Prince Alwaleed and Prince Charlesdiscuss investments in Riyadh talks

Updated 13 February 2015

Prince Alwaleed and Prince Charlesdiscuss investments in Riyadh talks

Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), received Prince Charles, the prince of wales, and an accompanying delegation in Riyadh at Kingdom Resort.
The meeting began as Prince Charles thanked Prince Alwaleed for his hospitality and warm welcome.
Prince Charles and Prince Alwaleed discussed the importance of the long established Saudi-British relations and the efforts made by both countries to maintain it.
The two royals also discussed a number of general local, regional and international issues.
Also, during the meeting Prince Charles and Prince Alwaleed discussed the prince’s investments through KHC in the United Kingdom and their philanthropic global projects in addition to the activities of Alwaleed bin Talal Foundation that is chaired by Prince Alwaleed.
The meeting was also attended by royals, ministers and VIPs that included, Prince Turki bin Talal bin Abdulaziz, head of the Initiative Campaign “Nulabi Al-Nida” (We Answer the Call) and Prince Abdulaziz bin Turki bin Talal.
The delegation from KHC included Mohammed Fahmy, KHC’s CFO, Mohammed Almujadidi, senior executive manager, office of the chairman, Heba Fatani, senior executive manager, corporate communications department and Intisar Alyamani, executive manager, corporate communications Department.
From Prince Alwaleed’s private office, the attendees were Nada Alsugair, executive director, finance and administration, Maram Bakhurji, manager, design and construction department, Hassna Alturki, department head travel and external affairs Hani Alagha, senior manager, travel and external affairs and Fahad bin Saad bin Nafel, executive assistant to the chairman,
The delegation from Alwaleed bin Talal Foundation were Nauf Al-Rawaf, executive manager of international development projects and Princess Lamia bint Majid Alsaud, executive manager, media and communication.
Prince Alwaleed’s investments through KHC in the UK include ownership of 50 percent in The Savoy hotel that is managed by Fairmont in which KHC owns a 35 percent stake in, and Citigroup in the financial sector.
In addition, other investments include a 47.5 percent interest in the Four Seasons Hotels and Resorts is equally co-owned by the billionaire Bill Gates’ Cascade, and 5 percent of the Four Seasons is owned by Isadore Sharp founder of the Four Seasons; which manages 3 hotels; London at Park Lane, London at Canary Wharf and the third in Hampshire.


US trade offensive takes out WTO as global arbiter

Updated 10 December 2019

US trade offensive takes out WTO as global arbiter

  • Two years after starting to block appointments, the US will finally paralyze the WTO’s Appellate Body
  • Two of three members of Appellate Body exit and leave it unable to issue rulings

BRUSSELS: US disruption of the global economic order reaches a major milestone on Tuesday as the World Trade Organization (WTO) loses its ability to intervene in trade wars, threatening the future of the Geneva-based body.
Two years after starting to block appointments, the United States will finally paralyze the WTO’s Appellate Body, which acts as the supreme court for international trade, as two of three members exit and leave it unable to issue rulings.
Major trade disputes, including the US conflict with China and metal tariffs imposed by US President Donald Trump, will not be resolved by the global trade arbiter.
Stephen Vaughn, who served as general counsel to the US Trade Representative during Trump’s first two years, said many disputes would be settled in future by negotiations.
Critics say this means a return to a post-war period of inconsistent settlements, problems the WTO’s creation in 1995 was designed to fix.
The EU ambassador to the WTO told counterparts in Geneva on Monday the Appellate Body’s paralysis risked creating a system of economic relations based on power rather than rules.
The crippling of dispute settlement comes as the WTO also struggles in its other major role of opening markets.
The WTO club of 164 has not produced any international accord since abandoning “Doha Round” negotiations in 2015.
Trade-restrictive measures among the G20 group of largest economies are at historic highs, compounded by Trump’s “America First” agenda and the trade war with China.
Phil Hogan, the European Union’s new trade commissioner, said on Friday the WTO was no longer fit for purpose and in dire need of reforms going beyond just fixing the appeals mechanism.
For developed countries, in particular, the WTO’s rules must change to take account of state-controlled enterprises.
In 2017, Japan brought together the United States and the European Union in a joint bid to set new global rules on state subsidies and forced technology transfers.
The US is also pushing to limit the ability of WTO members to grant themselves developing status, which for example gives them longer to implement WTO agreements.
Such “developing countries” include Singapore and Israel, but China is the clear focus.
US Commerce Secretary Wilbur Ross told Reuters last week the United States wanted to end concessions given to then struggling economies that were no longer appropriate.
“We’ve been spoiling countries for a very, very long time, so naturally they’re pushing back as we try to change things,” he said.
The trouble with WTO reform is that changes require consensus to pass. That includes Chinese backing.
Beijing has published its own reform proposals with a string of grievances against US actions. Reform should resolve crucial issues threatening the WTO’s existence, while preserving the interests of developing countries.
Many observers believe the WTO faces a pivotal moment in mid-2020 when its trade ministers gather in a drive to push through a multinational deal — on cutting fishing subsidies.
“It’s not the WTO that will save the fish. It’s the fish that are going to save the WTO,” said one ambassador.