JEDDAH: Saudi Arabia showcased its strong participation at the 44th Baghdad International Fair on Saturday.
Saudi Energy Minister Khalid Al-Falih and Iraqi Trade Minister Salman Al-Jumaili were among prominent figures at the inauguration of the fair running from Oct. 21 to 30 in which 18 countries and 400 local and international companies are taking part.
Al-Jumaili said that the launch of the fair coincides with the complete liberation of many Iraqi areas. “This is a clear and true message that Iraq is ready to cooperate in the fields of investment and reconstruction and is capable of fighting and combating terrorism and strengthening its relationships through real and constructive partnerships,” he said.
Al-Falih said over 60 Saudi companies are taking part in the fair which highlights the high level of Saudi participation.
He stressed “the strong cultural and economic historical bonds” between the two countries.
Saudi Exports Development Authority (SEDA) Secretary-General Saleh Al-Salami said Saudi participation emphasized the political and economic openness between the two countries.
In a separate development, US Secretary of State Rex Tillerson arrived in Riyadh on Saturday to attend a landmark meeting between officials from Saudi Arabia and Iraq aimed at improving relations between the two countries and countering Iran’s growing regional influence.
Improved relations between the two countries led to Saudi Arabian Airlines (Saudia) announcing its first flight to Baghdad on Oct. 30, according to Sabq.
This will be the first flight after 27 years of interruption.
On Wednesday, Saudi budget airline, Flynas, made a similar flight from the Kingdom to Iraq.
Baghdad trade fair strengthens Saudi-Iraqi economic ties
Baghdad trade fair strengthens Saudi-Iraqi economic ties
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.
Karachi business leaders plan new airline amid rise of private operations in Pakistan
- Air Karachi, inspired by Sialkot’s Air Sial, aims to raise Rs5 billion from 100 shareholders
- The move follows PIA’s financial struggles amid government’s privatization efforts
ISLAMABAD: Business leaders in Pakistan’s southern port city of Karachi will soon launch a new airline inspired by the success of Air Sial, which was established by their counterparts in Sialkot, a Pakistani city renowned for its cottage industries, according to a former leader of the Association of Builders and Developers of Pakistan on Wednesday.
The development comes as Pakistan witnesses the rise of private airlines amid the financial and administrative troubles faced by its national carrier, Pakistan International Airlines (PIA), which the government is working to privatize.
Hanif Gohar, who until recently was the association’s chairman, said the idea resonated with Karachi’s business community when he shared it following the launch of Air Sial.
“When I discussed the idea of an airline with Air Vice Marshal Imran Qadir, the recently retired Southern Commander of the Pakistan Air Force, he offered his expertise,” he told Arab News. “Subsequently, I presented it to the business community, which also supported it.”
Air Sial was launched with contributions of Rs10 million ($35,900) each from 300 businessmen, raising a total of Rs3 billion ($10.8 million) before its inauguration and the launch of its first domestic flight in December 2020. The airline began international operations in March 2023 with a flight to Jeddah, Saudi Arabia.
The proposed carrier, Air Karachi, plans to pool Rs50 million ($179,502) from each of its 100 shareholders, totaling Rs5 billion ($18 million).
“The response was so enthusiastic that some business families proposed multiple shareholders,” Gohar said.
He added that the process of launching the airline has already begun.
“We have registered Air Karachi with the Securities and Exchange Commission of Pakistan and completed other formalities,” he said. “Once the government issues the license, which is expected soon, we will acquire three aircraft to launch domestic flights.”
Gohar further said that after the mandatory one year of domestic operations, the airline will expand its fleet to seven and begin international flights to the Middle East.a
He informed that Air Vice Marshal Qadir had been appointed the chief operating officer of Air Karachi, while a team of retired Air Force officials with extensive aviation experience has been assembled to support the initiative.
Notable shareholders in the venture include Pakistani business tycoons Aqeel Karim Dhedhi, Arif Habib, S.M. Tanveer, Bashir Jan Muhammad, Khalid Tawab, Zubair Tufail and Hamza Tabani.
