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Saudi Arabia, Qatar Review Strategy for Joint Business Council

The Saudi-Qatari Business Council meeting at the Federation of Saudi Chambers (Asharq Al-Awsat)
The Saudi-Qatari Business Council meeting at the Federation of Saudi Chambers (Asharq Al-Awsat)
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Saudi Arabia, Qatar Review Strategy for Joint Business Council

The Saudi-Qatari Business Council meeting at the Federation of Saudi Chambers (Asharq Al-Awsat)
The Saudi-Qatari Business Council meeting at the Federation of Saudi Chambers (Asharq Al-Awsat)

Saudi Minister of Investment Khalid al-Falih held talks at the Federation of Saudi Chambers headquarters with the chairman and members of the Saudi-Qatari Business Council. This comes as Saudi Arabia and Qatar are preparing a joint strategy for business in the private sector in the two countries.

The meeting addressed the role and agenda of the council in enhancing the economic relations between the Kingdom and Qatar.

The Saudi Minister underscored the role of the Saudi-Qatari relations at the highest levels, stating that Saudi Arabia represents an economic, strategic depth for Qatar, while Doha represents significant economic importance for the Kingdom.

He stressed the importance of continuing efforts and communication to open more opportunities for the business sectors in both countries and enhance joint trade and investment.

Falih praised the role of the Ministry of Investment as a supporter and enabler of Saudi investment abroad, stressing that the Saudi-Qatari Business Council is one of the important councils.

Saudi Arabia is keen to support it in a way that upgrades the economic ties between the two countries to the highest levels, asserted the Minister.

During the meeting, Falih was briefed on the plans, goals, initiatives, and projects of the council in strengthening economic relations between the two countries.

The Chairman of the Council, Hamad al-Shuwaier, said that the council wants to draft a study analyzing the economic development witnessed by the Saudi Arabia and Qatar.

Shuwaier announced that the trade exchange amounted to $213.8 million in the first half of 2022, noting that the council plans to forge innovative programs and initiatives to increase investment, provide qualitative partnerships and enhance economic integration.

The meeting recommended holding a Saudi-Qatari investment forum to showcase the available opportunities and continue the efforts leading to a smooth trade and export flow between the two countries.

Meanwhile, the Saudi Industrial Development Fund launched its first sustainability report: "Enabling Sustainable Industrial Growth in Saudi Arabia."

The report aims to clarify the efforts and practices of the Fund and review examples of the clients' application concerning environmental sustainability, societal impact, and corporate governance, which would positively reflect on the future development of the industrial, mining, energy, and logistics sectors in the Kingdom.

The report reviewed environmental sustainability, such as climate change and emissions reduction, efficient use of energy, rational use of water resources, and others.

The report reveals the Fund's commitment to it since its establishment.

It also clarifies the Fund's practices that seek to enhance societal impact through positive influence through internal and external policies and procedures, which would contribute to supporting and maximizing the potential of the Saudi society through educational and career opportunities in pursuit of national goals.

The report also refers to the Fund's journey towards the governance of its business supported by corporate governance and responsible management, designed to ensure sustainable growth in the Fund and the targeted sectors.

The Fund issued this report knowing the great importance of these statements in creating the principles of sustainable development in response to the needs of all actors in the local industry and Saudi society in the Kingdom.

The Industrial Development Fund is a member of the Sustainability Council established by the Ministry of Industry and Mineral Resources in 2021. It provides a unified platform for consultation on sustainability issues that positively impact the industrial sectors and the local community.

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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
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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.