Will Macron’s Presidency Affect Trade with the Middle East?

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?+RyШaҰlǘX s[cmj:uP8'1ȫ\yIuUGBgwAU/Jxc co5M[`ZyΠzBv4RCWiDu;S@n=MwvEQURoZV3oy:z#:n'ii_l945$* 7dh2F:V 8S]Bzr(:Lc5^B NXdk;s%Ǡ9s*eUE5yenqPM+\زu*xj;ǥhȩQaHJ<ښ>Z%ȡ }PqZ@ PD& rwv.*یjYO.T2y<kXFSʵ+Oj"Oq{F*Н۹rvLR]5.+Tf=1ZPHkLqEÕ!#5qOQu(ZOFi4y4娇$TNi[je vɭ*rE(_VtV}NROJ¼s#J+Qo%SE.޵Xյk.ֆ^BJjxbԯJ,6TּsTna"fmvqTTęxZc~LEV'4~j 捄|H\J̲1RE*;ըm0$担4*2jsے 6Z"U&sfMܱ*"Qzpp*d4Xw41$Yb*hx@=J?Z7TT4"IFiBN4f#}H94S@ R.޴E:=*I>^iQsNOCUI$愉lC4(\GBPB[Bx"l :b G5Y!͓Ҡڠ#2#jDavY##Qi1Tu{-1})|N"PH݁YWWAjlӡF<,=f uTsMoM&˄:Ÿ+Zɻ9޵CP1h ê1a8,ke*pj)+ YF>Btxk>jT duwh@xT:.GGWa}검C4'ʂᷓWBwbE-׭+FWzYEXy)"DJi&wR2[ F,_,v5bᮬsSU Xԑ.2xL4mV1lJ+gRA>IpX\-2沮&$k*9vjle9.p*"iNHXc8-I4jG,c0Qs~[#QkU$ۿ"MZsIYdRVA$OzePFٱڡNҜ9b?J RN5 nJȭxEg}N*Ӷ㚥u0^maQH aQH8ֆ1)CA,[V)A5^&*qڬ4s6 UppkbE1θHM2Z,DAPhT]Ois@\_qJKs՘* o&$21R"[x5*$VmQRAF 8NT(!Ub.g*H9S,d -W'53ǥE0 Oe0 R"=hd8ǃWT)"3Iڙ;b(B{UQNBE;i5'@BS)R2MIަQhOqQM.A RЫJ {XמjseP#!PCӸMk5B$TTѾzhbH*]Ê*4&7b%8h#0*B}1jG5ws)LrԪ9UEN&E^MLʌV2ǁZѷ5CԊ]FhhLU"3 85jYR8늧&Zu DyɚiI=;Vu\pn#dsU3#"ݱڀ3IdG" TeҥՔYB;ēWgM TMnqT)BȧI֑cNju\w~߂}+>7h2]; ºZlͻ}U$@ !5ef W+m`kfRsJQFe~jW]sPΕ);I*#5+I%%v).hiK⇇WNpqHjiQG-dK4OGj<gin@ZcI}i2sL.æ8LBYO0*;RFrKz՛X2A4b&Ca.[R2+B0:#KGL4/sI4` M`Z{)ֱXɻgLַ'PISBOc[Ŝ#F M KqV)mtv԰A"!T1 (BW-IjwR!gNŎj[Fy(G9";vZvj[sSUk+swcEϡI8n)TJi=i \y$o#+f#ՓRZrg'JaԞ)@.٫UBW*qS`):vv]ZX OUR/TdR6M"(^ÒHAAWnL/Jʸ qVX=k2)JyXX.zjd= +2EBmM=M1B@*HT27ҘE +=*pu+)aaL5Dy4өX#90nh I4Z@< 0c;sM$X*4iZQ8@*`*XaȦ\E>F(5#EK"=V- SjӮUH8NsDSvAd.