Huawei holds annual meeting in Saudi Arabia

Huawei held its 2023 Middle East and Central Asia (ME&CA) annual meeting and awards giving ceremony in Riyadh on February 18, bringing together Huawei representatives from 21 countries, a statement said.

His Excellency Haytham Al Ohali, vice minister in the Ministry of Communications and Information Technology, graced the event, held in the kingdom for the first time, it added.

Huawei used the meeting to align on 2023 objectives, while recognising the staff for excellence in driving business objectives and differentiated customer experiences.

The executives, led by Steven Yi, Huawei president for the Middle East and Central Asia, led the discussions on business development for the year ahead.

Haytham Al Ohali said: “We realise the benefits of working with the private sector to enhance our ICT capabilities in support of Saudi Vision 2030. This partnership marks another important phase in our ongoing collaboration with Huawei, whose outcome will elevate the kingdom’s competitiveness and help nurture the country’s digital economy.”

Steven Yi said: “This is a significant milestone for the first time in our history, in Riyadh, where Huawei CEOs and regional management teams from 21 countries gathered. Huawei will continue to invest in Saudi Arabia and support the growth of local Saudis.”

“At the same time, we will perform more and more regional management functions in Saudi Arabia and comply with the laws and regulations of the Saudi government. This event was; therefore, an ideal opportunity to celebrate these individuals and collective triumphs, while formulating another fruitful year ahead,” he added.

Various credit rating agencies execute agreement of cooperation

An agreement of cooperation (AoC) has been executed between the China Chengxin International Credit Rating Co Ltd (CCXI), Peoples Republic of China, China Chengxin (Asia Pacific) Credit Rating Co Ltd (CCXAP), Hong Kong China – a wholly-owned subsidiary of CCXI, Islamic International Rating Agency (IIRA), Kingdom of Bahrain and VIS Credit Rating Co Ltd, (VIS), Pakistan, a statement said.

The agreement envisages to jointly promote credit ratings and capital market research in the Organisation of Islamic Cooperation (OIC) markets and countries included in the Belt and Road Initiative.

These ratings will facilitate potential issuers in these markets to raise international funds for infrastructure development and deepening the Sukuk and bond markets. With the signing of the agreement of cooperation, the collaborating agencies have also launched the “Country Risk Report Along the Belt and Road, 2022”, which can be accessed on the agencies’ respective websites.

CCXI is a leading provider of credit ratings in the People’s Republic of China and enjoys the highest market share in the domestic rating industry. In addition, the company also leads the market in panda bond ratings for issuers outside China, to facilitate access to yuan-denominated funds. www.ccxi.com.cn CCXAP is wholly-owned by CCXI, being the first Chinese credit rating agency operating in the international market.

Pakistan bourse, ACCA sign agreement

The Pakistan Stock Exchange (PSX) and the Association of Chartered Certified Accountants (ACCA) signed a memorandum of understanding (MoU), marking a landmark agreement between the two organisations, a statement said.

The MoU focuses on capacity-building and knowledge sharing on financial literacy and inclusion, environment, social and governance (ESG), sustainable development goals (SDGs), China-Pakistan Economic Corridor (CPEC) verticals, investment management, initial public offerings (IPOs) and social entrepreneurship.

Speaking at the signing ceremony, PSX Managing Director and Chief Executive Officer (CEO) Farrukh H Khan, said: “I congratulate not only the PSX and ACCA but also all the stakeholders, investors, issuers and startups, who will benefit from the signing of this MoU, which cement the ongoing collaboration between the two organisations on various fora.”

“The MoU lays down the guiding principles to benefit the capital markets and market participants to augment cooperation between ACCA and PSX for their own capacity-building and that of other stakeholders in terms of financial literacy, inclusion, ESG, CPEC verticals and investment management, among other areas.

Moreover, this agreement will enable the PSX and ACCA to hold workshops and webinars to disseminate information on the PSX’s mandate and scope of activities.

Further, mentorship is also provisioned in the MoU for the startups to guide them on their financial activities and enhance their financial capabilities.

He also said: “The PSX is proud to sign this MoU with ACCA, as it will go a long way to further the cause of disseminating financial literacy and explaining the working and functioning of the PSX as an essential conduit for savings, investment and capital formation in the country.”