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FIFA President Blatter on Thursday evening completed a two-day visit to Saudi Arabia. In the capital city Riyadh, he officially inaugurated Goal Project 1, the Leaders Institute Football Turf, set to become a fundamental pillar for Saudi Arabia’s youth and grassroots activities, and delivered a speech at the Sports Investment Forum in which he stressed the importance of investing in football as a way to “promote development and education across the world.”
When Qaboos ousted his father in 1970 in a British-backed coup, the country was a backwater. In a much-cited statistic, the entirety of Oman had two hospitals and six miles of paved road. Since then, the country has transformed into a modern oil-exporting state with highways, universities, and a per capita GDP of $22,181. Unsurprisingly, most Omanis separate their country's history into two stages: before and after Qaboos.
While some rush to ascribe incompetence or even malice to U.S. government actions, the lack of effectiveness is instead a product of sustained U.S. uncertainty. Tumultuous politics in the Middle East have pushed the United States toward a more circumspect attitude toward the permanence of its allies. Put simply, it is not willing to bet on their success. The speed with which the United States moved to establish a working relationship with the Muslim Brotherhood in Egypt was chilling to many regional leaders, as was the slow reluctance with which the United States accepted the Egyptian army’s seizing power. For the United States, the episode was a principled expression of concentrating on process rather than outcome. For Arab allies, it was an opportunistic embrace of victors over friends.
Libya’s internationally-recognized Prime Minister Abdullah al-Thinni, facing a power struggle with Islamists, arrived in Saudi Arabia on Wednesday, official media reported. Al-Thinni landed in the capital Riyadh where he “was received by Dr. Musaed al-Aiban, minister of state and member of the cabinet, and a number of senior officials,” the Saudi Press Agency reported without further explanation.
The White House asked Congress Friday for another $5.6 billion to fight against the self-proclaimed Islamic State. The new appropriation will help fund the 1,500 additional troops the Pentagon plans to deploy to Iraq. Increasing the Pentagon’s $58 billion overseas contingency operations (OCO) request -- the account used to fund operations in Iraq and Afghanistan, among other hot spots -- is expected to get broad support on Capitol Hill and pass easily. If lawmakers choose the omnibus route, they will fold the money into that legislation.
IPOs in Saudi Arabia, the Arab world’s biggest economy, are picking up as the Tadawul All Share Index plans to open to foreign investors next year as it pursues a $130 billion spending plan to boost non-energy industries. Saudi Arabia typically sells stakes in state-owned companies to the public at below market value as part of efforts to redistribute the country’s wealth. “For a couple of days at least, or may be three, you will see the stock going limit up,” Saleem Khokhar, head of equities at NBAD Asset Management Group, which oversees about $2.5 billion, said by phone from Abu Dhabi. “It started trading at discount and anything between 50 riyals and 55 riyals is very good value, so you will see investors rushing to grab what’s available.”
Following an election dispute that took up the bulk of 2014, the newly inaugurated Afghan unity government led by President Ashraf Ghani and CEO Abdullah Abdullah now must engage in the process of building a government. The degree to which the two camps can avoid infighting and settle on appointments will determine Afghanistan’s prospects for near- and medium-term stability. Meanwhile, a longed for but tricky reform agenda is beginning to take shape. But will it over promise and under deliver?
Kerry left Oman late Monday after devoting more than 10 hours to talks over two days with Iran’s foreign minister, Mohammad Javad Zarif, and E.U. representative Catherine Ashton. A senior State Department official, describing the tenor of the talks as “tough, direct and serious,” declined to characterize them as productive in any manner. The official said, however, that negotiators still believe it is possible to reach a comprehensive accord before the Nov. 24 deadline when an interim agreement expires.
Currently, natural gas provides around 43% of Saudi electricity, with fuel oil and diesel providing the rest, reports the IEA in a separate article. Electricity use has been increasing at 7.5% annually, adding to the already large demand in the kingdom. In 2011, Saudi electricity demand was at about 7,420 kWh per capita, more than three times as high Mexico’s per capita use, despite having similar total levels of consumption. Eighty percent of this consumption comes from Saudi’s building sector, with 70% of that coming from running air conditioning units, according to IEA reports . Because such a large amount of the electricity consumed in Saudi Arabia is linked to air conditioning, the peak demand for energy in the summer can be as much as twice the average demand in winter.
The world's largest money manager has sought approval for its iShares MSCI Saudi Arabia Capped ETF from the U.S. Securities & Exchange Commission, according to a filing posted on the SEC’s website. The fund will seek to track the results of an MSCI provisional Saudi Arabia index, according to the filing.
