عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Three Global Exhibition Companies Establish Offices in Saudi Arabia

Chairman of the General Authority for Exhibitions and Conferences Fahd Al-Rasheed with an executive from one of the companies that decided to open an office in Saudi Arabia. (Asharq Al-Awsat).
Chairman of the General Authority for Exhibitions and Conferences Fahd Al-Rasheed with an executive from one of the companies that decided to open an office in Saudi Arabia. (Asharq Al-Awsat).
TT
TT

Three Global Exhibition Companies Establish Offices in Saudi Arabia

Chairman of the General Authority for Exhibitions and Conferences Fahd Al-Rasheed with an executive from one of the companies that decided to open an office in Saudi Arabia. (Asharq Al-Awsat).
Chairman of the General Authority for Exhibitions and Conferences Fahd Al-Rasheed with an executive from one of the companies that decided to open an office in Saudi Arabia. (Asharq Al-Awsat).

Three of the world’s top 10 exhibition companies have announced the opening of offices in Saudi Arabia, tapping into the rapid growth of the sector in the Kingdom. This was revealed on the opening day of the International Exhibition and Conference Summit, taking place in Riyadh from December 15 to 17.

Moreover, 19 agreements and memorandums of understanding were signed during the event to support the development of the exhibitions and conferences sector.

Fahd Al-Rasheed, Chairman of the General Authority for Exhibitions and Conferences, described the first day of the summit as highly successful, with significant announcements, including the launch of 12 new events and the signing of multiple memorandums of understanding. These steps underscore Saudi Arabia’s emergence as one of the world’s premier destinations for exhibitions and conferences.

Al-Rasheed highlighted the strategic role of the exhibitions and conferences sector in driving transformation. He noted that the sector showcases the unprecedented opportunities available in the Kingdom under Vision 2030 while fostering innovation, attracting investment, and building partnerships across diverse economic sectors.

Leading global companies RX Global, Messe Munich, and Clarion announced the establishment of new offices in Saudi Arabia. The move aims to support the Kingdom’s ambitious growth plans for its exhibitions and conferences industry over the next decade.

The summit saw the signing of four key memorandums of understanding with the Ministry of Human Resources and Social Development, the Saudi Tourism Authority, the Events Investment Fund, and the National Events Center.

Over the next two days, the summit will focus on encouraging investment in the exhibitions and conferences sector, developing innovative and future-focused event spaces, and addressing global sustainability challenges within the industry.

The inaugural edition of the International Exhibition and Conference Summit is being hosted in Prince Mohammed Bin Salman Nonprofit City (Misk), with participation from over 1,000 global leaders in the exhibitions and conferences industry. Representatives from 73 countries are attending, working together to reshape the future of the sector.

Most Viewed

 
 
Business

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
TT
TT

China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.