SHANGHAI: China will lower import tariffs and continue to broaden market access, President Xi Jinping said on Monday at the opening of a week-long trade expo seen as an attempt by Beijing to counter mounting criticism of its trade and business practices.
Xi also promised to accelerate opening of the education, telecommunications and cultural sectors, while protecting foreign companies’ interests and enhancing punitive enforcement for infractions of intellectual property rights.
Xi’s remarks come at a time of heightened tension between China and some of its biggest trade partners, particularly the US, which has imposed tariffs on $250 billion worth of Chinese goods so far. China has retaliated with $110 billion worth of tariffs on US goods.
The Nov. 5-10 China International Import Expo, or CIIE, brings thousands of foreign companies together with Chinese buyers in a bid to demonstrate the importing potential of the world’s second biggest economy.
“CIIE is a major initiative by China to pro-actively open up its market to the world,” Xi said.
US President Donald Trump has railed against China for what he sees as intellectual property theft, entry barriers to US business and a gaping US trade deficit. No senior US officials were set to attend the Shanghai event.
Xi said the import expo showed China’s desire to support global free trade, adding that countries of the world must pursue open policies and oppose protectionism.
He said “economic globalization is facing setbacks, multilateralism and the free trade system is under attack, factors of instability and uncertainty are numerous, and risks and obstacles are increasing.”
China expects to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years, Xi said.
China imported $1.84 trillion of goods in 2017, up 16 percent, or $255 billion, from a year earlier. Of that total, China imported about $500 billion of goods from the US.
The Chinese government’s top diplomat, State Councilor Wang Yi, said in March that China would import $8 trillion of goods in the next five years.
Expectations had been low that Xi would announce bold new policies of the kind that many foreign governments and businesses have been seeking from Beijing.
Instead, people involved in planning meetings have said they were anticipating an event long on symbolism and short on substance meant to signal China’s willingness to narrow trade deficits and openness.
The European Union, which shares US concerns over China’s trade practices if not Trump’s tariff strategy to address them, on Thursday called for China to take concrete steps to further open its market to foreign firms and provide a level playing field, adding that it would not sign up to any political statement at the forum.
Trump is expected to meet Xi this month, but has said that if a deal is not made with China, he could impose tariffs on another $267 billion in Chinese imports into the US.
Presidents or prime ministers from 17 countries were set to attend the expo, ranging from Russia and Pakistan to the Cook Islands, though none from major Western nations. Government ministers from several other countries were also coming.
Swiss President Alain Berset did not make the trip to China, despite being announced as among attendees by China’s foreign ministry last week. The Swiss government said in a statement to Reuters on Sunday that his visit had never been confirmed, and that Secretary of State Marie-Gabrielle Ineichen-Fleisch would represent Switzerland.
Some Western diplomats and businesses have been quietly critical of the expo, arguing it is window dressing to what they see as Beijing’s long-standing trade abuses.
Exhibitors from around 140 countries and regions will be on hand, including 404 from Japan, the most of any country. From the US, some 136 exhibitors will attend, including Google, Dell Inc, Ford and General Electric.
A handful of countries are being represented by a single exhibitor selling one product.
For Iraq, it’s crude oil. Iran, saffron. Jamaica will be marketing its famed blue mountain coffee and Chad is selling bauxite. Tiny São Tomé is selling package holidays.
China’s Xi Jinping promises lower tariffs, more imports
China’s Xi Jinping promises lower tariffs, more imports
- China expects to import $30 trillion worth of goods and $10 trillion worth of services in the next 15 years
Closing Bell: Saudi main index closes in green at 11,434
RIYADH: Saudi Arabia’s Tadawul All Share Index extended its upward momentum for a second straight day, gaining 11.13 points, or 0.10 percent, to close at 11,434.08 on Tuesday.
The benchmark index recorded a total trading turnover of SR4.51 billion ($1.20 billion), with 83 stocks advancing and 152 declining.
Saudi Arabia’s parallel market Nomu, however, dropped 190.20 points to close at 27,952.79.
The MSCI Tadawul Index edged up 0.16 percent to 1,457.72.
The top performer on the main market was Fawaz Abdulaziz Alhokair Co., also known as Cenomi Retail, which saw its share price surge 9.87 percent to SR15.58.
