Saudi Arabia, South Africa Hold Meeting to Discuss Qualitative Investments in Entrepreneurial Firms

The Saudi-South African roundtable meeting held in Jeddah on Sunday, October 16, 2022.  (Asharq Al-Awsat)
The Saudi-South African roundtable meeting held in Jeddah on Sunday, October 16, 2022. (Asharq Al-Awsat)
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Saudi Arabia, South Africa Hold Meeting to Discuss Qualitative Investments in Entrepreneurial Firms

The Saudi-South African roundtable meeting held in Jeddah on Sunday, October 16, 2022.  (Asharq Al-Awsat)
The Saudi-South African roundtable meeting held in Jeddah on Sunday, October 16, 2022. (Asharq Al-Awsat)

A Saudi-South African roundtable meeting was held Sunday in the Saudi city of Jeddah.

The meeting aimed at promoting investment relations, bolstering efforts to develop economic ties and qualitative investments for entrepreneurial companies, and enabling the private sector to benefit from the opportunities available in the two countries.

South African President Cyril Ramaphosa, Saudi Minister of Investment Eng. Khalid al-Falih, Minister of Tourism Ahmad al-Khateeb, and Minister of Industry and Mineral Resources Bandar al-Khorayef, as well as South African Minister of Trade, Industry and Competition Ebrahim Patel attended the meeting.

The roundtable talks saw the participation of Saudi and South African entrepreneurship companies, the Federation of Saudi Chambers and representatives of the private sectors and companies from the two sides.

The agenda included presentations by Saudi and South African companies, opportunities to develop their businesses and means to address challenges they are facing in an attempt to enhance business and investments in the fields of energy, renewable energy, mining, agriculture, food, tourism, logistics, and ICT.

The meeting represents a step to support the outcomes of the Saudi-South African Investment Forum that was held Saturday and reviewed bilateral investment opportunities, with the participation of several officials from the two countries and representatives of the private sectors and companies.

Falih underscored the importance of Ramaphosa’s active participation in strengthening investment, trade and business ties.

He pointed out that the two countries and their commercial societies have ambitious plans for investment and economic development.

Falih indicated that the roundtable represents the next step in achieving the aspirations, with two governments working to help provide business growth opportunities for the vibrant and innovative private sector companies in both countries.

On Saturday, the Kingdom’s Ministry of Investment held the Saudi-South African Investment Forum in Jeddah. The event was attended by Ramaphosa and dozens of senior officials from the two countries.

The two countries signed 11 agreements and Memoranda of Understanding to boost investment in energy, water, green hydrogen, waste diversion, and logistics.

The agreements aimed to promote the developing investment sectors between the two nations and between the Middle East and South Africa, and transfer specialized technical knowledge and expertise.

Bilateral trade between the two countries increased from $4.6 billion in 2019 to around $4.8 billion last year, and is expected to exceed $5.3 billion this year, Falih said.

The minister praised the solid and friendly ties between the two countries, including their economic and trade cooperation which has stood for over three decades.

He stated that the priority areas of cooperation between the two countries include renewable and green energy, mining, agriculture and food processing, hydrogen and solar energy, tourism, aerospace, and information technology, among others.



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.