TOKYO: Former Nissan Motor Co. Ltd. executive Greg Kelly denied charges he helped former boss Carlos Ghosn hide income as the American lawyer’s trial opened in Tokyo on Tuesday, almost two years after Japanese prosecutors arrested the pair.
Kelly, who has been on bail in Japan since his release from jail in 2018, delivered his plea to the court without co-accused Ghosn, who fled to Lebanon in December following a dramatic escape from Japan.
A representative from Nissan, which was also indicted, told the three judges the automaker did not contest the charges.
Ghosn has denied wrongdoing, and said he fled Japan because he would not have received a fair trial.
“I deny the allegations. I was not involved in a criminal conspiracy,” said Kelly, in a dark gray suit and red striped tie, according to a court pool report. Wearing a face mask, he used an earphone to listen to a English translation of court proceedings.
“Mr. Ghosn was an extraordinary executive,” added the former Nissan representative director. Kelly is charged with helping Ghosn hide 9.3 billion yen ($88 million) in compensation over eight years through deferred payments.
His trial could take about a year. If found guilty, Kelly, who turned 64 on Tuesday, could face up to 10 years in prison and a 10 million yen ($94,330) fine.
The proceedings will include evidence and testimony from prominent company executives, including a former chief executive, Hiroto Saikawa, that could shine a light on the inner workings of the Japanese automaker as it tries to rein in losses and revamp its vehicle line-up after ousting Ghosn.
The company, which is also struggling with a weak demand and disruptions in production caused by the COVID-19 pandemic, declined to comment.
In their opening argument, prosecutors said Kelly and other Nissan officials had considered ways to reduce the amount of compensation Ghosn reported to financial authorities following the introduction of new executive pay disclosure rules in 2010.
Those ideas included extending loans he would not have to repay, selling him discounted real estate and payments deferred until he stepped down.
Kelly’s lawyers countered that companies only have to report payments they have made. The defense team also said Kelly was only partially involved in the discussion about Ghosn’s compensation.
Judicial practices
The trial has also focused international attention on judicial practices that critics in Japan and overseas see as overly harsh.
Prisoners on remand are sometimes kept in isolation and often refused bail if they deny their charges. Detainees are also interrogated without a lawyer present.
The conviction rate in Japan is about 99%.
Ghosn, who also ran French carmaker Renault SA, was smuggled out of Japan in a speaker case on a private jet as he awaited trial on charges he denies.
After the disappearance of the once-feted executive, Japan said it guaranteed individuals’ rights and had dealt appropriately with him.
In addition to the under-reporting case, Ghosn faces breach of trust charges that he enriched himself at Nissan’s expense through $5 million in payments to a Middle East car dealership, and that he temporarily transferred personal financial losses to his employer’s books.
Ghosn said he was a victim of a boardroom coup by former colleagues worried he would push through a merger between Nissan and Renault, its largest shareholder.
“Today is Greg’s birthday, probably not a great day to start this,” Kelly’s wife Dee said at the Tokyo court, where she watched proceedings from the public gallery. The trial continues on Wednesday.
Former Nissan executive Kelly’s trial begins in Tokyo without Ghosn
https://arab.news/2fsxq
Former Nissan executive Kelly’s trial begins in Tokyo without Ghosn
- Kelly, who has been on bail in Japan since his release from jail in 2018, delivered his plea to the court without co-accused Ghosn
- Ghosn has denied wrongdoing, and said he fled Japan because he would not have received a fair trial
Clinton praises Saudi Arabia’s Vision 2030 for unlocking human potential
RIYADH: Former US President Bill Clinton praised Saudi Arabia’s Vision 2030 initiatives on Wednesday, highlighting their role in creating new opportunities for individuals to realize their full potential.
Speaking on the final day of the Real Estate Future Forum in a panel titled “A President’s Perspective: Bill Clinton at RFF 2025,” the 42nd president of the US lauded the Kingdom’s efforts to unlock human potential and foster inclusive development.
“The things that Saudi Arabia is doing now will provide more opportunities for more people to live up to their fullest capacity, and I think this is important,” Clinton said.
He emphasized the importance of Vision 2030 as a strategic framework for sustainable growth and encouraged other countries to take note.
“I think it (Vision 2030) is very important and it’s worth investing in,” Clinton remarked, adding, “I think that we, Americans, should come here and study this 2030 plan and ask ourselves what is our equivalent.”
Clinton expressed a long-standing admiration for Saudi Arabia, stating, “I’ve always felt drawn to this country.” He highlighted the development of human potential as a key driver of the future, adding, “I think that the ability to develop human potential will determine the future.”
Reflecting on his recent visit to Diriyah, a historic district undergoing significant transformation, the former president described the experience as remarkable. “I visited Diriyah last night and I think it was breathtaking,” he said.
