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Supply Cuts by Saudi, Russia Could Push Oil to $107

That announcement lifted Brent crude oil above $91 a barrel for the first time in 10 months…reports Asian Lite News

Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia do not unwind their aggressive supply cuts, warns investment bank Goldman Sachs.

The Wall Street bank had already factored in the possibility of high oil prices long before Russia and Saudi Arabia announced, earlier this week, that they were extending production cuts through the end of 2023, CNN reported.

That announcement lifted Brent crude oil above $91 a barrel for the first time in 10 months.

Brent crude is the world’s oil price benchmark and is produced in the North Sea.

Goldman Sachs had forecast Brent oil to be $86 in December and $93 at the end of 2024.

Now, the bank says it sees “two bullish risks” to its prediction.

First, Goldman Sachs expects Saudi oil supply to be 500,000 barrels per day smaller than previously anticipated. That alone should add $2 to the per-barrel price of oil.

Secondly, the bank warned that some of its assumptions for oil production may be incorrect if the OPEC+ cut extensions continue.

It had expected that in January the countries would bring back half of the 1.7 million barrel per day cut that was announced in April, CNN reported.

Now the bank is floating the possibility of an even longer extension.

With Chinese manufacturing data finally bouncing back to growth in August, the bearish sentiment is gaining the upper hand in oil markets right now.

In the meantime, Russian seaborne crude and product exports fell to their lowest since September 2022 as strong domestic demand in the summer kept volumes available for external markets capped, the report said.

Delivering on their promise to cut exports by 500,000 bpd in July-August, Russian flows to India decreased by 30 per cent  to 1.5 million bpd, just as Urals has been trading above the oil price cap threshold of $60 per barrel since early July, the Oil Price report said.

ALSO READ-Russian Drone Strike Hits Port Facilities on River Danube in Ukraine

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Speculation Abounds Over Historic Israel-Saudi Deal in Saudi Talks

Palestinian officials find themselves in a challenging situation, as their options are limited. They are aware that participation in normalization deals may serve as a way to remind Saudi Arabia of the core principles of the Arab Peace Initiative…reports Asian Lite News

In a significant diplomatic development, officials from the Palestinian Authority (PA) engaged in high-level discussions in Riyadh with their Saudi counterparts on Wednesday, signaling a potential shift in Middle Eastern geopolitics. The talks come amidst persistent rumors of a landmark agreement between Israel and Saudi Arabia, a deal that the United States is believed to be actively promoting.

As per new BBC reports, for decades, the possibility of normalized ties between Israel and Saudi Arabia has remained an elusive goal. However, recent diplomatic maneuvers and visits to key Middle Eastern capitals, including Riyadh, Amman, and Jerusalem, have given rise to renewed hope. The stakes are high, with U.S. President Joe Biden keen on securing a Saudi-Israel deal to showcase to voters ahead of the upcoming election.

Saudi Arabia, a leading figure in the Arab and Islamic world, has never officially recognized Israel since its establishment in 1948. The prospect of such an agreement, though, remains highly contentious, complicated by a myriad of factors.

In exchange for recognition, Saudi Arabia reportedly seeks U.S. assurances for advanced American-made weaponry and the contentious demand for a civil nuclear program, including uranium enrichment on its soil. On the other hand, Israel stands to gain through enhanced trade and defense collaboration with the Gulf powerhouse, in line with the normalization deals brokered with other Arab states in 2020.

Diana Buttu, a former legal adviser to the Palestinian negotiating team, emphasized the significance of these developments, noting that “fast forward to the year 2023, and we now see that Saudi Arabia also wants to get involved in this.” For any deal to succeed, it must involve substantial Israeli concessions to the Palestinians, reports BBC.

Saudi Crown Prince Mohammed bin Salman faces the challenge of garnering domestic support for a deal, given historical opposition to Israel and strong sympathy for the Palestinian cause among the Saudi public. Meanwhile, President Biden must secure meaningful gains for the Palestinians to garner support from his own Democratic Party, which includes members concerned about Saudi Arabia’s human rights record and its role in the Yemen conflict. Additionally, some within the Democratic Party oppose rewarding Israel’s current right-wing coalition government, which they see as exacerbating tensions in the West Bank and within Israel itself.

