Latest news with #economicrelations
The National
4 hours ago
- Business
- The National
Saudi Arabia expected to sign $4bn worth of deals as it holds investment forum in Syria
Saudi Arabia is expected to sign agreements worth 15 billion riyals ($4 billion) during an investment forum in Syria's capital Damascus on Wednesday. The Syrian-Saudi Investment Forum 2025 will draw broad participation from the public and private sectors, the kingdom's Ministry of Investment, which is organising the event, said on Tuesday. The move is aimed at enhancing economic relations with Syria and the two sides will explore co-operation opportunities and sign agreements that promote sustainable development, the ministry said. Business agreements totalling more than 15 billion riyals will be sealed during the visit, Saudi-based AlEkhbariya News reported. The kingdom's high-level delegation will be led by Investment Minister Khalid Al Falih and includes more than 120 investors from across the sectors, it said. The forum is also expected to set out joint projects and the signing of memorandums of understanding between the two sides in various fields, Syria's state news agency Sana reported. That includes the launch of the Fayhaa White Cement Factory project in the Adra Industrial City in Damascus, which will expand cement production and support the country's reconstruction, Sana said. Gulf states are moving quickly to invest in Syria's post-Assad future, launching diplomatic, financial and infrastructure support. Following the ousting of former Syrian leader Bashar Al Assad in December, Saudi Arabia and Qatar jointly paid off Syria's $15.5 million debt to the World Bank, unlocking access to critical reconstruction grants. In May, the Syrian government also signed a $7 billion deal with a consortium of companies led by Qatar 's UCC Holding to add 5,000 megawatts to the national grid. The deal is aimed at doubling the country's power supply to boost its postwar economy. Dubai port operator DP World also signed an $800 million agreement to develop the port of Tartus, while Emirati businessman Khalaf Al Habtoor said he would be considering investments in Syria. Syrian President Ahmad Al Shara also held talks with Saudi Crown Prince Mohammed Bin Salman in Riyadh in February on economic co-operation, with the leaders discussing collaboration in the fields of energy, technology, education and health, according to Sana. The Syrian government this month also amended the country's investment law, in a move that is expected to support more domestic and foreign investment in the country. During a visit by a Saudi delegation last week, Syria's Minister of Economy and Industry, Mohammad Al Shaar said that the new law provides an attractive legal environment that promotes the entry of capital, Sana reported. The law will support the investment process and enhance the role of the private sector in reconstruction and economic development, the minister added.
South China Morning Post
15-07-2025
- Business
- South China Morning Post
The EU is doing itself no trade favours in pushing China on Russia
Ahead of the China-European Union summit , set to take place in Beijing on July 24, the 27-nation bloc seems determined to adopt a firm stance in its relationship with the world's second-largest economy. While accusing China of aiding Russia's war efforts in Ukraine, the EU also seeks what it sees as fairer economic relations. But can the growing pressure influence Beijing's position on Moscow and the Ukraine conflict? In a recent speech, European Commission President Ursula von der Leyen said Brussels 'cannot accept' that China is 'de facto enabling Russia's war economy' . She also said the EU's process of 'de-risking, not decoupling' from the world's second-largest economy must 'speed up'. This comes just days after Chinese Foreign Minister Wang Yi reportedly told top EU diplomat Kaja Kallas that Beijing did not want to see a Russian loss in Ukraine because it feared the United States would then shift its whole focus to Beijing. Von der Leyen's rhetoric suggests the EU has adopted an 'if you're not with us, you're against us' dichotomy in its approach towards China. But even if Beijing does not wish for Russia to lose the war, it does not necessarily mean it is interested in Moscow accomplishing all of its goals in Ukraine. Similarly, American support for Kyiv does not automatically imply that Washington wants Ukraine to secure a complete victory over Russia. If the US really benefits from the war and China is, as widely seen, the conflict's 'big winner' , then what does either power have to gain from ending the stalemate? More importantly, from Beijing's perspective, it would be highly problematic if a Russian victory resulted from US President Donald Trump's betrayal of Kyiv, however unlikely that seems. There is no free lunch in politics and policymakers in Beijing are fully aware the US would expect the Kremlin to make concessions in exchange for any US abandonment of Ukraine. What if those concessions mean Russia's decoupling from China? There has been growing concern among Russian analysts that Trump aims to sow discord between Moscow and Beijing, eventually using Russia as an instrument against China. But given that Trump, increasingly annoyed with Russian President Vladimir Putin, now says Washington must continue to send weapons to Ukraine and is threatening to to impose tariffs on any country doing business with Russia, the chances of Moscow and Washington normalising relations any time soon are rather low. Thus, the scenario of Russia being used by the Americans against China is not on the horizon.
