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Rising Coronavirus Cases, Lockdowns Globally Will Hurt Oil Demand More than Previously Thought in 2021, OPEC Says
A global surge in Coronavirus cases and resulting lockdowns in late 2020 will cause oil demand to rebound more slowly in 2021 than previously thought, OPEC said on Wednesday. The surge in Coronavirus cases will hamper efforts by OPEC and its allies to support the market, Reuters reports.
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Saudi King Salman, Crown Prince Mohammed bin Salman Congratulate President-Elect Biden, Harris on Election Win
Saudi Arabia’s King Salman bin Abdulaziz and his son Crown Prince Mohammed bin Salman on Sunday congratulated U.S. President-elect Joe Biden and Vice President-elect Kamala Harris on winning the presidential election, the Saudi Press Agency said.
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Saudi Arabia Announces Planned Reforms to Expatriate Labor System, in Place for Seven Decades
Saudi Arabia on Wednesday announced plans to abolish the seven-decade-old labor sponsorship system known as “kafala” in the Kingdom, a step forward for the country’s modernization drive and economic reform plans, according to reports.
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Saudi Arabia’s Gas Production Hits All-Time High as Push Into Sector Pays Off
Saudi Arabia’s heavy investments to expand natural gas production in recent years is paying off in the form of record production of the fuel, according to Bloomberg, which cited latest figures from Saudi Aramco’s third-quarter results released on Tuesday.
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Road to the G20: B20, T20 Meetings Conclude Ahead of Main G20 Event
SUSTG is covering the events and meetings taking place in the run up to the G20 in November as part of our “Road to the G20” series of posts and featured items. Saudi Arabia just wrapped up the hosting of the B20 business-focused group, as well as the T20 meetings last week. The Business 20 […]
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Images: Architect Jean Nouvel Reveals Design for Sharaan Resort in Al-Ula, Saudi Arabia
French architect Jean Nouvel unveiled his design for Sharaan, a new resort hidden within the rock dwellings of Al-Ula, a cultural oasis in north-west Saudi Arabia.
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IMF Sees Contraction in 2021 for Middle East Economies, With Oil Prices in $40-$50 Range
The International Monetary Fund (IMF) downgraded its outlook for Middle East and Central Asian economic recovery, predicting a 4.1% contraction for the region as a whole, according to latest data released by the international organization.
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Saudi Aramco, SABIC ‘Reassess’ $20b Crude-Oil-To-Chemicals Project — Reports
Saudi Aramco and Saudi Basic Industries Corporation (SABIC) have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead, in a move to save costs in the face of lower oil prices, according to Reuters.
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U.S.-Saudi Strategic Dialogue: Pompeo Declares ‘New Era’ in the U.S.-Saudi Relationship, New Riyadh Embassy Eyed
The inaugural US-Saudi Strategic Dialogue that kicked off Wednesday in Washington marks a “new era” in the U.S.-Saudi relationship, Secretary of State Mike Pompeo said in comments made alongside his counterpart, Saudi Foreign Minister Prince Faisal bin Farhan, following their meeting.
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Arab News Launches ‘Research and Studies’ Unit to Deliver ‘Thought-Provoking Studies by Experts on Regional Affairs’
Arab News, Saudi Arabia’s leading English-language daily news publication, has announced the establishment of a new Research and Studies Unit (RSU) which will “deliver thought-provoking studies written by a team of acclaimed resident and non-resident experts on a number of regional affairs,” according to a press release from the company.
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MUST-READS
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Has Blinken’s Saudi visit reset Washington-Riyadh ties, and what would that mean?
In this context, the joint statement between the GCC foreign ministers and Mr Blinken stood out for its emphasis on a two-state solution. Both parties reaffirmed their commitment to achieving a just, permanent, and comprehensive peace in the Middle East, based on the two-state solution and the 1967 borders, with land swaps in accordance with internationally recognised standards and the Arab Peace Initiative.
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Frankly Speaking: Is the US still important for Saudi Arabia?
