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IMF Raises Saudi Economy Growth Forecast for 2023 to 3.7%, Despite ‘Gloomy’ Global Developments
- July 27,2022
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- SUSTG Team
The International Monetary Fund has raised its expectations for the growth of the Saudi economy in 2023 to 3.7 percent, up from its April forecast of 3.6 percent.
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Ahead of President Biden’s Visit, Administration Said to Mull Resumption of Offensive Arms Sales to Saudi Arabia
- July 11,2022
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- SUSTG Team
Ahead of President Biden’s visit to Saudi Arabia this week, the Biden administration is discussing the possible lifting of its ban on U.S. sales of offensive weapons to Saudi Arabia, four sources told Reuters in an exclusive item.
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Oil Continues Drop on Global Indices as Recession, Demand Destruction Fears Weigh on Prices
- July 6,2022
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- SUSTG Team
Oil plummeted about 9% on Tuesday in the biggest daily drop since March, and failed to regain ground on Wednesday, as growing fears of a global recession and lockdowns in China that could slash demand weighed on prices.
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Raghad Fathaddin joins The 966; Oil’s price and Saudi spare production capacity, the new ‘Motawif’ app, and more…
- July 1,2022
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- SUSTG Team
In episode 50, The 966 talks with Raghad Fathaddin, communications analyst for PepsiCo based in Riyadh, an entrepreneur and founder of Sangha “Estidama Hub”, a Y20 delegate and also a WIn fellow. Before that conversation, the hosts discuss a new app from Saudi Arabia that is changing the way people register for the Hajj pilgrimage, […]
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New PwC Report Highlights $119 Billion GDP Upside of Developing Homegrown ‘Tech Champions’ in Saudi Arabia
- June 6,2022
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- SUSTG Team
Gulf Cooperation Council (GCC) countries must develop ‘tech champions’ to compete with the U.S and China and add billions to their GDP by 2030, a new report by Strategy& Middle East, part of the PwC network, says.
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King Salman Appoints Former Ambassador to the United States Adel Al-Jubeir as Envoy for Climate Affairs
- May 30,2022
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- SUSTG Team
King Salman has appointed Adel Al-Jubeir as Saudi Arabia’s envoy for climate affairs, according to a royal order issued over the weekend. The appointment builds on the official portfolio of Al-Jubeir, who will continue holding his current positions of minister of state for foreign affairs and member of the Council of Ministers.
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Jon Alterman from the Center for Strategic and International Studies joins The 966 to talk about the Middle East in an evolving global order, U.S.-Saudi relations
- May 6,2022
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- SUSTG Team
In Episode 42, the ever-insightful Dr. Jon Alterman from the Center for Strategic and International Studies (CSIS), one of the leading think tanks in Washington, joins The 966 to talk about a changing global order and the Middle East’s role in it. The hosts ask Jon about his work to-date, including building the fascinating and […]
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Oil Drops Below $100 as Higher Oil Prices Seen as Boon for Saudi Economy
- April 25,2022
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- SUSTG Team
Oil dropped at the start of the week below $100 as worry over a spreading Covid-19 outbreak in China might impact consumption even further, according to Bloomberg.
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Scratching the surface on the issues affecting U.S.-Saudi relations today + much more – The 966 Episode 36
- April 22,2022
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- SUSTG Team
Episode 36! The hosts scratch the surface on some issues affecting U.S.-Saudi relations – both now and in the past – and talk about the status of the U.S.-Saudi relationship today. First, the hosts talk about a recent op-ed by Prince Turki al-Faisal, ‘America should laugh with the Kingdom, not scowl’, amid U.S. media criticism […]
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Saudi Arabia Qualifies for the World Cup in Qatar after Australia Loss
- March 24,2022
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- SUSTG Team
Saudi Arabia has qualified for the World Cup in Qatar from Asia Group B after Australia lost to Japan 2-0 in Sydney, according to the Associated Press. With that win, Japan was on top of the group with 21 points, two ahead of Saudi Arabia before it faced China later Thursday.