Addressing the Saudi youth, Clinton underscored the value of career autonomy in a rapidly evolving job market, acknowledging the various opportunities the government offers to young Saudis.
“It’s a gift to be able to decide what to do with your working hours,” he told the youth, reinforcing the importance of choice and purpose in their professional lives.
Clinton’s remarks at RFF 2025 reaffirmed his admiration for Saudi Arabia’s ambitious Vision 2030, positioning the Kingdom as a model for economic diversification and social progress on the global stage.
The event, which took place from Jan. 27, was themed “Future for Humanity: Shaping Dreams into Reality.”
Held at the Four Seasons Hotel in Riyadh, it brought together over 300 speakers from 85 countries to discuss the future of real estate.
The forum served as a global hub for industry leaders, policymakers, and investors as Saudi Arabia moves forward with its vision for a diversified, innovation-driven economy.
Diriyah seeing strong real estate growth, planning mid-level housing units: Group CEO
RIYADH: The Diriyah project is experiencing strong success in residential real estate sales and is now targeting mid-level buyers, said a top executive.
On the final day of the Real Estate Future Forum, Jerry Inzerillo, group CEO of Diriyah Co., highlighted the rapid growth of the area’s residential and commercial property market, emphasizing the strong demand for homes.
He also spoke about the continued expansion of Diriyah’s business landscape, with plans to open Zallal in April, which will feature 23 new businesses, further boosting the area’s appeal.
These developments are a key part of a strategy to position the destination — one of Saudi Arabia’s five giga-projects supported by the Public Investment Fund — as both a residential and commercial hub, contributing to the Kingdom’s economic transformation under Vision 2030.
“I’m thrilled to say that we’re selling a lot of our residential real estate,” Inzerillo said, adding that Diriyah will offer “several hundred units for the mid-level buyer” at the upcoming Cityscape event in November, catering to a broader range of potential homeowners.
Beyond real estate, Inzerillo talked up the area’s historical and cultural importance to Saudi Arabia, saying: “Diriyah is the house of Al-Saud, the source of our national identity and pride.
“What makes us unique is that we are the celebration of culture and heritage.”
Inzerillo also discussed Diriyah’s spiritual importance, noting that one of its crowning achievements is providing a welcoming environment for religious travelers from around the world.
“One of the greatest things in the world is to allow 2 billion Muslims to feel welcomed to fulfill pilgrimage to the two holy cities,” he said.
The CEO shared that 14 percent of his workforce, now totaling 3,200 employees, are from Diriyah’s local community.
Inzerillo noted the completion of 9 km of parks, which contributes to the area’s green spaces and makes it more attractive to residents and visitors. He also highlighted construction safety milestones, stating that Diriyah had logged 209 million construction man-hours without a fatality.
Reflecting on the Kingdom’s increasing international appeal, Inzerillo said: “People from all over the world are coming to see Saudi, and they’re going back happy.”
The CEO concluded by expressing confidence in the Kingdom’s future capabilities, stating: “What I would say for sure by 2030, even though I believe it now, is that the Kingdom, with its leadership now, is capable of hosting any global event in any way and be the best host for that thing.”
GCC trade set to grow 5.5% annually, reaching $2.3 trillion by 2033: BCG report
- China is set to emerge as the largest growth market for GCC trade, with exchange volumes increasing by $88 billion
- Japan follows closely, with an expected increase of $46 billion
RIYADH: The Gulf Cooperation Council’s trade sector is set to grow at an annual rate of 5.5 percent, reaching $2.3 trillion by 2033, according to a new report by Boston Consulting Group.
The BCG analysis highlights a robust outlook for GCC trade, driven by significant expansion across multiple corridors.
The region’s non-hydrocarbon trade is also set to expand by 3.5 percent annually, reinforcing the success of economic diversification efforts.
Global trade is expected to grow at an average rate of 2.9 percent annually through 2033, according to the report.
The expansion is driven by evolving partnerships and advancements in supply chain technology. As economies adapt to post-COVID-19 disruptions and regulatory changes, new trade corridors are emerging, particularly between the Global South and established markets. The shift creates significant opportunities for regions like the GCC to enhance their roles in global commerce.
Commenting on the developments, Rami Rafih, managing director and partner at BCG, said the reconfiguration of global trade flows presents a transformative opportunity for the GCC.
“As trade routes evolve, the region is not merely a geographic intermediary but a central orchestrator of emerging trade patterns,” he said, adding: “The GCC’s proactive investment in trade capabilities positions it to shape the future of global commerce.”
China is set to emerge as the largest growth market for GCC trade, with exchange volumes increasing by $88 billion at a compound annual growth rate of 5.7 percent.
