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China-Saudi Investment Conference to Kick off in Beijing Next Tuesday

Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
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China-Saudi Investment Conference to Kick off in Beijing Next Tuesday

Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)
Saudi Arabia is seeking to increase investments and trade exchange worldwide. (Asharq Al-Awsat)

China will be hosting the China-Saudi Investment Conference in Beijing next Tuesday, SPA said on Saturday.
The Ministry of Investment is organizing the event in coordination with the China Chamber of Commerce for the Import and Export of Machinery and Electronic Products (CCCME).
The event will take place on the sidelines of a visit by Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih to China and the Hong Kong Special Administrative Region from 7 - 12 December 2023.
This conference aims to enhance the existing strategic partnership between Saudi Arabia and China in investment, trade, and the economy. It is aligned with the Kingdom's Vision 2030, which seeks to strengthen strategic partnerships and advance trade and investment activities in various fields.
The conference also supports the Chinese Belt and Road Initiative, which aims to connect Asia with Africa and Europe.
More than 700 attendees, including high-level government representatives, senior officials, CEOs, investors, and entrepreneurs, are anticipated at the conference. Their focus will center on reviewing and discussing investment opportunities and initiatives aimed at fostering increased cooperation between the two countries.
The conference agenda includes dialogue sessions covering various topics, such as clean energy, finance, investment, mining, metals, tourism, entertainment, food security, agriculture, logistics services, shipping, supply chains, digital economy, artificial intelligence, modern manufacturing industries, and advanced technology through workshops.
In addition to the conference, the minister will embark on visits to several Chinese cities to meet with business leaders in those regions. Technical teams from the Ministry will conduct workshops and field visits in these cities to explore cooperation opportunities aimed at enhancing economic and investment relations. Participation is expected from representatives in both the government and private sectors.
During the recent Asia Future Investment Initiative (FII) Priority Summit held in Hong Kong, the Minister of Investment took part in a symposium. Here, he emphasized the pivotal role of the Middle East region in fostering prosperity among Southern countries. He stressed the significance of energy and digital transformation as tools for achieving development leading the region towards globalization.
The diplomatic ties between the Kingdom and China span over 30 years, with China currently being Saudi Arabia's largest trading partner. The trade and investment between the two nations have shown significant growth in recent years.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.