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Saudi Arabia: Additional Benefits for Major Investors, CEOs of Local and Int’l Companies

Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
TT
TT

Saudi Arabia: Additional Benefits for Major Investors, CEOs of Local and Int’l Companies

Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)
Officials of the Saudi Aviation Group and the Ministry of Investment after signing a joint MoU (SPA)

Saudi Arabia’s Ministry of Investment has signed a memorandum of understanding (MoU) with national carrier Saudia Group to enhance services and support for investors.

This agreement aims to promote the Kingdom as an investment destination and facilitate a conducive environment for business growth.

The MoU was signed by Khaled Tash, Saudia Group’s Chief Marketing Officer, and Mohammed Aba Hussain, Deputy of Integrated Investors Services at the Ministry of Investment.

According to the MoU, Saudia will provide the ministry’s investors with a wide range of exclusive benefits, logistics and shipping services through Saudia Cargo, as well as private aviation and personal assistance (concierge) services provided through Saudia Private Aviation Company.

Both parties will foster the bilateral cooperation in organizing the ministry’s events at the local and international levels.

“This strategic partnership between Saudia Group and the Ministry of Investment represents a significant leap forward. It promotes our position as a comprehensive aviation system dedicated to advancing and achieving the ambitious objectives of Vision 2030,” said Khaled Tash, Saudia Group’s Chief Marketing Officer.

He added: “By collaborating closely, we aim to optimize travel logistics for key national projects, facilitating seamless mobility both to and within the Kingdom while offering exclusive travel benefits.”

The deputy of Integrated Investors Services at the Ministry of Investment stressed that the signing of the “strategic partnership with Saudia Group is a significant milestone for the Ministry of Investment. It goes beyond a mere agreement, symbolizing our unwavering commitment to providing exceptional services.”

“We aim to overcome all obstacles for investors and cultivate an ideal environment for their businesses to flourish within the Kingdom. This partnership offers a comprehensive package of benefits to investors, executives, and global companies to streamline their relocation experience,” he said.

In January, Saudi Arabia announced the launch of five new categories of distinguished residencies with the aim of increasing the attraction of exceptional talent, including executives, talents, investors, entrepreneurs, and real estate owners.

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Chinese Officials Expect Bumpy Ride for Economy

A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
TT
TT

Chinese Officials Expect Bumpy Ride for Economy

A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES
A woman holding a Chinese flag walks along a street in Beijing, China, 19 July 2024. EPA/ANDRES MARTINEZ CASARES

Chinese officials acknowledged on Friday the sweeping list of economic goals re-emphasised at the end of a key Communist Party meeting this week contained "many complex contradictions," pointing to a bumpy road ahead for policy implementation.
Pressure for deep changes in how the world's second-largest economy functions has risen this year, with consumer and business sentiment near record lows domestically, and global leaders increasingly concerned with China's export dominance, Reuters reported.
Following a four-day, closed-doors meeting led by President Xi Jinping, which takes place once in roughly five years, officials made a raft of seemingly contradictory pledges, from modernizing the industrial complex while also expanding domestic demand to stimulating growth and simultaneously curbing debt risks.
The initial summary of the meeting, known as plenum, did not contain details on how Beijing plans to resolve the tensions between policy goals, such as how to get consumers to spend more while resources flow primarily to producers and infrastructure.
Concerns are growing that without a structural shift that gives consumers a greater role in the economy, debt will continue to outpace growth in order to finance Beijing's industrial modernization and global prominence goals.
That raises the stakes. Some analysts warn the current path fuels risks of a prolonged period of near-stagnation and persistent deflation threats as seen in Japan since the 1990s.
"High debt levels plus increasing deflationary pressures eventually could result in a Japan-style ... low growth and very low inflation," said Julian Evans-Pritchard, head of China economics at Capital Economics.
"That, I think, would force them to change course on their current policies. But that might not happen straight away. That might only happen in a few years’ time."
Contradictions in Chinese policy efforts have been present for decades, as were goals to increase manufacturing value added, enhance social security, liberalize land use and improve local government tax revenues.
But making tough choices is an increasingly urgent task. China grew at a slower than expected pace in the second quarter, leaning hard on industrial output and external demand, but showing persistent domestic weakness.
Speaking at a media briefing on Friday along with other Party officials, Tang Fangyu, deputy director of the central committee's policy research office, acknowledged the challenges.
"The deeper the reform goes, the more complex and acute the conflicts of interest it touches," Tang said.
"Pushing forward Chinese-style modernization faces many complex conflicts and problems, and we must overcome multiple difficulties and obstructions."
The European Union Chamber of Commerce in China said it was "positive that China’s leadership has again acknowledged many of the headwinds facing the country’s economy," but noted the outcome was largely "a reiteration of points."
"There appears to be no deviation from (China's) immediate priority, which is to balance its economic recovery against national security concerns, while maintaining social stability."

China is expected to publish a document with more detailed policy plans in the coming days.
But the fact that the initial post-plenum announcement borrowed heavily from China's existing playbook disappointed some economists.
“Nothing new under the sun: the same industrial policies, the same sense of things," said Alicia Garcia Herrero, chief economist Asia-Pacific at Natixis.
"Really no change in direction, no consumption-led growth, nothing. No sentence on the power of market forces, nothing. So, it’s really disappointing.”
Chinese stocks, not far above the five-year lows hit at the start of 2024, were flat on Friday, suggesting the plenum did little to improve sentiment.