RIYADH: The Saudi Cabinet has approved a law allowing the creation of a new type of company in the Kingdom to boost entrepreneurship.
The new Companies law was signed off on Tuesday, and will regulate all provisions related to companies, whether commercial, non-profit or professional.
It allows a new form of company — called a Simplified Joint Stock Company — that meets the needs of entrepreneurship and venture capital growth.
It also allows the issuance of a family charter that regulates ownership in family businesses, in addition to governance, management, work policy, employment of family members and cash profits to ensure the sustainability of these companies.
“The new law will improve the financing and business dynamics in every sector in the economy, it should have a great positive impact on the economy for the next decades,” CEO of Razeen Capital, Mohammed Al Suwayed, told Arab News.

 “I can’t point out a single impact because the impact is going to be happening in all of the sectors gradually,” he said.
It also reduces the legal requirements and procedures for small and medium enterprises, and simplifies the procedures for establishing companies.
Under this law, many restrictions in the incorporation, practice and exit phases and restrictions on company names have been removed.
According to the Ministry of Investment, the changes will also enhance the diversity and strength of the local market, and raise the level of competitiveness of the Saudi investment environment.
“The new corporate system came to achieve the hopes of family businesses, organize their business by concluding the family charter, encourage bold investment and address the challenges of entrepreneurs by approving the simplified joint stock company,” the Minister of Commerce Majid Al-Kassabi said. 
Real Estate Brokerage law
Another law signed off was the Real Estate Brokerage law, which aims to regulate the brokers business and provide innovative and high-quality services to beneficiaries.
“The Saudi Cabinet’s ratification of the real estate brokerage law will help ensure the reliability of real estate transactions through the Real estate General Authority,” Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing said on Twitter.
He added that It will also help raise the level of services provided and preserve the rights of customers in the sector through standards and procedures for doing business.
Al-Hogail indicated that real estate brokerage services are limited to brokers licensed by the General Real Estate Authority, and brokerage contracts and real estate transactions must be submitted electronically.
He said the commission and prepayment must be determined, and that violators will be subject to penalties under the law.
Abdullah Al-Hammad, CEO of the Real Estate General Authority, described the law as a “positive addition.”
“This law complements the legislative system that the General Real Estate Authority is working on to regulate the real estate market in the Kingdom of Saudi Arabia,” he told CNBC.  
RIYADH: Saudi stocks gained some ground on Wednesday amid easing inflation worries while investors kept an eye on oil prices.
The main index, TASI, gained 0.48 percent to reach 11,727, while the parallel market, Nomu, added 1.81 percent to 20,728.
This was led by a 0.90 percent increase in the Saudi oil giant Aramco and a 2.86 percent leap in one of the Kingdom’s biggest lenders, Saudi National Bank.
Retal Urban Development Co. added 0.66 percent, following the acquisition of SR339 million ($90 million) in residential land in the Sedra Masterplan Community.
In the telecom sector, stc shares climbed 0.61 percent, while Zain KSA shares shed 2.02 percent.
Saudi Advanced Industries Co. was also among the gainers, posting 9.94 percent gain.
Al Moammar Information Systems Co. edged down 1.37 percent, following an agreement with US-based Cloudera to host and distribute its services in the Kingdom.
SABIC Agri-Nutrients Co. fell 0.98 percent, following the announcement that it will pay dividends of SR4 a share in the first half of the year.
Saudia Dairy and Foodstuff Co. dropped 1.66 percent, following shareholders’ approval of SR0.50 per share for dividends in 2021.
Dar Alarkan Real Estate Development Co. decreased 3.94 percent, following the appointment of Yousuf Al Shelash as chairman and Majed Abdul Rahman Al Qasim as vice chairman.
In energy trading, Brent crude settled at $119.61 a barrel and US West Texas Intermediate reached $113.42 a barrel, as of 3:22 p.m. Saudi time.
BEIJING: Coronavirus lockdowns have hit Chinese growth more than expected, ratings agency S&P said as it slashed its forecast for the second time in two months, while emerging market economies will slow in the second half of this year amid high inflation.
S&P cut its gross domestic product growth prediction for China to 3.3 percent, in a report, having already downgraded it to 4.2 percent in May from a 4.9 percent forecast made in March.
It said higher than expected first quarter growth in many countries meant its 2022 growth forecast for emerging market economies excluding China was unchanged at 4.1 percent, but sounded a pessimistic note about the rest of the year and 2023.
S&P also increased inflation forecasts for a sample of 15 emerging markets, to 7.1 percent in 2022 and 4.1 percent in 2023, from 5.9 percent and 3.5 percent in March and said it expected inflation to breach most central banks’ targets until at least 2024 even as they tighten monetary policy faster.
