Fintech PR
CGTN: ‘Everyone’s contributor’: How China advances common prosperity through opening-up, rural revitalization
BEIJING, Sept. 26, 2023 /PRNewswire/ — As the world’s “capital of small commodities,” Yiwu in east China’s Zhejiang Province, has trade relations with more than 230 countries and regions.
The Yiwu International Trade Market has driven the development of 2.1 million small, medium and micro-sized enterprises and is associated with the employment of 32 million people. It is known as the world’s largest wholesale market for small commodities.
During an inspection tour to Zhejiang recently, Chinese President Xi Jinping hailed that Yiwu’s small commodities have broken into a big market and become a major industry, when visiting the trade market in Jinhua on September 20.
“Everyone is a participant, builder and contributor,” said Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, urging the trade market to contribute more to expanding markets at home and abroad, as well as calling on Zhejiang to take a leading and exemplary role in promoting common prosperity.
Developing trade for high-level opening-up
Data released by China’s General Administration of Customs shows that the total import and export value of trade in goods in the first half of this year was 20.1 trillion yuan (about $2.75 trillion), a year-on-year increase of 2.1 percent. The scale exceeded 20 trillion yuan for the first time.
Private enterprises are still the main force in China’s foreign trade. In the first half of 2023, the number of foreign trade companies engaged in import and export increased by 6.9 percent year-on-year. Among them, the import and export value of private enterprises was 10.59 trillion yuan, a year-on-year increase of 8.9 percent.
Efforts must be made to encourage and support private enterprises to actively participate in the global industrial division of labor and resource allocation to enhance core competitiveness, Xi stressed during his inspection tour.
After years of development, the China–Europe freight trains, starting from Yiwu and ending in Spain’s Madrid, have entered the track of high-quality development and become a new mode of international transportation that is convenient, fast, safe, stable, green and economical.
Dubbed Yixin’ou in Chinese (Yiwu-Xinjiang-Europe), the 13,052-km-long cargo line has become an important bridge connecting the Eurasian continent. By the end of July this year, the total number of the freight trains that have traveled on the route exceeded 6,000.
Calling on Zhejiang to continue to write a new chapter in deepening reform and expanding opening-up, Xi urged to plan reforms from a global perspective, and steadily expand institutional opening-up with regard to rules, regulations, management, and standards.
In 2021, China issued a guideline supporting Zhejiang to take the lead in establishing a demonstration zone for the promotion of common prosperity nationwide.
From developing private enterprises to advancing rural revitalization, the rich connotation of common prosperity is vividly interpreted in Zhejiang.
Promoting common prosperity through pioneering demonstrations
In June 2003, Zhejiang Province launched the Green Rural Revival Program, with the aim of improving rural production, living and ecological environments, as well as the quality of lives of farmers.
For 20 years, the program has created thousands of beautiful villages, and fundamentally changed the face of the province’s countryside, creating successful experiences for agricultural and rural modernization, as well as successful rural examples for promoting Chinese modernization.
Benefiting from the program, Lizu Village in Jinhua, transformed from a dirty and poor village into a place with an improved environment and prosperous tourism.
When inspecting the village on September 20, Xi learnt that the annual per capita income of the village had reached 52,000 yuan (about $7,250).
According to the National Bureau of Statistics, China has seen another year with a bumper summer grain harvest, with the summer grain output totaling 146.13 million tonnes this year.
What’s more, 40 new advantageous and characteristic industrial clusters were established by the end of 2022, along with 50 national modern agricultural and industrial parks, and 200 towns with a strong agricultural sector.
Stressing efforts to concentrate on narrowing the gap between urban and rural areas, as well as addressing disparities in regional development and income, Xi called for advancing rural revitalization across the board and vigorously fostering rural industries with distinctive local features.
“There is much to be explored and plenty of things to be done in advancing rural revitalization,” Xi told villagers, urging them to strive to create a better future of common prosperity.
This year marks the 20th anniversary of the implementation of the strategy of “making full use of eight advantages and implementing eight major measures” in Zhejiang.
The strategy, put forward by Xi in 2003, called on the province to make use of its eight advantages, such as system and mechanism advantages, location and industry advantages, to implement eight major measures for Zhejiang’s development.
Since then, Zhejiang’s economic and social development has made new historical achievements.
