Geneva, Riyadh Seek to Encourage Joint Investment in Mining

Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
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Geneva, Riyadh Seek to Encourage Joint Investment in Mining

Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)
Minister of Industry and Mineral Resources during a round table meeting in Bern (Asharq Al-Awsat)

Saudi Arabia and Switzerland are seeking to increase economic cooperation and joint investments in the mining sector.

In this context, Swiss Ambassador to Riyadh Yasmine Chatila confirmed that more than 100 Swiss companies are operating in the Kingdom in various fields, including the industrial sector, which she said will contribute to the transfer of expertise and technologies.

In remarks to Asharq Al-Awsat, Chatila said: “In terms of economic cooperation between the two countries, there are a large number of Swiss companies in Saudi Arabia that have agents and direct investments in several sectors. Chief among them is the industrial sector.”

On Monday, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef began an official visit to Switzerland to review the promising opportunities in the industrial and mining sectors, in addition to opening new channels of communication with investors between the two countries.

The Saudi minister called for strengthening bilateral cooperation in the industrial and mining sector, and increasing access to non-oil exports.

His comments came during a roundtable discussion on Thursday in Bern, in the presence of Helene Budliger Artieda, Swiss State Secretary for Economic Affairs, and the participation of more than 15 major Swiss companies.

Al-Khorayef also discussed enhancing the role of the industrial and mining sectors as options in diversifying the economic base, by opening the doors to investors from all over the world, pointing out that Swiss companies contribute to training Saudis and transferring knowledge and technology in the fields of tourism.

The volume of Saudi non-oil exports to Switzerland amounts to more than 3.42 billion riyals ($912 million) and include natural and cultured pearl products, precious metals and jewelry.

Saudi imports total around 17.67 billion riyals ($4.4 billion), mainly consisting of jewelry, medicines, heavy machinery and food products.



Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
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Saudi Arabia Continues Campaign against Violations of Car Dealers, Showrooms

Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat
Vehicle prices in Saudi Arabia have witnessed a significant increase. Asharq Al-Awsat

The Saudi General Authority for Competition (GAC) continues its campaign to crack down on violations committed by car dealers and showrooms.

On Tuesday, GAC issued decisions to initiate criminal lawsuits against 107 institutions and to study settlement requests submitted by 17 others.

This came after vehicle prices in Saudi Arabia witnessed a significant increase, prompting the concerned government agencies to verify and stop market manipulation.

According to information made available to Asharq Al-Awsat, the Authority investigated last year 155 establishments operating in the automobile sector, and found that 124 institutions have violated the provisions of the Competition Law and its executive regulations.

Violations included agreements between firms on fixing vehicle prices and dividing markets on the basis of geographical areas.

The Authority noted that these violations led to reducing competition and affecting consumer well-being, forcing the Board of Directors to initiate criminal lawsuits against 107 establishments, and to study settlement requests submitted by 17 others.

In January, the Authority approved filing charges against 79 firms, including agents, distributors, and car showrooms, for violating the law and its executive regulations.

The GAC Board held its 85th meeting on Tuesday and decided to initiate a criminal case against a number of establishments, due to allegations of price-fixing, market division, and other anticompetitive practices.

Moreover, the Board reviewed the results of an investigation in the education and industry sectors, and approved taking the necessary measures against six institutions.

It also decided to approve settlement requests submitted by two firms serving cold and hot beverages and pastries, after reviewing the results of the relevant study and investigation.