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)
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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

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.

7 things you need to know on Tadawul today

Updated 26 November 2020

7 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Thursday.

1) Saudi Arabian Oil Co. (Saudi Aramco) successfully completed the issuance of $8 billion senior, dollar-denominated bonds, unsecured by assets, under its Global Medium-Term Note Program.

2) The Capital Market Authority (CMA) identified some cases suspected of manipulations, fraud and scam of the capital market rules and its executive regulations, amid the price fluctuations of some stocks.

3) Al Rajhi Bank announced the reappointment of Abdullah bin Sulaiman Al Rajhi as chairman.

4) Saudi Automotive Services Co. (SASCO) opened 11 new fuel stations in Q3 2020, bringing the total number of operating stations to 219.

5) Anaam International Holding Group’s non-binding memorandum of understanding to acquire 100 percent stake in Al Ghadeer Real Estate expired with no obligations on both parties.

6) Arabian Centres Co. amended the lease contract for the U Walk Jeddah Centre (earlier Zahra Mall), reducing the total value of land rent over the contract period by SAR 710 million ($189 million) to SAR 1.075 billion.

7) Oil prices gained on Thursday morning. Brent crude edged up 27 cents to $48.88/bbl, while WTI crude gained 18 cents to $45.89/bbl.

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