“Things like transforming the Kingdom into a tourism destination, into a logistics hub, combating climate change, these are challenges that are in many ways global in nature and require the region to enjoy some peace and stability. And so, this is what we’re doing, and through our engagements, whether with Iran or some of our other, you know, regional partners, but also partners in other regions of the world, we believe that we need peace and prosperity,” he said.
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Frankly Speaking: Is the US still important for Saudi Arabia?
Fahad Nazer, chief spokesman of the Saudi Embassy in Washington, says that despite skepticism, the ties between the two countries are stronger than ever. “This is a relationship that has not only endured, but has really continued to broaden and to deepen over the years,” Nazer told Katie Jensen, host of “Frankly Speaking,” the Arab News talk show that features interviews with leading policymakers. Nazer added that US Secretary of State Antony Blinken’s visit to Saudi Arabia “really reinforced the pillars of the relationship … if it has changed, it has changed for the better in the sense that it’s gotten broader and deeper and stronger.
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Where does ISIS have a presence now? Group’s reign of terror wanes in Middle East
ISIS has suffered significant blows over the past five years and the terrorist group’s threat remains low in the Middle East yet is growing in sub-Saharan Africa, experts told The National on Thursday. The staying power of the group was in the spotlight when US Secretary of State Antony Blinken attended a meeting of the Global Coalition to Defeat ISIS, a cohort of 80 countries, in Riyadh on Thursday. Sub-Saharan Africa has emerged as the global epicentre of terrorism as the region has accounted for nearly 50 per cent of terrorism deaths, according to the 2022 Global Terrorism Index.
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Structure of PGA Tour merger with Saudi Arabia’s PIF raises key question: Who, exactly, will be in charge?
An even bigger question: Given the complicated structure of the new organization that would effectively run non-major championship golf at its highest level, who exactly is going to be in charge?
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Commentary: Is Saudi Arabia the Key to an Israeli-Palestinian Peace Agreement?
Israel and the Palestinians will not find a solution to their conflict without third-party mediation. Such a party is no longer the traditional arbiter, the US, but is now Saudi Arabia. The Saudis have created a promising geostrategic environment in the region, and have the means and the political clout to succeed where all others have failed.
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Who Is PGA And LIV Golf’s New Saudi Chairman?
Al-Rumayyan’s principal role is as governor of the Saudi Public Investment Fund (PIF), the kingdom’s roughly $500 billion (assets) investment arm, which bankrolled LIV and holds billions of dollars worth of stakes in American companies like JPMorgan Chase, Meta and Microsoft.
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Ronaldo, Benzema, Messi and more? The overhaul of Saudi football – explained
PIF will take control of the four largest teams in the Saudi Pro League — Al Nassr, Al Hilal, Al Ittihad, and Al Ahli. These deals will be completed in time for the start of the 2023-24 season in August. The fund will hold a 75 per cent stake in these four teams, with the other 25 per cent controlled by a non-profit organisation. The board of those clubs, according to the ministry of sport, will be made up of seven members, five of which will be appointed by PIF and the other two by the non-profit.
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Ronaldo, Benzema, Messi and more? The overhaul of Saudi football – explained
“The timing of the project is a further boost to the existing momentum and major uptake of sport in Saudi Arabia,” comes the official explanation. “More Saudis, young and old, boys and girls, (are) playing more sport than ever before as part of more active and healthy lifestyles. Mass participation in sport has increased from 13 per cent in 2015 to close to 50 per cent in 2022 and the number of sports federations has increased from 32 in 2015 to over 95 in 2022, demonstrating the investment potential.”
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Are Egypt and Iran ready to start a new chapter?
Representatives from Egypt and Iran have been meeting in Iraq since March with the mediation of Baghdad, according to Iraqi sources. The talks covered tensions over Yemen, Lebanon, and Syria. The possibility of a meeting between the president of Egypt, Abdel Fattah el-Sisi, and the president of Iran, Ebrahim Raisi, was also discussed. On Monday, Supreme Leader Ayatollah Ali Khamenei said in a meeting with Oman's Sultan that Tehran welcomes better diplomatic relations with Egypt.
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