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RIYADH/HONG KONG, Nov 30 (Reuters) - Saudi Arabia plans to host a Chinese-Arab summit on Dec. 9 attended by Chinese President Xi Jinping during his visit to the kingdom, three Arab diplomats in the region familiar with the plans said on Wednesday. Invitations have gone out to leaders in the Middle East and North Africa for the Chinese-Arab gathering, the diplomats said. The Saudi government communications office did not immediately respond to a request for comment about Xi's visit or summit timing. The Chinese delegation is expected to sign dozens of agreements and memoranda of understanding with Gulf nations and other Arab states covering energy, security and investments, the diplomats said without elaborating. "The level of representation depends on each country with many Arab leaders expected to attend, others would send at least their foreign ministers," one of the Arab diplomats told Reuters.

☆ Saudi Arabia announces plans for six-runway hub airport in Riyadh
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Nov 28 (Reuters) - Saudi Crown Prince Mohammed bin Salman announced on Monday plans to transform Riyadh airport into a massive aviation hub with six parallel runways and designed to accommodate up to 120 million travellers by 2030, state news agency SPA reported. Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), will build King Salman International Airport, which should stretch over 57 square kilometres (22.01 square miles) and include current King Khaled airport, SPA said. Aviation is part of a government strategy to become a global transportation and logistics hub by 2030, with Riyadh airport as the operation base of a brand new airline, RIA, that would compete with regional heavyweights Emirates and Qatar Airways. The kingdom has set itself high targets for diversifying its economy and reducing its dependence on oil, pouring hundreds of billions of dollars into a plan called Vision 2030 initiated by the kingdom's de facto ruler Prince Mohammed. It added King Salman airport would create 103,000 direct and indirect jobs, handle 185 million travellers and process 3.5 million tons of cargo by 2050.

☆ Arab Monetary Fund signs $1 bln agreement to support Yemeni government reforms -Saudi state media
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Nov 27 (Reuters) - The Arab Monetary Fund has signed a $1 billion agreement to support Yemen's economic reform programme to its Saudi-backed government, Saudi state media said on Sunday. The new package by the Abu Dhabi-based fund, which includes countries from the Middle East and North Africa, will provide support for the Yemeni government's efforts to stabilise the economy from 2022 to 2025, Saudi Ekhbaria TV reported. The war between the Iran-aligned Houthi group and a Saudi-led coalition has brought Yemen's economy to its knees and caused the world's largest humanitarian crisis. Inflation and foreign currency shortages have made food, water and fuel unaffordable for many in Yemen, which imports most of its needs. Saudi Arabia said in April it would arrange $3 billion of support to the war-torn country's economy after a new presidential council was formed.

However the talks aim to remove remaining obstacles in the initiative extended last week and ease global food shortages by unblocking Ukrainian and Russian exports, they added. Putin said on Wednesday that Russian officials would work to unblock Russian fertilisers stuck in European ports and to resume ammonia exports. The export of Russian ammonia would be via an existing pipeline to the Black Sea. Neither Russia nor Ukraine have released official figures on how many prisoners of war they have taken since Russia invaded in February. On Oct. 29, Ukrainian President Volodymr Zelenskiy said that since March, Russia had freed a total of 1,031 prisoners.

SHARM EL-SHEIKH, Egypt, Nov 12 (Reuters) - Strengthening trade ties and regional security will be priorities in an upcoming visit by Chinese leader Xi Jinping to Saudi Arabia, Saudi minister of state for foreign affairs Adel Al-Jubeir said on Saturday. Jubeir did not give details of the trip but said visits between Chinese and Saudi leaders were "natural". "China is Saudi Arabia's largest trading partner, we have huge investments in China and the Chinese have huge investments in Saudi Arabia," he told Reuters on the sidelines of the COP27 climate summit in Egypt. Jubeir said Saudi Arabia, the world's top oil exporter, was sincere in its efforts to tackle climate change and limit greenhouse gas emissions. "We believe in Saudi Arabia there is no contradiction between improving climate and producing oil," Jubeir said.