Arab News
14-07-2025
- Business
- Arab News
Hungary's ambassador bids farewell to Saudi Arabia after a decade of diplomacy
RIYADH: Hungarian Ambassador to Saudi Arabia Balazs Selmeci bid farewell to the Kingdom as he concluded his decade-long tenure. Selmeci visited Arab News headquarters in Riyadh on Monday, where he met with Editor-in-Chief Faisal J. Abbas. The envoy said his goals were to strengthen political and diplomatic relations, expand economic ties and promote a positive image of Hungary in Saudi Arabia. At the same time, Selmeci sought to highlight Saudi Arabia's changes and opportunities in Hungary, as well as the hospitality and kindness of the Saudi people. 'I believe I achieved good results in both areas, thanks to the support of Saudi institutions, the people and my colleagues at the embassy,' Selmeci told Arab News. Reflecting on his time in the Kingdom, Selmeci highlighted the significant changes he witnessed over the years. He singled out the closing ceremony of Riyadh Season at King Fahd Stadium as a moment that symbolized Saudi Arabia's rapid transformation. Saudi society showed commitment to the reforms, leading to a more open and globally connected country. Balazs Selmeci, Hungarian Ambassador to Saudi Arabia He recalled that the stadium was full of men and women together, and Saudi ballet dancers performed on stage — something that would have been unimaginable earlier. 'At that moment, I realized how much Saudi Arabia had changed. I saw many talented Saudis and felt their happiness, both on stage and in the audience,' the envoy said. Over more than 10 years in Saudi Arabia, Selmeci observed the transformative impact of Vision 2030, including societal reforms and economic diversification. He added that social reforms — such as involving women in the workforce, increasing their participation across sectors, welcoming international visitors and events, and balancing tradition with modernization — laid the foundation for economic progress. 'Vision 2030 itself required great courage from the leadership and strong support from the Saudi people,' Selmeci said. From the outset, Saudi society showed commitment to the reforms, leading to a more open and globally connected country, he added. 'These social and ongoing economic reforms have increased Saudi Arabia's international presence and influence,' Selmeci said. He added that the reforms have allowed foreigners to better understand the Kingdom and build trust, and that the dedication of both the government and the people provides a strong foundation for success. Selmeci began his tenure as ambassador on Nov. 14, 2019, presenting his credentials to Saudi Foreign Minister Prince Faisal bin Farhan on Dec. 12, and to King Salman on Jan. 8, 2020. Before then, he served in Riyadh as deputy head of mission from March 2014 to June 2018, marking more than a decade since he first began working to strengthen Saudi-Hungarian relations. During his tenure, he oversaw the first-ever bilateral meeting between the two countries' foreign ministers in the Kingdom, as well as the first bilateral meeting between their defense ministers. Selmeci said that among the economic cooperation projects during his tenure, his favorites were the reestablishment of the Saudi-Hungarian Business Council, the launch of the Saudi-Hungarian Digitalization Cluster and the creation of the first Saudi-Hungarian joint venture in the Kingdom. He also extended his best wishes to the Saudi people, encouraging them to continue working with determination toward a better life, making the country more prosperous while preserving its traditions and heritage. Asked what message he would leave for his successor, Selmeci expressed hope that they would build on these achievements and accomplish even greater successes, while creating as many memorable experiences as he did. He added that his successor could count on the full support of the Saudi leadership, officials, the people, the diplomatic corps and embassy staff. In his closing remarks, the ambassador said he planned to return to the Kingdom in the future — 'even as a simple tourist, to walk in King Salman Park, visit Qiddiya or attend Expo 2030.'
