21:28 | 0:21:31 | |
what does it mean for your business?
I think it's an exciting thing, very | 0:21:31 | 0:21:36 | |
exciting. For us it gives us clarity
on where these countries want to go. | 0:21:36 | 0:21:43 | |
It's very important for us to
understand the needs of our | 0:21:43 | 0:21:47 | |
customers. At the end of the day
these governments and organisations | 0:21:47 | 0:21:51 | |
are customers. How important is
private sector investment versus the | 0:21:51 | 0:21:55 | |
support from the government? We've
seen the Saudi Arabia announcement | 0:21:55 | 0:21:58 | |
will involve a lot of sovereign
wealth money but also private | 0:21:58 | 0:22:02 | |
investors, large and small, how does
that makes? Do you need the boost | 0:22:02 | 0:22:06 | |
from the government to get these
things going and then it falls to | 0:22:06 | 0:22:09 | |
the private sector? I think it's a
partnership and it always makes | 0:22:09 | 0:22:13 | |
sense to have that healthy
partnership between government and | 0:22:13 | 0:22:20 | |
the private sector. That's what
we've seen in the UAE and I think it | 0:22:20 | 0:22:24 | |
would work very well in Saudi as
well. UAE leaders say all the time | 0:22:24 | 0:22:28 | |
they want skin in the game by the
international companies that come | 0:22:28 | 0:22:31 | |
here, they don't want people just
coming here selling their wares, | 0:22:31 | 0:22:34 | |
they want international companies to
come here, invest and be part of the | 0:22:34 | 0:22:38 | |
ecosystem. Thank you, all,
fascinating discussion. Danny, Vipul | 0:22:38 | 0:22:46 | |
and Dalia, thank you for your time.
Thank you to you for watching. | 0:22:46 | 0:22:52 | |
That's all we've got time for on
this edition of Talking Business, | 0:22:52 | 0:22:55 | |
but we'll see you again very soon.
Bye-bye. | 0:22:55 | 0:22:58 |