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Saudi Arabia Seeks to Monitor Projects in Iraq, Expand Private Sector Businesses

Saudi Arabia to expand the export of its national products and services abroad (Asharq Al-Awsat)
Saudi Arabia to expand the export of its national products and services abroad (Asharq Al-Awsat)
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Saudi Arabia Seeks to Monitor Projects in Iraq, Expand Private Sector Businesses

Saudi Arabia to expand the export of its national products and services abroad (Asharq Al-Awsat)
Saudi Arabia to expand the export of its national products and services abroad (Asharq Al-Awsat)

Saudi Arabia is intensifying its efforts to expand the scope of private sector businesses and open wider horizons for national products and services, through a number of programs, initiatives, and services.

The Saudi Export Development Authority (SEDA) called on the private sector to review the latest reports on projects in Iraq through the “International Tenders” service, in a step towards providing continuous support to exporters and identifying the best investments that contribute to expanding their business.

The International Tenders service aims to open new opportunities for national companies to expand in international markets and increase their competitiveness by allowing them to export services and products via international tenders in several targeted sectors.

Saudi Exports called on all companies interested in receiving the service to register, which is a condition for any company to get the service.

Last year, SEDA launched the "International Tenders" service to support exporters, increase their competitiveness, and boost the export rate of Saudi services, products, and re-exportation.

The Authority will identify over 120 international tender opportunities in a number of target countries, mainly covering construction and industrial supplies and infrastructure projects.

The service includes eight targeted sectors and 24 sub-branches, where Saudi Exports will provide periodic reports with data and analyses for the most important projects in targeted countries.

Saudi Exports will also provide periodic reports on data and analysis of the most important projects in the targeted countries.

Last month, SEDA launched Institutional Transformation Strategy to boost non-oil exports, in line with the objectives of Vision 2030.

The Strategy aims to move to a new stage that aligns with the objectives of Vision 2030 in integration with a number of relevant government agencies to diversify the local economy by promoting Saudi non-oil exports.

Saudi Exports announced that over 220 exporting companies benefited from the 'Saudi Export Stimulus' Program, while the 'Made in Saudi Arabia' Program attracted over 1,200 local companies and introduced their products to global markets.

The authority's new strategy aims to boost the participation of non-oil exports from 16 percent to at least 50 percent of the gross domestic product (GDP) by 2030, in line with Vision 2030.

The Saudi government is focused on boosting non-oil exports by providing programs and initiatives aligned with Vision 2030, including “Made in Saudi Arabia,” under the National Industrial Development and Logistics Program (NIDLP).

The Program aims to support national products through an effective economy and unify production services. It combines the identity of Saudi products and services to promote them locally and internationally.

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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
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US Treasury Targets Russia's Gazprombank with New Sanctions

FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo
FILE PHOTO: A bronze seal for the Department of the Treasury is shown at the US Treasury building in Washington, US, January 20, 2023. REUTERS/Kevin Lamarque/File Photo

The United States imposed new sanctions on Russia's Gazprombank on Thursday, the Treasury Department said, as President Joe Biden steps up actions to punish Moscow for its invasion of Ukraine before he leaves office in January.
The move, which wields the department's most powerful sanctions tool, effectively kicks Gazprombank out of the US banking system, bans its trade with Americans and freezes its US assets, Reuters reported.
Gazprombank is one of Russia's largest banks and is partially owned by Kremlin-owned gas company Gazprom. Since Russia's invasion in February 2022, Ukraine has been urging the US to impose more sanctions on the bank, which receives payments for natural gas from Gazprom's customers in Europe.
The fresh sanctions come days after the Biden administration allowed Kyiv to use US ATACMS missiles to strike Russian territory. On Tuesday, Ukraine fired the weapons, the longest range missiles Washington has supplied for such attacks on Russia, on the war's 1,000th day.
The Treasury also imposed sanctions on 50 small-to-medium Russian banks to curtail the country's connections to the international financial system and prevent it from abusing it to pay for technology and equipment needed for the war. It warned that foreign financial institutions that maintain correspondent relationships with the targeted banks "entails significant sanctions risk."
"This sweeping action will make it harder for the Kremlin to evade US sanctions and fund and equip its military," Treasury Secretary Janet Yellen said. "We will continue to take decisive steps against any financial channels Russia uses to support its illegal and unprovoked war in Ukraine."
Gazprombank said Washington's latest move would not affect its operations. The Russian embassy in Washington did not respond to requests for comment.
Along with the sanctions, Treasury also issued two new general licenses authorizing US entities to wind down transactions involving Gazprombank, among other financial institutions, and to take steps to divest from debt or equity issued by Gazprombank.
Gazprombank is a conduit for Russia to purchase military materiel in its war against Ukraine, the Treasury said. The Russian government also uses the bank to pay its soldiers, including for combat bonuses, and to compensate the families of its soldiers killed in the war.
The administration believes the new sanctions improve Ukraine's position on the battlefield and ability to achieve a just peace, a source familiar with the matter said.
COLLATERAL IMPACT
While Gazprombank has been on the administration's radar for years, it has been seen as a last resort because of its focus on energy and the desire to avoid collateral impact on Europe, a Washington-based trade lawyer said.
"I think that the current administration is trying to put as much pressure and add as many sanctions as possible prior to January 20th to make it harder for the next administration to unwind," said the lawyer, Douglas Jacobson.
Officials in Slovakia and Hungary said they were studying the impacts of the new US sanctions.
Trump would have the power to remove the sanctions, which were imposed under an executive order by Biden, if he wants to take a different stance, Jacobson said.
After Russia's invasion in 2022, the Treasury placed debt and equity restrictions on 13 Russian firms, including Gazprombank, Sberbank and the Russian Agricultural Bank.
The US Treasury has also worked to provide Ukraine with funds from windfall proceeds of frozen Russian assets.