UAE, KSA to explore entrepreneurial opportunities in the two countries

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Sheikh Shakhbout bin Nahyan bin Mubarak, UAE ambassador to Saudi Arabia, underlined that the UAE and Saudi Arabia have strategic relations. (Supplied)
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Sheikh Shakhbout bin Nahyan bin Mubarak, UAE ambassador to Saudi Arabia, underlined that the UAE and Saudi Arabia have strategic relations. (Supplied)
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Sheikh Shakhbout bin Nahyan bin Mubarak, UAE ambassador to Saudi Arabia, underlined that the UAE and Saudi Arabia have strategic relations. (Supplied)
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Sheikh Shakhbout bin Nahyan bin Mubarak, UAE ambassador to Saudi Arabia, underlined that the UAE and Saudi Arabia have strategic relations. (Supplied)
Updated 26 June 2018
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UAE, KSA to explore entrepreneurial opportunities in the two countries

JEDDAH: Sheikh Shakhbout bin Nahyan bin Mubarak, UAE ambassador to Saudi Arabia, underlined that the UAE and Saudi Arabia have strategic relations based on solid foundations of unity, joint vision, objectives and cooperation.
This came during the entrepreneurship meeting hosted by the Jeddah Chamber of Commerce and Industry (JCCI) on Tuesday, at its headquarters.
The UAE ambassador reviewed the highlights of entrepreneurial opportunities available in the two countries, pointing out that the small and medium-sized projects sector is important in that it promotes the country’s future and develops its economy on the internal scenes.
He pointed out that the country signed 20 memorandums of understanding with Saudi Arabia to tackle areas of priorities and kick-start the implementation phase of the “Strategy of Resolve” that aims to create a model of integration and cooperation between the two countries.
Moreover, Shakhbout wished for further cooperation in small and medium-sized enterprises and for the adoption of the creative Saudi experience in this area.
“A bright future awaits the two countries with big investment and development initiatives, based on solid foundations of unity, joint vision, objectives and cooperation,” he said.
Mazen Batterjee, deputy chairman of the JCCI, said: “Entrepreneurship in Saudi Arabia is a key element for economic development, as per Vision 2030, especially now that the Kingdom is well ranked in the entrepreneurship index worldwide.”
He proposed to establish a youth work council affiliated to Jeddah chamber for entrepreneurs in Saudi Arabia and the UAE.
Thamer Al-Farshouti, head of the JCCI’s entrepreneurship committee, tackled the efforts exerted by the committee to serve this broad sector which is the lifeblood of any nation’s economic structure.
“The committee has strived to eliminate barriers to entrepreneurs, explore different opportunities and adopt the ideas and creations of entrepreneurs, and turn them into successful projects,” he concluded.


Forum aims to boost Saudi-Japan trade ties

Updated 38 min 33 sec ago
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Forum aims to boost Saudi-Japan trade ties

  • Japan is one of Saudi Arabia’s most important economic partners

TOKYO: More than 300 government, investment and industry leaders on Monday took part in a high-level gathering aimed at further boosting business opportunities between Saudi Arabia and Japan.

The Saudi Arabian General Investment Authority (SAGIA) welcomed key figures from the public and private sectors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo.

Hosted in partnership with the Japan External Trade Organization (JETRO), the conference focused on the creation of investment opportunities in strategic sectors of the Kingdom. Delegates also discussed key reforms currently underway to enable easier market access for foreign companies.

Speaking at the event, Saudi Economy and Planning Minister Mohammed Al-Tuwaijri, said: “Today’s forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private-sector involvement, both by partnering with public-sector entities.”

SAGIA Gov. Ibrahim Al-Omar said: “At SAGIA, we have been working on creating a more attractive and favorable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom.”

Japan is one of Saudi Arabia’s most important economic partners. It is the Kingdom’s second-largest source of foreign capital and third-biggest trading partner, with total trade exceeding $39 billion.

JETRO president, Yasushi Akahoshi, said: “Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders.”

Since 2016, the Saudi government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.

As a result, the Kingdom has climbed international competitiveness and ease-of-doing-business rankings, with foreign direct investment inflows increasing by 127 percent in 2018 and the number of new companies entering Saudi Arabia rising by 70 percent on a year-on-year basis in the first quarter of 2019.