Latest news with #NationalCompetitivenessCenter
Saudi Gazette
5 days ago
- Business
- Saudi Gazette
Commerce and sports ministers participate in roundtable on Saudi-British sports cooperation
Saudi Gazette report LONDON — Saudi Minister of Commerce Dr. Majid Al-Qasabi has affirmed at the Saudi-UK Strategic Partnership Council that Saudi vision 2030 launched by Crown Prince Mohammed bin Salman transformed the Saudi economy and created promising opportunities in many vital sectors. He explained that the Saudi-British partnership is unique, and the UK is the second-largest exporter of services in the world. He added that the two countries can cooperate to establish a global integration system that covers many aspects of sports, tourism, culture, arts, and technology, all of which have become a global language that requires no translation. The meeting was also attended by Saudi Minister of Sports Prince Abdulaziz bin Turki, and Sir Chris Bryant, UK's Minister of State for Creative Industries, Arts and Tourism. The roundtable, organized by the National Competitiveness Center in cooperation with the UK Department for Business and Trade, focused on introducing companies to the promising opportunities offered by the Kingdom's hosting of international sporting events, such as the 2034 World Cup. It also addressed opportunities for cooperation in areas supporting the sports sector, such as technology, infrastructure, construction, facility operations, and planning and execution of major events. In a meeting with Jonathan Reynolds, Minister of State for Business and Trade, which was attended by Prince Khalid bin Bandar, Saudi Ambassador to UK, and Neil Crompton, British Ambassador to the Kingdom, Al-Qasabi discussed enhancing cooperation in developing the sports sector in light of Saudi hosting major events such as the 2034 World Cup. They reviewed the progress of initiatives emerging from the economic and social committees of the Saudi-British Strategic Partnership Council, including developments in the negotiations of the Free Trade Agreement between UK and the Gulf Cooperation Council countries. During the meeting, the two sides highlighted the importance of the Saudi-British Future Skills Initiative and its impact on developing skills in sectors of mutual interest, in addition to the continuation of the Great Futures Initiative for 2025. The Saudi delegation's agenda on the first day included a field visit to Queen Elizabeth Olympic Park and its facilities. The delegation was briefed on the facilities' capabilities and experience in hosting entertainment and sporting events. The participating entities in the visit included the ministries of Commerce, Sports, Investment and Finance, the Supreme Committee for Hosting the 2034 World Cup, the Public Investment Fund, the National Competitiveness Center, the Saudi Business Center, the National Center for Privatization, and a number of major national companies specializing in sports events, infrastructure, and media. Al-Qasabi arrived in the British capital, London, on a working visit, accompanied by a delegation comprising officials from nine government agencies and 30 leaders from the business sector and major national companies. The visit aims to build economic partnerships in the sports sector between the two countries, strengthen relations across various priority sectors, and raise the level of commercial partnerships.
Leaders
13-05-2025
- Business
- Leaders
Saudi Arabia Develops E-commerce, Digital Trade Measurement with UNCTAD
Saudi Arabia's National Competitiveness Center signed an agreement with the United Nations Conference on Trade and Development (UNCTAD) on May 12 to measure e-commerce and digital trade, according to the Saudi Press Agency. Signed on the sidelines of the eighth session of the intergovernmental group of experts on e-commerce and the digital economy, the deal seeks to develop the Kingdom's e-commerce and digital trade policies. To this end, the partnership aims to conduct a comprehensive survey to evaluate the current state before data collection and analysis. Therefore, both entities can determine the best guidelines and recommendations based on the state-of-the-art practices. During the signing ceremony, the Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Eman Al-Mutairi said that the Kingdom had been making bold strides toward the fulfillment of Saudi Vision 2030 objectives. This ongoing progress further strengthens its strategic position as a successful country with diversified and competitive economy across social, economic and cultural sectors. Organized by the UNCTAD in Geneva, Switzerland, the 8th session provided the Kingdom with a valuable platform to show its latest economic reforms and infrastructure upgrades. Related Topics: Mawani Scores 231.7 Points in UNCTAD's Q2 2024 SDB, UNCTAD Launch Fintech Hub Program, Boost Financial Technology Saudi Arabia to Host UNCTAD Global Supply Chain Forum in 2026 Short link : Post Views: 59 Related Stories
Arab News
13-05-2025
- Business
- Arab News
Saudi Arabia and UNCTAD ink deal to measure e-commerce and digital economy