Shares of Bupa Arabia for Cooperative Insurance Co. rose 3.59 percent to SR178.80, while Saudi Ceramic Co. gained 3.17 percent to reach SR29.30.
Al-Etihad Cooperative Insurance Co. recorded the biggest decline of the day, with its share price slipping 7.69 percent to SR13.92.
On the announcements front, United Electronics Co., also known as EXTRA, reported a net profit of SR103.44 million for the first quarter of 2025, marking a 10.2 percent increase compared to the same period last year.
In a Tadawul filing, the company attributed the rise to growth in its retail and consumer finance segments. EXTRA’s share price rose 0.11 percent to SR90.90.
United International Holding Co. posted a net profit of SR57.81 million for the first quarter of 2025, up 10.42 percent year on year. The company said the increase was driven by a 25.3 percent rise in revenues, which reached SR174.65 million, compared to SR139.43 million in the same period last year. Its share price rose 0.59 percent to SR171.40.
Saudi Printing and Packaging Co. widened its net loss to SR24.4 million in the first quarter of 2025, compared to SR22.62 million a year earlier. The company blamed the deeper loss on lower revenues from its printing and packaging divisions. Shares dropped 2.83 percent to SR12.34.
Al-Etihad Cooperative Insurance Co. reported a net loss of SR11.91 million for the first quarter, reversing from a net profit of SR2.66 million in the year-earlier period. The insurer cited reduced revenue and a decline in gross earned premiums in the motor and medical segments as key reasons for the swing. Its stock closed down 7.69 percent at SR13.92.
Almoosa Health Co. announced a net profit of SR51.1 million for the first quarter of 2025, a surge of 272.99 percent year on year. The company said the sharp increase was driven by higher patient volumes and improved inpatient occupancy. Shares advanced 3.09 percent to SR167.
Saudi Arabia’s revised 2024 capital investment rises to $355bn, surpassing target by 38%
RIYADH: Saudi Arabia’s gross fixed capital formation reached SR1.33 trillion ($355 billion) in 2024, reflecting a 4.5 percent annual increase, according to updated data released by the Ministry of Investment.
This figure exceeded the ministry’s original target of SR964 billion by 38 percent, underscoring strong momentum in the Kingdom’s capital investment cycle and signaling continued progress toward Vision 2030 objectives.
The updated breakdown shows that private sector investments grew by 11 percent annually in 2024 to reach SR1.19 trillion, now accounting for 89.16 percent of total GFCF.
Meanwhile, government sector investment declined by 29.4 percent to SR144.3 billion, representing just 10.84 percent of total capital formation. The figures highlight the country’s growing reliance on private investment to drive sustainable growth.
GFCF rose to 29 percent of gross domestic product, surpassing the National Investment Strategy target of 26 percent, signaling growing investor confidence and effective policy implementation, according to the ministry.
The GFCF metric—an indicator of long-term economic health—tracks net investment in fixed assets across infrastructure, industry, real estate, and tourism. Higher capital formation is typically associated with greater productive capacity and stronger future growth.
These investment gains come amid a broader push by the Ministry of Investment and the newly established Saudi Investment Promotion Authority to strengthen Saudi Arabia’s position as a global investment hub.
Through its InvestSaudi platform, the authority has launched wide-ranging initiatives to attract domestic and international capital.
Efforts include a revamped national investment portal that highlights 15 priority sectors with tailored incentive packages, alongside the rollout of the 2025 Investment Law, which streamlines licensing and regulatory processes across industries.
Internationally, Minister of Investment Khalid Al-Falih has led roadshows and delegations across Asia, the Americas, and Europe—regions that collectively account for a significant share of the Kingdom’s foreign direct investment inflows.
Al-Falih has emphasized Asia as a key focus, noting that six of Saudi Arabia’s top 10 FDI source countries are from the region. Domestically, he continues to promote Saudi investment opportunities at major economic forums and sector-specific conferences, positioning the Kingdom’s transformation as a compelling investment narrative.
Together, these outreach efforts, combined with a growing pipeline of mega-projects such as NEOM, the Red Sea, and Diriyah Gate, are shaping a dynamic investment landscape and reinforcing the Kingdom’s appeal to both regional and global investors.
Saudi Arabia leads 106% rise in MENA IPO proceeds across Q1: EY
RIYADH: Proceeds from initial public offerings across the Middle East and North Africa saw a 106 percent annual rise in the first quarter of 2025, fueled by Saudi Arabia, according to an analysis.
