Saudi weekly digest. XVIII
After two weeks of relative quietness about things relating to Saudi Arabia, last week provided plenty to report on. Let's start the review with news about politics and diplomatic affairs.
US national security advisor travelled to Riyadh and met with the Crown Prince discussing Yemen peace efforts. It was also reported that the US Secretary of State plans to visit the Saudis in June.
Saudi Arabia has announced that the rival military factions fighting for control in Sudan are scheduled to hold their first face-to-face talks since the conflict began last month. The meeting will take place in the Saudi city of Jeddah and will involve the Sudanese army and the paramilitary Rapid Support Forces (RSF). The talks aim to resolve the country's unrest with the help of Saudi Arabia and the United States.
Starting from June 1, Saudi citizens can visit Singapore without a visa.
And lastly, the Saudi minister of the state visited King Charles's coronation and according to Israel's foreign minister, the country has submitted a request to discuss the possibility of direct Hajj flights to Saudi Arabia and the matter is currently being considered.
Moving onto business and economy.
Saudi Arabia's oil company and the sovereign wealth fund PIF have partnered with Baosteel, a leading steel conglomerate, to build a steel plate manufacturing complex in Saudi Arabia. The complex will have a production capacity of up to 1.5 million tonnes annually.
Saudi National Bank's 10% share in Credit Suisse will be converted into around 0.5% of UBS after the merger between the two Swiss banks. Saudi National Bank's investment in Credit Suisse was worth SR1.3 billion ($346.63 million) as of March 31, almost 70% less than the initial investment made during the first quarter.
According to preliminary government estimates of real gross domestic product released on Sunday, Saudi Arabia's economy expanded by 3.9% year-on-year in the first quarter of 2023. Non-oil activities increased by 5.8% in the first quarter compared to the previous year, according to flash estimates from the General Authority for Statistics, while oil activities grew by 1.3%. The authority also reported that government services activities increased by 4.9%.
Saudi Arabia aims to attract over 96 billion Saudi riyals ($25.6 billion) in investments for its manufacturing sector as part of its National Industry Strategy. The country has identified 50 investment opportunities to expand its industrial base and diversify its economy, according to the state-run news agency SPA.
Concluding last week with one rumour.
It is speculated that Lionel Messi may be transferring to a Saudi Arabian club next season after reports emerged in France, that Paris St Germain has decided not to renew his contract. Messi is currently a Saudi ambassador for tourism and his rival, Cristiano Ronaldo, signed for Saudi club Al-Nassr in December 2022 in a deal worth approximately $220 million per year.
E2E views on last week:
There are two things to point out.
First, top Washington folks travelling to Riyadh show no divorce in sight for the two long-time partners. The great power competition in the region is still on and the US has no intention of leaving the Kingdom to their main Far Eastern competitors.
Second, the facilitation of direct talks between warring factions in Sudan by Saudi Arabia signifies the Kingdom's intent to enhance its regional dominance, reflecting its calculated pursuit of expanded political and strategic influence.