New System for Companies in Saudi Arabia Competes with Int’l Business Environments

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)
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New System for Companies in Saudi Arabia Competes with Int’l Business Environments

A night view of Riyadh, Saudi Arabia. (AP)
A night view of Riyadh, Saudi Arabia. (AP)

The Shura Council approved on Monday a new system for companies, aimed at developing the trade environment in the Kingdom and moving it to a better stage that competes with other international business environments.

Fahd Al-Takhifi, council member and Chairman of the Trade and Investment Committee, told Asharq Al-Awsat that the new system provides an incubating and stimulating regulatory environment for initiative and investment, boosts the value of companies, develops their activities and contributes to supporting the national economy.

All this will reflect positively on the country’s leadership position and its competitive advantages.

Takhifi indicated that the current project, in its entirety, sought to achieve several goals in line with the Kingdom’s Vision 2030.

Moreover, it supports the growth of the entrepreneurship sector and SMEs and ensures the availability of fair practices for the principles of corporate governance and institutional work.

According to Takhifi, the system includes basic principles and provisions with the aim of reducing disputes between stakeholders, ensuring fair treatment of all partners and shareholders, enhancing the rights of customers, facilitating attracting capital, providing long-term funding sources at the lowest costs, and developing the regular environment for non-profit work.

The importance of the system lies in being one of the main tributaries to achieving the objectives of the Kingdom's vision, said Takhifi, explaining that it does so through increasing the participation of the private sector and boosting the value and development of companies to the Kingdom's GDP.



China Says Successful US Trade Talks Make Return to Tariff War Unnecessary

Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
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China Says Successful US Trade Talks Make Return to Tariff War Unnecessary

Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)
Wang Wentao, China's Minister of Commerce, speaks during a press conference in Beijing on July 18, 2025. (Photo by WANG Zhao / AFP)

China wants to bring its trade ties with the US back to a stable footing, its commerce minister said, adding that recent talks in Europe showed there was no need for a tariff war while urging the US to act in a manner befitting of a superpower.

According to Reuters, Commerce Minister Wang Wentao told reporters on Friday that the "ups and downs" in the two countries' relationship underscored their economic interdependence.

Asked about the United States specifically, Wang said: "Major countries should act like major countries. They must shoulder their responsibilities," adding that China would protect its national interests.

China is facing an August 12 deadline to reach a durable tariff agreement with the United States, after Beijing and Washington reached a preliminary deal last month to end weeks of escalating tit-for-tat tariffs.

If no deal is reached, global supply chains could face renewed turmoil from duties exceeding 100%.

Wang said negotiations in Geneva and London earlier this year demonstrated there was no need to return to a trade war.

"Practice has proven that through dialogue and consultation, with leadership and communication at the highest levels, we can properly manage contradictions and resolve our differences," he said.

"We will continue to strengthen dialogue and communication, deepen consensus, reduce misunderstandings, enhance cooperation, to jointly put China-US economic and trade relations back on track to achieve healthy, stable and sustainable development."

China's rare earths exports rose 32% month-on-month in June, customs data showed on Monday, in a sign that agreements struck last month in London to free up the flow of the metals were possibly bearing fruit.

Chipmaker Nvidia will also resume selling its H20 AI chips to China, Chief Executive Jensen Huang said at an event in Beijing this week, a move US Commerce Secretary Howard Lutnick said was also part of negotiations on rare earths.

Wang said on Friday that he had met Huang the previous day, describing the meeting as evidence that "as the dust settles, everyone has come to the conclusion - especially the US side - that forced decoupling is impossible."

Wang said the current overall tariff level imposed by the US on China was "still high" at 53.6%. Analysts have said that additional duties exceeding 35% will probably wipe out Chinese manufacturers' profit margins.

"Both sides have come to understand that they need each other, as lots of the goods and services that we exchange are irreplaceable, or at least difficult to exchange in the short-term," Wang said.

"China does not want a trade war, but it is not afraid of one," he reiterated.