In its latest report, professional services networking firm EY said the MENA region raised $2.1 billion through 14 IPOs — a year-on-year rise of four — in the three months to the end of March.
Over the period, 12 of the 14 listings happened in the Kingdom, with five IPOs taking place on the Tadawul benchmark index, and seven occurring on Saudi Arabia’s parallel market, Nomu.
In recent years, the Kingdom has emerged as a hotspot for listings, fueled by robust economic reforms, diversification efforts away from oil dependence, and growing interest from regional and international investors.
In January, a separate report released by Kamco Invest said that Saudi Arabia led the GCC IPO market in 2024, earning a global ranking of seventh in total IPO proceeds.
Commenting on activities in the first quarter, Brad Watson, MENA EY-Parthenon leader, said: “This year started on a positive note. MENA capital markets continue to show resilience, with the total IPO value more than doubling compared to the same period last year.”
He added: “Saudi Arabia continues to dominate the MENA region’s market in terms of activity as well as proceeds. In addition, the IPO pipeline for the rest of the year remains robust across various sectors and multiple countries.”
According to the latest report, the Kingdom’s Tadawul main market welcomed the largest offering in the MENA region during the first quarter of this year, with Umm Al Qura for Development and Construction Co. raising $523 million, contributing to 22 percent of the overall IPO proceeds.
This was followed by Almoosa Health Group, which accounted for 19 percent with $450 million, and Derayah Financial with $400 million.
Overall, the Tadawul main market generated $1.8 billion in total proceeds, while Nomu raised $69 million.
EY revealed that 28 percent of the IPO funds raised in Saudi Arabia came from the real estate management sector, followed by healthcare equipment and services at 24 percent, financial services at 21 percent, and consumer discretionary and retail at 17 percent.
In the first quarter of this year, the UAE witnessed one IPO on the Abu Dhabi Securities Exchange, with Alpha Data PJSC raising $163 million.
Oman’s Muscat Stock Exchange saw one IPO, with Asyad Shipping Co. raising $333 million.
“The increased demand for MENA listings has led to developments in market infrastructure through new products, enhanced governance standards, and a focus on transparency and accountability,” said EY MENA IPO and Transaction Diligence Leader, Gregory Hughes.
He added: “The upward trajectory in the number of IPOs across the region reflects a wider trend of sector diversification, with investors and companies increasingly looking beyond traditional oil-based industries.”
EY further said that the outlook for MENA IPOs for the rest of 2025 remains positive, with 21 companies intending to list on the region’s exchanges across various sectors.
According to EY, Saudi Arabia remains the frontrunner in this pipeline, with 17 companies already receiving approval from the Kingdom’s Capital Markets Authority.
In the UAE, three companies have announced their plans to list, and outside the GCC, Egypt has announced one IPO.
“In 2025, we can potentially expect to see an increase in IPOs from the technology sector, including online retail, fintech, foodtech, and classifieds,” said Hughes.
Saudi Arabia sees no rival to US in capital markets, says Al-Falih
RIYADH: Saudi Arabia views the US as unmatched in both capital markets and innovation, with no close competitor, and continues to actively invest in American institutions, a senior official stated.
Speaking during a panel discussion at the Milken Institute in Los Angeles, Saudi Investment Minister Khalid Al-Falih stated that the Kingdom continues to trust and engage with US-based partners as part of its long-term economic strategy.
“There is no close competitor to the US in many aspects, certainly capital markets, their depth and their breadth, and also the innovation spirit,” Al-Falih said.
He added that in the last three or four years, there has been widespread discussion about the next tectonic shift in “how we live and how we do business and how we govern, driven by AI, which is primarily a US innovation.”
Al-Falih further emphasized the Kingdom’s continued engagement with American institutions: “Our trust in the US remains strong, and we continue to work with American companies and financial institutions. We also invest in the US for the same reasons I mentioned.”
He acknowledged that while the global economic landscape is undergoing a transformation, the US continues to stand out for its ability to drive technological revolutions — particularly in artificial intelligence — and for its deep-rooted institutional strength.
The minister noted that current shifts in global influence are part of a long-term trend that has seen emerging markets gain ground, with the G7’s share of global gross domestic product declining from 60 percent to 40 percent over the past decades.
