Saudi-listed AICTEC, China's ZKTeco plan opening new factory in Kingdom
Saudi-listed Advance International Company for Communication and Information Technology (AICTEC) has signed a memorandum of understanding (MoU) with the Chinese company ZKTeco to establish a factory in Saudi Arabia.
ZKTeco will hold a 60% stake, while AICTEC will own the remaining 40% in the new company, which will have a total capital of $1.5 million (SAR 5.63 million), AICTEC said in a statement to Tadawul.
The new plant will focus on local manufacturing and assembly of security inspection gates, vehicle and pedestrian access control gates, and modern technical systems.
ZKTeco, listed on the Shenzhen Stock Exchange, develops biometric solutions and AI-powered spatial cognitive intelligence technologies.
The joint venture will primarily serve the Saudi market but plans regional expansion, the statement added.
(Editing by Anoop Menon) (anoop.menon@lseg.com)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Al Etihad
an hour ago
- Al Etihad
Asian markets extend gains as China-US talks head into second day
10 June 2025 08:33 Hong Kong (AFP) Asian stocks squeezed out more gains Tuesday as the latest round of China-US trade talks moved into a second day, with one of Donald Trump's top advisers saying he expected "a big, strong handshake".There is optimism the negotiations -- which come after the US president spoke to Chinese counterpart Xi Jinping last week -- will bring some much-needed calm to markets and ease tensions between the economic advances in Asian equities built on Monday's rally and followed a broadly positive day on Wall Street, where the S&P 500 edged closer to the record high touched earlier in the week's meeting in London will look to smooth key issues on the agenda at the talks are expected to be exports of rare earth minerals used in a wide range of things including smartphones and electric vehicle batteries."In Geneva, we had agreed to lower tariffs on them, and they had agreed to release the magnets and rare earths that we need throughout the economy," Trump's top economic adviser, Kevin Hassett, told CNBC on even though Beijing was releasing some supplies, "it was going a lot slower than some companies believed was optimal", he he said he expected "a big, strong handshake" at the end of the talks."Our expectation is that after the handshake, any export controls from the US will be eased, and the rare earths will be released in volume," Hassett also said the Trump administration might be willing to ease some recent curbs on tech president told reporters at the White House: "We are doing well with China. China's not easy."I'm only getting good reports."Tokyo led gains in Asian markets, with Hong Kong, Shanghai, Sydney, Seoul, Singapore, Taipei, Wellington and Jakarta also well up."The bulls will layer into risk on any rhetoric that publicly keeps the two sides at the table," said Pepperstone's Chris Weston."And with the meeting spilling over to a second day, the idea of some sort of loose agreement is enough to underpin the grind higher in US equity and risk exposures more broadly."Investors are also awaiting key US inflation data this week, which could impact the Federal Reserve's monetary policy amid warnings Trump's tariffs will refuel inflation strengthening the argument to keep interest rates on it also faces pressure from the president to cut rates, with bank officials due to make a decision at their meeting next week. While recent jobs data has eased concerns about the US economy, analysts remain cautious. Stock Markets Continue full coverage
Arabian Post
an hour ago
- Arabian Post
Diplomats Seek Breakthrough in London Trade Truce
Top-level officials from Washington and Beijing convened at London's historic Lancaster House to try to uphold a fragile trade truce. The US team—led by Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer—pressed China to lift export restrictions on rare earth minerals, a linchpin in sectors from electric vehicles to semiconductors. China's delegation, headed by Vice‑Premier He Lifeng and joined by Commerce Minister Wang Wentao and vice‑minister Li Chenggang, emphasised sustaining the state‑driven economic model while seeking concessions on US visa rules and technology access. Talks resumed for a second day, with a declared focus on export‐control mechanisms that threaten to unravel the Geneva‐brokered tariff truce agreed on 12 May. That earlier pact suspended punitive levies exceeding 100 percent for 90 days, offering markets a brief reprieve. The inclusion of Howard Lutnick underscores the significance of rare earths, as Washington eyes relief from export curbs imposed this year. Economic data highlights the toll of stifled trade: China's exports to the US plunged 34.5 percent year‑on‑year in May—the steepest decline since early 2020—driven by both tariff escalation and export restrictions. In the US, while inflation remains subdued and employment resilient, early indicators hint at a cooling economy amid these disruptions. ADVERTISEMENT Diplomatic momentum emanates from a phone call between President Donald Trump and President Xi Jinping on 5 June—their first such exchange since Trump's inauguration—where Xi reportedly signalled Beijing's willingness to resume shipments of rare earths. Trump later described the discussion as yielding 'very positive' outcomes and claimed he was 'only getting good reports' from the London delegation. US National Economic Council Chairman Kevin Hassett offered further assurances, stating the administration was preparing to ease certain high‑tech export restrictions and expecting China to significantly ramp up rare earth shipments. Chinese officials upheld their stance on economic self‑reliance, under Xi's 'dual‑circulation' policy, signalling reluctance to overhaul structural economic controls. Analysts suggest Beijing may exchange modest export concessions for US rollbacks on visa limits for Chinese nationals and access to cutting‑edge semiconductor technology. Despite the diplomatic overtures, analysts caution that ambitions for sweeping reform are unlikely. The US retains a hawkish posture and is pursuing broader decoupling from China on strategic supply chains, reducing the odds of a comprehensive agreement. Eurasia Group chief Ian Bremmer warned there was 'little prospect for the bilateral relationship to become constructive' amid entrenched structural differences. European manufacturers, notably