Category: Business

Riyadh– The General Authority for Military Industries (GAMI) announced the localization of a new multi-use monitoring system called “Zarqa Al-Yamama-Zali”, manufactured by the National Mechanical Systems Company, on the sidelines of the World Defense Show.

The “Zarqa al-Yamama-Zali” system represents an important step in the localization of electro-optical monitoring systems in the Kingdom, and a qualitative leap in the level and accuracy of these systems, and its contribution to meeting the market need of electro-optical systems.

It provides high performance in monitoring operations, and has the flexibility to operate through different control systems, while adapting it to multiple use modes to suit each task.

GAMI had worked in partnership with the Ministry of Interior and the National Mechanical Systems Company to have a contract for the manufacture and supply of the “Zarqa Al-Yamama-Zali” electro-optical system, and to discuss ways to develop it locally according to the highest international standards.

The “Zarqa Al-Yamama-Zali” system comes as a an application of the strategic directions in the localization of military industries in the Kingdom, as the GAMI works to determine trends and links between the beneficiaries and local manufacturers in the military industries system in the Kingdom.

Source: Saudi Press Agency

Riyadh– Deputy Minister of Commerce, Dr. Iman Al-Mutairi, who is also CEO of the National Competitiveness Center (NCC), received here today American and German business delegations, at the center’s headquarters in Riyadh.

During the meeting, Al-Mutairi discussed with the visiting American delegation the center’s new working plan aimed at implementing reforms that would enable the competitive environment to keep pace with new global trends based on productivity, sustainability, and inclusiveness, in addition to discussing means to enhance cooperation between the Saudi business sector and its foreign counterparts.

Al-Mutairi also had a meeting with a delegation from the German Chamber of Commerce, attended by several representatives of German companies operating in the Kingdom, during which the two sides discussed the Public Consultation Platform (Istitlaa)” and the Private Sector Feedback Platform “Visuals”, stressing the importance of keeping the business sector informed through these two platforms on the relevant laws and regulations.

Source: Saudi Press Agency

Makkah– The Vice-Chairman of the Board of Directors of the Makkah Chamber of Commerce, Marwan

Abbas Shaban, received a Jordanian industrial delegation during a visit to the Makkah Chamber, headed

by Jordan's Minister of Industry, Trade, and Supply Youssef Mahmoud Al-Shamali, and the President of

the Jordan and Amman Chambers of Industry, Eng. Fathi Al-Jaghbir.

During the meeting, the two sides stressed the strength of the historical and well-established relations

between Saudi Arabia and Jordan, which have witnessed continuous development throughout history.

On the sidelines of the meeting, an exhibition was held with the participation of 44 Jordanian companies

highlighting several investment opportunities.

The Makkah Chamber also signed an agreement of understanding with the Amman Chamber of

Industry, aimed at developing and activating bilateral and economic ties, and strategic partnerships

between business owners in Saudi Arabia and Jordan.

Source: Saudi Press Agency

Riyadh– Dr. Majid bin Abdullah Al-Qasabi, Minister of Commerce and Acting Minister of Media, who is also the accompanying minister, met here today with Cypriot Minister of Energy, Commerce and Industry Natassa Pilidou.

During the meeting, they reviewed a number of issues of common interest, particularly in the fields of trade and economy between the two countries.

The meeting was attended by Khaled Al-Sharif, Saudi ambassador to the Republic of Cyprus.

Source: Saudi Press Agency

Riyadh– As part of the Capital Market Authority’s “CMA” strategic objectives to regulate and develop the capital market, and based on the Capital Market Law issued by Royal Decree No. (M/30) Dated 2/6/1424 H, the CMA Board issued its Resolution to approve the Regulation on the Reporting of Violations of the Capital Market Law.

This Regulation aims to regulate reporting of violations of the Capital Market Law and its implementing regulations, or violations of the regulations of the Exchange, the Depository Center, or the Clearing Center. This includes the determination of the financial rewards for those who report such violations, the controls on granting the rewards, and the procedures that contribute towards the protection of those who report violations.

The CMA Board Resolution included that the Regulation on the Reporting of Violations of the Capital Market Law shall be effective as of the date of its publication, except for Article 10 of it, which shall be effective as of 09/08/1444H corresponding to 01/03/2023.

