Saudi Arabia Prepares to Launch Individual Savings Sukuk

The Riyadh Economic Forum discusses sectoral coherence in the issuance of tax, fees, and zakat. (Asharq Al-Awsat)
The Riyadh Economic Forum discusses sectoral coherence in the issuance of tax, fees, and zakat. (Asharq Al-Awsat)
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Saudi Arabia Prepares to Launch Individual Savings Sukuk

The Riyadh Economic Forum discusses sectoral coherence in the issuance of tax, fees, and zakat. (Asharq Al-Awsat)
The Riyadh Economic Forum discusses sectoral coherence in the issuance of tax, fees, and zakat. (Asharq Al-Awsat)

The Saudi Ministry of Finance and the National Debt Management Center (NDMC) are seeking to develop and launch individual savings Sukuk to motivate individuals to design better plans for the future and seek strategic partnerships with the private sector.

The two entities signed a memorandum of understanding (MoU) with SNB Capital to strengthen their collaboration.

The Ministry and NDMC aim to boost the concept of saving across the Kingdom by driving the expansion of savings products for individuals as part of the ongoing work under the Financial Sector Development Program to Promote and Enable Financial Planning.

The memorandum was signed by the Chairman of the Steering Committee Abdulaziz al-Furaih from the Ministry of Finance, the CEO of NDMC Hani al-Medaini, and the Executive Chairman and Board Member of SNB Capital Rashid Sharif.

Furaih explained that the memorandum reflects the Ministry and the Center's drive to develop the first government-supported savings product towards achieving Vision 2030 targets through pursuing the financial sector development program's goals.

It aims to increase the number of individuals who regularly make savings, increase the supply of saving products, and raise awareness of the importance of saving and its benefits in planning future objectives.

Medaini explained that the memorandum represents an invitation to the private sector to cooperate and participate in developing and launching several savings tools for specific purposes and benefiting different categories of individuals, whether through banks, fund managers, or fintech companies.

For his part, Sharif asserted that the MoU enables SNB Capital, along with the Ministry and the Center, to offer government-supported savings products and solutions that meet the needs of citizens and residents.

"This partnership reflects our keenness to share our experiences and collaborate to develop and launch new saving products to support further economic diversification, saving, financing, and investing," he said.

Meanwhile, the Riyadh Economic Forum discussed the study of "the importance of unifying and coherent sectors in legislation to issue taxes, fees, and zakat and standardizing the issuance reference."

The discussion is part of the executive sessions of the forum that will be held next November under the auspices of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz.

The Chairman of the Council, Khaled al-Rajhi, stressed the study's importance by defining the types of fees and taxes and their values, double taxation, and the possibility of unifying the reference.

The head of the advisory team implementing the study, Mohammad al-Abbas, pointed out that it aims to identify the concepts of fees and taxes, their issuance reference, and collection channels.



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.