ᅩV#s ZɵP} |K3v<S\n5S^c#֬ C(".1FR)/q?PԎֱw?h@0T$Kj楧02}_J4WG9=T8#54ܒ&ejtcRR,`N׷L]:m{Kl6֢D *sη ՝)ɦw/r-bqڡ=U1 %Gu& *yڢD271=t)J|rۀ >G%g~5u]qPc082 `[I o[߀ûQ!R*L2q:c)ԑAY{֏ jJL6FEW@[p*DP;Rڙe۽iFZ7b#Fqڨ]MZ*'28jJ)2fc$f \Xԕ vh{h|QǵqmTvvi-9ץHwCǮ+ Tr?u?Z߶`R AiM49EF".q*DR^OJBȢ"W2mj̡G+ RM8QZsSUQlmҶՉx=6qSyW)M!&.M%8u,IK'T"hذT5ej $ʒl9ZѨ YHڴ2ґTtnk Mnw:U;r:ubj+,5%\Ǡ5-[OJF il _ -Q%p Ͷ*xߑׇA1+ﶍI3Ͼ@pvzTjFQ\uZ>ǰc~u^>,Rnp'WjhY֚^SO=zgY6.1i-u'ȯpy0mJt~`wɰed~N>5o5;W(4.w\ݟ;Q:d*2ܑ2|?:bU>8B$ʈ[C1)J'$qW+"`M8sM^"u C 8S$ ܪ-׎f\sT),"qNdȥ4x5;t04CЫ'4x$P3sQo3O#dUYPMZCڒUS@R8GME:Q=0h)ʴ(R4*:Ս mW!eĪ eU&]0h3cU[F9N*E5 =Xdq҈?i h# n)n85;}*ܴR=}H@JLa;s*B=B$XYZ߈Z8~yoOek> b+cMޕ]$=IZt/ژi[庝U:{EEiNXVx9grUkjԅ Ts)v$+ۀR8$+olv؛1gTw#D6-Ѷ;5`@D{t`W2jm}4)HNIn zqW$3KAUΈ P|GN}B4+Xh8cHƑT89rFj]Ƌ05yl@;[Ѩ[)CJ5,us#[jmՏZήu+x5q\kK-qkPvmEF Yi2riiܰʌ "I E)ű[c8[9T&\2sH4"jR\qH}(ozJSH})a) I`+b,|5^G r:)C eQdPL˹AܺФI4T4QiLs޵9.@4ȩK4OB"UK RfRQ|oA~t:SU%IMμUT7^A57 :"MX)K|>L;,skw\Go%l|@p`u]6v[٭$$=2TV,6W{FCiT'=7}:{us6>nxY$`#PYҪK4{ԕj<[z>Rdz#ۙk__xư#H=ϩtR60HTȇQa!b+GDyқ%qV!M^!ZPE\|itWWNMJyx5 i儐^3ҳ,r[frhWRɣ`ϔzў &\i XZSȦF;E2E5mҦjN*7 T~3M4Jj@sNQJVcb)9\R.+T3|&)sJřFUڣhU$Bڝhh;4H* qNH`S33JL4!٫6`|, r8"}*L!Y֛o8"]݂HuRw!EjZXUWM rqR/VB>M[kҫ98v&>=wp[FConGOznT7_jl[z;3VCbp<ޗpnj77P RFWUB*5C'ӱV9Ams5&k 'shgj+Nr y&IUSn,ZgZ$π|9=Lͺu| @Ƿ:֥[K q9Gckg_Zԧ&e,Hw9==~%\{oU y K.jPwF2ՄZ<6Po{[_|3t{\I{])ݶ~Y͎e.\W"l9KF%In!?*tR4fU@li$g+ *UoJ"v6|*cdʿ! =d:*Wn1qLĒHܤ}EP Ԇ컜 T8)sF,\qSˀO4ɱǞ{dWY08mP !QWx)>Ӄֆ%nEux$⯣P84ަ;u⤅qtc_TAwC"stM=Iyijiдf1-HNa=i0" }i|zSsHbM,Hѐ2j#76J]5 A\S#ԧ^'M39RGME3RycDi`Pc($T>ucΜSғ#4LxiA@Ux`}+滉#}mjW1^jXMrsRiv3zvi[=>sT 9S\5߷{_"["q:e̘!FiIo:q%ڥUAVZ~1xE FHv'Xs\Gߨ /I6崑r0A5꿴n^arP?