Yemen accuses Houthi of recruiting children in conflict

In Riyadh, a team of top Palestinian officials, including figures close to President Mahmoud Abbas, such as Majed Faraj, the PA’s intelligence chief, and Hussein al-Sheikh, secretary-general of the Palestine Liberation Organization, held discussions with Saudi national security adviser Musaed al-Aiban. The Palestinian officials presented a list of demands during a meeting with U.S. Assistant Secretary of State Barbara Leaf in Amman last week. These demands include:

  1. Transferring parts of the West Bank currently under full Israeli control (known as Area C under the 1990s Oslo peace accords) to Palestinian Authority governance.
  2. A “complete cessation” of Israeli settlement growth in the West Bank.
  3. Resuming Saudi financial support to the PA, which had slowed since 2016 and ceased completely three years ago, amounting to around $200 million per year.
  4. Re-opening the U.S. consulate in Jerusalem, the diplomatic mission to the Palestinians, which was closed by President Donald Trump.
  5. Resuming U.S.-brokered negotiations between Israel and the Palestinians from where they left off under then-Secretary of State John Kerry in 2014.

These demands are already seen by the Americans as exceeding expectations, particularly when compared to the official Palestinian stance, which rejects normalization with Israel unless it leads to the establishment of an independent Palestinian state. This position is rooted in the Arab Peace Initiative of 2002, a Saudi-led plan that offered Arab recognition of Israel in exchange for Israeli withdrawal from occupied territories and the creation of a Palestinian state in the West Bank and Gaza, with its capital in East Jerusalem.

Palestinian officials find themselves in a challenging situation, as their options are limited. They are aware that participation in normalization deals may serve as a way to remind Saudi Arabia of the core principles of the Arab Peace Initiative. However, if the benefits of their involvement appear negligible, the Palestinian leadership, already unpopular with its public, risks further alienation.

Furthermore, any Israeli concessions to the Palestinians are likely to face resistance from the nationalist factions within Prime Minister Benjamin Netanyahu’s coalition government, potentially hindering progress toward a comprehensive agreement. Netanyahu has dismissed Palestinian concessions as superficial, emphasizing that they would not form part of substantive U.S.-brokered negotiations with Saudi Arabia. The path to a historic Israel-Saudi deal remains fraught with complexity and uncertainty, with significant obstacles yet to be overcome.

ALSO READ-Joe Biden Nominates Jacob Lew as Ambassador to Israel

READ MORE-Palestinian PM accuses Israel of collective punishment

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Saudi Youth to Explore Space Sciences with Metavisionaries Academy

Dr May Taibah, the Director of Bab Rizq Jameel, said: “We are thrilled to partner with Metavisionaries Academy to provide this unique educational opportunity for Saudi youth…reports Asian Lite News

Bab Rizq Jameel Company, a company that is supported by Community Jameel Saudi Foundation and aims to empower Saudi youth to acquire advanced skills that are required by the labor market, has announced its collaboration with the “Metavisionaries, a company that aims to provide trainees with advanced competencies that are utilized in the space and technology sectors and the labor market of the future, through a number of programs that are administered through its virtual academy, space innovation centers, and extended network with industry leaders.

In alignment with Community Jameel Saudi’s recent strategic expansion, this collaboration falls within its latest area of development, “Supporting Science and Technology”. In this initiative, Bab Rizq Jameel will sponsor educational courses to 100 participants aging between 18 and 30. It will take the form of an immersive training camp conducted by the Metavisionaries Academy. It will allow each participant to undertake two comprehensive courses over two weeks, covering a diverse range of space sciences topics, from Data Science, astrobiology, to satellite technology, igniting the curiosity and passion of Saudi youth in the realm of space exploration.

Dr May Taibah, the Director of Bab Rizq Jameel, said: “We are thrilled to partner with Metavisionaries Academy to provide this unique educational opportunity for Saudi youth. This strategic initiative aligns with Vision 2030’s objective of advancing digital economy and education in the Kingdom, with a special focus on the space sector. It also comes as part of our commitment to building Saudi competencies and skills in Saudi Arabia. By investing in the education of our youth and supporting their exploration of space sciences, we are nurturing a generation of critical thinkers and innovators who will shape tomorrow’s technology industry’s landscape.”

