{"id":83421,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/canada-is-looking-to-rebuild-ties-develop-a-great-relationship-with-saudi\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"canada-is-looking-to-rebuild-ties-develop-a-great-relationship-with-saudi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/canada-is-looking-to-rebuild-ties-develop-a-great-relationship-with-saudi\/","title":{"rendered":"Canada is looking to rebuild ties, develop a \u201cgreat relationship\u201d with Saudi"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>Tourism and all things maritime are the accidental stars of an otherwise quiet news morning \u2014 here\u2019s hoping we close the week on a busier note tomorrow. <\/p>\n

<\/a> UP FIRST- Canada is looking to rebuild a \u201cgreat relationship\u201d with the Kingdom<\/strong>, ambassador Jean-Philippe Linteau said in an interview with Arab News ahead of an event tomorrow for Canada\u2019s Flag Day. \u201cWe\u2019re very excited to host our Flag Day celebration and it will be the first time in many, many years that Canada is inviting people to celebrate. \u2026 This is about Canada showing that it is back<\/strong>, it is present and it is putting an emphasis on rebuilding a great relationship with Saudi Arabia,\u201d Linteau said. <\/p>\n

Saudi restored diplomatic relations with Canada last spring. <\/strong>Economic, commercial, and security ties are warming, Linteau said, and a bilateral business council is back to work as Canadian firms look to do business here. Read the interview in full here.<\/a> <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The Riyadh Metro system will open this year<\/strong>, Maher Shira, director general of the Smart City Department for the Royal Commission of Riyadh, told Al Eqtisadiah<\/a> on the sidelines of the Global Smart City Forum yesterday. The USD 22.5 bn metro system is part of a new smart transportation system which integrates \u201cmetro, buses, first and last-mile services,\u201d he said.<\/p>\n

Will it alleviate the capital city\u2019s notorious gridlock? <\/strong>The Kingdom\u2019s first urban metro will include six automated lines (60km of them underground) and become the largest public transport network<\/a> in the region when it opers. Arriyadh Development Authority (ADA) is the owner and operator of the metro system. Developers include<\/a> a consortium led by Bechtel, Almabani General Contractors, Consolidated Contractors Company, Siemens, and Aecom.<\/p>\n

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#2- Making it easier for global firms to open regional HQs here: <\/strong>The Commerce Ministry said it will provide online services for global firms seeking a regional HQ in the Kingdom, state news agency SPA<\/a> reported yesterday. The services include issuing, amending and renewing commercial registers and the reserving of commercial name, among others. Companies will need to first pick up their license from the Investment Ministry before talking with the folks at commerce. <\/p>\n

BACKGROUND- <\/strong>International companies need to declare Saudi their regional headquarters if they want to be eligible for government contracts. Crown Prince and Prime Minister Mohamed bin Salman wants to see the Kingdom attract USD 100 bn in FDI annually by 2030. <\/p>\n

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<\/a> #3- We\u2019ll know how Aramco did in 2023 when it releases its full-year results on Monday, <\/strong>11 March<\/strong>, its website<\/a> shows. Aramco\u2019s net income declined 23.1% y-o-y in the third quarter of the year<\/a> to USD 32.6 bn on the back of lower oil prices and sales volumes. Revenues were down 22% y-o-y during the quarter to USD 113.1 bn.<\/p>\n

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HAPPENING TODAY-<\/p>\n

The <\/strong>Hotelier Saudi Awards<\/a><\/strong> take place today at V<\/strong>oco<\/strong> Riyadh<\/strong>. <\/strong>The awards will put the spotlight on back-of-the-house staff from chefs and engineers to laundry managers in 20 categories. <\/p>\n

WEATHER- Expect mostly clear skies in Riyadh <\/strong>and Dammam with some sun in Jeddah.<\/p>\n