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Africa needs to take aggressive measures to protect businesses from losing billions of dollars’ in revenue due to illicit trade of counterfeited goods as it eases trade restrictions among 54 African nations.
“We have to take affirmative action, counter measures, to make sure that we prevent and mitigate this risk,” Wamkele Mene, secretary general of the African Continental Free Trade Agreement (AfCFTA), said on Thursday.
A continent-wide free trade agreement is currently being implemented with a view to reviving Africa s economy and its appeal among global investors. However, the risk of illicit trade of counterfeited goods, including pharmaceutical products amid a global pandemic, may dampen the flow of foreign funds, Mr Mene said at the fourth edition of the Future Investment Initiative in Riyadh.
Yousef Saba, Saeed Azhar
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RIYADH, Jan 28 (Reuters) - Saudi Arabia’s Crown Prince Mohammed bin Salman, the kingdom’s de facto ruler, on Thursday said that Saudi Aramco will sell more shares as part of plans to bolster the country’s main sovereign wealth fund.
Aramco, the world’s biggest oil company, completed the world’s largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion.
The proceeds of that offer were transferred to the Public Investment Fund (PIF), Prince Mohammed’s vehicle of choice to transform the Saudi economy and diversify away from oil revenues.
Saudi government to invest $220 bln in Riyadh development over next 10 years: Official
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Last Updated: Jan 29, 2021, 09:30 AM IST
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Synopsis
Riyadh, where around 8 million people live and work, is notorious for its multi-lane highways and concrete block buildings. The city has recently changed to host cinemas and outdoor dining places under government efforts to open up Saudis cloistered lifestyles, encourage physical activity and make life more fun in the conservative kingdom,
Agencies
Saudi Crown Prince Mohammed bin Salman wants Riyadh to become one of the world s biggest 10 cities under his economic reform strategy
LONDON: Saudi Arabia is investing $220 billion to transform Riyadh into a global city by 2030 and expects to attract a similar amount of investment from the private sector, the head of the royal commission for the capital told Reuters on Thursday.
African govts aiming to âeradicateâ counterfeits with new platform
29-01-2021
01-06-2014
The African Union (AU) has unveiled plans to tackle counterfeits across the continent, with the support of the Saudi-backed Future Investment Initiative (FII).
The plan will apply across the African Continental Free Trade Area (AfCFTA), a 54-country agreement brokered by the AU which came into effect in 2019.
Described by the AU as an “historic effort and opportunity”, the partnership will employ the services of Swiss firm OriginAll, which operates a platform for tracing the authenticity of goods.
According to the AU, OriginAll’s African team will provide a “single window” for businesses, governments, and consumers to verify the authenticity of any product sold within the AfCFTA.
Saudi Arabia: Bin Salman to sell more Aramco shares to raise funds January 29, 2021 at 2:17 pm | Published in: Middle East, News, Saudi Arabia
Crown Prince of Saudi Arabia Mohammed Bin Salman in Saudi Arabia on 5 January 2021 [Royal Council of Saudi Arabia/Anadolu Agency] January 29, 2021 at 2:17 pm
Saudi Arabia s Crown Prince Mohammed Bin Salman has announced his intention to sell more shares of the state-owned oil giant Saudi Aramco to boost his faltering economic plan known as Vision 2030.
The de-facto ruler raised $25.6 billion by selling under two per cent of Aramco in the initial public offering in 2019. Two years since its flotation on the stock market, Bin Salman has said that he is looking to offer further shares in what many consider to be the Crown Jewel of the Kingdom. The company is valued at $2 trillion dollars.