Renowned for its innovative educational approach, the Metavisionaries Academy is dedicated to fostering innovation and cultivating new skills in the fields of space and emerging technologies. Commenting on this collaboration, Hani Yamani, Member of the Board at the Metavisionaries said: “We are honored to work with Bab Rizq Jameel. At Metavisionaries Academy, our mission is to provide individuals access to the space economy and frontier technologies, enabling them to push the boundaries of science and technology and meet immediate and future sustainability challenges. Through this collaboration, we will support young minds with the tools and knowledge they need to excel in the fascinating world of space sciences.”

The Community Jameel Saudi-sponsored space sciences courses will equip participants with valuable knowledge and inspire a lifelong passion for exploration and discovery. By fostering a strong foundation in science and technology, the initiative aims to contribute to the growth of Saudi Arabia’s knowledge-based economy and pave the way for future breakthroughs.

ALSO READ-Saudi Establishes Global Water Organisation

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Saudi Establishes Global Water Organisation

By initiating the establishment of the organisation, the Kingdom of Saudi Arabia emphasizss its commitment to addressing global water supply challenges…reports Asian Lite News

Saudi Arabia’s Crown Prince Mohammed bin Salman has announced the establishment of a Global Water Organisation, the Saudi Press Agency (SPA) reported on Monday.

The newly formed organisation will have its headquarters in Riyadh and is set to play a pivotal role in consolidating and enhancing global efforts to secure sustainable water resources.

The objectives of the organisation encompass the exchange of knowledge and expertise, the advancement of water technology, the stimulation of innovation, and the sharing of research and development experiences, SPA said.

By initiating the establishment of the organisation, the Kingdom of Saudi Arabia emphasizss its commitment to addressing global water supply challenges, it added.

The initiative is aligned with Saudi Arabia’s dedication to environmental sustainability. Over the years, the Kingdom has showcased notable achievements in water production, transportation, and distribution, leveraging locally developed innovative solutions.

Additionally, Saudi Arabia plays a key role in ensuring that global water issues remain a top priority on the international agenda. This is further evidenced by the Kingdom’s developmental funding, with over $6 billion allocated to various water and sanitation projects across four continents.

The organization aims to collaborate with countries facing water-related challenges and those prioritizing such projects on their national agendas. This collaboration will also involve countries with significant expertise and contributions to water solutions.

Such cooperation becomes even more vital with projections of the global water demand doubling by 2050, in light of the anticipated growth of the world population to 9.8 billion.

Furthermore, the organisation will actively advocate for the initiation and funding of high-priority projects aimed at ensuring the long-term sustainability of water resources while ensuring access to water for all, it added.

The initiative underscores Saudi Arabia’s commitment to addressing the challenges associated with global water supply, SPA noted.

The initiative also aligns with Saudi Arabia’s broader dedication to environmental sustainability.

The Kingdom, in collaboration with all member countries of the organisation, aspires to contribute to the realisation of sustainable development goals related to water security.

ALSO READ: Saudi Crown Prince Defers Pakistan Visit

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Iran and Saudi Arabia begin talks to mend strained bilateral ties

Iran also hopes that the Houthis in Yemen will be legitimised by the new relationship and that Iran’s role in Iraq, Syria and Lebanon will grow…reports Azad Mirza

Iran and Saudi Arabia have started a new chapter of cautious and incremental diplomatic exchanges to revive the strained bilateral ties, which broke down in 2016.

Saudi Arabia’s Crown Prince Mohammed bin Salman met Iran’s Foreign Minister Hossein Amir Abdollahian on August 18 in Riyadh.

The meeting was the first in a series of high-level talks since both countries reconciled in March this year, after years of bitter rivalry that destabilised the region, in a peace deal brokered by China.

Saudi Arabia broke ties with Iran in 2016 after protesters attacked its embassy in Tehran in retaliation for Riyadh’s execution of a prominent Shia cleric, Nimr Al Nimr.

Rivalry between Iran’s revolutionary, Shia Muslim leaders and Saudi Arabia’s Sunni ruling family dominated the Middle Eastern regional politics for years as they competed for influence in Iraq, Syria, Lebanon, Yemen and Bahrain.

After the meeting, Iran’s semi-official news agency Tasnim reported Abdollahian as saying the de facto Saudi ruler had accepted his invitation to visit Tehran. This shows how MBS, as the Crown Prince is popularly know, has pushed to reorient the Saudi foreign policy in recent years amid signs of troubles in its historically close relationship with the US.