~lM_]ޭiksd`1)a_x{Mӭ˵w€@?c&׏|qkrELR}xM{VSK !S' =% yw€;ַtȴ&mTa}9t*J')QNR?0U(~Q{ҢUs>Yԁj'5Zd`S|ii'~?wLZB2:T)/^e$tn:Vѷaf6hLR2clGZI*,գ!\MPIƮZ \jv^!V#5<8ql5"jm.)-1ݠi||Iv,jSҟ|sQNE-rWEY4ҡqrЍ)CqU2A6htّ5 /Z()+0dS+֩n jŭ۩S. ^=V h=h"&mG5d䃚AjZFV15H$  q'"sYy=1m蔒V(^1KlˠF5nWM{krDIsrqY7g+Hv#BO2"LtZpD/c4^))r*^BO TwpCjKC"MOsPfUC8_i}N+kVTqYs`h29sVcjσx59SR4^M@p:V.'Jcxq֡Jc$7hF2(o4\Z8l`֞j qWYUf)S*V)$[XOɾ uټ+]LI ~5s/S\6'QI$]qV2w^s3CW<5 6o va&gaTdxLGe-A@`kuAU^}]M.B4@O^ + 6{%?54Sc_xFHe ^5Mdul~ky;Kc;fcDKz Cc=yl Z9IIN^Zo.5+\ef"HoKvm*s͌V,+Q!* KRI/RV-$2>sVmuC$$`  kkP_*@H`1T;M+ \Uf(KC,3$8l⪛zfӟJ,5C*dz,* IqnÃJgV[*qwJ@{rxgu2+U%$f P8Za32Yd0 CPjbpT湢;g+#*big8QF]yZ VG#Vش2AVvծzreA&i6G4" U&W]Qcet@υ 5VfmRP&%f7tZcօzTH"Cv/Xc8*>ٟ\ cڪ!lKqtQ(zUHsn(ժV3wnXr=0NiAb5;h[bEk뼱JPӿ3sLZ6*(8rd_zQҍ٠J<NjACܚAWdVrE^OS#Xĺt[^qf3oj(c^3ii)a֭8&2:i,ڮZ͸buBsrfLy( E)\dRv5MW&QΒ@ ke6)%AM@29 tln5F7,`S}*{1RT`W-Nv9Eq[.4%‘rΌIU6 ӫ.k~'+j}C4mN뚱b]x#YAiKIbҐie?}VK/ct|~~UI ѫ/x7V7H?FkM 4Eǥ;,Y6q}J~Uj`S+/iɂeWSҭxG{gg܏TCԌi.O;)^>sx{ #FSV@+B]J7\tCV+ SsƦCDDRcҞ’S)bx(c})Lc,:t&ҖthXLB]Z$TԶZQR&D/RZzԥhd Ln2I1S!Sܸnc R檰$q9 (/ZR),c{ЌAE6v_zHzfw6{{b͟.+I2M=_ MV& ElU7qډ.ysVb6QLAzRN)07ffzqxVo SkcRm" 2 ]P`V¯qIԳJb򟎕fBZͩ$*etrɷnϥhؾMPbXGSa7}TJ#'R ~63YcF2m=+IfpRTiJMqv&nU*r۸%ޤS1Jԯ3ȅn&rdX՝*91/IK lрOGlA2KD$%1s ʰX|ae#̗Oa"3bWr ԀN`\wS|{nfY4u ,LV?E}YMmY pق? ,A^Fe 6N `|uwǦ2O=Ctzm.!?=}W zEZKq["bƵ' NpUbP,Km_={Ras}o_' m9@t$2LU/V>6P7xv>Op<:)He.qs$Z;[:0s'$p;( >2Sχ5,;}'Q&K]b{9CBW$gS^ج,Rxvu-=?:b~ (a% iQlWh-W!\UԷE@G&pMn|aК͑ Q֭6ms@ǦZR@851˃1 cLh{ p;m|&k1!ڬ[EC:KoVb[2BEr9Ŗ tO2!