WASHINGTON: US Secretary of State Rex Tillerson touted Wednesday more economic investment and cooperation between Saudi Arabia and the US because “when US companies invest in the Saudi economy, everyone wins.”
Tillerson made his remarks at the second annual US-Saudi Arabia CEO Summit, which concluded Wednesday in Washington. The summit brought together Saudi and US government officials and business leaders to discuss challenges and opportunities to expand US-Saudi economic partnership.
Participants included Majid Al-Qasabi, Saudi commerce minister; Ghassan Al-Shibl, chairman of Saudi Arabian Airlines and CEO of Saudi Research and Marketing Group, and Khaled Al-Seif, vice chairman of the Committee for International Trade.
Tillerson’s participation added prominence and leverage to the event, hosted by the US Chamber of Commerce.
He reaffirmed the “very strong partnership” between Washington and Riyadh that “extends over 80 years,” adding: “Our support for a strong and steady partner on economic cooperation remains as firm as ever.”
Coming after what Tillerson dubbed “a very successful visit last month with Saudi Deputy Crown Prince Mohammed bin Salman,” the summit reinforced shared investments and deepening economic ties.
The former Exxon Mobil CEO said US President Donald Trump and the new administration are seeking to take the US-Saudi partnership “to new heights” by building on Vision 2030, which “seeks to transform their economy and society.”
Tillerson emphasized specific economic commitments in the plan, “including to boost the women’s workforce participation rate from 22 percent to 30 percent; to augment the private sector’s contribution to GDP (gross domestic product) from 40 percent to 65 percent; to move to free-market pricing in place of subsidies in energy; to raise the share of non-oil exports from 16 percent to 50 percent of non-oil GDP; and to increase dramatically the capacity and quality of the health and education sectors through substantial capital investment.”
He added: “We encourage these kinds of reforms globally, and we certainly applaud Saudi Arabia’s leadership in pursuing this vision and economic progress for the region.”
Advocating more US investment in Saudi Arabia, Tillerson said: “The Kingdom will reap the benefits of what our private sector is best known for — superior technology, high-quality products, creativity, professionalism and reliable service — and importantly, partners you can count on to deliver on their commitments.”
In line with Trump’s goals to create jobs and attract investments in the US, Tillerson said: “Saudi Arabia will find many promising investment opportunities in the United States… One of our policy priorities is to get better deals for the United States.”
Al-Qasabi emphasized a shared outlook for more economic cooperation with the US along the lines of Vision 2030.
Speaking to reporters, he voiced high confidence in the broader and bilateral talks at the summit.
He told Arab News that follow-up meetings at the Cabinet levels between Saudi and US officials will follow, to build on what was discussed with US business leaders and CEOs.
Thomas J. Donohue, president and CEO of the US Chamber, said in his opening remarks: “Strategic strength is driven by economic strength. When American businesses partner with Saudi Arabia, they help grow our domestic economy and extend influence throughout the global economy.”
As part of the summit, the Chamber released the US-Saudi Arabia Business Outlook Survey, which reveals the sentiment of US businesses regarding the Saudi business climate.
The report was produced in collaboration with Ernst & Young and the three American chambers of commerce in Saudi Arabia.
“American businesses have a positive outlook and plans for growth in the Saudi market,” said Khush Choksy, senior vice president for Middle East and Turkey Affairs at the US Chamber.
“However, there are also opportunities to improve regulations and policies that will encourage more trade and investment.”
According to the survey, 70 percent of respondents categorized the Saudi market as important to their company’s worldwide revenues over the past two years.
Two-thirds of respondents expressed confidence in the future of the Saudi market, believing that over the next two years it will become more important to their global profits.
Nearly two-thirds (68 percent) of respondents see an upward shift in their level of trade and investment to Saudi Arabia over the coming five years.
Tillerson touts Saudi investments, taking relations ‘to new heights’
Tillerson touts Saudi investments, taking relations ‘to new heights’
Malaysian court drops one of the graft cases against jailed former premier Najib Razak
- Najib had already been convicted in his first graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, scandal
KUALA LUMPUR, Malaysia: A Malaysian court on Wednesday dropped charges against jailed former Prime Minister Najib Razak over criminal breach of trust linked to the multibillion-dollar looting of a state fund.