Earlier, the Saudi Foreign Minister Prince Faisal visited Tehran in June and said he hoped Iranian President Ebrahim Raisi would visit the kingdom at the “appropriate time”.

Apparently, after years of rivalry, and with some of the main regional arenas for their competition more stable than in previous years, both sides have reason to change tack.

Iran’s Supreme Leader Ayatollah Ali Khamenei wants to end political and economic isolation imposed by the US and saw new relations with Saudi Arabia as a way to do so, Iranian officials have been quoted as saying.

Saudi Arabia had meanwhile lost confidence in the US commitment to shared regional security concerns and wanted to bolster ties with China, which has also retained good relations with Iran.

This month it succeeded in getting China to attend a diplomatic meeting on Ukraine that Beijing had earlier avoided. 

Iran also hopes that the Houthis in Yemen will be legitimised by the new relationship and that Iran’s role in Iraq, Syria and Lebanon will grow.

Iran hopes to undermine the US and Israel, through this reconciliation. These strategies are stated openly in Iran where officials boast about the decline of  American influence in the region.

However, Iran may not be the only one getting what it wants. Saudi Arabia also has an agenda and to achieve it, it has sought to reorient its policies in the region.

In addition, Riyadh’s independent policy now includes outreach to China and Russia and also an attempt to broker more deals in the region and abroad.

This comes with increasing reports about positive development in potential Israel-Saudi ties.

Iran’s attempts at inroads in Riyadh are not only for Tehran’s benefit. Saudi Arabia also has seen how balancing ties with Iran and other countries can increase its clout in the West; this was the method that Qatar and Turkey have used in the past. Therefore, managing expectations is important for Iran and Saudi Arabia, both.

Meanwhile, Kuwait’s Foreign Minister Sheikh Salem Abdullah Al-Jaber Al-Sabah praised the Iranian visit, according to Arab News.

Kuwait has taken a very prudent view of things in the region over the last decades, watching tensions between Riyadh and Tehran, from the periphery. Kuwait also is more hostile to Israel than the UAE and Saudi Arabia.

Therefore Kuwait views the reconciliation as a huge potential benefit for the Gulf.  

However, we cannot ignore Israel’s view on the latest developments. In a report published by The Jerusalem Post, the newspaper opined that Iran-Saudi reconciliation could only go so far. There are many different issues in the region and Iran’s role in numerous countries continues to destabilise those countries. Iran also seeks to incite others against Israel and create tensions in the West Bank by using groups like Palestinian Islamic Jihad.

Iran’s hope is to use this road to erode Saudi Arabia’s room for manoeuvre relating to a potential deal with Israel. Riyadh is aware of all these machinations and therefore it is keeping expectations modest in terms of the incremental reconciliation with Tehran. Meanwhile, it also understands that cutting off ties with US in one go may affect its defence preparedness. 

Meanwhile, Talal Al Otaibi, an aide to the Saudi defence minister, met with Aziz Nasirzadeh, the deputy chief of staff of Iran’s armed forces, during the sidelines of the 11th Moscow Conference on International Security, last week, according to a post by the Saudi Defence Ministry.

During the meetings, the officials reviewed bilateral relations in the defence and security fields, as well as ways to improve them, the Ministry said. This shows that MBS is adopting prudential approach for the future and not putting all eggs in one basket, instead he is trying to spread the spectrum by easing relations with old rivals and break the U. hegemony in the region, by engaging with Russia and China, along side.

This meeting between top defence officials creates an impression that things may move at a fast pace in the near future between the two old regional rivals, but they will be more in tune rather than opposing one another, and the main casualty in this might be the waning of the American influence in the region.

ALSO READ-Saudi, Iran seek to broaden ties

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Saudi crown prince Salman invited to visit UK

The Crown Prince would hold high-level discussions with Prime Minister over the proposed post-Brexit free trade deal with the Gulf Co-operation Council…reports Asian Lite News

The Crown Prince of Saudi Arabia has been invited to visit Britain this autumn to help cement a major trade deal with the Gulf.

Although the visit by Prince Mohammed bin Salman has not been officially announced, it was reported that a meeting with King Charles III would top the agenda. If he accepts the invitation, it would be his first visit in five years.

The Crown Prince would also hold high-level discussions with Prime Minister Rishi Sunak over the proposed post-Brexit free trade deal with the Gulf Co-operation Council.

