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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
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Saudi Arabia, Austria Discuss Boosting Economic Cooperation

The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA
The Saudi Minister of Economy and Planning has held talks with Austria’s Minister of Labor and Economy. SPA

The Saudi Minister of Economy and Planning, Faisal bin Fadhil Alibrahim, has held talks with Austria’s Minister of Labor and Economy Dr. Martin Kocher on ways to enhance economic cooperation between the Kingdom and Austria.

Representatives from the public sector attended on Wednesday the meeting that took place during Alibrahim’s official visit to Austria.

During the visit, the Saudi Minister of Economy and Planning also participated in a roundtable discussion with the Federation of Austrian Industries.

Representing over 80% of manufacturers in Austria, the forum provided an excellent opportunity for fruitful dialogue.

In his remarks at the roundtable, Alibrahim stressed the importance of unlocking opportunities of mutual benefits to the two countries through collaboration in industry, trade and investment, and the importance of private sector partnerships.

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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
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Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.