RIYADH: Saudi Arabia and the UN Trade and Development have signed an agreement aimed at enhancing the formulation of e-commerce and digital economy policies in the Kingdom. According to the Saudi Press Agency, the agreement will help build a framework in the Kingdom's e-commerce sector by implementing a survey to assess the current situation and disseminating the data in accordance with international best practices. The agreement was signed by the Kingdom's Vice Minister of Commerce, Eman Al-Mutairi, during the 8th session of the Intergovernmental Group of Experts on E-Commerce and the Digital Economy in Geneva on May 12. In a separate statement, UNCTAD said that Saudi Arabia has committed $1.4 million to support its work on measuring e-commerce and the digital economy. UNCTAD has estimated that global e-commerce sales reached over $27 trillion in 2022, based on the latest available data covering businesses in 43 developed and developing economies. Saudi Arabia's e-commerce sector is also witnessing rapid momentum, with 40,953 businesses registered across the Kingdom by the end of 2024, representing a 10 percent year-on-year rise. 'This partnership with UNCTAD will further solidify the Kingdom's leadership in the digital domain, enabling us to effectively measure and harness the vast economic potential of e-commerce for our businesses, thereby reinforcing our global competitiveness,' said Al-Mutairi, who is also the CEO of the Kingdom's National Competitiveness Center. She further added that the Kingdom is steadfastly advancing its ambitious transformation agenda by positioning itself as a diversified and competitive economy across economic, social and cultural spheres. UN Trade and Development Secretary-General Rebeca Grynspan said that measuring the actual value of e-commerce opportunities remains 'a great challenge.' She added: 'Under this agreement, we will be able to develop the evidence base needed to understand the current 'state of play' regarding e-commerce in the Kingdom of Saudi Arabia, but also improve measurement at the global level.' UNCTAD said that the collaboration with Saudi Arabia consists of two tracks – domestic and international. The domestic track will focus on assessing the degree of digital trade uptake and value of e-commerce transactions in Saudi Arabia — one of the largest economies in the Middle East. The international track will support the work of a dedicated task group convened by UNCTAD, comprising experts from more than 25 countries and fellow international organizations. Saudi Arabia's National Competitiveness Center has several partnerships with international organizations to benefit from their practices and experiences in the areas of improving and developing the Kingdom's competitiveness, and UNCTAD is one of its most important partners.
Zawya
28-04-2025
- Business
- Zawya
Saudi: SAMA seeks public consultation on 'update to the implementing regulations of the finance companies Control law' draft
Riyadh: The Saudi Central Bank (SAMA) announced in a press release today the launch of the draft 'Update to the Implementing Regulations of the Finance Companies Control Law' for public consultation through 'Istitlaa' Platform of the National Competitiveness Center. The draft update comes as part of SAMA's supervisory and regulatory role over the finance sector, as well as its continuous efforts to support the sector's stability and growth by increasing the aggregate finance amount offered by a finance company. Moreover, the update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications. The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies. The submission window for feedback and comments on the draft 'Update to the Implementing Regulations of the Finance Companies Control Law' will be open for 30 days. Afterward, all feedback and comments will be considered, and the final version will be approved.
Arab News
27-04-2025
- Business
- Arab News
Saudi Arabia proposes lower bank guarantee requirements for finance licenses
RIYADH: Saudi Arabia is considering steps to lower the bank guarantee requirements for financial companies seeking licenses, part of efforts to bolster the Kingdom's financial sector. In a statement, the Saudi Central Bank, known as SAMA, said it has launched a public consultation on a draft update to the Finance Companies Control Law through the National Competitiveness Center's 'Istitlaa' platform. The draft proposes regulatory changes aimed at supporting sector growth and stability. The draft update highlights SAMA's ongoing efforts to support the financial sector's stability and growth by increasing the aggregate financing amount offered by a company. 'The update includes easing the requirements for companies applying for licenses by reducing the bank guarantees required to submit licensing applications,' said SAMA. It added: 'The update also includes a revision of relevant provisions stipulated by related parties and outlines cases of expiration of licenses granted to finance companies.' Under the draft, the minimum bank guarantee would be cut to 20 percent of the minimum required capital, compared to the current requirement of 100 percent, according to the regulatory proposal reviewed by Arab News. This change is designed to enable finance companies to provide more liquidity and raise their contribution to Saudi Arabia's gross domestic product. The draft also introduces clearer criteria for approving new activities by finance companies, requiring applicants to demonstrate adequate risk management frameworks, sufficient financial resources, and compliance with governance standards. It defines specific cases where licenses can be revoked, including prolonged inactivity or violation of regulatory obligations. The public comment period will be open for 30 days, after which SAMA will assess feedback before finalizing the new regulations. Strengthening the financial sector is a key priority under Saudi Arabia's Vision 2030. As part of this effort, the Kingdom launched the Financial Sector Development Program to transform its stock exchange into a strong, internationally competitive investment platform. In 2018, Saudi Arabia also introduced the Fintech Saudi initiative, helping the Kingdom emerge as a leading fintech hub in the Middle East by fostering innovation and expanding digital payments. SAMA has played a critical role in these initiatives, implementing progressive regulations, including a regulatory sandbox for supervised testing of advanced technologies and specialized licenses for fintech businesses.