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MUST-READS
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What to Make of China’s Moves in the Middle East
In late July, 14 Palestinian factions including rivals Hamas and Fatah agreed “to end their divisions and form an interim national unity government” in a “Beijing Declaration” after negotiations in the capital that began on July 21. The talks followed an earlier attempt by China to broker a deal between Fatah and Hamas.
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As China-Saudi ties develop, so will cross-border yuan use, ratings agency says
“This involves many sectors, larger sums of financial flows both ways and many more companies,” Chang said in an interview. “Economic and strategic alignment in terms of development plans” could further elevate the yuan in Saudi Arabia despite wider geopolitical tensions, he added. The tripling of China’s trade with the Middle East observed over the past two decades, report authors said, adds potential for the broader use of the yuan among Gulf states.
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S&P Global Ratings discusses Saudi-China ties and renminbi-based oil trade – Video
Charles Chang of S&P Global Ratings outlines the factors to keep in mind.
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China, Saudi Arabia top buyers of Russian fuel oil in July, LSEG data shows
China and Saudi Arabia were the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in July, traders said and LSEG data showed on Friday. Russian fuel oil and VGO seaborne exports last month rose 7% from June to about 4.05 million metric tons, helped by completion of seasonal maintenance on Russian refineries.
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Saudi Aramco seeks to deepen ties with China in petrochemicals and low-carbon solutions
Saudi Aramco is looking to bolster ties with China in petrochemicals and low-carbon solutions, as the world’s largest oil and gas company seeks to diversify its business and support the net-zero goal of the world’s largest greenhouse gas emitter. “Our relationship with China has grown far beyond crude oil sales to develop into a more extensive, diversified and strategic bilateral collaboration,” Mohammed Al Qahtani, the downstream president of Aramco, said in an emailed interview with the Post.
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China added more solar power last year than America has, period
Citing data from Bloomberg and the Chinese Department of Energy, Semafor says that China built out infrastructure capable of generating nearly 217 gigawatts of power last year, to make for a total capacity of more than 609 gigawatts. America’s solar capacity pales in comparison at a mere 175 gigawatts. (For perspective, a gigawatt is enough energy to power about 100 million LED light bulbs.)
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China Energy Engineering signs $972 million solar deal with Saudi partners
China Energy Engineering (601868.SS), opens new tab signed a 6.98 billion yuan ($972 million) contract to build a solar power plant in Saudi Arabia, a Monday filing with the Shanghai Stock Exchange, marking the latest in a string of China-Saudi renewable energy deals. The 2 gigawatt (GW) photovoltaic plant will be built by a joint venture between a China Energy Engineering consortium and Saudi partners sovereign fund PIF, ACWA Power (2082.SE), opens new tab, and Saudi Aramco Power Company.
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Djibouti dodges scrutiny despite China, Iran, Houthi ties and links to illicit activities
The Bab el-Mandeb Strait, which connects the Indian Ocean and the Red Sea through the Gulf of Aden, is a crucial chokepoint for global maritime commerce. It handles as much as 20% of international trade, 12% of seaborne oil trade, and 8% of liquefied natural gas shipments. Despite the strait’s importance, the waters around it have long been plied by smugglers of weapons and other illicit goods, dating back as far as the late 1800s, when the French took control of what is now Djibouti.
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China has spent at least $230 billion to develop its EV industry and ‘flood’ the market
At least $230.8 billion between 2009 and 2023, according to new research from the Center for Strategic and International Studies (CSIS). Funding over the first nine years the Washington-based think tank examined came out to about $6.74 billion per year, before tripling for the following three years, and then spiking again from 2021 onwards.
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Saudi Aramco Seeks More China Deals in Oil-to-Chemicals Push
The world’s largest crude exporting company is targeting additional facilities that can turn oil into chemicals, Chief Executive Officer Amin Nasser said. Aramco sees demand for goods such as plastics outlasting the growth in consumption for gasoline and diesel amid the energy transition. “We are looking currently at a number of investments in China that will be announced in due course this year and next year,” Nasser said on an earning call Tuesday. He also mentioned South Korea and India as potential investment destinations.
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