Government sources said an invitation had been made but Downing Street was unable to officially confirm there had been an “invite or visit date confirmed”.

The two leaders held a lengthy telephone call on Thursday during which Mr Sunak told the Crown Prince that he “looked forward to meeting in person at the earliest opportunity”.

Sunak looked forward to “personally deepening the long-standing ties between the UK and Saudi Arabia” as the kingdom experienced a “profound social and economic transformation under Vision 2030”, Downing Street said in statement.

During the conversation, the Prime Minister mentioned developing the two countries’ trade and investment relationship, “collaborating in new cutting-edge industries, and to strengthen our close co-operation on defence and security”.

The Prime Minister also reiterated Britain’s commitment to supporting Saudi Arabia’s security and regional stability, and praised the kingdom’s “constructive and positive leadership on Ukraine” following the recent talks in Jeddah.

“The leaders agreed on the importance of allies working together to end the bloodshed in Ukraine and support a just and lasting peace,” Downing Street said.

Sunak also “welcomed progress” on the conflict in Yemen, where Britain “will continue to back efforts to extend the ceasefire and alleviate the humanitarian crisis”.

Britain’s former ambassador to Saudi Arabia, Sir William Patey, suggested the kingdom’s leadership in global politics was a key driver for the invitation.

“Saudi Arabia’s importance in the Gulf and in the world has increased in terms of its importance to Britain as a security partner, a partner in counterterrorism and in trade,” he told the BBC.

It is understood the British government wants to restore stronger political and diplomatic ties with Saudi Arabia following controversy over the murder of the journalist Jamal Khashoggi in 2018.

Prince Mohammed has already been received in France.

Shortly after Russia’s invasion of Ukraine last year, former prime minister Boris Johnson held talks with Prince Mohammed in Riyadh as oil prices surged.

While Prince Mohammed was invited to Queen Elizabeth II’s funeral in September last year, another member of the Saudi royal family went instead.

The autumn invitation was widely reported in the British media, with The Times describing a potential visit as of “huge importance, overdue, intended to strengthen close defence links, likely to boost British exports to this vast market and underlining Britain’s long involvement in the Middle East”.

Saudi Arabia has increased its links to Britain in recent years, especially following its Public Investment Fund’s purchase of Newcastle United in 2021.

Dates currently being considered are in the first half of October.

The invitation was criticised by the Liberal Democrats, who said it sent a signal that the crown prince “can continue acting with impunity and we and our allies will do nothing about it”.

The party’s foreign affairs spokeswoman Layla Moran said: “It beggars belief that Rishi Sunak is rolling out the carpet for Mohammed bin Salman.

“This man – who authorised the brutal murder of Jamal Khashoggi and presides over a dismal human rights record – should not be receiving a warm welcome from the UK government.”

Polly Truscott, from human rights campaign group Amnesty International, said: “There must be no question of the UK rolling out the red carpet for Mohammed bin Salman or of the Saudi ruler being able to use this visit to rehabilitate himself on the world stage.”

However, Labour said the UK also had to have a “dialogue” with Saudi Arabia.

The party’s deputy leader Angela Rayner said: “It’s important as part of that visit that the prime minister speaks to him about human rights.”

She added: “Part of our role internationally is to challenge other nations… and to try and influence in that way. If you don’t then you don’t have any influence whatsoever.”

UK ministers have indicated a desire for closer ties with the kingdom in recent months. The nation has opened an office in London for its trillion pound investment fund to diversity its economy away from oil.

Saudi Arabia has also spent billions of pounds through its Public Investment Fund on international sports deals, including a takeover of Premier League club Newcastle United and the negotiation of a dominant stake in professional golf.

ALSO READ-Saudi, Iran seek to broaden ties

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Ambassador for Palestine opens new era

Saudi Arabia on Saturday named Naif bin Bandar Al-Sudairi the kingdom’s first ambassador to Palestine…reports Asian Lite News

Saudi Arabia on Saturday named a non-resident ambassador for the Palestinian Territories, who will also serve as consul general for occupied Jerusalem.

The role will be filled by Nayef Al-Sudairi, the current ambassador to Jordan, according to a social media post from the Saudi Foreign Ministry.

Al-Sudairi presented his credentials to Majdi Al-Khalidi, diplomatic affairs advisor to the Palestinian president, at the Palestinian Embassy in Amman.

