Latest news with #GCC
The Diplomat
an hour ago
- Business
- The Diplomat
China's Visa-Free Diplomacy
China now has the most liberal visa regime since the founding of the People's Republic in 1949. Will it last? In a notable policy change, China, despite its traditionally strict visa policies, has now opened its borders, granting visa-free entry to ordinary passport holders from 75 countries. Starting from June 9, citizens from four Gulf Cooperation Council (GCC) countries – Saudi Arabia, Oman, Kuwait, and Bahrain – could enter China and stay for up to 30 days without a visa. Two other GCC members, the UAE and Qatar, have maintained reciprocal visa-free arrangements with China since 2018. This means that all six GCC countries now enjoy visa-free access to China. Earlier, on June 1, China granted similar privileges to the nationals of five South American countries – Brazil, Argentina, Chile, Peru, and Uruguay – and two Central Asian states, Uzbekistan and Kazakhstan. Ordinary passport holders from these countries can also enter China visa-free for up to 30 days. In most cases, China made these concessions unilaterally – and the list is expanding. China's visa-free diplomacy reflects a broader soft power strategy, aimed at enhancing its international image through increased people-to-people engagement. At the same time, the growing number of countries offering reciprocal visa-free or simplified procedures for Chinese travelers indicates two-way mobility. The trend of major relaxations in China's visa policies started in 2023-24. In late 2024, China offered visa-free expansions to Bulgaria, Romania, Croatia, Montenegro, North Macedonia, Malta, Estonia, Latvia, and Japan, with the visa-free stay extended from 15 to 30 days for citizens of these countries. In total, 75 countries now enjoy visa-free travel to China for stays of up to 30 days. These changes were accompanied by complementary efforts to boost international travel: improved tourism services, multilingual signage at major attractions, targeted promotional campaigns, and tourism cooperation agreements. Enhanced infrastructure – improved airports and railways – and the availability of digital translation tools have also made China a more welcoming destination. China's strategy is not just about recovering post-COVID-19 tourism levels; it aims to leverage visa-free travel for a broader economic rejuvenation. China's National Immigration Administration reported that during the first six months of 2025, 38 million foreign nationals made trips to or from China. This was a 30 percent year-on-year increase. Among them, 13.64 million were on visa-free entries, a 53.9 percent increase compared to last year. According to the World Travel and Tourism Council, in 2025, China's tourism sector (both domestic and international) will contribute a record-breaking 13.7 trillion yuan ($1.93 trillion) to the national economy – the highest level ever, over 10 percent above pre-pandemic figures. The sector will also sustain 83 million jobs. Sluggish domestic consumption, despite efforts to stimulate consumer spending, has been a challenge for a long time. Chinese authorities view the visa-free policy, and the resulting boost in inbound international travelers, as part of the solution. Following the broad opening, China introduced incentives to encourage greater spending by travelers. Beijing facilitated departure tax refund services, encouraging more businesses to become tax refund shops and expanding the range of goods eligible for tax refunds. These measures make shopping in China more attractive to foreign tourists. High-tech items, such as smartphones, smartwatches, and drones, are among the products that will soon be eligible for tax refunds. To tackle the significant barriers for foreign payments, China expanded payment options, allowing certain foreign bank cards to be linked to WeChat and Alipay, China's ubiquitous digital payment services. But it's not all smooth sailing. International visitors to China face challenges in terms of internet access, with many global social media apps and websites blocked. Tourists may struggle to use Chinese alternatives that often lack English support and require a local phone number. However, foreigners using their home country's SIM card with international roaming can access the internet. Chinese telecom providers also offer SIM cards to foreigners that provide internet access, although the setup process may require extra steps. Despite the move to allow foreign cards to link up with WeChat and Alipay, paying for goods and services can still be challenging. Small vendors and local hotels may not accept foreign credit cards or cash, and many booking platforms and apps are available only in Mandarin. Additional difficulties include cumbersome ticketing processes, limited hotel options for foreigners (not all hotels are allowed to accept foreign visitors), and a general lack of English language support, especially outside major cities. For China, relaxed visa rules also bring a new set of challenges. Beijing worries about potential side effects like illegal immigration, security issues, including terrorism, transnational crime, overstays, a strain on services, and a loss of visa revenue. Perhaps due to these concerns, China's visa-free policy for most of the 75 countries is initially limited to a one-year trial. Based on this experience, Beijing will decide whether to keep the policy or tighten its borders once again. For now, China has the most liberal visa policy since the founding of the People's Republic in 1949. This indicates a shift from China's long-standing reputation as a tightly controlled, security-focused state with restrictive entry policies and high levels of suspicion toward foreign influence. Notably, China is opening its doors to other countries as the U.S. enforces stricter visa regulations, including outright bans on the citizens of certain countries. The visa liberalization is likely to support China's diplomatic efforts, especially in promoting people-to-people exchanges and showcasing its rich cultural heritage, while also bringing economic benefits. A newly welcoming stance to foreign visitors has the potential to significantly impact China's overall image in the world.