Source: Saudi Press Agency

Riyadh– Saudi Stock Exchange’s main index ended trading higher here today, gaining 119.94 points to close at 12,417.56 points.

The total value of the trading reported was SAR 9.9 billion, while the toll of shares traded was 235 million, divided into over 330,000 deals.

The Saudi Parallel Equity Market Index (NOMU) ended the day gaining 9.59 points, to close at 24,951.69 points, with a valuation of SAR 97 million and an overall tally of more than one million stocks traded and divided into as many as 3,823 deals.

Source: Saudi Press Agency

Riyadh, The Saudi Fund for Development (SFD) signed today, in the Republic of Togo, a bilateral agreement to postpone the debts due for development projects financed by the SFD in Togo, with the Togolese Minister of Trade, Industry, and Local Consumption, in the presence of a number of officials from both sides.

This comes as a continuation and implementation of the initiative of the G20, headed by the Kingdom of Saudi Arabia, for the year 2020, regarding the postponement of debts owed by the least developed and poorest countries, and based on motivating countries to take advantage of the created financial space to increase social, health and economic spending to face the repercussions of the Corona pandemic.

The SFD delegation, during its visit to Togo, took a field tour to follow up the progress of the Sokode-Bassar Road Rehabilitation Project, which is financed by the SFD with an estimated value of $17 million.

These projects aim to reduce injuries and deaths resulting from traffic accidents. The delegation also met with a number of project officials in the Ministry of Public Works and Transport and the Ministry of Finance in Togo to discuss the project’s work and stages of completion.

Source: Saudi Press Agency

A German newspaper and other media on Sunday said a leak of data from Credit Suisse, Switzerland’s second-biggest bank, reveals details of the accounts of more than 30,000 clients — some of them unsavory — and points to possible failures of due diligence in checks on many customers.

Credit Suisse said in a statement that it “strongly rejects the allegations and insinuations about the bank’s purported business practices.”

The German daily Sueddeutsche Zeitung said it received the data anonymously through a secure digital mailbox over a year ago. It said it’s unclear whether the source was an individual or a group, and the newspaper didn’t make any payment or promises.

The newspaper said it evaluated the data, which ranged from the 1940s until well into the last decade, along with the Organized Crime and Corruption Reporting Project and dozens of media partners including The New York Times and The Guardian.

It said the data points to the bank having accepted “corrupt autocrats, suspected war criminals and human traffickers, drug dealers and other criminals” as customers.

Credit Suisse said the allegations are “predominantly historical” and that “the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct.”

The bank said it had reviewed a large number of accounts potentially associated with the allegations, and about 90% of them “are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015.”

As for accounts that remain active, the bank said it is “comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework.” The bank also said the law prevents it from commenting on “potential client relationships.”

Switzerland has sought in recent years to shed its image as a haven for tax evasion, money laundering and the embezzlement of government funds, practices carried out through the misuse of its banking secrecy policies. But those laws still draw criticism.

The Sueddeutsche Zeitung published an excerpt from a statement by the source of the leak.

“I believe that Swiss banking secrecy laws are immoral,” it said. “The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.”

Source: Voice of America

Dubai, The UAE Minister of Energy and Infrastructure Suhail bin Mohammed Al-Mazrouei, met here today with the Hungarian Minister of Foreign Affairs and Trade, Péter Szijjarto, on the sidelines of Expo 2020 Dubai.

During the meeting, they discussed ways of strengthening bilateral relations and enhancing joint cooperation related to energy, clean energy, sustainability and water resources, and exchanging expertise and experiences in the fields of infrastructure, housing and transportation between the two countries.

Source: Saudi Press Agency

Riyadh– On behalf of Prince Faisal bin Bandar bin Abdulaziz, Governor of Riyadh Region, Prince Faisal bin Abdulaziz bin Ayyaf, Mayor of Riyadh Region, attended here today the ceremony held by Japan’s Embassy in the Kingdom of Saudi Arabia to celebrate its country’s national day.

Upon his arrival at the venue, the mayor of Riyadh region was received by Ambassador of Japan to the Kingdom of Saudi Arabia, Iwai Fumio.

The event was attended by a number of diplomatic corps accredited to the Kingdom.

Source: Saudi Press Agency