Japan follows closely, with an expected increase of $46 billion, reflecting a 9.4 percent annual growth rate.
The report, titled “Great Powers, Geopolitics, and the Future of Trade,” underscores the GCC’s strategic positioning as a vital link between East and West, benefiting from shifting global patterns.
With China’s trade with the Global South projected to increase by $1.25 trillion and transactions between developing nations expected to rise by $673 billion by 2033, the GCC is set to capture a substantial share of this evolving landscape.
Beyond its traditional reliance on hydrocarbon exports, the GCC’s non-oil trade is gaining momentum, fueled by regulatory enhancements, expanding infrastructure, and strategic agreements.
The shift aligns with the region’s broader economic diversification efforts under national transformation plans.
The report also highlights major global trade realignments that could benefit the GCC.
North America is solidifying its resilience, with US-Mexico business forecast to grow by $315 billion by 2033, while the Association of Southeast Asian Nations is set to achieve a 3.7 percent annual growth rate.
India is emerging as a critical player, with total trade expected to reach $1.8 trillion annually by 2033.
As the Global South gains economic influence, representing 18 percent of the international gross domestic product and 62 percent of the world’s population, trade among developing nations is expected to expand significantly.
Annual exchange within these regions is set to rise by $673 billion over the next decade, while trade between the Global South and developed economies is projected to hit $1.67 trillion annually by 2033.
To capitalize on these shifting dynamics, the report outlines key strategies for business leaders in the GCC, emphasizing supply chain resilience and expansion into high-growth markets like India and China.
It also encourages investment in nearshoring strategies to leverage the region’s strategic position.
“Success will depend on cultivating deep market intelligence, robust scenario planning, and strategic partnerships,” Cristian Rodriguez-Chiffelle, partner and director for trade and investment at BCG, said.
With global trade undergoing rapid transformation, the GCC’s ability to position itself as a key player in emerging trade corridors will determine its long-term economic resilience and influence in the global marketplace.
Closing Bell: Saudi Arabia’s main index closes in green at 12,439
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Wednesday, gaining 18.84 points, or 0.15 percent, to close at 12,439.48.
The main index saw a total trading turnover of SR8.878 billion ($2.36 billion), with 58 stocks advancing and 174 retreating.
The Kingdom’s parallel market, Nomu, also gained 25.69 points to close at 31,048.66. The MSCI Tadawul Index rose by 3.99 percent to close at 1,548.14.
The best-performing stock on the main market was Al Rajhi Bank, with its share price surging by 4.69 percent to SR100.4.
MBC Group Co. also emerged as a top gainer, with its share price increasing by 4.36 percent to SR55.10.
The share price of Bank Aljazira also rose by 3.96 percent to SR18.92.
Conversely, Bupa Arabia for Cooperative Insurance Co. saw its stock price decline by 7.09 percent to close at SR194.
On Nomu, Twareat Medical Care Co. saw the highest gain, with a 30 percent increase, reaching SR15.60.
Al Rashid Industrial Co. was the worst performer on Nomu, declining by 5.20 percent to SR47.40.
On the announcements front, Al Rajhi Bank reported a net profit of SR19.72 billion for the fiscal year ending Dec. 31, marking an 18.66 percent increase compared to 2023.
According to the bank’s statement on Tadawul, the surge was driven by an increase in net income attributable to the bank’s equity holders by 5.9 percent, reaching SR21.2 billion due to the rise in total operating income by 4.2 percent.
The Saudi National Bank also announced its annual financial results for the same period, with net profit reaching SR21.193 billion and marking an increase of 5.91 percent.
Shares of the Saudi National Bank ended the session at SR34.05, down 2.85 percent.
Bupa Arabia for Cooperative Insurance Co.’s annual financial results for the period ending Dec. 31 reported a net profit of SR1.16 billion, marking a 24.02 percent increase compared to the year before.
The insurance company said in a statement on Tadawul that the increase was primarily driven by business growth and a boost in the number of insured lives.
Additionally, the net investment results for the year amounted to SR672.37 million, compared to SR513.28 million in the previous year, recording a 30.99 percent increase.
The Saudi Investment Bank also reported an 11.07 percent increase in net profit during the fiscal year ending Dec. 31, reaching SR1.95 billion compared to the same period in 2023.
This growth was mainly due to an increase in total operating income, as well as a decrease in provisions for credit and other losses.
Saudi Investment Bank shares closed at SR15.04, up 0.27 percent.
Other banks, including Banque Saudi Fransi and Alinma Bank, also announced their financial results for the same period.
Banque Saudi Fransi reported a 7.6 percent increase in net profit for the period, reaching SR 4.54 billion compared to 2023. The bank attributed this growth to a 3.6 percent rise in total operating income, alongside a 0.6 percent reduction in operating expenses. Despite the positive results, Banque Saudi Fransi’s stock closed at SR 16, down 0.12 percent.
