KSA ‘has golden opportunity to attract global investments’

Updated 22 January 2014
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KSA ‘has golden opportunity to attract global investments’

Saudi Arabia has the golden opportunity to attract global investments and is moving in the “right way” to become the leading manufacturing country in the region, said Andrew Liveris, president and CEO of Dow Chemical.
The Dow chief’s remarks came at the Seventh Global Competitiveness Forum in Riyadh.
His work paper focused on manufacturing, partnership, sustainable development, innovation, and industrialization
Observing that each job in a manufacturing plant creates three others, he said advanced manufacture always acted as the engine of innovation, facilitating over 90 percent of spending on research.
He said his company had entered into partnership with the Ministry of Commerce and Industry and had jointly worked out a plan for advanced manufacturing in the Kingdom.
Saudi Arabia is one of the leading oil exporting countries but oil alone will not support industrial growth, he said.
The Dow chief also referred to a 40-year-long partnership with Juffali Group.
Saudi Arabia is poised to become the first manufacturing country in the region, notably in creating more jobs and development based on partnership and exploitation of available opportunities, he said.
Mutasim Al-Mashouq, deputy president of Saudi Aramco for business development, traced the history of the company in support of mega projects and entrepreneurship.
Saudi Aramco facilitated entrepreneurs to put forth their industrial plans through Wa’ed project, which targets small and medium enterprises (SMEs) in the Kingdom, he said.
Speaking at the session, Deputy CEO of Saudi Basic Industries Corporation (SABIC) Mutlaq Al-Miraishid said his company had adopted the “Made in Saudi Arabia” concept since its inception.
The petrochemical sector has become robust in the Kingdom, thanks to plans and partnerships concluded between SABIC and other manufacturers, he said.


Korean Air chief indicted for embezzlement

Updated 47 min 40 sec ago
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Korean Air chief indicted for embezzlement

  • Prosecutors charged Cho Yang-ho with embezzling more than $18 million and unfairly awarding contracts to family members
  • He is also accused of taking 152 billion won from the state insurance agency in medical care benefits

SEOUL: The head of South Korean flag carrier Korean Air — whose family have been embroiled in multiple scandals including one involving macadamia nuts — was indicted Monday on charges of embezzling tens of millions of dollars and other offenses.
Prosecutors charged Cho Yang-ho with embezzling more than 20 billion won ($18 million) and unfairly awarding contracts to companies controlled by his family members, according to Yonhap news agency.
The super-wealthy owners of chaebols — the sprawling conglomerates that dominate the world’s 11th-largest economy — often attract controversy, but a series of scandals have made the Cho family one of the most notorious in South Korea.
Cho is the chairman of Hanjin Group, which includes Korean Air and used to own the now-bankrupt Hanjin Shipping line.
He was also head of the organizing committee for the 2018 Pyeongchang Winter Olympics until stepping down two years before the Games.
The 69-year-old is also accused of taking 152 billion won from the state insurance agency in medical care benefits by illegally running a pharmacy under a borrowed name.
Initially Cho was accused of evading inheritance tax of around 61 billion won when his father, Hanjin’s founder, died in 2002, but prosecutors said the statute of limitations had expired in 2014.
The date for Cho’s trial was not set and he was not detained ahead of the proceedings.
His two daughters, who held management positions at Korean Air, previously became viral sensations for temper tantrums dubbed the “nut rage” and “water rage” scandals, forcing Cho to issue a public apology and remove them from their posts.
The elder, Cho Hyun-ah, made global headlines in 2014 for kicking a cabin crew chief off a Korean Air plane after she was served macadamia nuts in a bag rather than a bowl. She later served a short prison sentence.
Earlier this year, her younger sister Cho Hyun-min was accused of throwing a drink at an advertising agency manager’s face in a fit of rage during a business meeting. She was not indicted as the victim did not want to press charges.
Their mother, Lee Myung-hee, has been questioned by police several times in connection with allegations of assault against her employees including cursing, kicking, slapping and even throwing a pair of scissors.
Cho himself has already had brushes with the law, receiving a suspended jail sentence for tax evasion in 2000 and awaiting a separate trial for diverting 30 billion won of company funds for renovating his own house.