عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Arabia, Belgium, Luxembourg Establish Business Council

The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
TT
TT

Saudi Arabia, Belgium, Luxembourg Establish Business Council

The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)
The meeting of the Arab-Belgian-Luxembourg Chamber (Asharq Al-Awsat)

The Federation of Saudi Chambers and the Arab-Belgian-Luxembourg Chamber of Commerce signed a memorandum of understanding (MoU) to establish the Saudi-Belgian-Luxembourg Business Council to promote and expand intra-regional trade and boost investment cooperation between the three countries.

Deputy Ambassador of Belgium to Riyadh, Elisa de Raes, explained that the Belgian business sector, with about 90 Belgian and Luxembourgish companies in six main sectors, targets investment opportunities and commercial partnerships.

She stated that Belgian companies have the experience, knowledge, and technology necessary to enter into projects in the Kingdom.

The council, which was announced during the Saudi-Belgian-Luxembourgian Business Forum in Riyadh, carries out commercial and promotional activities in the fields of trade, investment, and technology transfer systematically, with a focus on the targeted sectors.

It also provides Saudi, Belgian, and Luxembourgian businesspeople with a platform to present themselves, promote their businesses, and build commercial relationships.

Secretary-General of the Federation of Saudi Chambers Tariq al-Haidari explained that the coronavirus pandemic significantly impacted the intra-regional trade volume in 2020 to about $4.5 billion, compared to $7.2 billion in 2019.

Haidari indicated that the volume of trade exchange during the fourth quarter of 2021 increased by 54 percent to reach $1.7 billion, compared to the same quarter of the previous year.

He underscored the strength of the Saudi economy, noting that the real GDP increased 3.3 percent in 2021, compared to a 4.1 percent decrease in 2020.

The increase resulted in the economy recovering from the pandemic through the growth of non-oil activities by 6.6 percent, government services activities by 1.5 percent, and oil activities by 0.2 percent.

Arab-Belgian Chamber of Commerce Secretary-General Caesar Hijazin said the Belgian-Luxembourg trade mission is the largest and first after the pandemic, as it includes many companies.

He indicated that the Saudi economy is among the G20 countries and the largest in the Middle East, which provides Belgian and Luxembourgian investors with significant investment and export opportunities.

Advisor on International Affairs at the Luxembourg Chamber of Commerce Edith Stein highlighted the positive changes in the Kingdom on all levels, especially the economy.

Stein expressed Luxembourgian companies' interest in entering the Saudi market, exploring investment opportunities, and sharing their experiences in various sectors.

She expected the forum to contribute to paving the way for future cooperation and building new partnerships, calling on Saudi investors to visit Luxembourg and see available investment opportunities.

Most Viewed

 
 
Business

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
TT
TT

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.