Saudi weekly digest. XII
The last weeks have been significant for the Persian Gulf region, as Saudi Arabia and Iran agreed to normalise relations. This normalisation deal was brokered by China in Beijing and it comes with many geopolitical implications, which will be covered in a separate post. For now, we’ll cover last week's most important news and stories.
On the heels of previous weeks' major developments, Iran’s president was invited to Saudi Arabia for a visit. The time of the visit is not yet announced.
There is more on the front of normalisation.
News on Thursday hinted that Saudi Arabia and Syria are to normalise relations. This news comes after the relationship was halted due to the Syrian conflict, where the Saudis were backing the rebels against the Assad regime.
The GCC secretary general met with the Russian ambassador to Saudi Arabia in Riyadh, stressing the importance of relations between GCC and Russia. Meetings such as this signal the ongoing trend towards a multipolar world as opposed to the unipolar world order the world has been in since the cold war. The balance of power is shifting and other superpower contenders are looking the challenge the US position in the Middle East.
On the economy and energy front…
Saudi Arabia is no longer the largest oil supplier of China. As of the beginning of 2023, China gets most of its oil from Russia. This development is caused by the sanctions as Russia is forced to find new avenues for the oil that previously was sold to the European countries; meanwhile, the Gulf countries are making up for the oil deficit in Europe caused by the absence of Russia’s oil.
Sports and entertainment
Floyd Mayweather, the undefeated boxing champion from the US, has hinted that he might be participating in an exhibition match in Saudi Arabia.
The head of Saudi gaming group Savvy Games wants to establish Saudi Arabia as a top gaming country globally. The company is owned by PIF, the Saudi Sovereign Wealth fund and is expected to contribute to the country’s GDP and create jobs.
In other news…According to global market research company Ipsos's recent report, Saudis ranked the second happiest people before the Netherlands and after China.