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Saudi Arabia Freezes New Trade With Canada for Urging Activists’ Release

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  • Saudi Arabia Freezes New Trade With Canada for Urging Activists’ Release

Saudi Arabia will suspend new trade and investment with Canada after that country’s foreign ministry urged Riyadh to release arrested civil rights activists, it said in a statement released to the official Saudi Press Agency on Sunday.

It also gave the Canadian ambassador 24 hours to leave the country and recalled its own ambassador to Canada, the statement by the Saudi foreign ministry said, adding it retained “its rights to take further action.”

The Saudi ministry had been briefed that the Canadian foreign ministry and the Canadian embassy urged the Saudi authorities to “immediately release” civil rights activists, the statement said.

Canadian foreign ministry officials were not available for an immediate comment on Sunday.

Last Wednesday, Human Rights Watch said Saudi Arabia had arrested women’s rights activists Samar Badawi and Nassima al-Sadah, the latest two to be swept up in a government crackdown on activists, clerics and journalists. More than a dozen women’s rights activists have been targeted since May.

On Friday, Canada said it was “gravely concerned” about the arrests of civil society and women’s rights activists in Saudi Arabia, including Badawi, the sister of jailed dissident blogger Raif Badawi.

“We urge the Saudi authorities to immediately release them and all other peaceful human rights activists,” Global Affairs Canada said on its Twitter feed.

Raif Badawi’s wife Ensaf Haidar lives in Canada and recently became a Canadian citizen.

Most of those arrested campaigned for the right to drive and an end to the country’s male guardianship system, which requires women to obtain the consent of a male relative for major decisions.

The Saudi statement said it confirmed its commitment to refrain from intervening in the internal matters of other countries, including Canada, and in return rejected any intervention in its domestic affairs and internal relations with its citizens.

“Any further step from the Canadian side in that direction will be considered as acknowledgment of our right to interfere in the Canadian domestic affairs,” the statement said.

In 2014, the Canadian unit of U.S. weapons maker General Dynamics Corp (GD.N) won a contract worth up to $13 billion to build light-armored vehicles for Saudi Arabia, in what Ottawa said at the time was the largest advanced manufacturing export win in Canadian history.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Saudi Arabia Aims for $80 Billion Tourism Investment to Fuel Vision 2030 Goals

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Saudi Arabia is embarking on a bold venture to attract up to $80 billion in private investment into its burgeoning tourism industry, a move pivotal to realizing its ambitious Vision 2030 objectives.

Tourism Minister Ahmed Al Khateeb unveiled the kingdom’s aspiration during an interview in Riyadh, emphasizing the imperative role of the private sector in spearheading investment endeavors.

With plans to disburse approximately $800 billion on tourism over the next decade, Saudi Arabia is steadfast in its pursuit to diversify its economy and reduce dependency on oil revenues.

Vision 2030 outlines a trajectory for the kingdom to metamorphose into one of the world’s premier tourist destinations, targeting 150 million annual visitors by 2030, a significant portion originating from overseas.

While the government and sovereign wealth fund have historically fueled tourism development, securing substantial foreign direct investment, particularly from the private sector, emerges as paramount in expediting Vision 2030 initiatives.

The kingdom’s fiscal projections, forecasting deficits until 2026, underscore the urgency of engaging private investors to actualize the ambitious tourism blueprint.

Saudi Arabia, having welcomed 100 million tourists in 2023, predominantly domestic travelers, eyes international markets such as India, China, the UK, France, and Germany for tourist influx.

A new program launched by the Ministry of Tourism aims to streamline investment processes, potentially unlocking $11 billion in private investment, bolstering Saudi Arabia’s tourism trajectory and reshaping its economic landscape.

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CBN Unveils Plan to Settle N1.64 Trillion Treasury Bills in Q2 2024

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The Central Bank of Nigeria (CBN) has announced its strategic approach to managing liquidity and meeting financial obligations by unveiling a comprehensive plan to settle Treasury Bills (TBs) worth N1.64 trillion during the second quarter of 2024.

This initiative, part of the CBN’s Nigeria Treasury Bills Issue programme, aims to regulate the money supply within the economy while effectively managing liquidity dynamics.

According to documents obtained by Investors King, the TBs settlement program is slated to commence on March 7th and conclude on May 23rd, 2024.

The CBN will focus on settling TBs with varying tenors, including N414.29 billion on 91 days, N43.74 billion on 182 days, and a substantial N1.18 trillion on 364 days.

The breakdown of the settlement plan reveals monthly settlements to address maturing TBs. In March, the CBN plans to settle N660.62 billion worth of TBs, followed by N292.17 billion in April and N688.3 billion in May.

Market analysts interpret this move as a testament to the CBN’s commitment to managing financial obligations and maintaining economic stability.

It provides investors with opportunities to engage in short-term financial instruments while contributing to overall liquidity dynamics.

The strategic settlement plan reflects the CBN’s proactive stance in navigating economic challenges and ensuring stability within the financial landscape.

As the apex bank implements these measures, stakeholders will closely monitor their impact on market dynamics and economic indicators, anticipating implications for investment decisions and monetary policy outlooks.

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China’s State-Owned Lenders Allocate $8 Billion to Revitalize Property Market

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China’s state-owned lenders have committed a substantial $8 billion in loans to rejuvenate the country’s beleaguered property market, aligning with Beijing’s directives to bolster the sector.

Agricultural Bank of China Ltd. disclosed approving over 40 billion yuan of loans for real estate projects on predefined white lists, signaling a proactive approach towards supporting the housing market’s recovery.

China Construction Bank Corp. also joined the effort, extending 3 billion yuan to five property projects, with plans to greenlight over 20 billion yuan in loans soon.

Industrial & Commercial Bank of China Ltd. and Bank of China Ltd. are among the institutions offering financing assistance, although the exact loan amounts remain undisclosed.

This initiative follows Beijing’s recent call for local authorities to enhance financing support for developers and curate lists of eligible projects.

In response, the big four state lenders pledged to meet reasonable financing demands from developers and projects identified under the coordination mechanism.

However, China’s property market faces challenges despite these measures. New home sales plummeted 34.2% year-on-year, underscoring the ongoing slowdown.

While existing home transactions surged during the Spring Festival holiday, new home sales remained subdued, prompting a cautious outlook among buyers.

The infusion of $8 billion aims to instill confidence and stimulate activity in the property sector, potentially heralding a gradual recovery amid persisting market uncertainties.

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