إSBNISS nMHFEX2284-~vmҭ S{r%gWA)sobJj1l%94*DL0 p#FTg344vcwI9"Ie=qChh su(vItB sl >1.s9wl`]*:׊{`p+X;hcR<ڐq[b:%x}:@cS/Fk{۟΢`PaU;<#+)'ҞS a܎W'8]ZK@ri6.uD uVfc5f%SQ[r2I[B<>wdkxsGE""yiQd  {*vO]vIKZYBpZ¤!hgsgG8Md(+滭j[Lca،dW}1)\3\..t*)+3GZő =vsǴkёuѩ}jz66VJAF6=p2@cW]K$S]~Oĺmw w@6W_<1m_ [X[-DpFf#tLdÅP2zWU9GSZ̤08jAS(b\2aon1׃Ć|#ØICn9Fk;\¸i>ih[2eJ7Zng[biWxP3kkQiphǒBU֡ہZ"*/}`xq֣pzS"clVe}⚫z^~8¯JH&ʊQ3Ma,1ȟ^7+nퟲj?T^χ5+;}}gujGvC+tT_ڹ滼i.ay]s( 3@Xe3V7Y|Uc^T.vWP-krϽ#wUZ H!H*}}Ͻ8<ȼ [hbQ)78/js;|@ڕNg0<gr{⻶Jҁ[$ʅUz{q_-4!=}l_&T崋a!r= :]KqE$ A OARjϾBMLh85\b@ƹ'4i1T!榉 0^qӭwqI2K[bzNիS`3:yyQAqIQ!wy٥jUƔvYBAzOpzR\e;j^C+杄PdRGL͓#gcYж0F+&UV$VE-ZHMJ:PiI֍T,icRaaC#+v)qP鶁3u + = bjw?Wu+-ON< &Iӕ?ҹ%i I7gǽSub;17;XdUn(zIVaD/$s޾{{; 2Yd 1@8|pCld238 zea*|'K\= +YR@,ۤ5jrRM3w9$ϭ}& 915TͰҩ!$V\ ꔬ )޸djV_+9(CPS T+Rь皩}U8&q]Śyv)^J&Y95)LQtINN D2BlU5n%ɯd{ie$3b=:ʍ݆W<Kԯ,tzagBlxխ1z1_xITKύ>nmjq)&g[wֳwc/ڢX-NIQ^ŚCME smXhEI4tTfygottwx|aּ7罧n~G'7pW׹NTbr? >!#SHcVM&^wSW \SB5왯7«QVE"]hF80? g_*XAcY^e3sW O {J|6]X]BP,GPE~8&ϧՕo*^ zL_RPKi4H54(C/GC?hvlquF;z}E~9^*X28 s#+1U-h=j  眮vR+>b?:ИGӚQv*Ja$!zjZ*BA5v1=%`@үU)"nBsUpBl Ms*h74W"F1IX|v&b[FETHlF£*nby5YnøⲬ<uv^v5DP>ZDD}F!nmR|\ҫPNM*[OU1ARn8qإ *Y!e稨u"ʹN2swqM\dc*ˢNqTWv|BK\ꋾcE+&]|Å9۔ooz6]7{UH**dH8=[&&Ȫs˽4a+=gRxSUEˑdUʞ9e9%\Z% ޶` A5}ɍ An72v55 vMaZX#qEA% 2QM+)s2捦=́[m, &ҙxC$䍓+wZ^1]qXɽ+eku>%[X^6xg?4Hi)&*è1d"V&oWH[]d5;"]1R[ܕOJ6⢆>P:7y=Aw1cUhӫqVV݆K ٴt{X˩JHr8l֤vg\ wiFSȃnT:V0~ضݴ8 g}jpzU@ZϡK-L5UtmơY܃hMZJC1 gTlWlO>vl[YӅhv}V&!qTBv?dN`OVwqdVmVh2IWIcasi?+^HN4o&]I{ VI,׍| 8Ե_b&wKc⍸U}~+n?xnk#g$oxG '#5OUWw. OԔ\[]W<"\҃Qp% B 8@X OVjκo>W?{g"ה_ͫ{N?|DJGڟ@<9#5e2 `qF+)ߡ+_Rʮ.U#GC#|+g_VJEQmgni sIMLcJM0c<?;ч;^9KkFwЫ3_Aԗ%Ѝ{ 5&ZF5ƶ9/(ۏ^ߊt?^!