Saudi and British corporate giants sign $2bn deals

18 economic agreements were signed at the Saudi - UK CEO Forum. (Al-Ekhbariya)
Updated 09 March 2018
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Saudi and British corporate giants sign $2bn deals

LONDON: Some of the biggest corporate names from Saudi Arabia and the UK announced deals worth SR8 billion ($2.13 billion) in London yesterday.
About 18 agreements were signed as CEO’s from both countries gathered at a forum in London’s Mansion House which was part of a series of events arranged around a three-day official visit by Saudi Arabia’s Crown Prince Mohammed bin Salman.
The crown prince this week met with British Prime Minister Theresa May, Prince Charles and  senior government officials as both countries set out plans to build £65 billion ($90.29 billion) trade and investment ties in coming years. 
The move comes as both countries embark on radical new economic journeys — which in the case of Britain involves leaving the EU and for Saudi Arabia means framing a social and economic future that is no longer reliant on oil. 
The pair see a number of synergies emerging from both processes, underscored by the flurry of deals signed yesterday.
The Kingdom is also simplifying and speeding up the paperwork needed to establish businesses in an effort to stimulate the SME sector while also drawing in more external investment.
Among the new partnerships announced yesterday was a preliminary agreement between Saudi Aramco and Royal Dutch Shell. 
“It is a discussion that began some time ago and now we have signed a memorandum to work on gas projects from upstream to downstream across the world and in Saudi Arabia. Concrete projects would be announced in due course,” Shell CEO Ben van Beurden told Reuters after the signing ceremony. Other deals covered sectors that included health, investment, innovation and energy. 
The crown prince also met British finance minister Philip Hammond at the Saudi embassy in London, a government spokesperson said on Thursday.
The UK visit cheered investors on the Tadawul Saudi stock exchange which led gains in Gulf markets yesterday.
The UK and Saudi Arabia have long-standing business ties, with about 6,000 UK firms engaged in business with the Kingdom according to the Saudi British Joint Business Council.


In Trump rebuke, US Senate votes to reimpose ban on China’s ZTE

Updated 19 June 2018
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In Trump rebuke, US Senate votes to reimpose ban on China’s ZTE

  • ZTE has been on life support ever since Washington said it had banned US companies from selling crucial hardware and software components to the company for seven years.
  • ZTE's fiberoptic networks depend on US components and its cheap smartphones sold en masse abroad are powered by US chips and the Android operating system.

WASHINGTON: The US Senate defied President Donald Trump by voting Monday to overrule his administration’s deal with Chinese telecom firm ZTE and reimpose a ban on high-tech chip sales to the company.
Senators added an amendment targeting ZTE into a sweeping, must-pass national defense spending bill that cleared the chamber on an 85-10 vote.
The company has been on life support ever since Washington said it had banned US companies from selling crucial hardware and software components to ZTE for seven years, after staffers violated trade sanctions against Iran and North Korea.
It was fined $1.2 billion for those violations, but earlier this month the Trump administration gave ZTE a lifeline by easing sanctions in exchange for a further $1.4 billion penalty on the company.
The Senate measure nullifies that action, proposing an outright ban on the government buying products and services from ZTE and another Chinese telecoms firm, Huawei.
“We’re heartened that both parties made it clear that protecting American jobs and national security must come first when making deals with countries like China, which has a history of having little regard for either,” a bipartisan group of senators said.
The lawmakers, who introduced the amendment, include top Democrat Chuck Schumer and Republican Marco Rubio.
Providing $716 billion in funding for national defense for fiscal year 2019 and giving policy guidance to the Pentagon, the bill is not a done deal.
The House of Representatives passed its own version of the measure, and the two chambers must now hash out a compromise.
“It is vital that our colleagues in the House keep this bipartisan provision in the bill as it heads toward a conference,” Schumer and Rubio said.
ZTE, which employs 80,000 people, said recently that its major operations had “ceased” after the ban, raising the possibility of its collapse.
Its fiberoptic networks depend on US components and its cheap smartphones sold en masse abroad are powered by US chips and the Android operating system.