The Hindu
6 hours ago
- Business
- The Hindu
Broadway bus terminus to be closed for redevelopment of multi modal facility in the first week of August
The Broadway Bus terminus is expected to be closed for redevelopment in the first week of August as the Chennai Corporation has completed work on the temporary bus terminus near NRT Bridge (Clive Battery) on Ibrahim Salai in Royapuram. At a meeting on Thursday, officials of various agencies agreed to start operations of the temporary bus terminus in the first week of August. Residents have demanded better connectivity between Beach Station and the temporary bus stand to improve public transportation during a period of 30 months of construction of the multi modal facility in Broadway. Chennai Corporation has constructed 55 bus bays, 900 sq m of pedestrian waiting platform with covered shelter, 65 RCC chairs, new bituminous road covering 5300 sq m, 35 street lights of 12 m height, 31 LED focus lights and 200 sq m of passenger waiting hall with 50 chairs. The civic body has installed RO drinking water facility at the temporary bus terminus. As residents have demanded councillors to talk about the safety of women in the temporary bus terminus, GCC has planned several facilities to promote safety. Aavin will create a parlour for passengers in the temporary bus terminus. In a bid to prevent flooding of the area, GCC has created 250 m of storm water drains around the bus terminus. A sewer network measuring 200 m has also been completed. A water sump with a capacity of 21,000 litres has also been completed. GCC has also created facilities for first aid and mothers' feeding rooms, dining rooms for MTC staff and ticket counters. As many as 51 toilet seats have been completed. Self-help groups will be permitted to set up shops in the temporary bus terminus. Chennai Metro Asset Management Limited (CMAML), a special purpose vehicle (SPV) of CMRL will develop the multi modal facility in Broadway with viability gap funding of Rs.200 crore from the State government for the bus terminal, soft loan of RS. 115 crore from CMDA for external infrastructure and term loan of Rs.506 crore from TUFIDCO to GCC. A skywalk will be constructed at a cost of Rs.74 crore to connect Metrorail, suburban and bus terminus in Broadway.
Kuwait Times
7 hours ago
- Business
- Kuwait Times
Al-Bahar: Kuwait's operating landscape is promisingIn an interview with CNBC International
'We remain optimistic about sustained momentum into H2 2025' KUWAIT: Shaikha Al-Bahar, Deputy Group Chief Executive Officer at National Bank of Kuwait (NBK), affirmed that the Bank delivered a strong quarterly performance, recording a 24 percent increase, while profitability for the first half of the year grew by 7.8 percent year-on-year. In an interview with CNBC International, Al-Bahar noted that second-quarter profits were supported by provision recoveries and lower credit provisions, in addition to a healthy mix of interest income, which grew by 1.5 percent year-on-year, and a strong 8.9 percent increase in non-interest income. Al-Bahar pointed out that net operating income grew by 3.1 percent, as the Bank delivered solid year-on-year growth in business volume, an outcome that underscores the success of its diversification strategy. She noted that this performance was fueled by continued momentum across various business segments and the Bank's branch network, adding that the loan portfolio grew by 12.1 percent as of June 2025. Al-Bahar stated that the government has recently issued the executive regulations of the new corporate tax law, indicating its effective implementation in 2025. She explained that, as NBK Group is classified as a multinational entity under the new law, its effective tax rate rose from 9.2 percent in the first half of 2024 to 16 percent. This impact will be reflected in the Group's quarterly reports throughout the year, though its effect on full-year results is expected to fade beyond 2025. Dividend distribution Commenting on the decision to retain interim dividends, Al-Bahar said: 'NBK remains committed to rewarding its shareholders while maintaining a focus on long-term value creation. The decision to carry forward first-half profits to the end of the year and prioritize final dividend distribution was driven by the promising development opportunities across our markets, as well as the anticipated uptick in local activity. Kuwait is currently entering the execution phase of several mega projects, which will present significant opportunities for the banking sector, and for NBK in particular.' Al-Bahar added that the temporary capital ratio constraints resulting from an interim distribution would have limited the Bank's growth prospects over the course of the year. Kuwait's operating environment Responding to a question on the outlook for the operating environment in Kuwait, Al-Bahar stated that conditions