Petromin to invest in KAEC’s Industrial Valley

Samir Nawar, CEO of Petromin, left, with Rayan Qutub, CEO of the Industrial Valley during the signing of the agreement.
Updated 11 January 2017
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Petromin to invest in KAEC’s Industrial Valley

JEDDAH: King Abdullah Economic City (KAEC) has succeeded in adding Petromin to the growing list of investors in the Industrial Valley.
Under the deal, Petromin will lease 193,917 sq. meters of land to build a logistics service center for Nissan vehicles.
“King Abdullah Economic City’s efforts are focused on boosting the competitiveness of the Industrial Valley as a regional manufacturing and logistics hub,” said Fahd Al-Rasheed, group CEO and managing director of KAEC.
“The unrivaled quality of our infrastructure will attract national and global manufacturing and logistics giants, which will give us further impetus to press on with achieving the strategic vision the government has set forth for this modern city.”
Petromin is one of the Kingdom’s leading producers of automotive lubricants and automotive service providers. The company is active in five major sectors: Mass production and retail sales of automotive and industrial lubricants; Petromin Express, the company’s quick automotive service arm; automotive maintenance and repair; retail sales of automotive fuels through the company’s gas stations; and automotive retail — the company is the official Nissan Motors dealer in Saudi Arabia.
Samir Nawar, chief executive officer of Petromin, underlined the importance of the two sides working together as a team.
“This is why we have long-term investment in King Abdullah Economic City at the very top of our priorities,” he said. “There are so many favorable aspects that make the KAEC the perfect place for us to expand our investments, including the city’s strategic location, the commencement of operations at the King Abdullah Port and the sheer ease of doing business thanks to the record time in obtaining the necessary permits and licensing from the Economic Cities Authority.”
Rayan Qutub, CEO of the Industrial Valley, said that the deal reflects the growing demand for space in the Industrial Valley.
“The automotive sector, which includes vehicle dealers, distributors, spare parts suppliers, commercial vehicle assembly corporations and lubricants manufacturers, is a runaway success in the Industrial Valley,” he said. “It is a natural outcome that the Industrial Valley is developing as the primary base of operations for this sector, thanks to its strategic location on the coast of the Red Sea, its logistical access, the upcoming re-export zone, and the opening of the roll-on/roll-off pier at King Abdullah Port.”
The Industrial Valley, he said, has become the number one choice for corporations that seek to start or expand their business in the region.
“So far, we have been able to attract 120 of the biggest corporations of which 25 have already begun production and 35 others are in the process of building their facilities.”


China opens up finance sector to more foreign investment

Updated 20 July 2019
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China opens up finance sector to more foreign investment

  • China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020
  • Beijing has long promised to further open up its economy to foreign business participation and investment

BEIJING: China lifted some restrictions on foreign investment in the financial sector Saturday, as the world’s second largest economy fights slowing growth at home and a damaging trade war with the US.
China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, a year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank Saturday.
Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies, the statement said.
Beijing has long promised to further open up its economy to foreign business participation and investment but has generally dragged its feet in implementing the moves — a major point of contention with Washington and Brussels.
Saturday’s announcement followed a Friday meeting chaired by economic czar Liu He where policymakers focused on tackling financial risk and financial contagion and pledged new steps to support growth, according to a state council statement.
Additional measures include scrapping entry barriers for foreign insurance companies like a requirement of 30 years of business operations and canceling a 25 percent equity cap on foreign ownership of insurance asset management firms.
Foreign owned credit rating agencies will also be allowed to evaluate a greater number of bond and debt types, the statement said.
US President Donald Trump has launched a damaging tariff war in an attempt to force Beijing to further open up its economy and limit what he calls its unfair trade practices.
The US and China have hit each other with punitive tariffs covering more than $360 billion in two-way trade.
Trump and Xi Jinping agreed to revive fractious trade negotiations when they met on the sidelines of the G20 summit in Japan on June 29 and top US and Chinese negotiators have held phone talks this month.