In a video broadcast on Al-Ekhbariya news channel, Al-Sudairi said the appointment represented “an important step” and underscored the desire of King Salman and Crown Prince Mohammed bin Salman “to strengthen relations with the brothers of the State of Palestine and give it a formal boost in all areas.”

Al-Khalidi said he welcomed the appointment and told Palestinian news agency Wafa that it would “contribute to strengthening the strong and solid brotherly relations that bind the two countries and the two brotherly peoples.”

Riyadh has previously stated that an independent Palestinian state is a precondition for any potential deal with Israel. In recent months, Saudi Arabia has expressed frustration over Israel’s relations with the Palestinians, evident in incidents like the raid on a refugee camp in the West Bank and controversial remarks made by some members of Netanyahu’s coalition.

Meanwhile, the Israeli PM downplayed the Palestinian issue, characterising it as merely a “check box” in the context of a Saudi-Israeli deal. In an interview with Bloomberg Israeli Prime Minister Benjamin Netanyahu indicated that discussions on the matter in corridors and discreet negotiations are far less significant than perceived.

Regarding potential limitations on new Jewish settlements in the West Bank, Netanyahu declined to confirm if he would accept such conditions to reach an agreement with Riyadh.

He asserted that a Palestinian state without Israel’s security control would risk turning into an “Iranian terror state.”

Netanyahu’s stance emphasises the need for Israel to maintain overriding security power in the entire region, both for Israel’s own security and that of the Palestinians.

Meanwhile, a Palestinian was killed and eight were injured on Friday during clashes with Israeli soldiers in the Palestinian refugee camp of Tulkarm in the northern West Bank, local medics and eyewitnesses said.

Mahmoud Jarad, 24 years old, died after he was shot by Israeli soldiers during clashes, said the Palestinian Health Ministry in a press statement.

The statement added that eight other Palestinians were injured by live ammunition fired by Israeli soldiers, and all were evacuated to the governmental hospital in Tulkarm.

Eyewitnesses said that an Israeli army force stormed the refugee camp overnight to arrest Palestinians wanted by Israeli security forces for being involved in attacks against Israel.

Israeli soldiers raided dozens of houses in the refugee camp, and fierce clashes erupted between dozens of Palestinian protesters and the Israeli soldiers, said the eyewitnesses.

Israel Radio reported that an Israeli army force raided the Tulkarm refugee camp as part of a regular security activity, adding that during the operation, Palestinian gunmen opened fire at the force and the soldiers opened fire at them.

The Israeli army has been carrying out daily raids on Palestinian towns and cities all over the West Bank, to arrest Palestinians involved in carrying out or planning attacks against Israel.

Since January, 27 people, most of them Israelis, have been killed in a series of attacks carried out by Palestinians, and more than 200 Palestinians, including children and women, were killed by Israeli soldiers and settlers, according to official figures.

Israelis ties with S. Arabia

Israeli Prime Minister Benjamin Netanyahu earlier expressed confidence in forging a deal with Saudi Arabia that would lead to official diplomatic ties between the two nations. However, even without formal recognition, Netanyahu believes the countries can establish an “economic corridor” spanning from the Arabian Peninsula to Europe, encompassing energy, transport, and communications technology.

During a recent television interview with Bloomberg, Netanyahu asserted that this economic partnership is achievable, regardless of the status of formal peace between the two nations. Nevertheless, it remains uncertain whether Saudi Arabia would be willing to accept such deeper connections, given the prevailing opposition to the recognition of Israel among the kingdom’s public.

Netanyahu has been an advocate of normalising ties between Israel and Saudi Arabia, citing the potential economic benefits for both nations and the potential deterrence against Iran’s aggressive interference in the region, particularly concerning oil-shipping routes.

While Saudi Arabia and Iran restored diplomatic relations earlier in a deal brokered by China, Riyadh continues to view Tehran with suspicion, considering it a geopolitical rival.

US President Joe Biden is also eager for Saudi Arabia to recognise Israel and sent National Security Adviser Jake Sullivan to discuss the issue with Crown Prince Mohammed bin Salman last month.

Netanyahu emphasized that the economic consequences of such recognition would be significant for investors, expressing his belief that the odds are favourable. However, Netanyahu said he cannot guarantee the outcome.

