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Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
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Saudi Arabia to Expedite Opening of Accounts for Foreign Companies

Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)
Kingdom Center Tower in Riyadh, Saudi Arabia (File photo: Reuters)

The Saudi Central Bank (SAMA) has called on local banks to facilitate and speed up the procedures for opening accounts for foreign companies, in order to encourage them to transfer their regional headquarters to the Kingdom.

The step is aimed at strengthening the country’s economy, providing employment opportunities, and boosting national capabilities and expertise.

Last year, the Saudi government announced that after 2023 it would no longer sign contracts with foreign companies that have their regional headquarters other than in the kingdom.

The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent, in-country regional presence that would help create local jobs.

According to information available to Asharq Al-Awsat, SAMA has asked Saudi banks to facilitate and accelerate the procedures for opening accounts for foreign companies and enable them to benefit from various services and products.

SAMA has also called on the local banks to explore the possibility of allocating units or establishing offices at the headquarters of the Ministry of Investment to provide all banking services to this category of clients.

According to the information, the move was based on a plan to encourage foreign companies operating in the region to move their regional headquarters to Saudi Arabia, as part of a joint initiative between the Ministry of Investment and the Royal Commission for the City of Riyadh.

The move is aimed at strengthening the country’s economy, employment opportunities, national capabilities and expertise.

Earlier this year, the Saudi Council of Ministers decided to establish the Investment Marketing Authority, with the aim of attracting investments in the Kingdom, and achieving the objectives of the relevant national strategy and Vision 2030.

Minister of Investment Khaled Al-Falih said that the authority would contribute to achieving the goals of the Saudi investment strategy in attracting and developing national and foreign investments.

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Business

Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
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Saudi Industry Ministry Signs MoUs to Advance Manufacturing Empowerment

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA
The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition. SPA

The Ministry of Industry and Mineral Resources has signed a number of memoranda of understanding (MoUs) with leading local and international companies to advance advanced manufacturing, support local content, and strengthen national supply chains, enhancing the regional and global competitiveness of Saudi industry.

The agreements were signed during the "Industrial Transformation Saudi Arabia 2025” Exhibition, organized by the ministry in partnership with Deutsche Messe and Riyadh Exhibitions Company Ltd.

The ministry signed two memoranda to provide innovative financing solutions for industrial establishments, strengthen national supply chains, and support local content.

Additionally, the ministry's National Center for Advanced Manufacturing and Production signed several memoranda of understanding with local and international industrial and advisory companies to support the path of advanced manufacturing, develop supply chains, enhance technological innovation, and boost the competitiveness of national factories, in line with the National Industrial Strategy and Saudi Vision 2030.

These strategic partnerships are part of the ministry's ongoing efforts to develop the Kingdom's industrial ecosystem, enable manufacturers to access the latest industrial solutions, support supply chain development, and stimulate innovation, contributing to the building of a sustainable industrial sector that competes regionally and globally.

Business

China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
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China Says Working on Streamlining Rare Earth Export Licenses

FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo
FILE PHOTO: Workers transport soil containing rare earth elements for export at a port in Lianyungang, Jiangsu province, China October 31, 2010. REUTERS/Stringer/File Photo

China said on Thursday it is working on streamlining rare earth export licenses - a key promised outcome after a meeting between US President Donald Trump and his counterpart Xi Jinping.

"The government is actively adapting," Commerce Ministry spokesman He Yadong told reporters at a weekly briefing, adding that authorities "were aligning themselves with general license mechanisms".

Reuters reported on Tuesday that at least three Chinese rare earth magnet makers had secured licenses enabling them to accelerate exports to some customers.

He did not say if new licenses had been issued.

China began designing the new rare earth licensing regime following a late October meeting between Trump and Xi that eased trade tensions between the two countries.

Business

Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
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Saudi Aramco's Jafurah Gas Plant Begins Output with 450 Million Cubic Feet Per Day

The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)
The resources at Jafurah are now estimated at 229 trillion standard cu ft of gas and 75 billion barrels of condensates. (Saudi Aramco)

The first phase of oil giant Aramco's Jafurah gas plant is complete and production has begun with a capacity of 450 million cubic feet per day, the Saudi finance ministry said on Tuesday.

The finance ministry, in its 2026 budget statement, listed the milestone as an achievement reached in 2025.

Jafurah's gas output will be used for domestic power generation, freeing up crude for export that is currently used for power in the kingdom.

Aramco has said its unconventional gas program at peak production is expected to generate electricity equivalent to displacing 500,000 barrels per day of oil.

The $100 billion Jafurah project, estimated to contain 229 trillion standard cubic feet of raw gas, is central to Aramco's ambitions to become a major global player in natural gas and boost its gas production capacity.

Aramco's gas production was 12.6 billion cubic feet per day at the end of September, up from 12 bcfd a year earlier.

Aramco last month said it was boosting its gas growth target to 80% above 2021 levels from a previous targeted growth of 60%.

In its 2021 annual report, Aramco said it reached a single-day record gas output at the time of 10.8 bcfd.

Aramco CEO Amin Nasser, who has called Jafurah a crown jewel in the company's portfolio, said during an earnings call last month the first phase was on track for completion by the end of this year.