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Saudi Arabia Completes E-Link Procedures to Automate Business Acceleration

Riyadh's strategy aims to make the city capital one of the ten largest city economies in the world (Asharq Al-Awsat)
Riyadh's strategy aims to make the city capital one of the ten largest city economies in the world (Asharq Al-Awsat)
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Saudi Arabia Completes E-Link Procedures to Automate Business Acceleration

Riyadh's strategy aims to make the city capital one of the ten largest city economies in the world (Asharq Al-Awsat)
Riyadh's strategy aims to make the city capital one of the ten largest city economies in the world (Asharq Al-Awsat)

The Saudi Central Bank (SAMA) completed the electronic linking procedures with the Saudi Center for Economic Business through the Tanfeeth program to directly link the technical systems of government agencies and banks operating in the Kingdom and integrate them. This step would contribute to automating and accelerating business processing to achieve Vision 2030.

The Saudi Center for Economic Business is concerned with facilitating the procedures for launching and conducting businesses and providing all related services under international best practices.

SAMA stated that it aims, through Tanfeeth, to improve and develop joint business with government agencies, understand the needs of those agencies, and overcome obstacles and difficulties.

It seeks to achieve the objectives of the Central Bank, enhance the technical infrastructure, and increase the level of services aiming to reduce administrative procedures and improve their quality in integration with financial institutions operating in the Kingdom.

Meanwhile, Riyadh Municipality inaugurated Remat al-Riyadh Development Company, the strategic arm, to enable the private sector to implement and develop municipal projects.

The development arm will also help provide services to improve the quality of life and provide direct value to residents and visitors of the region.

Its activities will focus on three main sectors: urban development, asset management, and municipal services.

Remat al-Riyadh will contribute to empowering the strategic role of the Municipality by supporting its operations and enabling the private sector to implement and develop municipal projects.

The mayor and chairman of the Riyadh region, Prince Faisal bin Ayyaf, confirmed that the company would contribute to accelerating the developmental plans for the area and improving residents' lifestyles.

Given that Riyadh is deemed full of tremendous and promising opportunities, the firm will promote this growth by involving the private sector in the municipal sector, as it aspires to be one of the top development companies in the municipal sector.

He indicated that the company's activities are based on three main sectors: urban development, municipal asset management, and municipal services, to improve the quality of services and municipal projects, improve customer experience and achieve satisfaction.

Prince Faisal added that the company aims to boost the level of municipal services and contribute to creating a vibrant society that enables economic and social development for the Riyadh region.

Remat al-Riyadh CEO Abdullah Abu Daoud said that the company aspires to contribute to making Riyadh an ideal and successful model by developing and shaping the future of the municipal sector based on strategic priorities aimed at providing quality projects and services that contribute to the prosperity and improvement of the region and the progress of the area.

It also aims to improve quality of life, achieve financial sustainability, and develop attractive and innovative business models in partnership with the private sector.

During the past year, Saudi Arabia launched the Riyadh city strategy to make the capital one of the ten largest city economies in the world.

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South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
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South Korea Aims to Delay US Tariffs in Talks, Cooperate in Mutual Areas 

Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 
Finance Minister Choi Sang-mok, who serves concurrently as deputy prime minister for economic affairs, speaks during a meeting of economy-related ministers at the government complex in Seoul, South Korea, 11 April 2025. (EPA/Yonhap) 

South Korea will seek to delay the implementation of tariffs as long as possible in negotiations with the United States, its finance minister said on Tuesday, as Seoul targets cooperation in areas of mutual interest such as shipbuilding and energy.

Officials in Seoul have been scrambling to limit the damage to the export-reliant economy from the threat of looming duties.

South Korea is among the countries that US Treasury Secretary Scott Bessent has said Washington would sit down with to discuss the tariffs imposed by US President Donald Trump.

The priority was to delay the tariffs "as much as possible" to help reduce the uncertainty the country's businesses face in the global market, South Korea's Finance Minister Choi Sang-mok told parliament.

"From our national interest perspective, the idea is to negotiate as much as possible and wrap it up under the new government," he said in answer to a lawmaker's question about the direction of Seoul's response.

Trump hit Asia's fourth-largest economy with 25% "reciprocal" tariffs earlier this month as he targeted dozens of countries with import duties as high as 49%. He has since paused their implementation by 90 days but has maintained a 10% blanket tariff on all goods imports and ratcheted up levies on China.

The tariff shock comes as South Korea prepares to pick a new president in a snap election on June 3 after Yoon Suk Yeol was ousted this month over his short-lived martial law declaration.

While the power vacuum has raised questions about the mandate of acting President Han Duck-soo and the direction of its response to Trump's sweeping tariffs, Han's government has engaged with top US administration officials.

Han spoke to Trump last week in a phone call, while South Korea's top trade envoy met US Trade Representative Jamieson Greer to discuss lowering tariffs.

Trade and Industry Minister Ahn Duk-geun may travel to Washington next week for further talks, media reports said.

Choi said discussions between Trump and Han touched on the spirit of reaching a solution that meets the allies' mutual interests and includes cooperation in the shipbuilding sector and potential involvement in an Alaska gas pipeline project.

Seoul has previously indicated it was open to possible involvement in the gas project and that potential cooperation with Washington in the shipbuilding sector was a "very important card" in negotiations.

Trump's delay to some tariffs means the work of negotiating a trade arrangement to address the US president's claim of unfair trade will fall on a new South Korean president, who will take office immediately after the June 3 vote.

The tariff pause does not apply to the 25% duty that Trump imposed on steel and aluminium as well as vehicles.

South Korea is a leading global exporter of cars and steel to the United States.

Seoul announced on Tuesday an increase in its support package for its key semiconductor industry to 33 trillion won ($23.25 billion), amid growing policy uncertainty over US policies.

Trump said on Sunday he would be announcing the tariff rate on imported semiconductors over the next week, adding that there would be flexibility with some companies in the sector.