German automakers, have raised alarm over supply bottlenecks from China's rare earth export licensing regime, implemented in April, citing risks to global production schedules. The talks have therefore resonated well beyond the bilateral agenda, prompting heightened interest from supply‑chain dependent nations. UK officials, though officially not party to the negotiations, provided logistical support and voiced encouragement. Chancellor Rachel Reeves met with both delegations on the sidelines, while Business Secretary Jonathan Reynolds engaged with Chinese counterparts. British leaders clearly signalled a preference for diplomacy, stating that a trade war 'is in nobody's interests'. Institutionally, this dialogue reflects the newly established China‑US economic and trade consultation mechanism, replacing previous multi‑track platforms and underscoring a shift towards direct and high‑level engagement. Legal complications persist in Washington: the Trump administration is appealing a federal ruling that its tariff actions exceed presidential authority. A decision from the appellate court, possibly extending to the Supreme Court, could determine whether tariffs remain in force during the review process. Markets responded with tentative optimism: global equities recovered a significant portion of pre‑talk losses following the Geneva truce and subsequent London announcements. However, investors remained cautious, aware the staged progress may not translate into lasting reform. The London round, stretching into Tuesday, is shaped by urgency driven from both capitals. Washington seeks tangible actions: resumed access to rare earths and easing of advanced technology curbs. Beijing aims to protect its economic model while negotiating incremental gains, such as improved visa issuance and broader recognition of Chinese tech firms. This high‑stakes diplomacy marks a pivotal moment in a wider geopolitical contest for economic supremacy. Whether the Lancaster House talks blossom into a durable détente or merely delay the next escalation depends on bridging both substantive and strategic divides.
Zawya
4 hours ago
- Zawya
GIA Redefines Lab-grown Diamond Grading Standards Discontinuation of 4Cs Grading System Enhances Differentiation Between Natural and Lab-Grown Diamonds
HONG KONG SAR - Media OutReach Newswire - 10 June 2025 - The Gemological Institute of America (GIA), the world's foremost authority in gemology announced a redefinition in diamond grading on June 2, 2025. Beginning at the end of 2025, GIA will cease using the internationally recognized 4Cs grading system (Cut, Colour, Clarity, Carat) for lab-grown diamonds. Instead, GIA will implement a new descriptive grading system that lab-grown diamonds submitted to GIA will receive simplified descriptors—categorized broadly as either "premium" or "standard" or no grade at all if the quality is subpar. This transformative change marks a historic shift in the global diamond industry, not only redefining the value perception of lab-grown diamonds but also enhancing the differentiation between natural and lab-grown diamonds. This initiative is not merely a terminology adjustment; it represents a systematic effort to separate the grading systems for lab-grown and natural diamonds. As a non-profit organization, GIA emphasizes the fundamental differences between the two, including their formation processes, physical characteristics, and market values. According to Tom Moses, GIA Executive Vice President and Chief Laboratory and Research Officer, "More than 95% of lab-grown diamonds entering the market fall into a very narrow range of color and clarity. Because of that, it is no longer relevant for GIA to describe man-made diamonds using the nomenclature created for the continuum of color and clarity of natural diamonds." Reaffirming the Unique Value of Natural Diamonds This revision of grading standards is another milestone following GIA's abandonment of the term "Synthetic" and its move to describe lab-grown diamonds in relation to natural diamond standards. GIA created the 4Cs—cut, colour, clarity, and carat weight—as a rigorous system to help consumers understand the unique and qualities of natural diamonds. With the new lab-grown diamond grading system, the core value of natural diamonds—rarity and emotional attributes are further emphasized. No two natural diamonds are exactly alike. Every natural diamond is unique, characterized by its distinct growth patterns, inclusions, and colour formed over billions of years. These nature's treasures, formed deep within the Earth, are considered valuable collectibles due to their beauty, rarity and non-renewability. They symbolize values associated with love, commitment, and eternity, while also contributing to the social and economy welfare of the diamond mining communities through responsible mining practices. In contrast, lab-grown diamonds are man-made and mass-produced using high-pressure high-temperature (HPHT) or Chemical Vapor Deposition (CVD) processes. Their industrial nature limits their ability to embody the multiple values associated with natural diamonds, including emotional attributes, rarity, investment potential, and heritage. GIA's reform not only reaffirms the irreplaceable status of natural diamonds but also clarifies that lab-grown diamonds should not be assessed using the same criteria as natural diamonds. Ensuring Consumer Awareness and Transparency Over time, some lab-grown diamond sellers have been using ambiguous marketing terms such as "sustainability" and "equivalency" that may mislead consumers about the differences between lab-grown and natural diamonds. GIA's new approach ensures consumers can make informed choices without confusion, protecting their rights to knowledge, choice, and fair trade. By discontinuing the use of the 4Cs standard for lab-grown diamonds, GIA reaffirms its commitment to scientific integrity and public transparency. GIA's grading redefinition is poised to have a profound impact on the global jewellery industry. As this change takes effect by the end of 2025, it is anticipated that gemological institutes worldwide will follow suit. The boundaries between natural and lab-grown diamonds are clearly defined through GIA's new grading standards. Hashtag: #GIA #NaturalDiamonds #LabGrownDiamonds #DiamondCertification #DiamondGrading The issuer is solely responsible for the content of this announcement. A Diamond is Forever
