Saudi weekly digest. XXVIII
Last week provided a lot of reports from the business and economy sectors.
Saudi Arabia imported a record volume of fuel oil from Russia in June 2023, marking a significant increase in trade between the two countries. The imports are part of Saudi Arabia's efforts to meet its growing domestic energy demand.
Saudi Arabia has reaffirmed its commitment to securing oil supplies for Japan and continuing cooperation on clean hydrogen, ammonia, and recycled carbon fuels. The Kingdom will continue supplying Saudi crude oil for Okinawa's government oil reserves in southern Japan.
Saudi Arabia's Public Investment Fund (PIF) reported an investment loss of about $11 billion in 2022, compared to a profit of $19 billion in 2021, due to global market downturns. Despite this, the fund's total assets increased from $676 billion to $778 billion, and it continues to expand its global investments.
The Saudi aviation sector experienced an 11% increase in flight numbers in Q2 2023 compared to the same period last year, with the number of passengers rising from 3.16 million to 3.7 million, marking a 17% year-on-year growth.
Saudi Arabia secured the second rank globally on the National Entrepreneurship Context Index in 2022, up from fourth in 2021. This rise reflects the Kingdom's successful efforts to foster a supportive environment for new businesses.
Saudi Arabia's inflation rate slightly decreased to 2.7% in June 2023, down from 2.8% in May, driven by stable prices across all sectors. The dip was mainly due to a decrease in prices of furnishings, household equipment, and maintenance.
Politics and International Relations
The UK has invited Saudi Crown Prince Mohammed bin Salman to visit later this year, marking a significant diplomatic move since the murder of journalist Jamal Khashoggi in 2018. The visit is expected to focus on defence and security ties, as well as climate change and economic reform.
Japan's Prime Minister Fumio Kishida is embarking on a tour of the Middle East, with stops in Saudi Arabia, the UAE, and Qatar. The trip aims to strengthen Japan's ties with Gulf Cooperation Council countries, particularly in the energy sector. Saudi Arabia, the UAE, and Qatar account for over 80% of Japan's total crude oil imports.
Saudi Arabia's Foreign Minister Prince Faisal bin Farhan met with his Russian counterpart Sergey Lavrov in Moscow. The meeting focused on enhancing the historical friendship and strategic cooperation between the two countries and consolidating bilateral and multilateral work on various issues of mutual concern.
Finishing last week's review with sports - Saudi Arabia will host the 16th Arab Games in 2027. The Arab Games are a regional multi-sport event held between nations from the Arab world.