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Nusaned Raises to $2.3Bn Expected Contribution to Saudi GDP

Nusaned signs strategic partnerships agreements and memoranda of understanding on Wednesday. (SPA)
Nusaned signs strategic partnerships agreements and memoranda of understanding on Wednesday. (SPA)
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Nusaned Raises to $2.3Bn Expected Contribution to Saudi GDP

Nusaned signs strategic partnerships agreements and memoranda of understanding on Wednesday. (SPA)
Nusaned signs strategic partnerships agreements and memoranda of understanding on Wednesday. (SPA)

The Nusaned Council revealed that since its launch, it has graduated 106 investors qualified to start projects that will create 6,610 jobs and contribute more than SAR8.8 billion ($2.3 billion).

The Council, an initiative launched by the Saudi Basic Industries Corporation (SABIC) in 2018, celebrated on Wednesday the graduation of 43 new investors at the SABIC Plastic Applications Development Center (SPADC) in Riyadh.

It signed several strategic partnership agreements and memoranda of understanding to qualify and empower SMEs and create advanced commercial products.

The MoUs and partnerships are also aimed at bolstering cooperation with the Saudi business community and universities in the areas of sustainability and innovation and develop training and manufacturing programs to contribute to localizing technologies and industries in the Kingdom.

Under these agreements, Nusaned, in collaboration with the General Authority for Small and Medium Enterprises (Monshaat), aims to bring SMEs closer to purchasing opportunities in the public and private sectors.

BASF, a German multinational chemical company, will showcase its advanced technologies, products and training programs to the business and education sectors in the Home of Innovation platform.

Emerson, an American multinational corporation, will present its solutions to localize many manufacturing technologies, control systems, valve assembly, pressure and temperature transducers.

SABIC Vice Chairman and CEO Yousef al-Benyan said the progress in the Nusaned initiative is a qualitative leap that confirms its success in attracting and creating more opportunities by reaching a large number of local and global partners.

“The outcome of these agreements and partnerships will help create jobs and raise the level of knowledge and professional qualification among locals,” he added.

It will also promote the localization of advanced technologies to enable the private sector and SMEs to play an active role in the national economy, he further explained.

In addition to SABIC, members of the Nusaned Council include ministries of human resources and social development, industry and mineral resources, investment, Monshaat, as well as the Local Content and Government Procurement Authority.

It convenes three times annually to follow up on the progress made in efforts to stimulate local content for promising future sectors, in addition to launching partnerships and initiatives and graduating inventors of eligible projects for local investment.

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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)
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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.