Saudi weekly digest. XX
Last week the thirty-second Arab League summit took place and saw a…
… surprise visit by Ukraine's President Zelensky. The Ukrainian President rallied for international support, while Saudi Crown Prince Mohammed bin Salman expressed his readiness to mediate and help resolve the conflict between Moscow and Kyiv.
On the topic of notable guests of the summit…
Syrian President Bashar al-Assad received a cordial reception at an Arab summit on Friday, wherein he was greeted with an embrace from Saudi Arabia's crown prince, despite years of diplomatic estrangement.
Two reports on business and economy.
Saudi Arabia and its capital city Riyadh will host the 10th session of the Arab-Chinese Business Conference on June 11 and 12, where the agenda will encompass investment opportunities, economic growth, and the strengthening of trade relations. The conference will explore synergies in various sectors, including technology, artificial intelligence, renewable energy, agriculture, real estate, and strategic minerals.
Saudi Arabia's intentions for a new multibillion-dollar stock offering of Aramco are making significant progress. The Saudi government remains the largest shareholder of Aramco, owning 90.18% of the world's largest oil company. Crown Prince Mohammed Bin Salman had previously indicated in 2021 that there is potential for further sale of shares.
On culture and tourism...
Saudi Arabia has inked a substantial agreement to establish a pioneering film investment fund in the Kingdom. This initiative aims to foster the growth and advancement of Saudi Arabia's media and entertainment sector. The agreement in principle, which took place in Cannes during the city's renowned annual film festival, was signed between the fund and two Saudi-based companies last Thursday.
Saudi Arabia emerged as the second most rapidly growing tourism destination globally. Recent data disclosed on Wednesday indicates that the Kingdom experienced a remarkable surge in international tourism during the first quarter of 2023, surpassing pre-pandemic levels by an impressive 64%. Approximately 7.8 million visitors explored Saudi Arabia in the year's initial months, as the WTO reported.
E2E views on last week, beyond and ahead:
Not too long ago, Saudi Arabia was still on the back foot with Iran, keeping a distance from Syria and with no end to the Yemen war. Yet, all the aforementioned has now turned around or is in the progress of being turned around. If followed through, these are significant changes with strategic regional implications and not just some tactical lip service. Perhaps a dawn of an era of security, stability and cooperation?
While it's early to draw a definitive line between then and now, the recent changes give hope that change is possible and long-winding conflicts and oppositions can end.