^/>"v~FUWw*/ umYƏMuAut8jPjP24\5<5e7|*㪫nj۷Q5Gx>6+GVLضуڴDbRI.H'A5<'5V@A'QdʔPt$& &Ǘ҉$ڄM6c(tjyty|S?r7Sv{l4\,=n  }SEÞpRqF <QpH3{ U Ff'zR-(4X&9z7F@' C!ݞi&J=<#H+-[5'Zn\I q;( UU++_BۗyG@4jImx RfpBU4ܨX1i1@>X=vPbjU_ҞXGiD?'5oH;F Sơf*Uh}Wd%AM`R9$o1u\shŪi#-بJ7)J3ZZS1gS@**qXyXEsS|\JǵI}z]j9QR&j,mC;k+li۟"AI6NN;԰8HGj5H<5Te}"BvpgXY6|r} &fU<G,MVկƓܥ_ZVOZ2=P)RR5)ux< CZ oj"RXHH'$ f#~ah[c\5M5z7gsx+|?ʳo.ky=i! =~iih{\ $y7N83iSM%XڬTqɃ] Y۶LڳzW~[xK%x.wXI^%-|O]m}M!4ԛijBhIHZM0<lk/pWney_'+ƍ{?f=CSUI-'b{ ;fTv9|?^!Xx+gdHC[a^}PNJﻫ\/?=4}?R]fFX (TcXW%pc]4tq׍ͽBt{N-M]-AƟ%{&ZAs-nw"Rziz1-Lg [:\Bٯ\:\B9cu!OPgЫIe$f5c?[C?x{WC?xk|gd߃OUZ_v۫밯rZapgƏMWIRwRX5<50,SPq?+3tB5#8‰K{p48y$hM\exrqSyQ WU>vzd9td'VSԞhRyk2{fN C!%C"(V6@cYN} R" Q2ơVdQT&k(dWEJYNHW [[Ž&b[gMZsԉNDw/s>H~aⵥur +e3|P?饿GL'r\%tt8MzB1ziz4J^g ~_HWgo i_*kͽONc$f5LuOׯgYKcs:\׳|S?IK]S׋\W}^J~6#F]G5iN״|,Oԛu&uRRjh5<5VVo\yG??z^Ybÿ٣}MuJo!B*K>>SHFTR٪й& %m=9$f9(qޖ 0Uiw!_usWuX.̄/Jn9#HHvwk(  Yh@zͽ!9]2u+DU+GUEڞ͏¡Fj0@ ?JIsҠbifTlBy5INMRKbr)cR[@fA޴ړcQlcV͑2*Sٕ5/RK.*0pi'|)b慠?y}׈3޴δ˽Rd5bYz{),>bu@e!Ȧ+9j[x742Q Zu Vt ֌Q p9@f+[ R:}Ya0\n5 𬇸*J$h8-ҩ^*+"47N®X7UMƒ!M^z1uet^Q^{5vvKA݊ʖ{{rҶkh,lp?)25`u4jI׶P´uurbr WS(\ֱ[ݮfxc"U̐Aڣs" A'pW63ѳUdv$Vkl{ncrGJ8\ d12 c>c#jy@ۊH8q ޢrW47beVF#J8E{(3^\JDZ*q(j 1^ V5Kлd215QdyvB35bS-.խ J+vHQQR+`]*[&ARLzzGJ:Դk\Un!n*h\c5vh[vA$t#ۃ։4E4Xn^}$djl iS*t_Oȶ]8ħX?׋ڜ[ft1Kz龇G聯KbzazL^gZJXÑӑV@ŸEY36HJ=*x1N|A2N gޭ`B2̛5|,ՙ֋zR6D3ҟ3:&bܨ$Lt5XEm95Z!3)#FqV"F(dPjiw*96gҳp6Ul7lZ0*lg˟ tF );&#hOSV4l:ܻU3MX*ǽ=\Eu*+˂@Won lf}Nhl*/+JEZ[V#!l5v2Pj؝sLkFEr)U) E;KT[W[0ni$6v-p C}PR[)V槝 !㚖-H7 իV-SJr>H*@\RaJ̦r%W"gA5jB*}^+ct`~5Z5%Gntz{/&hQg$Pji0jxj59ZTT5H@mBWƎ?^v8x!^mn?Rj2njh\}՜\AV".