I know very well that it was Saudi Arabia that abandoned us at FATF and I have been saying as much, and it was Saudi decision to abandon us which got us in the grey list and made Saudi Arabia a permanent member of FATF; China withdrew its support because China did not want to lose face while supporting a lost cause after Saudi Arabia abandoned us last time (we needed a minimum of 3 votes to stay out of the Grey listing and we were left with only 2 which were China and Turkey). Turkey stayed with us till the very end
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But that was then and this case of black listing is now. Although we do not need Saudi support at FATF to stay out of the black list, Saudi Arabia neither supported the black listing nor opposed it. Needless to say, Saudi leadership is neither a friend of Pakistan nor a foe, they simply judge us in terms of what they need from us and what we are willing to do for them, however unreasonable their request or expectation be.
Saudi Arabia did indeed HAVE a vote, she had the GCC vote before Saudi Arabia was granted a full membership at FATF.
And, in the real world, Saudi Arabia is merely ensuring that we do not actively start siding with our neighbor Iran in her conflicts with Saudi Arabia. The moment we abandon Saudi Arabia, militarily, that is the moment Saudi Arabia becomes an Irani plaything. The reason Saudi Arabia is at rest today is because of Pakistani Nuclear umbrella protecting her from any Nuclear threats. And we have suffered long and endured because of our brotherly love with Saudis and our religious sentiments towards Saudi Arabia.
A few Billions here and there, for parking, and OIL on deferred payments are merely symbolic gestures; we may be moving towards a better relation with the pledge by MBS of Billions in investment in Pakistan but being rich, Saudi Arabia and UAE can do so much more by investing in Pakistan and other Muslim countries instead of investment of Trillions in US.
Repeating the same nonsense lie again and again does not make it true. KSA had no independent vote until Friday. The GCC is composed of 6 sovereign nations. To pretend that KSA had some final say is some kind of bad joke given the FACT that there is currently internal trouble within the GCC thanks to Qatar's ridiculous behavior. Let us forget Qatar for a while go take a look at the close relations of Oman with India under the current clueless and naive Omani Sultan.
You can side with Iran in an imaginary world but that will not change anything fundamentally on the ground. Arabs still outnumber Iranians by a factor of 6-10 on almost every single field. From population, geographic size, natural resources etc. The problem is internal. Divisions within the Arab world and incompetent regimes. If there were sane leaderships and leaderships that reflected the people we would not have the current mess in 4-5 Arab countries (Yemen, Iraq, Syria, Libya, Lebanon (Hezbollah)). So let us leave that discussion aside.
As for KSA, we are in the process of building 16 nuclear power plants and guess with who that likely will be? Russia, China, South Korea and maybe the US as well.
Guess who we have worked extremely closely with to create an indigenous ballistic missile program for 30+ years? China.
Who are we working with in the most profitable business in the world (oil) to help regulate that market on a WEEKLY basis? Russia.
Bailing Pakistan out and helping it at EVERY time of need (serious) is "symbolic", ok. With that kind of attitude (that are not representative for 95% of Pakistanis) it is hard to have any sane discussion.
KSA is not investing "trillions of USD" in the West but ALL across the world. Do you even have a clue who our largest trade partner is? Let me give you a hint, it is the most populous country of the world.
As for investing in Pakistan in the past on a wide scale, you are fully aware of the difficulties of doing that and ALSO fully aware that not even many expat Pakistanis are doing that let alone the richest Pakistanis. It is due to a largely ineffective and corrupt system. KSA has tried to kickstart numerous project related to agriculture, petrochemical sector, energy in the past and what I have been told many were almost sabotaged from elements within the Pakistani political spectrum and the rampant corruption. You don't have such problems when investing in say China where there is a strong rule of law and corrupt is combated in extreme ways (death penalty even). It seems that things are moving in the right direction under Imran Khan which is why business relations have expanded and KSA has announced quite a lot of promising JOINT projects inside Pakistan and pledged to invest a large sum of money. Let us hope that it will be different this time around.
Saudi Arabia Obtains Full Membership of the Financial Action Task Force (FATF)
June 21, 2019
The Financial Action Task Force (FATF) plenary meeting, which was concluded on Friday, 21 June 2019, in Orlando, USA, granted the Kingdom of Saudi Arabia full membership of the group. The Kingdom is the first Arab country to obtain membership in FATF. Its accession will be taking place at the next FATF plenary meeting in October 2019.
This membership serves as evidence of the Kingdom's commitment to fighting money laundering and terrorism financing through developing and enhancing its regulatory framework. It comes as a result of the Kingdom’s continuous efforts and initiatives at the local, regional, and international levels in the fight against terrorism-financing, and money laundering.
The FATF agreed to grant the Kingdom observer status in the Group in June 2015, in recognition of the significant role played by the Kingdom in the region in the field of anti-money laundering, and combating financing of terrorism and proliferation.
The Kingdom's accession to the FATF comes following the conclusion of the mutual evaluation process, one of the main requirements for obtaining full membership, which was conducted by the FATF during 2017-2018, in coordination with the Middle East and North Africa Financial Action Task Force (MENAFAT). The findings of the assessment process have revealed the high level of compliance and effectiveness of the Kingdom’s control measures in the areas of AML/CFT.
https://www.saudiembassy.net/news/s...l-membership-financial-action-task-force-fatf
Promoting FDI into Saudi Arabia
BASIL M.K. AL-GHALAYINI
June 22, 2019
The Saudi economy is undergoing dramatic and positive changes, making it an attractive investment destination that provides rich opportunities in various sectors, exceptional resources, enhanced market conditions and pro-business regulations.
The Saudi government has made huge efforts to make it clear that the Kingdom is open for business and wants the world to be involved in the multibillion-dollar transformation underway as part of the Vision 2030 strategy.
The Kingdom has climbed the rankings of international competitiveness and ease of doing business. Foreign direct investment (FDI) inflows increased by 127 percent in 2018, and the number of companies entering Saudi Arabia rose by 70 percent year-on-year in the first quarter of 2019.
Since 2016, the government has delivered 45 percent of more than 500 planned reforms, including the introduction of 100 percent foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders.
Moreover, the government has introduced several initiatives that act as an international platform for expert-led debate between global leaders, investors and innovators.
Last week, the Saudi-Japan Vision 2030 Business Forum took place in Tokyo, and focused on creating investment opportunities in strategic sectors in the Kingdom.
Bringing together experts from many fields demonstrates how Saudi Arabia is becoming more and more pivotal in the global economy beyond oil. As the only G20 member from the Middle East and North Africa, and with an economy that surpassed $782 billion last year, Saudi Arabia represents a tremendous opportunity for investors from around the world.
Recognizing the importance of such initiatives, for more than a decade BMG Financial Group has been organizing an economic forum in the UK as a platform for Saudi and international experts to interact, share experiences and promote investment opportunities available in the Kingdom. The forum plays a crucial role in highlighting Saudi Arabia’s distinctive competitive position.
This year, it will be held on July 9 at the London Stock Exchange.
These forums support the Saudi government’s plans to attract more business to the Kingdom, with the opening up of new sectors to foreign investment, the privatization of large parts of the state-dominated economy, and giga-projects underway such as NEOM city, the Red Sea Resort, Al-Qiddiya, and the world-class wellness resort Amaala.
Basil M.K. Al-Ghalayini is the Chairman and CEO of BMG Financial Group.
http://www.arabnews.com/node/1514666