remain highly favorable, with a very positive outlook for the period ahead. She added that the current economic climate presents promising opportunities for the Bank both in Kuwait and across other markets where it operates. Commenting on the impact of the new tariffs and taxes imposed by the US administration, Al-Bahar emphasized that GCC economies are closely tied to fluctuations in the oil market. Fortunately, she noted, the tariffs do not extend to oil and gas, although some price volatility may persist due to ongoing adjustments in the global economic growth outlook. Al-Bahar stressed that a prolonged decline in oil prices could pose challenges to the fiscal positions of GCC countries. However, she pointed out that most of these countries possess substantial sovereign reserves, which would significantly support the financing of major projects and business opportunities. Kuwait's economic outlook Regarding the prospects of the Kuwaiti economy, Al-Bahar reiterated her optimistic outlook, noting that the outlook remains highly positive, driven by emerging growth opportunities, steady progress in implementing strategic government plans, and strong momentum to empower the private sector. She added that the government continues to stimulate the economy, which will generate significant benefits for the banking sector. Furthermore, she explained that a near-term challenge for banking sector profitability may stem from tightening margins. Despite some liquidity declines in other markets, margins remain compressed, and the anticipated shift by the US Federal Reserve toward lower interest rates will undoubtedly place additional pressure on spreads and, consequently, profitability. That said, this impact may be mitigated by stronger economic momentum and broad-based growth across multiple sectors. She explained that NBK's regional and international growth plays a vital role in diversifying income streams and reinforcing the strength of its business operations. H2 2025 forecast Commenting on the outlook for the second half of the year, Al-Bahar emphasized that the government's approval of the Financing and Liquidity Law marks a positive step for the economy, as it supports the government's ability to implement its expansionary plans. She noted that following the law's approval, the Central Bank began issuing local debt instruments on behalf of the government amounting to KD 700 million — a move that enables the deployment of previously non-interest-bearing deposits with the Central Bank and significantly boosts the Bank's profitability. 'We look forward to continued issuances through year-end as a means to effectively deploy excess liquidity,' Al-Bahar said. 'Our optimism is further reinforced by the government's stated intention to issue between KD 3 billion and KD 6 billion in debt instruments over 2025–2026. Similarly, Kuwait Investment Authority (KIA) has issued RFPs to international parties, signaling the potential issuance of sovereign bonds worth up to $6 billion. All of this points to a wealth of promising opportunities for banks operating in Kuwait.' • We recorded substantial growth in business volumes, fueled by sustained momentum across multiple sectors and our international branch network • Our ongoing regional and international expansion continues to diversify revenue streams and reinforce the Group's operational strength • The economic outlook remains positive, supported by emerging growth opportunities and steady progress on government-led reform initiatives • We have a lucrative dividend policy - one that strikes a balance between delivering attractive returns to shareholders and managing capital ratios prudently
Arab Times
8 hours ago
- Business
- Arab Times
UK Envoy Belinda Lewis Bids Farewell with Big Wins for Culture, Trade & Peace
KUWAIT CITY, July 24: British Ambassador to the State of Kuwait, Her Excellency Belinda Lewis, welcomed journalists to her Residence as she approaches the end of her posting. Reflecting on the past four years, Lewis lauded Kuwait's 'special and long-standing' partnership with the UK - noting that 2025 marks 250 years of bilateral trading ties. She also thanked the Kuwaiti people for their warm hospitality, recalling Ramadan diwaniyas and the Al-Qaffal ceremony marking the end of the pearl diving season as especially memorable cultural experiences. Lewis highlighted February 2024's rollout of the UK's Electronic Travel Authorisation scheme to Kuwaiti nationals as significant in strengthening people-to-people links between the two countries. Kuwaiti nationals made 162,000 trips to Britain in 2024 - a 6% increase from 2023, with Kuwait Airways now offering 19 direct flights a week to London and Manchester. She also expressed delight that an ever-growing number of Kuwaitis are choosing to study at UK universities, with over 10,000 currently undertaking courses there. Noting