Similarly, Alinma Bank saw a significant 20.51 percent increase in net profit for the fiscal year ending Dec. 31, 2024, reaching SR 5.83 billion.
The bank cited a 12.5 percent rise in total operating income, driven by higher net income from financing and investment, fee income, exchange income, and FVSI income. This was partially offset by a decline in other operating income. Alinma Bank’s shares closed at SR 30.55, up 1.83 percent.
Saudi Arabia building the ‘most complex structure known to man,’ says developer
RIYADH: Saudi Arabia is set to build the “most complex structure known to man” as part of a major architectural project within the New Murabba development, according to the head of the company behind the project
Positioned at the heart of the large-scale urban project, the Mukaab is designed to be a futuristic mixed-use landmark that will contribute to Riyadh’s evolving skyline.
In a panel discussion during the Real Estate Future Forum, Michael Dyke, CEO of New Murabba Development Co., described the ambitious scale and vision of the building which is being developed under the patronage of the Crown Prince Mohammed bin Salman.
“Mukkab is a structure, it will be pound for pound, I think the world’s most complex structure ever created known to man or woman in the history of time,” said Dyke.
“We have a structure which is 400 meters by 400 meters above the ground. We’re talking about a structure which will look at more than 1,000 meters above sea level,” he said.
While much of the focus is on the Mukaab’s above-ground presence, Dyke began dissecting the project by emphasizing the vast underground development.
“Below the ground is enormous as well. It’s a complete cavernous labyrinth of various different asset classes,” he explained, adding: “One example, the retail under Mukaab and around Mukaab is the size of Dubai Mall today and will be capable of extending to be bigger. So that’s just a small example of what you don’t see because it’s under the ground.”
The design is set to feature multiple skyscrapers within the structure.
“We will have something like two to three Empire State Buildings on each corner, which anchor the four corners of Mukaab,” said Dyke, adding: “We will have a dome which will be something in the order of about 360,000 sq. meters, which will be 380 meters high by 340 meters in diameter inside what effectively is the equivalent of Empire State Buildings.”
At the center of the Mukaab, a tower will stand as a unique architectural feat, which, according to Dykye, “will be the only skyscraper in the world that lives inside another building, which will be an equivalent size of the Eiffel Tower, but will be fully inhabited.”
There will be 27,000 people moving around the lower levels of the tower at any point in time. The structure will also feature “the world’s largest roof on the top at 16 hectares, which will be a fully living space.”
Additionally, the Mukaab’s design incorporates Riyadh’s architectural heritage with a fully activated Najdi facade, he said, adding that it is “the most beautiful Najdi facade that reflects the architectural history of the Kingdom.”
Dyke believes the structure will offer an immersive experience unlike any other, saying: “When you are inside the dome, you will be transported to other worlds. The worlds will change frequently, and you will not be able to see the dome when you’re inside it because we’re creating that.”
He explained that the project incorporates advanced technological layers to create an immersive experience, with applications in hospitality, retail, and entertainment.
In a separate panel, Marco Macagnano, head of Digital Real Estate Canada at Deloitte, highlighted the importance of innovation in real estate, emphasizing that modern developments should go beyond static assets.
“It means additional capital to the bottom line innovation products, and it also importantly provokes a new approach to real estate, where we’re not just maintaining or stabilizing our assets, but we’re investing in constant improvement— buildings that upgrade, not just flexible, but upgradable buildings that can automatically turn on new features with a software update, as opposed to installing new systems,” he said.
This perspective aligns with the vision behind Riyadh’s Mukaab, which aims to integrate latest technology and flexible infrastructure.
Macagnano further pointed out that large-scale projects, when designed with a systems-thinking approach, have the potential to redefine business and economic environments.
“The bold approaches to massive investments in infrastructure, big projects that can think about the ecosystem as a whole put Saudi Arabia in an incredible position to differentiate,” he said.
He emphasized that new developments should not be constrained by outdated infrastructure but instead be designed for future adaptability.
Beyond its architectural complexity, Dyke highlighted the economic and social impact of New Murabba as a whole.
“The economic stimulus that New Murabba will create upon full completion, when all three phases are built out, we’re talking about 400,000 people living in New Murabba. We’re talking about tens of millions of people visiting Mukaab every year. And we’re talking about a whole economy that will not be separate from Riyadh,” he said.
A key element of the development is the introduction of higher-density living in Riyadh. “New Murabba will have a characteristic of mid and high-level living,” Dyke noted.
“That’s one thing which creates an opportunity, which creates this livability aspect, and above and beyond that, the density of people within New Murabba will be in the order of 20,000 people per sq. km, compared to 4,000 today,” Dyke added.