[1/3] A helmet with logo of Saudi Aramco is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/FilesRIYADH, Oct 26 (Reuters) - Oil giant Saudi Aramco launched a $1.5 billion fund to support an inclusive global energy transition on Wednesday while Saudi officials said the switch from hydrocarbons could take decades, necessitating continued investment in conventional resources. What we need is an optimal, realistic transition plan," Aramco CEO Amin Nasser told a business forum, where he announced the new fund managed by Aramco Ventures. Saudi Finance Minister Mohammed al-Jadaan told the FII gathering that thinking around the global energy transition has "now became more realistic that actually transition will take... possibly 30 years", and that conventional resources remained important to ensure security of supply. Saudi sovereign wealth fund the Public Investment Fund (PIF) has established five regional investment companies in Jordan, Bahrain, Sudan, Iraq and Oman, PIF said on Wednesday, following a similar move for an investment subsidiary in Egypt.

Companies Saudi Arabian Oil Co FollowRIYADH, Oct 26 (Reuters) - Saudi Aramco CEO Amin Nasser said on Wednesday planned European embargoes on Russian crude and products were adding to uncertainty in the global oil market. Nasser also said that market realignments were taking place with discounts being offered by Russia. The Group of seven countries agreed last month to cap Russian oil sales at an enforced low price by Dec. 5 but have faced consternation from main players in the global oil industry. Nasser said the market for blue hydrogen was "building up" but that it was so far costly at around $200-$300 per barrel of oil equivalent. Blue hydrogen is obtained through capturing carbon from crude oil, storing it underground and mixing it with ammonia.

☆ Energy transition could take 30 years, Saudi finance minister says
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

DUBAI, Oct 26 (Reuters) - Saudi Arabia's finance minister said on Wednesday the energy transition away from fossil fuels would take years, possibly 30 years. Finance Minister Mohammed al-Jadaan was speaking at Saudi Arabia's flagship investment conference FII. Reporting by Aziz El Yaakoubi and Rachna Uppal in Riyadh and Nadine Awadalla in Dubai; Writing by Yousef Saba; Editing by Andrew HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Ex treasury secretary Mnuchin says U.S. in recession, will continue
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Oct 26 (Reuters) - Former U.S. treasury secretary Steve Mnuchin said on Wednesday he believed the United States was in a recession and said this would continue. Speaking at Riyadh's flagship investment conference FII, he said: "I think we'll probably see a peak of 4.5% 10-year rates." "I think you are going to see inflation in the U.S. begin to come under control, it will probably be a two-year period," he added. He added that the Middle East's economic issues need to be dealt with regionally. Reporting by Aziz El Yaakoubi and Rachna Uppal in Riyadh and Ghaida Ghantous in Dubai; Writing by Yousef Saba, Editing by William MacleanOur Standards: The Thomson Reuters Trust Principles.

☆ Wall Street bankers in Riyadh renew warnings over world economy
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

RIYADH, Oct 25 (Reuters) - Top Wall Street bankers renewed their warnings about the world economy on Tuesday amid geopolitical tensions and steep interest rate hikes to tackle decades-high inflation. Goldman Sachs boss David Solomon said economic conditions would "tighten meaningfully from here" and the U.S. Federal Reserve could hike rates beyond 4.5-4.75% if it does not see real changes in behaviour. "If they don't see real changes – labour is still very, very tight – they're obviously just playing with the demand side by tightening. But if they don't see real changes in behaviour, my guess is they'll go further," he said. Dimon said the conflict between Russia and Ukraine, and tensions between the United States and China were more worrisome than a potential U.S. recession.

SummarySummary Companies Saudi minister says emergency stocks used to manipulate marketsSays kingdom remains most reliable and stable oil supplierSays we are for Saudi Arabia, not with or against anyone elseRIYADH, Oct 25 (Reuters) - Saudi Arabia's energy minister Prince Abdulaziz bin Salman said on Tuesday some countries were using their emergency stocks to manipulate markets when their purpose should be to mitigate any shortages of supply. The comment appeared to be a criticism of U.S. President Joe Biden's decision to sell oil from the nation's emergency oil reserve as he tries to lower gasoline prices ahead of mid-term elections on Nov. 8. "It is my profound duty to make clear to the world that losing (releasing) emergency stocks may be painful in the months to come," the Saudi minister told the Future Initiative Investment (FII) conference in Riyadh. The prince said Saudi Arabia had chosen to be "the maturer" party when asked about how to get the energy relationship with the U.S. back on track. Is there any room for we are for Saudi Arabia and the people of Saudi Arabia," he said.