The idea of a Karachi-based airline gained attention earlier this month after former Prime Minister Nawaz Sharif advised his daughter and Punjab Chief Minister Maryam Nawaz to acquire PIA and rename it Air Punjab.
Following offers from the Punjab and Khyber Pakhtunkhwa governments to purchase PIA, Sindh Governor Kamran Tessori revealed that Karachi’s traders were also interested in acquiring the national airline.
“Karachi’s businesspersons are constantly contacting me to talk about the airline’s matters,” Tessori wrote on the social media platform X on Monday. “Karachi’s businesspersons want the PIA to be given to them for a year, and they are also interested in starting a new airline.”
Eyewa raises $100m in Series C to boost expansion across GCC
RIYADH: Eyewa, a Riyadh-based eyewear retailer, secured $100 million in a series C funding round led by General Atlantic, with participation from Badwa Capital and Turmeric Capital.
The funding will fuel eyewa’s ambitions to expand its regional footprint, enhance its supply chain, and drive innovation in the eyewear sector.
The company plans to open at least 100 new stores in 2025, adding to its existing network of over 150 locations across the Gulf Cooperation Council region, including Saudi Arabia, the UAE, Kuwait, Bahrain, and Oman.
“We are proud of and feel even more emboldened by the remarkable trust placed in us by top global and regional investors,” said Anass Boumediene, co-founder and co-CEO of eyewa.
“In a sector that had not seen much disruption in the past decade, our success in this funding round reflects not only the strength of our business model, but also the spirit of innovation across the region’s startups as we continue to dream big and break new ground in our respective industries,” he added.
The capital will also support investments in research and development and talent acquisition as eyewa strengthens its position as a leader in the eyewear market, the company said in a press release.
As part of its growth strategy, eyewa plans to establish a “state-of-the-art” production hub in Riyadh in the first quarter of 2025.
The facility will include a warehouse, a fulfillment center, and a lens manufacturing unit, designed to improve the efficiency and speed of product delivery.
Owned and operated by eyewa, the center will provide a supply chain advantage that aligns with the company’s goal of delivering affordable and accessible eyewear to customers across the region.
Co-founder and co-CEO Mehdi Oudghiri emphasized the company’s customer-centric approach: “This accomplishment is a testament to the hard work of our team, our strong track record as an omnichannel retailer, and our commitment to challenging convention.”
“The additional capital will allow us to pursue the development of innovative products tailored to our customers, and continue pushing the boundaries of customer experience in our region,” Oudghiri added.
Based in both Riyadh and Dubai, eyewa was founded in 2017 and has grown into a prominent omnichannel retailer, combining e-commerce with physical stores to cater to rising consumer demand. The company also runs The Optical Club, a brand focused on providing accessible and affordable eyewear options.
“As part of our mission to make eyewear accessible to everyone, everywhere, we will leverage the support of our new partners and continue our retail expansion to all corners of the GCC,” said Abdullah Al-Rugaib, co-founder and managing director of eyewa.
He added that their extensive network and premier app, along with a tech-enabled supply chain, make eyewa the preferred retail platform for customers across the region.
Ziyad Baeshen, vice president at General Atlantic and a board member at eyewa, said: “The company’s impressive growth trajectory thus far is a testament to the vision of the leadership team and consumer appetite for authentic, direct-to-consumer brands in the Middle East.”
Additional investor support came from Badwa Capital and Turmeric Capital, both of whom lauded eyewa’s leadership and vision.
“Since first investing in eyewa, we have been impressed by the team’s clear vision and strong execution capabilities,” said Abdulaziz Al-Falih, partner at Badwa and board member at eyewa.
Fabio Andreottola, partner at Turmeric Capital, added: “eyewa represents the very essence of innovation and ambition in the Middle East’s retail landscape. As a business that has continually pushed boundaries in eyewear, we are proud to support eyewa’s team in this pivotal growth phase.”