China’s smartphones gain ground in Russia
Chinese smartphones accounted for two-thirds of all new sales in Russia between April and June, the country’s top electronics retailer said on Wednesday.
“The total share of Chinese brands in the Russian market in terms of smartphone sales is steadily increasing — from 50 percent in the first quarter, to 60 percent in April to more than 70 percent in June,” Russian electronics retailer M.Video-Eldorado said on Wednesday.
Overall, Chinese smartphones accounted for more than 65 percent of devices sold across the second quarter, up from 50 percent in the same period of 2021. Mobile operator MTS reported a jump in sales of Chinese phones in May.
M.Video said the average price of a smartphone sold during the three-month period was down 4 percent from last year as Russian consumers shift to lower-ticket goods amid an earnings squeeze and economic downturn.
Several major smartphone makers, including Apple and Samsung, have paused new sales in Russia following its Feb. 24 invasion of Ukraine, while financial sanctions and airspace bans have hit supply chains, pushing Russian retailers and consumers to look toward China to fill the gap.
(With input from Reuters) 
MUMBAI: The Indian rupee on Wednesday touched record lows for a second straight session on persisting concerns about rising inflation and weak growth, even as the central bank sold dollars to limit losses.
The partially convertible rupee ended at 78.9650 per dollar after touching a lifetime low of 78.97. The currency had closed at 78.77 on Tuesday.
The rupee has lost more than 6 percent against the dollar so far this year, and analysts believe it is likely to weaken further.
“The Indian Rupee has been adversely affected mainly by the FIIs pulling out funds from the equity market, rising crude prices, the deteriorating trade balance and dollar strengthening,” analysts at Emkay Wealth Management said in a note.
Indian shares fall
Indian shares fell on Wednesday to snap a four-day winning streak as worries over inflation resurfaced amid surging oil prices, while domestic explorers rose in late trade after the country approved a plan to give marketing freedom to sell crude.
The NSE Nifty 50 index closed 0.32 percent lower to 15,799.10 and the S&P BSE Sensex slipped 0.3 percent to 53,026.97. 
India cement maker paying for Russian coal in Chinese yuan
Indian cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common.
UltraTech is bringing in 157,000 tons of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values the cargo at 172,652,900 yuan ($25.81 million).
Two trade sources familiar with the matter said the cargo’s sale was arranged by SUEK’s Dubai-based unit, adding that other companies have also placed orders for Russian coal using yuan payments.
The increasing use of the yuan to settle payments could help insulate Moscow from the effects of western sanctions imposed on Russia over its invasion of Ukraine and bolster Beijing’s push to further internationalize the currency and chip away at the dominance of the US dollar in global trade.
(With inputs from Reuters)
RIYADH: UAE’s Strata, the aviation unit of Mubadala Investment Co., is expanding into biopharmaceuticals manufacturing and it is also in discussions with global electric vehicle makers to start EV production in the country.
The company seeks to form partnerships with existing companies as part of its long-term strategy to expand its advanced manufacturing capabilities and include more industrial sectors, the local media reported. 
“We have already started conversations with partners and the intention is to announce something before the end of the year,” Strata CEO Ismail Abdulla was quoted as saying.
The company is not interested in generic pharmaceutical products and is only looking to manufacture some drugs, treatments and vaccines.
“Strata is looking for partners that are hungry for growth, are willing to relocate and start new activities in this part of the world to serve the local market, the regional market and then the Russian market,” Abdulla added.
In March, Strata said it plans to focus on opportunities in a range of high-tech sectors such as biopharmaceuticals, digitalization, automation, artificial intelligence and advanced materials manufacturing as it seeks to diversify its business.
RIYADH: American multinational conglomerate Honeywell has signed an initial agreement with industrial company Anchorage Investment to construct the planned $2 billion Anchor Benitoite Petrochemicals Complex in Egypt’s Suez Canal Economic Zone.
As per the memorandum of understanding, the companies will enter preliminary discussions to appoint Honeywell Process Solutions as the Integrated Main Automation Contractor for the facility, MEED reported.
As part of the contract, HPS would also supply Anchorage Investments with a range of technologies designed to enhance operational safety, security, and efficiency at the complex.
Once completed, Anchor Benitoite production units are expected to produce 1.75 million tons a year of petrochemical products and intermediates, including propylene, polypropylene, crude acrylic acid, n-butanol and butyl acrylate. 
Honeywell has been operating in Egypt for over 60 years, with works with government-owned and private sector entities in many fields including oil and gas, refining and petrochemicals, automation and defense. 


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