New areas of Saudi-Swiss cooperation identified

New areas of Saudi-Swiss cooperation identified
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Saudi and Swiss officials sign an accord during a meeting trade and investment in Jeddah on Tuesday. (Courtesy: MCI)
New areas of Saudi-Swiss cooperation identified
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Saudi Minister of Trade and Investment Majid bin Abdullah Al-Qassabi with Swiss Minister of Economic Affairs and Education Johann Schneider-Ammann during a meeting in Jeddah on Tuesday. (Courtesy: MCI)
Updated 18 July 2017

New areas of Saudi-Swiss cooperation identified

New areas of Saudi-Swiss cooperation identified

RIYADH: New areas of cooperation in trade were identified on Sunday during a meeting held in Jeddah between Commerce and Investment Minister Majid Al-Qassabi and his Swiss counterpart, Johan Schneider-Ammann.
During the meeting, the Saudi-Swiss sides discussed opportunities between the Kingdom and Switzerland and explored means of developing trade and investment opportunities, especially in the field of non-oil exports, as well as removing any obstacles that may hinder such activities.
There are 113 Swiss companies in the Kingdom, 94 of which are service companies and 19 are industrial. The volume of trade exchange between Saudi Arabia and Switzerland reached SR10.33 billion ($2.75 billion) in 2016.
It was also decided to provide Saudi companies with the latest technologies and expertise to raise the quality of Saudi products and facilitate their entry into European and international markets.
The two sides also stressed the importance of the Saudi-Swiss Business Council’s role in the promotion of business and investment activities between the two countries, and its contribution to current development issues, especially in the fields of high-tech precision industries and the search for specific quality investment opportunities.


UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
Updated 15 January 2021

UK economy shrinks by 2.6% in November, first drop since April

UK economy shrinks by 2.6% in November, first drop since April
  • The fall in gross domestic product much lower than the average forecast for a 5.7 percent drop

LONDON: Britain’s economy shrank by 2.6 percent in November, the first monthly fall in output since the depths of an initial COVID lockdown in April, as new restrictions were imposed on much of the country to slow the spread of the disease.
The fall in gross domestic product reported by the Office for National Statistics was much lower than the average forecast for a 5.7 percent drop in a Reuters poll of economists.
The Bank of England estimates Britain’s economy shrank by just over 1 percent over the final three months of 2020, and with a new lockdown in place since January the country is likely to have fallen into a double-dip recession.
The BoE ramped up its bond-buying program to almost 900 billion pounds in November and Governor Andrew Bailey said this week that it was too soon to say if further stimulus would be needed.