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Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)
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Saudi Investment Ministry Signs 12 MoUs with Int’l Companies at World Defense Show 2024

World Defense Show 2024 in Riyadh (SPA)
World Defense Show 2024 in Riyadh (SPA)

The Ministry of Investment has concluded its participation in the World Defense Show 2024, held in Riyadh, where it showcased available investment opportunities in the Kingdom as well as the support services it offers to investors as it leads the national endeavor to improve the investment climate in the Kingdom, SPA said on Friday.
During the four-day conference that ended Thursday, the Ministry of Investment and the General Authority for Military Industries (GAMI) signed 12 memoranda of understanding (MoUs) with international companies working in the defense sector -- including Airbus, Leonardo industrial group, Lockheed Martin Corporation, Roketsan, and others -- in a bid to enhance cooperation in areas related to investment in the defense sector in the Kingdom.
It discussed a wide range of investment opportunities that will contribute to achieving the Kingdom's ambitious goals to increase the contribution of foreign direct investment to gross domestic product (GDP) to 5.7%, the contribution of the private sector to GDP to 65%, and to localize 50% of spending on the military sector by 2030.
The Ministry of Investment also sponsored an agreement to establish a joint entity between Qudra Industrial Co. and Steelcore Inc. to localize, manufacture, and innovate small arms.
The World Defense Show is held every two years with the aim of empowering defense and security institutions to keep pace with defense developments and technical solutions in line with the targets of the Saudi Vision 2030.

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China Unveils ‘Special Action Plan’ to Boost Domestic Consumption

Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
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China Unveils ‘Special Action Plan’ to Boost Domestic Consumption

Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)
Local Chinese tourists walk along the the Turret of the Forbidden City of Beijing, China, Sunday, March 16, 2025. (AP Photo/Vincent Thian)

China's State Council unveiled on Sunday what it called a “special action plan” to boost domestic consumption, featuring measures including increasing residents' income and establishing a childcare subsidy scheme.

The plan comes as levels of consumer demand in China have suffered various setbacks in recent years, due to factors such as COVID-19 disruptions and a prolonged property slump, chilling the propensity of households to spend and adding to deflationary trends.

The plan was issued to all regions and departments to “vigorously boost consumption, expand domestic demand in all directions, improve consumption capacity by increasing income and reducing burdens,” a report from the Council said.

The plan comes a week after Chinese Premier Li Qiang's work report to the National People's Congress which focused on boosting household spending to cushion the impact of weak external demand.

Pressure has been building on Chinese officials for consumer-focused stimulus measures to fend off deflationary pressures and reduce the world's second-largest economy's reliance on exports and investment for growth.

The plan released on Sunday called for increasing urban and rural incomes and said farmers' incomes should be boosted by measures such as housing reforms.

The action plan was wide-ranging but was limited in promising concrete resources to support local governments as they formulate actual measures to implement the plan.

The plan also envisaged measures to stabilize the stock market but gave no details on when and how this could happen.

Authorities should “study and establish a childcare subsidy system,” as well as implement flexible employment and the opening of pediatric outpatient clinics at night in general hospitals. Community and employer-run childcare services are also to be encouraged.

Workers' rights and vacation days must be guaranteed and paid annual leave and short holidays should be encouraged. Financial subsidy standards for urban and rural residents' basic pensions are also to be increased.

There were also proposals to boost tourism such as expanding the number of countries whose travelers don't need visas.

Caption: Customers shop at the Wankelai store in Beijing, China February 27, 2025. Reuters/Tingshu Wang/File Photo