Wednesday, 24 February, 2021 - 11:30
Saudi Crown Prince Mohammed bin Salman welcomes Qatar’s Emir Sheikh Tamim bin Hamad Al Thani upon his arrival to attend the Gulf Cooperation Council’s (GCC) 41st Summit in Al-Ula, Saudi Arabia January 5, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS Riyadh- Asharq Al-Awsat
The private sector in both Saudi Arabia and Qatar is actively working to revive the joint business council, in a step that follows the restoration of the political and economic relations between the two countries that marked Al-Ula GCC Summit earlier this year.
According to information obtained by Asharq Al-Awsat, the Council of Saudi Chambers has informed the Chambers of Commerce and Industry in the regions of the Kingdom to open candidacies for the membership of the Joint Saudi-Qatari Business Council, calling on those wishing to participate to review the special conditions and s
INTERVIEW: Building up Saudi Arabia’s defenses Frank Kane
https://arab.news/6wtnd Saudi Arabia spends more on defense than all but a few other countries, but until now it has imported virtually all of its military equipment from abroad. Walid Abu Khalid aims to change that completely and irrevocably. Abu Khalid, with a long career in the international defense industry, is CEO of Saudi Arabia Military Industries (SAMI), the company charged with expanding the Kingdom’s indigenous defense industry, with the goal of localizing at least 50 percent of supply by 2030. That is a challenging target compared with a level of around 3 percent when SAMI was set up in 2017, but he is confident he can achieve it. “I’m shooting for a minimum of 60 percent, maybe more,” he told Arab News.
Abu Dhabi: The Saudi Ministry of Commerce has rewarded 19 citizens and residents for reporting fraudulent products, local media reported.
The rewards are an implementation of the Anti-Commercial Fraud Law, which stipulates 25 per cent of collected fines be granted to whistle-blowers,
The Saudi anti-commercial fraud system provides penalties of up to three years imprisonment, and financial fines of SR1 million ($266,600) or both, naming and shaming the violator, deporting the offenders, and suspending the business.
A summary of a fraud conviction is published in two daily newspapers at the convicted person’s expense, provided one of the newspapers is published in the area the violation occurred.
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by Xinhua writers Liu Xi, Yan Jing
CAIRO, Dec. 10 (Xinhua) The Gulf countries face new challenges in implementing their strategic visions of economic transformation and diversification amid the shadows of the COVID-19 pandemic and lower oil prices in 2020, but the digital economy has injected unprecedented vitality into the region.
Experts said that the cooperation between Gulf countries and China is promising in the fields of developing digital economy and new technologies, as those countries seek ways to tackle the new challenges.
DUAL CHALLENGES
Some Gulf countries launched long-term visions for economic development between 2016 and 2017 to reduce their traditional dependence on oil revenues and realize economic diversification.
Source: Xinhua|
Editor: huaxia
by Xinhua writers Liu Xi, Yan Jing
CAIRO, Dec. 10 (Xinhua) The Gulf countries face new challenges in implementing their strategic visions of economic transformation and diversification amid the shadows of the COVID-19 pandemic and lower oil prices in 2020, but the digital economy has injected unprecedented vitality into the region.
Experts said that the cooperation between Gulf countries and China is promising in the fields of developing digital economy and new technologies, as those countries seek ways to tackle the new challenges.
DUAL CHALLENGES
Some Gulf countries launched long-term visions for economic development between 2016 and 2017 to reduce their traditional dependence on oil revenues and realize economic diversification.