Saudi weekly digest. XXXVI

While the season in one of the two East is inching towards a colder one, the greeting between the leaders of Saudi Arabia and the US in the recent G20 meeting was much warmer than the fist bump of their last meeting.

On the topic of G20...

On the sidelines of the G20 summit, global leaders from the U.S., India, Saudi Arabia, and the EU unveiled a grand rail and ports deal. This initiative aims to bridge the Middle East and South Asia, presenting a formidable counter to China's Belt and Road strategy.

In a historic diplomatic moment...

Mohammed al-Duweish, the first Saudi ambassador to Iran in half a decade, landed in Tehran. This marked a pivotal moment in the thawing relations between the two Middle Eastern powerhouses.

Business and Economy. Sustainability and Energy.

IMF anticipates a decline in Saudi Arabia's GDP growth, projecting it to drop from the current 1.9% due to the recent prolongation of oil production cuts. This comes from an official statement by the IMF, even though the non-oil sector continues to exhibit robust growth. Last year, Saudi Arabia witnessed an economic surge of 8.7% owing to elevated oil prices.

Riyadh and Rome inked a deal to amplify mutual investments spanning multiple sectors. This collaboration is set to bolster economic connections and further Saudi Arabia's Vision 2030 objectives.

The Crown Prince unveiled the "Global Water Organisation" in Riyadh. This global initiative is set to revolutionize how we address water challenges, emphasizing technological advancements and research.

In a move that surprised the market, Saudi Arabia and Russia extended their voluntary oil output cuts to the end of 2023, causing a spike in oil prices. Riyadh extends 1 million barrels per day cuts to end-2023.