SummarySummary Companies OPEC+ oil output cut led to U.S., Saudi spatSaudi Arabia and U.S. "solid allies" – ministerBig Wall St turnout at flagship Saudi investment summitRIYADH, Oct 25 (Reuters) - Saudi Arabia decided to be the "maturer guys" in a spat with the United States over oil supplies, the kingdom's energy minister Prince Abdulaziz bin Salman said on Tuesday. "We keep hearing you 'are with us or against us', is there any room for 'we are with the people of Saudi Arabia'?" Biden pledged that "there will be consequences" for U.S. relations with Saudi Arabia after the OPEC+ move. JPMorgan Chase & Co Chief Executive Jamie Dimon, speaking at the gathering, voiced confidence that Saudi Arabia and the United States would safeguard their 75-year-old alliance. It recovered the next year, attracting leaders and businesses with strategic interests in Saudi Arabia, after which the pandemic hit the world.

☆ Engie CEO: Winter 'quite comfortable' from gas standpoint
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: 1 min

Companies Engie SA FollowRIYADH, Oct 25 (Reuters) - The situation for this coming winter in terms of security of gas supply is "comfortable", the chief executive of France's leading gas importer Engie (ENGIE.PA) said on Tuesday. "Today the situation for this winter is actually quite comfortable from the gas standpoint," Catherine MacGregor told the annual Future Investment Initiative (FII) conference in the Saudi capital Riyadh. "The situation of the security of supply in Europe is something we've been working on extremely hard even before the war broke out." Register now for FREE unlimited access to Reuters.com RegisterReporting By Aziz El Yaakoubi and Hadeel Al Sayegh, writing by Nadine Awadalla and Maha El Dahan, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi MBC Group signs deals with Turkish production companies as diplomatic ties thaw
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

MBC, which in March 2018 scrapped Turkish programmes including soap operas popular with Arab audiences, said in a statement that the deal would allow it to exclusively host content from Medyapim and Ay Yapim production houses, and produce original Arabic-language content in Saudi Arabia. Saudi Arabia and Turkey were at loggerheads during the 2011 "Arab Spring" over Ankara's support for political Islamist groups deemed a threat to the region's system of rule. MBC said Medyapim and Ay Yapim's content would be available to MBC channels and its online Shahid platform on their airing dates in Turkey. MBC will work with Medyapim and Ay Yapim to co-develop and commission a number of Arabic-language productions, scheduled to begin filming in Saudi Arabia and in the region in the coming years, it added. Medyapim and Ay Yapim dominate the TV industry in Turkey and beyond with prime-time shows that conquered Turkic countries, the Middle East and Latin America.

☆ Saudi king Salman says kingdom seeks stability and balance in oil markets
▼ + stars: | 2022-10-16 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Oct 16 (Reuters) - Saudi King Salman said on Sunday the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance. King Salman bin Abdulaziz said in an address to the kingdom's advisory Shura Council that his country was a mediator of peace and highlighted the crown prince's initiative to release POWs from Russia last month. King Salman also called on Iran to fulfill its nuclear commitments and cooperate with the U.N. nuclear agency. Register now for FREE unlimited access to Reuters.com RegisterReporting by Aziz El Yaakoubi, Nayera Abdallah and Yasmin Hussein; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Saudi Crown Prince Mohammed bin Salman receives U.S. President Joe Biden at Al Salman Palace upon his arrival in Jeddah, Saudi Arabia, July 15, 2022. Still, the U.S.-Saudi rift is widening as Saudi Crown Prince Mohammed bin Salman, widely known as MbS, flags his country's -- and his own -- importance on the world stage. "He has made a great effort since day 1 to signal to the U.S. that he wants excellent ties. Prince Mohammed, the kingdom's de facto ruler, is aware of Riyadh's oil market power and position as a counterweight to Iran, and may stand firm in the face of U.S. criticism. It says it faces a threat from Iran and its proxies, especially after 2019 attacks that temporarily hit Saudi oil output and shook energy markets.

