Established by Fathi Ibrahim Bayoud 2005 - Homs

Touting 'transformation', French PM seeks investment in Dubai

Business | 2018-02-11 14:49:00
Touting 'transformation', French PM seeks investment in Dubai
 France's Prime Minister Edouard Philippe promised lower taxes and a business-friendly France at a global summit in Dubai Sunday, seeking investment from the oil-rich Gulf region.

"France is undergoing great transformation", Philippe said, addressing a thousand-strong audience at Dubai's World Government Summit.

The prime minister pledged a "favourable framework for business and investment" and a drop in corporate taxes in France.

The annual summit, often dubbed the Davos of the Middle East, brings together a cosmopolitan lineup of business and political figures -- with Indian premier Narendra Modi as this year's guest of honour.

Philippe sought to contrast the policies of President Emmanuel Macron with the isolationist trends of other Western nations, including Britain leaving the European Union and the election of US President Donald Trump.

On Saturday, the French premier met the heads of the two largest sovereign funds in the United Arab Emirates, as well as Abu Dhabi Crown Prince Mohammed bin Zayed Al-Nahyan.

"What I felt was their continued interest in what we were doing and prospects available in France," he said.

No concrete agreements have yet been announced.

With sovereign funds worth more than $800 billion, but only a fraction of that -- around $3 billion -- invested in France, Paris is working to capture a larger share of UAE petrodollars.

"We must make our country more attractive to foreign investors, and there is work to be done," Philippe told members of the French community living in the United Arab Emirates late Saturday, speaking on board a French military vessel docked in Dubai harbour.

The United Arab Emirates hosts three French military bases.

It has also become a major contributor to the French-backed coalition fighting jihadists in Africa's Sahel region, pledging $30 million in December.

AFP
Keywords:
Comments (0)

Post Your Comments

fill all fields below
5739
*This confirmation code will prevent auto submit
X :Latest News
Iraq receives 36 out of 73 Russian T-90 battle tanks      Libyan coast guards rescue 324 migrants in open water      At least 88 people killed in regime offensive on besieged Ghouta      FSA seeks solution to detained ISIS militants      YPG denies deal for army to enter Afrin      Saudi foreign minister rejects Qatari proposal of EU-style security pact      Abbas to seek wider peace process in UN speech: officials      Iraq hands 6-year jail term to German militant teen: judiciary