Saudi weekly digest. XVI
Last week marked the end of the holy month of Ramadan and didn’t provide a lot of news. However, there were still some reports to pay attention to.
Starting with politics and diplomacy.
Iran officially invites the Saudi king for a visit. The invitation comes after the two countries have started to normalise relations after years of hostility.
Saudi Foreign Minister met with Syria’s President in Damascus, demonstrating significant progress in restoring relations.
Palestinian Authority president met with Saudi Crown Prince in Jeddah, while the Hamas delegation was also visiting the Kingdom, reportedly hoping to mend ties with Saudi Arabia.
And this is followed by…
Israeli Foreign Minister saying that visit to Saudi Arabia is on the table, without specifying the possible timeframe.
Concluding with a report from the business sector
Saudi Arabia has transferred a second 4% stake, worth approximately $78 billion, of its state-owned oil giant Saudi Aramco to the country's sovereign-wealth fund. This move comes as the Kingdom aims to diversify its economy by capitalising on a year of high oil prices.
E2E thoughts:
In recent months, Saudi Arabia has made efforts to mend its relationships with Iran, Syria, and last week even hosted representatives from Hamas in Riyadh, indicating a potential shift in the country's foreign policy.
A question arises whether the rapprochement with Hamas will hinder the prospects of Saudi-Israeli normalisation, as the Kingdom has historically been one of the most vocal supporters of the Palestinian cause.
Yet, on the other hand, the Israeli Foreign Minister last week stated that a meeting with Saudi Arabia is on the table. Given all the speculation regarding the Saudi Israeli normalisation, it wouldn't be too far-fetched to say that this statement by Israeli FM indicates that there are still efforts by Israel and Saudi Arabia to come closer and establish relations formally.
It looks like Saudi Arabia is moving towards a position of becoming a neutral actor in the Middle East, much like Switzerland, by maintaining friendly relations with all parties. This could potentially reshape the region's political landscape and create new opportunities for cooperation and stability. Perhaps a new era in the Middle East?