Najib had already been convicted in his first graft case tied to the 1Malaysia Development Berhad state fund, or 1MBD, scandal and began serving time in 2022 after losing his final appeal in his first graft case.
But he faces other graft trials including Wednesday’s case in which he was jointly charged with ex-treasury chief Irwan Serigar Abdullah with six counts of misappropriating 6.6 billion ringgit ($1.5 billion) in public funds. The money was intended as 1MDB’s settlement payment to Abu Dhabi’s International Petroleum Investment Company.
The Kuala Lumpur High Court discharged the pair after ruling that procedural delays and prosecutors’ failure to hand over key documents were unfair to the defense, said Najib’s lawyer, Muhammad Farhan. A discharge doesn’t mean an acquittal as prosecutors reserve the right to revive charges against them, he said.
“The decision today was based on the non-disclosure of critical documents, six years after the initial charges were brought up, which are relevant to our client’s defense preparation. Therefore the court correctly exercised its jurisdiction to discharge our client of the charges,” Farhan said.
Najib set up 1MDB shortly after taking power in 2009. Investigators allege more than $4.5 billion was stolen from the fund and laundered by his associates to finance Hollywood films and extravagant purchases. The scandal upended Najib’s government and he was defeated in the 2018 election.
Najib, 71, issued a rare apology in October for the scandal “under his watch” but reiterated his innocence.
Last month, he was ordered to enter his defense in another key case that ties him directly to the 1MDB scandal. The court ruled that the prosecution established its case on four charges of abuse of power to obtain over $700 million from the fund that went into Najib’s bank accounts between 2011 and 2014, and 21 counts of money laundering involving the same amount.
In addition, Najib still has another money laundering trial. His wife Rosmah Mansor and other senior government officials also face corruption charges.
Pakistan ends lockdown of its capital after Imran Khan supporters are dispersed by police
- The police operation came hours after thousands of Khan supporters, defying government warnings, broke through a barrier of shipping containers
- Tension has been high in Islamabad since Sunday when supporters of the former prime minister began a “long march” from the restive northwest to demand Khan’s release
ISLAMABAD: Authorities reopened roads linking Pakistan’s capital with the rest of the country, ending a four-day lockdown, on Wednesday after using tear gas and firing into the air to disperse supporters of imprisoned former Prime Minister Imran Khan who marched to Islamabad to demand his release from prison.
“All roads are being reopened, and the demonstrators have been dispersed,” Interior Minister Mohsin Naqvi said.
Khan’s wife, Bushra Bibi, who was leading the protest, and other demonstrators fled in vehicles when police pushed back against the rallygoers following clashes in which at least seven people were killed.
The police operation came hours after thousands of Khan supporters, defying government warnings, broke through a barrier of shipping containers blocking off Islamabad and entered a high-security zone, where they clashed with security forces.
Tension has been high in Islamabad since Sunday when supporters of the former prime minister began a “long march” from the restive northwest to demand his release. Khan has been in a prison for over a year and faces more than 150 criminal cases that his party says are politically motivated.
Hundreds of demonstrators have been arrested since Sunday.
Bibi and leaders of her husband’s Pakistan Tehreek-e-Insaf party fled to Mansehra in Khyber Pakhtunkhwa province, where the party still rules.
Khan, who remains a popular opposition figure, was ousted in 2022 through a no-confidence vote in Parliament.
Anti-mine treaty signatories slam US decision to send land mines to Ukraine
- Ukraine President Volodymyr Zelensky has called the mines “very important” to halting Russian attacks
- Ukraine receiving US mine shipments would be in “direct violation” of the anti-mine treaty
Siem Reap, Cambodia: Washington’s decision to give anti-personnel mines to Ukraine is the biggest blow yet to a landmark anti-mine treaty, its signatories said during a meeting.
Ukraine is a signatory to the Anti-Personnel Mine Ban Convention which prohibits the use, stockpiling, production and transfer of land mines.
The United States, which has not signed up to the treaty, said last week it would transfer land mines to Ukraine to aid its efforts fighting Russia’s invasion.
Ukraine President Volodymyr Zelensky has called the mines “very important” to halting Russian attacks.
Ukraine receiving US mine shipments would be in “direct violation” of the treaty, the convention of its signatories said in a statement released late Tuesday.
“In the 25 years since the Convention entered into force, this landmark humanitarian disarmament treaty had never faced such a challenge to its integrity,” it said.