[/&J8YdR\ck Z{ %-Vd\me2犼:A4PCTw|I"}#Jo"'ތFZ6b=LVU۰bXLy$ǽ`iNNotg8l|TehW'~fF99bBUk1ybݩ;IMK3ʀn1{+ҧqQ'ިꨠ*ŕRj}(He9kmNQmm0 +94m(N@2Qk9sYQND?0ϭr1$Z&KνO0V0:bnjl}0. )isPK@)ÚA($gv͌Vzf4=SgÜ&5bpNJ-';Dpkfq5ck\W/gpP5 Wc궖E;4mh6R/̟5A~(n: ՂPJ0s^NUe== ^19l#gڡP;U]&,sɭK+p9JGe'~BAȬ Yҷ.VXk)׶BJ.w,nGg3>bӧ&"&hГ9Z\Ґv֌ӸX]RP٧sVNjHJ6 p[q8Ee8 x7cݲ xKHķ[@u9j|X@ yիUlrZ#'XWQSWPz S9J[ O5ꤌד?sOkɮWM'v?yk>&'%+ge/?ROkZaqfՏԡ*4fόdxZ n0jx@V1tEV^)6$XGdfRY,y>_#fKI}jaUwVS\*"}+hZfr֚:ә>fxkO#Ou5jz$D9ѥ_eouRNON:x [H& ➉0:q0՘VNF*ߗViOd*Ṩmo6> +)z0 V  0Mpn8W:Z"ߞe b29&[nP08]xv@]pE\5VRAғnA& _ޮCdF0y6jW<5 T/m }+6Kj3YRJPIkXs[S~鶷9 **6 Mivda ;jZ~bMTd M^IrFvS&3&ɧ)9 #49ޠ8`nn0:&$ Ǵ` c cGD|wU 1"1;$iZpVߎx-=3ް{XzڔjI5F}ivKxQJTPGPqO+Hˁ@&6fɨN~h3I;RPE-hRVnV{1NvvVj*ݙ rb]5:ݧBje^L[4 An??yh5W^9ckɯ'z?ZN.?WS9)V-_X աstsU4I)@ R) + ӏޖO7N9S5#@sS5cJ RfE*!s(BҶgޭ9Z6f8 ՙ,GQrl}͒+a-OUnC(ٕQ'S0یTہfK)i2ryI8 TeˡY-ġW%HӚ#B&'zN n5d.cVv$UX t9;nZZӭ6 y[G@3bS)eEPޕyyc v'Zq!VZVMS,FO5mw);w>֐8#4䖄N.x TW|Dҭ-5l'.CڨLfxOCYU]yq-^F,sP6s޴m8x>ct$z *)Elsҁ(RKiMR{V4Dk= gnj[qg:sM[c?t cZh4 + ZQOprS*=j݈l gB kc%bĐ+倈 F٬MPG] ݬ\D\A&ζ9.q{W% FadSnzK|EaOa\ĺϙ1J4N-rGq,mZ/ Y W&P#q]>rb>%7#',]i)m<-#l׮,*Ďkjl%\eMy:u9e1cлk$J6F:zV d9kʴAQz&4zw Q`VSZޤҫ]SztOibrLU[J&/YF0iluaZ䕎?ingb?ZV0u >Le*)$sPS~)ZTlخzRu+i,һ.b(QG\% D(WgXDum=q[yg tiJ<(cޭ$UJcsI^qe*Qk?L:haun^Lm<޹O 0!-urS>]ZJ3O@m$=+:Lݔ icsJBtWXTty߳FJ WIb6HFϥC ~z ${*nVLiB ;޿e}\3`zSA F|rk){5s5F|PCjzTG39 sQ'syQH 1]Z\e20j旨-s!nUFD͸ceQ|3gsޝԚm-LX~k#v&9GlELE2GsbVH<T{ tO3JAίxkO.6[p]\kIYGvD*B:rg(]Oxkwk^AGϦ?:YV@K ױ߁ּkvn"V ĺъ8/vGNhX?"PO=PNCI&?;5 ˱H Wo0g8N/*ڝT(c3dN;/=v_%J4H03=+Z_6/av>xkoGPRu^@F`?:n$E's~t9EA_Wた_O_j~ %Ȳ?O<׈Ey#uSZ(d8Qɸ/h#|)<#a.