☆ Egypt seeking to push forward critical IMF deal in Washington
▼ + stars: | 2022-10-12 | by ( Patrick Werr | ) www.reuters.com time to read: +6 min

IMF managing director Kristalina Georgieva said on Oct. 3 that Egypt and the fund were close to a deal. Egypt's newly appointed central bank governor, Hassan Abdalla, and long-servicing finance minister Mohamed Maait are leading the talks in Washington, where a number of countries squeezed by global pressures are seeking support. The central bank has been tapping into its own reserves and borrowing from local banks to support the pound against the dollar. As of the end of June, the government had a total of $155.7 billion in foreign debt. Egypt had made good progress on three likely IMF demands, said James Swanston of Capital Economics.

☆ Saudi NEOM's tech unit rebrands, invests $1 bln in 2022 -CEO
▼ + stars: | 2022-09-27 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

Saudi Crown Prince Mohammed Bin Salman announces a zero-carbon city called "The Line" to be built at NEOM in northwestern Saudi Arabia, January 10, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS/File PhotoRIYADH, Sept 27 (Reuters) - NEOM Tech & Digital, a subsidiary of the $500 billion signature NEOM project of the Saudi crown prince, has invested $1 billion in 2022 in AI, including a metaverse platform, its chief executive said on Tuesday. NEOM is Crown Prince Mohammed bin Salman's most ambitious project yet, although it has also met with scepticism from some observers. "NEOM is really becoming, in my opinion, the innovation engine for the GCC," he said in an interview with Reuters. Subscriptions to NEOM's metaverse platform will help people from around the world to virtually visit before physically investing in the city, Bradley said.

☆ Analysis: Saudi prince's Ukraine mediation signals 'useful' Russia ties - analysts
▼ + stars: | 2022-09-23 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +5 min

With Prince Mohammed's mediation, Russia on Wednesday released 10 foreigners it had captured in Ukraine, including five Britons and two Americans. He denied the Crown Prince had become involved to rehabilitate his reputation. U.S. citizens Alexander Drueke, 39, and Andy Huynh, 27, both from Alabama, are expected to leave Saudi Arabia within days, officials said. But Saudi Arabia has shown little readiness to join the effort to isolate Russia. U.S. National Security Adviser Jake Sullivan, Secretary of State Antony Blinken and British Prime Minister Liz Truss thanked the Saudi crown prince for his role.

☆ Russia releases 10 foreigners captured in Ukraine, after Saudi mediation, Riyadh says
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSRIYADH, Sept 21 (Reuters) - Russia on Wednesday released 10 foreign prisoners of war captured in Ukraine, following a mediation by Saudi Crown Prince Mohammed bin Salman, the Saudi foreign ministry said. "The relevant Saudi authorities received and transferred them from Russia to the kingdom and are facilitating procedures for their respective countries," the statement said. A Saudi official said they were five Britons, two Americans, a Croatian, a Morrocan and a Swedish national. Large numbers of foreigners have travelled to Ukraine to fight since Russia's Feb. 24 invasion. Some of them have been caught by Russian forces, along with other foreigners in the country who say they were not fighters.

☆ EXCLUSIVE Turkey sells battle-tested drones to UAE as regional rivals mend ties - sources
▼ + stars: | 2022-09-21 | by ( Orhan Coskun | ) www.reuters.com time to read: +5 min

Bayraktar TB2 drone stands near the logo of Baykar Turkish defence company inside a hall of 30th international Defence Industry Exhibition in Kielce, Poland September 5, 2022. A source with knowledge of the talks said Abu Dhabi and Riyadh were negotiating to acquire Bayraktar TB2 drones from Ankara. A senior Turkish official confirmed Turkey has delivered some drones to the United Arab Emirates and that the UAE was seeking more. It currently produces 20 Bayraktar TB2 drones a month, he told a Ukrainian military services foundation in August, and its order book for those drones and other models was full for the next three years. While Turkish drones cannot match the technology of the models produced by market leaders Israel and the United States, they are cheaper and come with fewer export restrictions.

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