Pakistan, China ink MoUs worth $250 million in animal fodder, fruits and vegetables processing
- MoUs signed at Pakistan-China B2B Conference held in Beijing with participation of over 200 representative from both nations
- This is third B2B meeting this year, one held in Qingdao with focus on fishery companies, second in Guangzhou for footwear
ISLAMABAD: Pakistan have signed 13 memorandums of understanding worth $250 with China to export fruits and vegetables, seafood and animal feed and establish joint ventures in Pakistan, state media reported on Wednesday.
The agreements were signed at the Pakistan-China B2B Conference held in Beijing with the participation of over 200 representatives from business groups in both nations. Pakistani officials used the forum to provide insights into the investment potential of the animal feed and fruit and vegetable processing industries. Several incentives for foreign investors were highlighted, including 100 percent foreign ownership, unrestricted profit and dividend repatriation, and zero import tariffs on factory equipment and machinery.
This is the third sector-wise Pakistan-China B2B meeting this year, with the first held in Qingdao with a focus on fishery companies, the second in Guangzhou for footwear, and the fourth slated to take place in Suzhou in December.
“Pakistan and China have signed thirteen MoUs on fostering joint ventures in animal fodder, fruits and vegetables processing sectors,” Radio Pakistan said. “The MoUs valued at 250 million US dollars were signed between Pakistani and Chinese companies in Beijing.”
Ghulam Qadir, Commercial Counsellor at the Embassy of Pakistan, told APP state news agency Pakistan’s competitive advantages in tariffs, labor costs, and raw materials could increase profit margins for businesses by up to 4.6 percent in fruit and vegetable processing. In the animal feed sector, particularly in the production of additives and supplements, profit margins could rise by as much as 3.6 percent.
“The Pakistani government is committed to creating a more business-friendly environment and has already addressed issues such as remittance challenges faced by Chinese companies,” Qadir said.
Mian Saeed Ahmed Fareed from Legend International Pvt. Ltd., a Karachi-based seafood exporter to China, said he had signed an agreement with an importer in Tianjin to export aquatic products to China.
“After COVID-19, our volume of export to China has been going up to about 700-800 metric tons of seafood annually including cuttlefish, squid, ribbon fish, croaker, etc. In recent several years, the demand for seafood in this vast market has increasingly diversified, ” he said.
A representative from a fodder company based in Weifang, an agricultural hub of China, appreciated the potential in bilateral markets, technology transfer, and raw material trade.
“The low labor and machinery cost in Pakistan provides us with opportunities for cooperation,” he told APP.
Tang Yaping, Director of the Tea Industry International Department, said she would lead a delegation of Chinese tea companies to visit Pakistan for the establishment of joint processing plants and warehouses.
Zhu Qianqiu, President of the Cross-Border Trade Development Committee in China, said the body was pushing for the establishment of a zero-tariff zone in Pakistan for trade in bilateral commodities.
Saudi Arabia, Djibouti ink deal to protect mutual investments
RIYADH: Investments between Saudi Arabia and Djibouti will see new protection measures thanks to an agreement between the two countries.
The deal, which was inked on the sidelines of the second day of the 28th World Investment Conference taking place in Riyadh from Nov. 25 — 27, aims to provide many advantages to investors.
These include investment protection, national treatment, and fair and equitable treatment, as well as transparency, and the right to resolve disputes through national courts or international arbitration, according to the Saudi Press Agency.
The agreement aims to provide a safe business environment that increases the volume of mutual investments in all sectors. It also seeks to further encourage bilateral relations and economic partnerships between the two sides.
This falls in line with the significant progress in bilateral trade, which reached approximately SR7 billion ($1.86 billion) in 2023, marking an important step toward sustainable growth and stronger economic ties between the Kingdom and Djibouti.
The deal was signed by the Kingdom’s Minister of Investment, Khalid Al-Falih, and by the Minister of State for Investments and Private Sector Development in Djibouti, Safia Ali Jadila.
The two sides stressed the importance of the deal’s role in supporting and motivating both countries’ private and government sectors to invest and achieve the ambitious investment programs witnessed by the two nations.
