China In-Focus — Stocks flat; Jack Ma to give up control of Ant Group; Asian giant targets $148bn in financing for cash-strapped developers

The blue-chip CSI300 index was unchanged at 4,225.67. (Shutterstock)
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Updated 28 July 2022
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China In-Focus — Stocks flat; Jack Ma to give up control of Ant Group; Asian giant targets $148bn in financing for cash-strapped developers

RIYADH: China stocks closed almost flat on Thursday, as investors awaited any clues on policy moves from an upcoming Politburo meeting, while Hong Kong shares dropped after the city’s central bank raised its base rate by 75 basis points.

The blue-chip CSI300 index was unchanged at 4,225.67, while the Shanghai Composite Index gained 0.2 percent to 3,282.58 points.

The Hang Seng index fell 0.2 percent, to 20,622.68, while the China Enterprises Index lost 0.1 percent, to 7,082.58 points.

Jack Ma plans to cede control of China’s Ant Group: WSJ

Chinese billionaire Jack Ma plans to give up control of financial technology company Ant Group Co. in an effort to move away from affiliate Alibaba Group Holding Ltd., the Wall Street Journal reported on Thursday.

While Ma only owns a 10 percent stake in Ant, he exercises control over the company through related entities, according to Ant’s IPO prospectus. The Journal said he could cede control by transferring some of his voting power to Ant officials including CEO Eric Jing, said unnamed sources.

In April last year, Reuters reported that Ant Group was exploring options for Ma to divest his stake in the financial technology giant and give up control.

China targets $148 billion in financing for cash-strapped developers: FT

China will help property developers by issuing 1 trillion yuan ($148.2 billion) in loans for stalled developments, the Financial Times said on Thursday, as Beijing tries to revive the debt-stricken sector and relieve pressure on the economy.

The People’s Bank of China will initially issue about 200 billion yuan of low-interest loans, charging about 1.75 percent a year, to state commercial banks, the FT said, citing people involved in the discussions.

The plan, recently approved by China’s State Council, will permit banks to use the PBOC loans along with their own funds to refinance stalled real estate projects, the report added.

(With input from Reuters) 


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.