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Investor Business Services Transferred to the Saudi Business Center

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Investor Business Services Transferred to the Saudi Business Center

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

The Saudi government has stopped referring investors to its unified national platform after transferring all the Kingdom’s services to the Saudi Business Center (SBC). The shift comes to ease procedures for starting and conducting business for enterprises that intend to enter the Saudi market.

In 2019, the Saudi Cabinet approved the transfer of all documents, property, financial credits, obligations, and rights of the unified national platform to the SBC.

Economic business sector services will be provided to the beneficiaries through the centers of the SBC and its unified e-platform.

The center is concerned with facilitating the procedures for starting, practicing, and concluding economic works and providing all services in accordance with international best practices. It has 12 branches in ten cities across the Kingdom.

The SBC aims to make the Kingdom one of the ten leading countries in the world in the quality, smoothness and efficiency of services directed to the business sector.

It also looks to create an attractive environment that enhances the Kingdom’s competitiveness and encourages investment and growth through government services under a unified institutional interface.

Raising productivity of companies operating in Saudi Arabia through reducing time and costs is also one of the SBC’s objectives.

The center seeks achieving this by improving the quality of policies, investing in big data, and issuing specialized studies and reports.

The Saudi Central Bank (SAMA) had announced the completion of connectivity to the SBC utilizing the “Tanfeeth” program.

The solution aims at optimizing system connectivity and integration between Saudi government entities and banks operating in the Kingdom with a view to promoting automation of processes and acceleration of workflows to realize Saudi Vision 2030 objectives.

SAMA highlighted that the “Tanfeeth” program seeks to promote operational efficiency by overcoming procedural hurdles in coordination with government entities.

It is also a step towards achieving the strategic objectives of SAMA by upgrading its IT infrastructure and optimizing administrative processes including speed, quality, and integration with the financial institutions operating in the Kingdom.

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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
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ECB's Lagarde Renews Integration Call as Trade War Looms

FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo
FILE PHOTO: European Central Bank President Christine Lagarde and Governor of the Bank of Finland Olli Rehn arrive at the non-monetary policy meeting of the ECB's Governing Council in Inari, Finnish Lapland, Finland February 22, 2023. Lehtikuva/Tarmo Lehtosalo via REUTERS//File Photo

European Central Bank President Christine Lagarde renewed her call for economic integration across Europe on Friday, arguing that intensifying global trade tensions and a growing technology gap with the United States create fresh urgency for action.
US President-elect Donald Trump has promised to impose tariffs on most if not all imports and said Europe would pay a heavy price for having run a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with growing threats to free trade from all corners of the world," Lagarde said in a speech, without directly referring to Trump.
"The urgency to integrate our capital markets has risen."
While Europe has made some progress, EU members tend to water down most proposals to protect vested national interests to the detriment of the bloc as a whole, Reuters quoted Lagarde as saying.
But this is taking hundreds of billions if not trillions of euros out of the economy as households are holding 11.5 trillion euros in cash and deposits, and much of this is not making its way to the firms that need the funding.
"If EU households were to align their deposit-to-financial assets ratio with that of US households, a stock of up to 8 trillion euros could be redirected into long-term, market-based investments – or a flow of around 350 billion euros annually," Lagarde said.
When the cash actually enters the capital market, it often stays within national borders or leaves for the US in hope of better returns, Lagarde added.
Europe therefore needs to reduce the cost of investing in capital markets and must make the regulatory regime easier for cash to flow to places where it is needed the most.
A solution might be to create an EU-wide regulatory regime on top of the 27 national rules and certain issuers could then opt into this framework.
"To bypass the cumbersome process of regulatory harmonization, we could envisage a 28th regime for issuers of securities," Lagarde said. "They would benefit from a unified corporate and securities law, facilitating cross-border placement, holding and settlement."
Still, that would not solve the problem that few innovative companies set up shop in Europe, partly due to the lack of funding. So Europe must make it easier for investment to flow into venture capital and for banks to fund startups, she said.