Saudi Arabia, UAE to attend US-led Palestine investment meeting

Saudi Minister of Economy and Planning Mohammed bin Majid Al–Tuwaijri. (SPA file photo)
Updated 23 May 2019
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Saudi Arabia, UAE to attend US-led Palestine investment meeting

  • The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting
  • Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands

JEDDAH: Saudi Arabia and the UAE will participate in a conference next month in Bahrain aimed at encouraging investment in the West Bank and Gaza Strip, as part of US President Donald Trump’s long–awaited Israel–Palestine peace plan. 

The Peace to Prosperity conference, to be hosted on June 25–26 in cooperation with the US, has already been rebuffed by Palestinian officials and business leaders, who want their political demands met by any proposed solution to the conflict.

The Palestine Liberation Organization and Islamist group Hamas have called for an Arab boycott of the meeting.

The Saudi minister of economy and planning, Mohammed bin Majid Al–Tuwaijri, will attend, the Saudi Press Agency reported on Wednesday.

The UAE Ministry of Foreign Affairs and International Cooperation said Abu Dhabi would also send a delegation.

The Palestinian Authority has boycotted American peace efforts since late 2017, when Trump decided to move the US Embassy from Tel Aviv to Jerusalem and recognized the latter as the capital of Israel, reversing decades of US policy.

The Trump administration has sought to enlist support from Arab governments.

But Saudi Arabia has assured Arab allies that it will not endorse any US plan that fails to meet key Palestinian demands, which include affirming East Jerusalem as the capital of a Palestinian state, the right of return for refugees, and a freeze on Israeli settlement construction. 


High-level investment forum aims to further boost business between Saudi Arabia and Japan

Updated 18 June 2019
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High-level investment forum aims to further boost business between Saudi Arabia and Japan

  • 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.