Recognizing these accomplishments, Xi called for treating the real economy as the foundation for building a modern industrial system, guiding and supporting traditional industries to accelerate the application of advanced and readily applicable technologies, and promoting high-end, intelligent, and eco-friendly development of the manufacturing sector.
https://news.cgtn.com/news/2023-09-25/Xi-urges-Zhejiang-to-further-advance-Chinese-modernization-1no6TIHz1O8/index.html
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THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 6:00 PM CET ON 17 NOVEMBER 2024.
STOCKHOLM, Nov. 17, 2024 /PRNewswire/ — EQT has today set the hard cap for investor commitments of USD 14.5 billion for EQT Private Capital Asia’s BPEA Private Equity Fund IX (“BPEA IX”). A hard cap refers to an upper limit on the amount of investor commitments accepted as part of the fund. The actual fund size is dependent on the outcome of the fundraising process. As previously communicated, the target fund size for BPEA IX is USD 12.5 billion.
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View original content:https://www.prnewswire.co.uk/news-releases/eqt-sets-hard-cap-for-eqt-private-capital-asias-bpea-ix-at-usd-14-5-billion-302307822.html
A strategic partnership between two of the largest Qatari companies to add value to the local and regional market, enhancing food security and innovation in several key sectors.
DOHA, Qatar, Nov. 16, 2024 /PRNewswire/ — Senyar Trading & Distribution Company and Al Baladi Holding have announced the launch of their strategic partnership under the name of ‘Al Faisal Al Baladi Holding’. The launch ceremony was attended by Sheikh Faisal bin Qassim Al Thani, Chairman of Al Faisal Holding, and Mr. Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding. This partnership aims to provide added value to the Qatari and regional markets, and to enhance the role of Qatari companies in supporting and developing the local economy in line with Qatar National Vision 2030.
Within this partnership, a strong economic icon was established under the name ‘Al Faisal Al Baladi Holding Group’, capable of implementing huge projects across the MENA region in a number of different vital sectors, especially livestock and agricultural production projects, which contributes to supporting food security and enhancing livestock in a sustainable manner. In addition, the retail sector constitutes a significant part of the Company’s activities.
Al Faisal Al Baladi Holding Group Holding includes Al Faisal Al Baladi Holding LLC, based in Qatar, Al Faisal Al Baladi Group for Malls Management and Operations, based in Egypt, and Al Faisal Al Baladi Holding, based in the Sultanate of Oman. As well as livestock and agricultural production, these companies will operate in several diverse sectors including distribution and wholesale, manufacturing, hospitality and hotels, restaurants, food and beverages, with the retail sector also constituting a significant area of focus. Through these activities, they will seek to meet the growing demand for innovative products and solutions, while supporting sustainable economic development in Qatar and the region.
Commenting on this announcement, Sheikh Faisal Bin Qassim Al Thani, Chairman of Al Faisal Holding, stated: “I am pleased to witness the formation of this strategic partnership that represents the development of the private sector in Qatar and enhances its ability to compete through cooperations built on solid foundations. This partnership is a realization of Qatar Vision 2030 of empowering the private sector and enhancing its contribution to the local economy. I wish both parties success in this promising partnership.”
Mr Mohammed Abdullah Al Attiyah, Chairman of Al Baladi Holding and Chairman of Al Faisal Al Baladi, said: “We are delighted with this cooperation which opens new horizons for growth and expansion. Al Baladi Holding has achieved remarkable successes in recent years, and this partnership comes to underpin our position in the market and expand the scope of our activities. We hope that Al Faisal Al Baladi Holding will contribute to the development of successful and innovative projects that will be a source of pride for everyone.”
Sheikh Mohammed bin Faisal Al Thani, Vice Chairman of Al Faisal Al Baladi Holding, added: “We share common goals, integrated resources, and expertise with Al Baladi Holding. Through this partnership, we will achieve integration and synergy in diverse businesses to maximize value for all parties, including consumers and investors, which will benefit all stakeholders and contribute to achieving a positive impact across every level.”
