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  • OECD warns of protectionism risk to global growth outlook

    The world economy is set for steady growth in the next two years if resurgent protectionism does not derail a recovery in global trade, the Organisation for Economic Cooperation and Development said on Wednesday. The world economy is poised to grow 3.2% this year and 3.3% in 2025 and 2026 as lower inflation, job growth and interest rate cuts help offset fiscal tightening in some countries, the OECD said in its latest Economic Outlook.

  • Critical minerals become a Middle East battleground

    Critical minerals are defined as materials required for a country’s strategic industries where there is a risk of interruption to supply. They include lithium, for making batteries, platinum, used in fuel cells, copper, and bauxite, the raw material for aluminium. As the strategic rivalry between the US and China heats up, the Saudis’ deep pockets, abundant and cheap energy sources and location at the crossroad of global trade will be vital to success in capturing a share of the critical minerals processing market, according to Christopher Ecclestone, London-based mining strategist at Hallgarten & Company. Ecclestone believes the competition between the two Gulf neighbours will play out over the next two years and will be exemplified by what is likely to be a “titanic” struggle to acquire an indirect stake in Alphamin, a Canadian company that has crucial tin interests in the Democratic Republic of the Congo.

  • Saudi Arabia goes on the offensive on climate change

    Saudi Arabia came out fighting on the opening day of the 2024 edition of the Saudi Green Initiative, in response to some strident criticism of the country’s role at the recent Cop29 climate change summit in Baku, Azerbaijan from Western media, backed by environmentalists and mainly European “green” politicians. The shadow of Baku’s Cop29 on climate change still hung in the air in Riyadh. In a rebuttal of accusations that Saudi Arabia had backtracked on climate change commitments, and been obstructive on financial and other measures in Baku, Prince Abdulaziz said that it “follows the rules” in climate change negotiations. It is very difficult to see the SGI forum as greenwashing. It is too well planned, well resourced and well executed. Anyone who visits must be impressed by the Saudi commitment to “green” policies and realise they are an integral part of the Vision 2030 strategy towards economic diversification.

  • Who do Middle East marketers think they are talking to?

    In the 1970s and 1980s Geert Hofstede, a psychologist working for IBM, came up with a theory of cultural dimensions. He used a series of factors to show how different societies held certain values over others. His theories are still commonly applied to businesses today, informing ways for multinational companies to adapt to different markets and work across cultures. In a region such as the GCC, where many markets are a melting pot of non-native nationalities from countries with very different mindsets, Hofstede’s insights can be applied to advertising. They show how one message does not fit all, and how reducing advertising’s purpose to the generation of a single emotion may work well in one country or culture but not in another.

  • Saudi International Prize Money Payout 2024

    The final event of the Asian Tour’s International Series is also by far its most lucrative. The action comes from Riyadh Golf Club in Saudi Arabia, where the prize money payout will be more than twice as much as the $2m offered by eight of the nine previous International Series events this season. Last week’s tournament in Qatar offered the most of any, where $2.5m was available with winner Peter Uihlein scooping the first prize of $450,000. However, this week’s event sees double that overall figure, with the winner in line for a $1m payout.  Despite Uihlein’s advantage, it is by no means certain he will win the race. He currently leads Catlin by less than 100 points in the standings, with another LIV Golf reserve, New Zealander Ben Campbell, in third and 220 points behind the leader.

  • Aramco, TotalEnergies, and Saudi Investment Recycling Company (SIRC) assess development of sustainable aviation fuels plant

    Aramco, one of the world’s leading integrated energy and chemicals companies, TotalEnergies, a global multi-energy company that produces and markets energies, and Saudi Investment Recycling Company (SIRC), a major player that collects and turns organic materials into sustainable products in Saudi Arabia, today announced the signing of a Joint Development and Cost Sharing Agreement (JDCSA) to assess the potential development of a sustainable aviation fuels (SAF) plant in the Kingdom of Saudi Arabia.

  • Commentary: Prospects for US-Saudi Relations Under Trump

    President-Elect Donald J. Trump and Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman (MBS), would seem set to expand substantially the close personal relationship they developed during Trump’s first term in office. The highlights included Trump making his first trip abroad to the Saudi kingdom and almost convincing the Saudi leader to follow two other neighboring Arab monarchs in opening diplomatic relations with Israel.  Since then, their business dealings have only expanded. But the two leaders now face thorny issues involving Iran, the Palestinians and oil that could well sour their friendship.

  • Saudi Arabia Assumes UNCCD Presidency During Official COP16 Opening Ceremony

    At the opening ceremony, the Kingdom of Saudi Arabia has been officially elected as President of the sixteenth Conference of the Parties of the UN Convention to Combat Desertification (UNCCD COP16). The official recognition of Saudi Arabia's UNCCD COP16 Presidency took place during the opening plenary session of COP16 in Riyadh, beginning a two-year tenure to drive international action on land restoration and drought resilience.

  • Saudi prince discusses ‘new crises’ in long-awaited UAE visit

    Saudi Arabia's de facto ruler discussed "new crises" in the Middle East with the UAE's president during his first visit to the country in three years, Emirati media said. Crown Prince Mohammed bin Salman and UAE leader Sheikh Mohamed bin Zayed Al Nahyan met on Sunday in Al Ain, a former oasis on the Omani border, hours after a Gulf Cooperation Council summit in Kuwait. The trip, termed a "private visit" by Saudi official media, took place after Syrian rebels seized control of Aleppo, the country's second biggest city, in a shock offensive. The two royals "reviewed the latest regional and international developments, with a particular focus on the Middle East", the UAE's official WAM news agency said.

  • Emily Blunt & Aamir Khan To Be Honored At Saudi Arabia’s Red Sea Film Festival

    Bollywood star Aamir Khan and Oscar nominee Emily Blunt will be honored at the opening night of Saudi Arabia’s Red Sea Film Festival this week, alongside previously announced honouree, Egyptian actor Mona Zaki. Khan and Blunt will also participate in the festival’s starry ‘In Conversation With’ strand, for which Eva Longoria, Andrew Garfield and Ranbir Kapoor are among the speakers to have already been announced. India’s Khan is one his country’s most successful actors and filmmakers with a string of hit films under his belt including the 2016 female wrestling drama Dangal, which remains one of the highest grossing films in the territory to this day.