“The Convention community must remain united in its resolve to uphold the Convention’s norms and principles.”
Ukraine’s delegation to a conference on progress under the anti-landmine treaty in Cambodia on Tuesday did not mention the US offer in its remarks.
In its presentation, Ukrainian defense official Oleksandr Riabtsev said Russia was carrying out “genocidal activities” by laying land mines on its territory.
Riabtsev refused to comment when asked by AFP journalists about the US land mines offer on Wednesday.
Ukraine’s commitment to destroy its land mine stockpiles left over from the Soviet Union was also “currently not possible” due to Russia’s invasion, defense ministry official Yevhenii Kivshyk told the conference.
Moscow and Kyiv have been ratcheting up their drone and missile attacks, with Ukraine recently firing US long-range missiles at Russia and the Kremlin retaliating with an experimental hypersonic missile.
The Siem Reap conference is a five-yearly meeting held by signatories to the anti-landmine treaty to assess progress in its objective toward a world without antipersonnel mines.
On Tuesday, land mine victims from across the world gathered at the meeting to protest Washington’s decision.
More than 100 demonstrators lined the walkway taken by delegates to the conference venue in Cambodia’s Siem Reap.
Turkiye scales down $23 bln F-16 jet deal with US, minister says
ANKARA: Turkiye has reduced its planned $23 billion acquisition of an F-16 fighter jet package from the United States, scrapping the purchase of 79 modernization kits for its existing fleet, Defense Minister Yasar Guler said late on Tuesday.
NATO member Turkiye earlier this year secured a deal to procure 40 F-16 fighter jets and 79 modernization kits for its existing F-16s from the United States, after a long-delayed process.
“An initial payment has been made for the procurement of F-16 Block-70. A payment of $1.4 billion has been made. With this, we will buy 40 F-16 Block-70 Viper and we were going to buy 79 modernization kits,” Guler told a parliamentary hearing.
“We gave up on this 79. This is why we gave up: Our Turkish Aerospace Industries (TUSAS) facilities are capable of carrying out this modernization on their own, so we deferred to them,” he said.
The sale of the 40 new Lockheed Martin F-16 jets and ammunition for them will cost Turkiye some $7 billion, Guler added.
Turkiye placed its order in October 2021, two years after the United States kicked the country out of the fifth-generation F-35 fighter jet program over its procurement of a Russian missile defense system.
Turkiye wants to re-join the F-35 program and buy 40 new F-35 jets, Guler also said.
Turkiye is one of the largest operators of F-16s, with its fleet made up of more than 200 older Block 30, 40 and 50 models.
Ankara is also interested in buying Eurofighter Typhoon fighter jets, built by a consortium of Germany, Britain, Italy and Spain.
It is also developing its own combat aircraft, KAAN.
Ukrainian delegation visiting Seoul to ask for weapons aid, media reports say
- The group was expected to meet their South Korean counterparts as early as Wednesday, according to the report
SEOUL: A Ukrainian delegation led by Defense Minister Rustem Umerov is visiting South Korea this week to ask for weapons aid to be used by Kyiv in its war with Russia, according to media reports.
The delegation had met with South Korea’s National Security Adviser Shin Won-sik to exchange views on the conflict in Ukraine, the DongA Ilbo newspaper reported on Wednesday, without giving a source.
In an interview with South Korean broadcaster KBS in October, Ukraine’s President Volodymyr Zelensky said Kyiv would send a detailed request to Seoul for arms support including artillery and an air defense systems.
The South China Morning Post also reported this week that a Ukrainian delegation was due to visit South Korea to request weapons aid, citing an informed source.
The group was expected to meet their South Korean counterparts as early as Wednesday, according to the report.
A spokesperson for South Korea’s defense ministry declined to confirm when asked whether a Ukrainian delegation had arrived in Seoul during a regular media briefing on Tuesday.
Seoul, which has emerged as a leading arms producer, has been under pressure from some Western countries and Kyiv to provide Ukraine with lethal weapons but has so far focused on non-lethal aid including demining equipment.
South Korea’s Foreign Minister Cho Tae-yul, asked earlier this month whether Seoul would send weapons to Ukraine in response to North Korea aiding Russia, said all possible scenarios were under consideration and Seoul would be watching the level of participation by North Korean troops in Russia and what Pyongyang received from Moscow in return.