“There has been sort of a democratization of some of the things that, psychologically, Western countries — including the US — thought they had forever, and you’re seeing many countries today are able to innovate on their own and compete,” he said.
Addressing broader geopolitical and economic turbulence, Al-Falih said Saudi Arabia and other Gulf Cooperation Council economies have developed the resilience to weather global shocks, including energy price volatility and regional disruptions such as the Red Sea shipping crisis.
“In the Middle East, I will just say at this outset that we have built, over the years — for unfortunate reasons — a lot of resilience because we’re used to shocks. We’re used to security challenges, and we have the mechanisms to absorb different types of shocks,” Al-Falih said.
Despite global uncertainties, he said the Kingdom continues to see robust investment growth — both local and foreign — driven by confidence in Saudi Arabia’s economic reforms and strategic positioning.
“I can tell you, as minister of investment, we’re seeing very healthy investment continuing to happen in the Kingdom. A lot of it is local — driven by our private sector and our sovereign wealth fund — but a significant growth year on year from foreign investors who… do believe that, in the overall balance of things, there is more opportunity than risk,” he said.
The minister concluded by emphasizing that the GCC, and Saudi Arabia in particular, offers favorable risk-return trade-offs for international investors seeking long-term opportunities.
“We are working relentlessly to make Saudi Arabia the world’s most attractive investment destination — not merely a facilitator of investments,” the minister said.
Al-Falih noted that the Kingdom offers investors an “integrated, end-to-end service that supports them throughout their entire journey.”
He described the Kingdom’s brand as dynamic, stating: “A nation’s brand is never static; it evolves with history and global developments.”
On the energy transition, the minister cautioned: “If we rush without proper planning, we risk severe disruptions — as witnessed in the Iberian Peninsula.”
“Energy must be affordable, reliable, and sustainable — this is the cornerstone of any successful policy,” he added.
Al-Falih concluded by reaffirming the Kingdom’s strength stating: “We possess the financial reserves and tools necessary to absorb global shocks and continue progressing.”
In January, Saudi Arabia announced plans to expand its trade and investment ties with the US to at least $600 billion over the next four years, according to the Saudi Press Agency.
Saudi, Egypt step up investment ties with incentives across key sectors
RIYADH: New incentives to boost trade, investment, and cooperation were discussed at the Saudi-Egyptian Business Forum in Cairo.
Organized by the Federation of Saudi Chambers and Egypt’s General Authority for Investment and Free Zones on May 5, the business forum focused on sectors including industry, real estate development, tourism, and special economic zones, the Saudi Press Agency reported.
The renewed push comes after Egypt’s parliament ratified a bilateral investment protection agreement with the Kingdom in March, aimed at enhancing capital inflows, creating jobs, and strengthening economic cooperation.
It also marks a continuation of Saudi financial support for Egypt, including a $5 billion deposit in 2022 that brought total deposits from the Kingdom in the north African country’s central bank to $10.3 billion.
“Assistant Minister of Investment and CEO of the Saudi Investment Promotion Authority Ibrahim Al-Mubarak stated that the investment protection and promotion agreement between Saudi Arabia and Egypt created a reality for investment cooperation,” the SPA report stated.
“He emphasized that Saudi Arabia will remain a leading investment partner for Egypt, noting that SIPA has granted 7,000 licenses for Egyptian investments in the Kingdom while trade between the two countries reached SR60 billion ($15.9 billion) in 2024, marking a 29 percent increase,” it added.
Egypt is working to strengthen its investment climate with policy and infrastructure reforms, said Hossam Heiba, CEO of Egypt’s General Authority for Investment and Free Zones. He noted that a dedicated unit has been created to manage Saudi investment affairs and facilitate project delivery.
At the forum, officials from the Kingdom highlighted plans to boost investment via special economic zones focused on sectors such as cloud computing, logistics, and automotive manufacturing, as well as shipbuilding, food, mining, and pharmaceuticals.
Saudi Arabia is also pushing its National Initiative for Global Supply Chains to strengthen regional and global connectivity in key sectors.
The event builds on momentum from April’s Saudi-Egyptian Industrial Forum in Riyadh, where officials emphasized industrial integration and trade facilitation.
At the time, the Kingdom’s Industry Minister Bandar Alkhorayef said the Saudi Export-Import Bank had completed SR1.3 billion in operations with Egypt, underlining the depth of bilateral ties.