the UK and Kuwait's rich shared history, Lewis reflected on the success of joint celebrations to mark 125 years of official UK-Kuwait diplomatic relations - rounded off by His Highness the Amir's trip to Scotland to meet His Majesty King Charles III and discuss Kuwait's partnership with the King's Foundation; and His Highness' August 2023 Guest of Government visit to London marking 70 years since the establishment of the Kuwait's sovereign wealth fund, during which he oversaw the signing of a landmark investment partnership. Lewis noted that His Highness had travelled to the UK five times across her tenure, while Kuwait welcomed four UK Cabinet Ministers, including most recently the UK's Foreign Secretary, the Rt Hon David Lammy MP - plus numerous Ministers of State, senior officials and the Duke of Edinburgh. She said Britain was now 'close' to concluding a landmark Free Trade Agreement with the GCC, while praising the UK and Kuwait's burgeoning international humanitarian partnership that has seen the Foreign, Commonwealth and Development Office and the Kuwait Fund for Arab Economic Development announce lifesaving joint funding for communities in Gaza, Yemen, Sudan and Somalia. Asked about the situation in Gaza, Lewis strongly condemned the killing of civilians attempting to access humanitarian aid and called for an immediate end to the conflict, referring to the UK and 27 other countries' 21 July joint statement. She also detailed the Embassy's initiatives to fund specialist training for Kuwaiti medics deploying to Gaza, and its collaboration with the Palestinian Embassy and the British Consulate in Jerusalem to help small Palestinian businesses export their goods to Kuwait - with Lulu Hypermarket making a large order of foodstuffs earlier this year. Lewis expressed confidence that her successor, Qudsi Rasheed (who will arrive in September), would thoroughly enjoy his time in Kuwait, and that UK-Kuwait collaboration - be it on trade & investment, defence & security, education & culture, or climate & environment - would continue to go from strength to strength under his guidance.
ArabGT
9 hours ago
- Automotive
- ArabGT
Chrysler, Jeep, and Dodge Recalled Over Serious Airbag Defect
Stellantis Middle East has renewed its urgent recall campaign for a number of vehicles equipped with airbag inflators manufactured by Japan's Takata Corporation—devices that pose a serious risk to occupant safety. The recall spans multiple Stellantis brands, including Chrysler, Dodge, Jeep, Ram, Citroën, DS Automobiles, and Opel. The recall has been issued due to the potential deterioration of the airbag inflator components over time, particularly in hot and humid climates like that of the Middle East. In the event of a crash, a defective inflator could rupture, propelling sharp metal fragments into the vehicle cabin—posing a severe risk of injury or even death. Many of the affected vehicles are over 10 years old, and current owners may be unaware their cars are equipped with faulty airbags. Stellantis urges all affected customers to immediately check whether their vehicles are included in the recall using the Vehicle Identification Number (VIN) check tool available at: Owners of Chrysler, Dodge, Jeep, and Ram vehicles can also verify recall status via the Mopar Middle East website or by calling +971 600-565561 for further assistance. If the vehicle is confirmed to be affected, customers are urged to contact their nearest authorized dealer to schedule a free airbag replacement appointment. Stellantis assures that all repairs will be carried out free of charge at certified service centers. This global recall is one of the largest safety campaigns in automotive history, affecting millions of vehicles worldwide. Stellantis reiterates its full commitment to customer safety through this initiative. List of potentially affected models by brand and model year: Chrysler: Chrysler 300 (2005 – 2015) Dodge: Magnum (2005) Durango (2004 – 2009) Dakota (2006 – 2008) Charger (2006 – 2015) Challenger (2008 – 2014) Jeep: Wrangler (2007 – 2016) Ram: Ram 1500 (2004 – 2008) Ram 2500 (2003 – 2008) Ram 3500 (2003 – 2008) Citroën: C3 (2011 – 2017) C4 (2012 – 2017) C-Zero (2015) DS3 (2011 – 2016) DS4 (2011 – 2017) DS5 (2013 – 2017) Opel: Astra H (2005 – 2013) Astra J (2010 – 2018) Cascada (2014 – 2018) Mokka (2013 – 2017) Vectra C (2006 – 2008) Zafira C (2013 – 2017) Meriva B (2013 – 2015) Signum (2007) Why Responding to Recalls Matters Responding to recall notices—especially those tied to critical safety components like airbags—is a vital responsibility for every vehicle owner. Ignoring such warnings can have serious consequences, particularly in harsh climate regions like the Middle East. Stellantis emphasizes that repairs are completely free of charge, and checking your vehicle takes only a few minutes online. Acting today could save a life tomorrow.