bnok24
10-07-2025
- Business
- bnok24
Governor of the Central Bank of Egypt Hosts Governor of the People's Bank of China and Witness Signing of Three Memoranda of Understanding for Joint Cooperation
Within the framework of the strategic and historic relations between the Arab Republic of Egypt and People's Republic of China, H.E. Mr. Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), received H.E. Mr. Pan Gongsheng, Governor of the People's Bank of China (PBOC), and his accompanying delegation, during an official visit to Egypt, at the premises of the CBE. The two parties explored ways to enhance cooperation between their respective central banks, and develop mechanisms for exchanging technical expertise across areas of mutual interest to strengthen and advance economic relations between both countries On this occasion, Mr. Abdalla warmly welcomed Governor Gongsheng and his delegation to Egypt, expressing his delight at this visit, which reinforces the deep-rooted ties between the two countries. He emphasized that the visit presented a vital opportunity to exchange expertise and expand financial and banking cooperation, supporting economic stability and contributing to sustainable development for both countries. During the meeting, the two governors tackled important topics related to the local currency swap agreement, payments settlements in local currency, issuance of Panda Bonds and the creation of connectivity between the payments systems of the two countries. Moreover, the meeting tackled the importance of enhancing the presence of banks in the two countries along with promoting and encouraging bilateral investment flows After the meeting, the Governor of the CBE and his Chinese counterpart witnessed the signing of three MoUs to strengthen joint cooperation across various sectors. Notably, an MoU was signed between Suez Canal Bank, China-Africa 'TEDA' Investment Company, and CIPS Company Limited – the operational institution for the Cross-border Interbank Payment System 'CIPS' in China, with the aim of promoting the use of the Chinese Yuan within the China-Egypt Suez Economic and Trade Cooperation Zone Moreover, China's UnionPay International Company signed an MoU with the Egyptian Banks Company for Technological Advancement (EBC) in the field of electronic payment systems and services. The MoU focused on strengthening the e-payment infrastructure and expanding the acceptance of UnionPay cards across the Egyptian market, enabling cardholders to make purchases at all electronic Points-of-Sale (POS) terminals or e-commerce websites within the country Additionally, China's UnionPay Company signed a cooperation protocol with Paymob to promote electronic acceptance services for businesses and websites partnered with Paymob for UnionPay's cardholders These protocols reflected the Egyptian-Chinese commitment to boosting their bilateral strategic partnership and supporting economic integration efforts by advancing financial services infrastructure and expanding collaboration in the field of electronic payments, thereby contributing to the achievement of sustainable development goals and promoting trade and investment exchange between the two countries Google News تابعونا على تابعونا على تطبيق نبض CBEGovernor of the Central Bank of EgyptHassan Abdalla جاري التحميل ...
Malay Mail
09-07-2025
- Business
- Malay Mail
China says EU must fix its mindset, not China trade policy, ahead of key summit
BEIJING, July 9 — Beijing said today that the European Union needed to rebalance its 'mentality', not its economic ties with China, ahead of a summit between the two this month. 'It is hoped that the European side realises that what needs to be rebalanced right now is Europe's mentality, not China-EU economic and trade relations,' foreign ministry spokeswoman Mao Ning said. European Commission president Ursula von der Leyen said yesterday that the EU would seek to rebalance economic ties with China, demanding it eases market access for European firms and loosen export controls on rare earths. Addressing the European Parliament in Strasbourg, von der Leyen said Beijing was running the largest trade surplus 'in the history of mankind' exporting vast amounts to the EU while making it harder for European companies to do business in China. The trade deficit between China and the EU was a yawning $357 billion in 2024. The commission leader, who will travel to Beijing with European Council President Antonio Costa, said the pair will seek to loosen export restrictions on rare earths—while Brussels also looks at 'developing alternative supply resources'. Beijing snapped back on Wednesday, saying that in the 'current turbulent situation', the bloc and China should 'properly handle divergences and frictions'. 'We hope that the European Union will truly establish a more objective and rational understanding of China and pursue a more positive and pragmatic China policy,' Mao said. — AFP pic
