“I can tell you based on my conversations here, no Gulf Arab states (not to mention European Union states or the U.S. Congress) are going to come into Gaza with bags of money to rebuild it unless — and even this is not a sure thing — Israel has a legitimate, effective Palestinian partner and commits to one day negotiating a two-state solution. Any Israeli official who says otherwise is delusional.”
Thomas Friedman, Opinion: What Worries Me About the Gaza War After My Trip to Arab States [New York Times]
“The case for CCS is particularly strong in Saudi Arabia, although only one small capture plant is currently operating. The kingdom’s petrochemical plants, refineries, power and desalination plants are clustered in three main areas, each of which happen to be located atop excellent geological formations for subterranean storage. These characteristics reduce the cost of capturing and transporting CO2.”
Jim Krane, Saudi Arabia has a surprisingly clear path to net zero [Cipher News]
“Meanwhile, the Biden administration continues to issue public criticisms against Israeli behaviour inside the Palestinian occupied territories, yet with minimal corresponding actions. Indeed, the US acts as if its hands are tied. Despite efforts from key figures in the Biden administration to exert political pressure, the continuous flow of military support to Israel makes the latter even more defiant against Washington, which is undermining its strategic and moral leadership as evident from the US refusal to allow the UN Security Council to address the Gaza issue.”
Raghida Dergham, Putin’s visit shows Russia’s return to the Middle East is about Tehran and Riyadh [The National]
“Certain projects can be expanded for three years — so it’s 2033 — some will be expanded to 2035, some will be expanded even beyond that and some will be rationalized.”
Mohammed Al Jadaan, Finance Minister, Saudi Arabia Says for First Time Some 2030 Projects Delayed, [Bloomberg]
“The tax incentive gives multinational companies operating in the region yet another reason to make Saudi Arabia home to their regional headquarters, on top of other benefits such as relaxed Saudization requirements and work permits for the spouses of RHQ executives. The Kingdom’s long-term economic stability, young and skilled workforce, strategic location and strong growth prospects have already attracted the world’s leading companies to pick Saudi Arabia as their new regional base of operations, while an even greater number of executives, entrepreneurs and talented professionals from elsewhere in the region and the world are finding the Kingdom a most attractive place to advance their careers.”
Khalid Al-Falih, Minister of Investment, Saudi Arabia lures businesses with 30-year tax cut offer [Arabian Business]
“I think that not every road is a straight road and sometimes it goes in different directions first. But the goal is still the same…And we remain as committed to that goal of regional integration, and it’s not just about Saudi Arabia and Israel, it has to be much broader than that.”
-Amos Hochstein, U.S. energy envoy, discussing the U.S. interest in continuing to pursue Saudi-Israel peace talks despite the ongoing war in Gaza. His comments were made on the sidelines of an industry event in the United Arab Emirates. [Reuters]
“This new incentive gives business more visibility and certainty for future planning as MNCs [multinational corporations] expand their presence in the region through Saudi Arabia while also taking part in our own transformation journey.”
-Mohammed Al Jadaan, Minister of Finance, discussing the announcement that Saudi Arabia will offer a 30-year tax break as an incentive for global companies that move their regional headquarters to the kingdom. The package includes a zero per cent rate for both corporate income tax as well as withholding tax related to the “approved regional headquarters activities,” the Ministry of Investment, Ministry of Finance and the Zakat, Tax and Customs Authority said in a statement on Tuesday. [The National]
“Saudi Arabia’s recognition as the ‘Coffee Capital of the Middle East’ is a testament to our passion for coffee and our commitment to fostering a vibrant coffee culture. We believe that this is just the beginning of our journey, and we look forward to further elevating Saudi Arabia’s standing in the international coffee community.”
-Mohamed Al Zain, Al Amjaad Group CEO, which owns the Barn coffee franchise in Saudi Arabia which currently operates more than 550 stores across Saudi Arabia – the Middle East’s largest market. Barn plans to IPO within 12 months. [worldcoffeeportal.com]
“Absolutely not.”
-Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, in response when asked in a TV interview in Riyadh whether Saudi Arabia would be happy to see language added to a statement at COP28 calling for the phase down of fossil fuels. [Bloomberg]
“SEVEN is investing more than SAR 50 billion to build 21 entertainment destinations which will provide unique and innovative world-class entertainment experiences and global partnerships from within the sector. The upcoming projects are located in 14 cities across the Kingdom: Riyadh, Kharj, Makkah, Jeddah, Taif, Dammam, Khobar, Al Ahsa, Madinah, Yanbu, Abha, Jizan, Buraidah, and Tabuk.”
Saudi’s “Seven” Announces SAR 1.3 Billion Entertainment Destination in Aseer [Saudi Gulf Projects]
