Investment
Court ruling suspends U.S. ban on investment in Xiaomi – TheChronicleHerald.ca
(Reuters) – A U.S. federal judge on Friday temporarily blocked the Department of Defense from forcing American investors to divest from Chinese smartphone maker Xiaomi Corp on the grounds the company has ties to China’s military.
The Defense Department, under the Trump administration in mid-January, added Xiaomi and eight other firms to a list that requires Americans to sell their interests in the firms by a deadline. The restrictions were set to go into effect next week.
Xiaomi in late January filed a complaint in a Washington court seeking to be removed from the list, calling its inclusion “unlawful and unconstitutional” and arguing it was not controlled by the People’s Liberation Army.
U.S. District Judge Rudolph Contreras in Washington, D.C., said on Friday that the court “concludes that defendants have not made the case that the national security interests at stake here are compelling.”
The Defense Department did not immediately respond to a request for comment.
In a statement, a Xiaomi spokesperson welcomed the ruling and called the designation of Xiaomi as a Chinese military company “arbitrary and capricious.”
“Xiaomi plans to continue to request that the court declare the designation unlawful and to permanently remove the designation,” the spokesperson said.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by Cynthia Osterman, Sonya Hepinstall and Gerry Doyle)
Investment
Saudi Arabia Highlights Investment Initiatives in Tourism at International Hospitality Investment Forum – Financial Post
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RIYADH, Saudi Arabia — The Saudi Ministry of Tourism is currently taking a prominent stage at the International Hospitality Investment Forum (IHIF), presenting a unique opportunity for global investors to dive into the thriving tourism landscape of the Kingdom. With the spotlight on the Tourism Investment Enablers Program (TIEP), that was recently announced, Saudi Arabia is aggressively pushing towards its Vision 2030 goal of being a top global tourism destination for investors and tourists alike.
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This strategic presentation comes at a time when Saudi Arabia’s tourism sector celebrates an incredible milestone of 100 million visitors in 2023, seven years ahead of schedule, marking a significant stride towards economic diversification and emphasizing the sector’s growing contribution to the national GDP. The flagship Hospitality Investment Enablers (HIE), one of TIEP’s initiatives, aims to leverage this momentum, planning an investment infusion into the hospitality sector of up to SAR 42 billion in key destinations, which alone is anticipated to create 120,000 new jobs by 2030.
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The IHIF audience is getting a close look at Saudi Arabia’s plans to expand its accommodation capacity dramatically. The Kingdom is targeting an increase in hotel rooms to over 500,000 and aiming to welcome 150 million visitors annually by 2030. The HIE stands at the core of these ambitions, designed to energize the hospitality sector by introducing a new wave of supply in targeted tourism hotspots, significantly enriching the Kingdom’s diverse tourism offerings.
The initiative is supported by a suite of strategic enablers, including access to government-owned land under favorable terms, streamlined project development processes, and regulatory adjustments aimed at reducing barriers to market entry and operational costs. This comprehensive approach is expected to catalyze a significant socio-economic transformation within the Kingdom, with private sector investments projected to reach SAR 42.3 billion and a forecasted annual GDP increase of SAR 16.4 billion by 2030.
Saudi Arabia’s active participation in IHIF aims to showcase the Kingdom as an enticing investment frontier for international investors, emphasizing the lucrative opportunities within the tourism and hospitality sectors. This global stage provides the perfect platform for the Ministry of Tourism to forge lasting partnerships and highlight the Kingdom’s commitment to elevating its tourism industry standards, fostering sustainable growth, and offering robust support to investors.
Through this engagement, the Saudi Ministry of Tourism is not just showcasing investment opportunities; it is inviting the world to be a part of Saudi Arabia’s ambitious journey towards redefining global tourism norms. Investors are encouraged to seize this unparalleled chance to collaborate with the Kingdom, as it paves the way for a new era of tourism excellence aligned with Vision 2030’s transformative objectives.
Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20240417879947/en/
Contacts
Najla Alkhalifa
Media and Communications
Najla@mt.gov.sa
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Investment
Web3 investment up 55% in Q1 as crypto VC interest rebounds – Cointelegraph
The number of Web3 venture capitalist deals also rose 36% in the first quarter of 2024, indicating wider interest in Web3 protocols.
Investment
Larry Fink's BlackRock Hunts for Growth in Saudi Investment Boom – Bloomberg
What’s worth your time when you’ve already built the world’s largest asset management company?
For Larry Fink, chief executive officer of BlackRock Inc., courting the billions of dollars in assets up for grabs in Saudi Arabia is part of the answer. His Gulfstream jet lands in Riyadh several times a year, and he’s had at least two private dinners with de facto ruler Crown Prince Mohammed bin Salman, according to a person with knowledge of the matter. Meanwhile, BlackRock has been quietly increasing its presence in the country: It was the first major global investment manager to open an office in Riyadh, and the company now employs about 20 people there, a larger local workforce than its competition. The CEO of state-owned oil giant Saudi Aramco, Amin Hassan Ali Nasser, joined BlackRock’s board last year.
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