Mr. Abdullah Mohammed Al Attiyah, Vice Chairman of Al Baladi Holding, said: “Undoubtedly, the stability of the Qatari economy, the diversity of investment opportunities, and the positive business environment, have all contributed to Al Baladi Holding’s market leading position. We look forward to this partnership with confidence in its promise to help build a bright future”
Mr. Tarek Mahmoud Al Sayed, Board Member of Al Faisal Al Baladi Holding, added: “Food security projects hold special importance, especially in their comprehensive and sustainable concept, which constitute an essential part of our future strategy. We seek to play a pivotal role in the region through livestock and agricultural production projects, as we currently own a number of livestock and agricultural production companies in Qatar and Oman, and we plan to expand and launch new projects in a number of countries in the region and North Africa. This will support Al Faisal Al Baladi in becoming a leading company in achieving food security at the regional level.”
Mr Hany Al Sayyadi, CEO and Board Member of Al Faisal Al Baladi Holding, concluded by saying: “This partnership strengthens our diversified investment portfolio and facilitates the expansions of our presence in regional and global markets. Our vision is to achieve a strong presence in the Middle East region, by focusing on innovation and quality in all our sectors. This partnership is a natural extension of the vision of both companies to enhance economic integration and contribute to driving development in Qatar and the region.”
Al Faisal Al Baladi plans to expand its business activities in regional and global markets, by utilizing the diverse investment opportunities represented by the manufacturing, hospitality and retail sectors. The Group’s current portfolio includes more than 30 leading companies in their fields, including Al Baladi and Al Baladi Express Markets, Al Wajba Dairy and Juice Factory, City Limousine Company, in addition to a number of restaurants and companies in the food sector, and many others.
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Fintech PR
Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million
- Revenue grew by 23.8% compared to previous year
- Gross profit of SAR 179.8 million, a 21.7% increase compared to Q3FY23
- Adjusted EBITDA rose 29.5% to SAR 210.2 million
JEDDAH, Saudi Arabia, Nov. 16, 2024 /PRNewswire/ — Sustainable Infrastructure Holding Company (“SISCO”, “TADAWUL: 2190”), Saudi Arabia’s leading strategic investor in Ports & Logistics and Water Solutions has announced its financial results for the quarter ended 30 September 2024.
Revenues for the third quarter of 2024, excluding accounting construction revenue, grew by 23.8% compared to Q3FY23 to reach SAR 341.8 million. On a quarter-to-quarter basis, revenues grew by 13.0% compared to Q2FY24.
The third-quarter gross profit of SAR 179.8 million represents 14.7% quarter-on-quarter growth and 21.7% growth compared to Q3FY23. The gross profit margin for Q3FY24 was down 0.9% year-on-year, due to increased depreciation and direct costs, but was up 0.8% quarter-on-quarter, in line with expectations. Year-to-date saw gross profits increase by 13.8% to SAR 469.5 million.
Adjusted EBITDA growth rose 29.5% to SAR 210.2 million compared to Q3FY23, aligning SISCO with strategic goals. Quarter-on-quarter growth was 20.8%, with a year-to-date increase of 17.7% to SAR 543.8 million.
SISCO reports a strong recovery in the Red Sea Gateway Terminal from subdued Q3FY23 Port segment results due to the Red Sea situation. Port volume reached 828,868 TEUs in Q3FY24, returning to levels similar to Q4FY23.
Commenting on the results: Eng. Khalid Suleimani, Group CEO, SISCO said:
“I am pleased to report that SISCO has continued to demonstrate strong growth and operational performance in Q3FY24, with revenues improving by 23.8% compared to Q3FY23. Our Ports segment, which remains a key growth driver, saw a significant increase, leading to robust results despite the Red Sea challenges.
Net income remains strong, despite the one-off payment of SAR 25 million to Zakat. Another highlight of the quarter is the impressive recovery in the Red Sea Gateway Terminal, highlighting it’s resilience.
We are also excited to announce the Multi-Purpose Terminals (MPT) concession, which will allow us to expand operations across all non-containerised port facilities in the Red Sea Gateway Terminal. This strategic initiative positions SISCO to capture further growth opportunities domestically and internationally.
Looking ahead, we remain committed to executing our five-year strategy to double revenues by 2026 and continue delivering long-term value to our shareholders.”
View original content:https://www.prnewswire.co.uk/news-releases/sustainable-infrastructure-holding-company-sisco-q3fy24-revenue-excluding-accounting-construction-revenue-increases-by-23-8-to-341-8-million-302307352.html
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Sustainable Infrastructure Holding Company (“SISCO”) Q3FY24 revenue (excluding accounting construction revenue) increases by 23.8% to 341.8 million