ҵIa7wpǎ1om0_NkllSA[AMD}Kv L#ttު?@)&1>٩7Ъ'H?"Y.{Ƭ=K}Ʃ2!'ؓQo'CH VP̏s M^ak^7?ffM{=_ ><[XbUJC'޻tmhB=[>.f F>%-lQ[鵭7Ep4ۃku N8l~T3]B} q4%sW ujI/suh$V$~J.C[ZV8:S&IF/(zSrVQHВr~"$ݬ4Y&x& k#Km+9 JnLЗƨf5)6C^J.3`0+M8g֏ds6\r3Q `ќriL&ǛpFwT:J^˴EF2j65T^nqX 䙛ҫ'?Zj_U$cq  60-i?ʰ|_95'oR˺zQ q]\W'?ZXA%s~yh.6J9ܦLpHݤ$e g\HQmGr,]p_Bq\3`sC*;q/YSR7/kSN\fmS)`V\2)#zdvIMtvr:حo ɯ/eYZڄGoCZ,r OV- -22J~Y~8ZM{;ڣj_<7 jXQhfYW1u_QxT5" u}9Pr? iYMsH 2RPrUzVtXgߕkFg$49P6dbMPqUqo,z v)Y a̷:1yMRIJz |V,qC.pG8wn<68t4UCŇ9?ƣkEiq'R) hGZqKt&n]cMY6cO֋CM$lǹjWxqS0OjLͻo:ϓJ>߁t\>?ާIiSf'6aEP$MXw-&=YN#L.@HW'ɧ} ~.'T5H >3b+?ݐ}?{ ei*0zOŸRA0vX]IRb+>?Qnq%74ԅ9f3Fh"&TRǩE]ޕXNKנrj?<[j ^5.EbԻY/DKGuJGZ|-_v/+ar['%O5Ej4bq/u_kWkӯg4|>mLffMv1ĻvJ~)ƻ1Mp3Qw1kJ'O,# p rMGr+"6Nz{(Ge\&j* "Ң|Tr ?Jf=+T2`jU.GO5)ZjeLwA0k9ADyI݊Mlv\҉BqJ; 42Dnp)'|JlN sڒcz0u[Qowiw*'֣$ұw 4Ca8$j@)eiye۱@--Hbf8ZGo?CamV'K݌]ܯO`1ɢ+ܾ k~L f{ߨFЫY 7wHdo;߃p Hd$Z+5:ק8YdeުQdza{hU aA@nmt: ;cimdZzO͟ƣL(K?m. Ȁ5}gspT\Px9Z+9gOjFܮ^TS#t"[T7T$:U34sPr2n\{.*{aJĎۇUۭ00J@|2s]G5HW.|(`㵸Qm8_XcjbNoEPQEpQB*@(\b&ɢ+2si*0֟ Wm8+6ɞkg)=>Q].nO3$kQg]B+9Ӌ;,C]c*u~H|QE%F-*CntkPL=5< (Mm]KrYJE٨QEb5 zEmed#sKfH՗Vu$,=袺*2oRdcFvJ&H4rpZ(@Nl  3ӊ(b擔`pڊ( GzA}kGƑ?E,ɤQRI(13HOh<ԡ'yS\A(Jx@u?v{5p(áɣ},r|%+ztgU@SV3`FO QEm*Qyic^[L+jsJMLf+v/KrTQEZO3*;UsEN)6?gL9*ZMTJi>Zך(*AXm@Q^}Dh ?W3,`Hs!&+61Aɧدd4QRoQHšzQE!5ڭD<v[ǼVJU(e8(փ cw^%Y qqֹLJ(Ah}# !!>4ڄ[2Sn= I&h0$(@ajXFD,*m[H*5 #(۱
Warning: fopen(https://newsweekme.com/wp-content/uploads/2017/05/2017-05-07T205438Z_1263177654_RC1AD1AFCA30_RTRMADP_3_FRANCE-ELECTION1-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