ALSO READ-Saudi Embassy in Iran reopens after 7 years

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Saudi PIF to invest $5B in Oman’s vital sectors

The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman…reports Asian Lite News

The Public Investment Fund (PIF) of Saudi Arabia has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) to expand their cooperation, enabling new and promising investments in Oman’s rapidly growing economy, the Saudi Press Agency (SPA) reported.

The MoU provides benefits and incentives for PIF and its portfolio companies, which intend to unlock investment opportunities in Oman. It also represents a significant milestone in PIF’s and OIA’s strategic partnership as it aims to expand PIF’s portfolio in Oman, building on the recent establishment of the Saudi Omani Investment Company (SOIC), a PIF-wholly owned company, which intends to invest up to US$5 billion in promising sectors in Oman.

SOIC recently closed its first investment in Oman as a 20 percent anchor investor in Abraj Energy Services’ IPO and continues to seek other investment opportunities with OIA and its companies.

Through this MoU, PIF aims to streamline its investment activities in Oman across a wide range of asset classes and target industries. The OIA is expected to explore attractive investment opportunities for cooperation and partnership with PIF, in addition to providing all aspects of support required in the Omani market.

ALSO READ: Saudi citizens can now invite Muslim friends to perform Umrah  

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Saudi, France step up energy ties

Saudi Arabia and France have agreed on a roadmap for cooperation in the production of hydrogen and electricity from renewable resources…reports Asian Lite News

Saudi Arabia and France have signed a memorandum of understanding (MoU) to strengthen cooperation in the energy sector, with a focus on clean energy generated from renewable resources, media reported.

In a joint statement published by the Saudi Press Agency (SPA) on Sunday after the meeting between Saudi Energy Minister Abdulaziz bin Salman and his visiting French counterpart Agnes Pannier-Runacher in Riyadh on Saturday, the two countries acknowledge that energy is one of the “main pillars” of their long-term partnership.

Saudi Arabia and France have agreed on a roadmap for cooperation in the production of hydrogen and electricity from renewable resources, it noted.

The two countries recognise that clean hydrogen is an essential fuel to reach their common goal of promoting sustainable economic development while mitigating the effects of climate change, it added.

They also agreed to work together to improve energy efficiency and to strengthen their cooperation in the areas of nuclear energy in “a peaceful and safe framework”, the management of radioactive waste, and nuclear applications, Xinhua news agency reported.

Additionally, both sides also agreed to join hands in seeking innovative solutions to produce hydrogen “in the most effective and competitive way”, and to promote its use in industry, power generation, buildings and other sectors.

The two countries said they support the establishment of a joint task force to ensure their cooperation bear fruits, it added.

ALSO READ: Former Saudi minister to hold talks with NSA  

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Modi holds telephonic talks with Saudi’s MBS

PM Modi also conveyed his best wishes for the upcoming Haj pilgrimage, read the PMO release…reports Asian Lite News

Prime Minister Narendra Modi on Thursday had a telephone conversation with Crown Prince of Saudi Arabia, Mohammed bin Salman, with both leaders reviewing a number of bilateral, multilateral and global issues, according to a release by the Prime Minister’s Office.

PM Modi also thanked the Saudi Crown Prince for his support during the evacuation of Indian nationals from Sudan via Jeddah. India had launched ‘Operation Kaveri’ to evacuate its nationals caught up in the Sudan crisis amid intense fighting between the army and a rival paramilitary force. Around 3,000 Indians were stuck in various parts of Sudan, including the capital Khartoum and in distant provinces like Darfur.

The operation involved the deployment of the Indian Navy’s INS Sumedha, a stealth offshore patrol vessel, and two Indian Air Force C-130J special operations aircraft in Jeddah.

PM Modi also conveyed his best wishes for the upcoming Haj pilgrimage, read the PMO release.

Meanwhile, Crown Prince Mohammed bin Salman fully supported India’s ongoing G20 Presidency.

India holds the Presidency of the G20 from December 1, 2022, to November 30, 2023. The 43 Heads of Delegations, the largest ever in G20, will be participating in the final New Delhi Summit in September next year.

The G20 is an informal grouping of 19 countries and the European Union, with representatives of the International Monetary Fund and the World Bank.

The G20 Presidency rotates annually: according to a system that ensures a regional balance over time.

“The two leaders agreed to remain in touch,” added the release. (ANI)

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