Dubai: Africa's next ‘staging post?'
According to a new research paper from Knight Frank, Dubai is set to become Africa’s staging post, as it presents businesses with a well-connected, strategically located trade hub.
The global property consultancy released its UAE Industrial and Logistics Research Report for Q3 2015, and noted Dubai’s ability to increase trade with Africa and be a point of entry to the continent’s $3 trillion economy.
The report, like so many others, states that Africa’s economies will grow, on average, 4.5 percent in 2015 and 5 percent in 2016 and will have excellent growth prospects over the next ten years.
Knight Frank therefore asserts that the rising incomes of African consumers are encouraging companies across the UAE to look west, particularly from the manufacturing/assembly units and warehouses of Jebel Ali Free Zone (JAFZA) and Dubai South (formerly DWC).
With much of the continent lacking adequate infrastructure and integration in terms of cross-border trade, it is unsurprising that Dubai stands out as a prospective hub. Moving and storing goods in inefficient warehouses, across poor roads and closed borders are cited in the report as Africa’s problem areas, making it more cost-effective for fast-moving consumer goods (FMCG) businesses to operate from cities such as Dubai than in Africa itself.
There has been rapid expansion of airlines Emirates, flydubai and Etihad over the last year into African destinations, against a backdrop of cargo and passenger traffic at Dubai’s airport growing at their fastest pace in May this year since 2013.
Much of the goods for infrastructure developments will have to pass through neighbouring centres, such as the UAE’s shipping and aviation hubs, before reaching Iran. As it does not have the access to superior infrastructure that the UAE has developed, Chinese and European goods are expected to go via Dubai.
The report also says Dubai will increase its appeal with the further integration of the Dubai South and JAFZA free zones, which will enable seamless movement of goods and services along the bonded transport and logistics corridor from Jebel Ali Free port to Dubai South Airport.
SOURCE: [Arabian Supply Chain]
G7 Summit guide: What it is and what leaders hope to achieve
Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration.
Who are the G7?
The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like.
The merry band comprises:
- The United Kingdom
- The United States
Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.
Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda.
When was the ‘G’ formed?
Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s.
Why does the G7 exist?
At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted.
The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability.
It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations.
Where is the 2021 G7 summit?
This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall.
What will be discussed this year?
After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”
The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values.
According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.”