President elect Emmanuel Macron speaks at his victory rally near the Louvre in Paris, France May 7, 2017.

By Marcus Turner Jones

Emmanual Macron sealed a decisive victory in the final round of the French presidential elections, seeing off opposition from far right candidate Marine Le Pen to become the youngest president of France in history, at age 39.

Macron is a former investment banker who is pro-EU and pro-global. He has promised things like an end to the controversial state of emergency that was enforced after the Paris bombings, and is keen to preserve and strengthen ties with the EU. Le Pen, on the other hand, was planning to follow Britain in having a referendum on leaving the EU, however unlike the leadership in Britain at the time of the referendum, she would be doing it from a staunchly ‘leave’ stance. She also planned to severely restrict immigration, even removing French citizenship from people with dual nationality.

Populist Politics

Macron’s win was the result that had been long predicted in the polls, however there was a lot of concern from political analysts around the world that the polls might be misleading – given that polls had also predicted decisive wins for Hilary Clinton in last year’s presidential election, and that Britain would not vote in favor of leaving the EU in the Brexit referendum.

For many, the French presidential election was seen as a gauge of just how far reaching and strong the more populist movement in politics that lead to Brexit and the Trump presidency was. The fact that Le Pen lost the election indicates that the movement to the right seen in Britain and the U.S. is not as strong in France, but the fact that she made it further and secured more votes than the National Front ever have in France before shows that France is not without its more anti-immigration, nationalist sentiment.

Middle East Trade with France and the EU

Countries in the Middle East have a strong investment in France, with 380 Middle Eastern companies in operation there, employing around 24,000 people. Middle East investors also play a strong part in France, with 2016 seeing the UAE as the biggest investor, providing for 34 percent of Middle Eastern financial involvement in the French market, followed by Qatar and Lebanon with 18 percent each. The majority of investment at 36 percent targeted the Ile de France region of Paris, one of the major business hubs in Europe. Middle Eastern investment touches on a huge range of industries in France, including technology, hospitality, transport and agriculture.

Under Macron, none of this looks set to change, and with France’s position within the EU now secured and set to strengthen, much of the uncertainty around investing in France has been removed, meaning Middle Eastern investors will now find it a less risky prospect than a France that may have withdrawn from the EU and taken back the franc as currency had LePen won.

Macron is also keen to entice businesses, especially in the financial services sector, to relocate to Paris from London following Brexit. This could be an interesting area to watch for investors should he be able to create good incentives for Paris to become Europe’s new key financial centre.

Ultimately, with Macron’s win, there should be little for those in the Middle East with interests in France to worry about, and trade should continue as before. Increased stability in the euro may lead to a drop in gold price as the drive for safe havens may be reduced somewhat without the threat of France leaving the EU. However, with ongoing uncertainty in the U.K. and U.S., the effect of the French election on this may be minimal.

In short, aside from currency and commodity price fluctuations which investors may want to watch, the new French presidency should be an encouraging result for the Middle East.

Social Streams

Comments

comments

Facebook Comments

Website Comments

Post a comment