MUST-READS

• Is Saudi Arabia the next China or India? See for yourself

  For decades, Saudi Arabia has been viewed through an increasingly outdated lens—an oil-rich kingdom dependent on energy exports and held back by regional politics and what some describe as a fundamentalist Islamist past. That perception is so 20th century. Saudi Arabia is not the next China or the next India. With a population of just more than 33 million, this kingdom on the move is evolving into something entirely its own. Ranked as the world’s 19th-largest economy and the seventh largest in Asia, according to International Monetary Fund (IMF) data, with a GDP of approximately $1.14 trillion, Saudi Arabia is leveraging its oil wealth to transition beyond dependence on fossil fuels.

• Middle East oil producers claw back India market share from Russia

  The Gulf producers – led by Iraq, Saudi Arabia and the UAE – have made gains as US-led sanctions on Moscow bite and Chinese buyers take more Russian oil. Middle East oil exports to India, which is poised to become the world’s fourth-largest economy next year, rose to a two-year high in the first half of this month, according to energy intelligence consultancy Vortexa. The Middle East’s market share now stands at 55 percent, up from 50 percent in December and January. However, the figure is still below the the 60 percent share before Russia’s full-scale invasion of Ukraine in 2022. When international sanctions were imposed on Moscow, it started selling oil at a discount and India became a big buyer. That took market share away from the Middle East.

• Ten million Indians take holy dip on key day of Kumbh Mela festival
  More than 10 million devout Hindus seeking absolution from their sins took a dip in holy waters in northern India during a span of four hours on Wednesday, authorities said, as they braced for millions more to swarm the site of the Kumbh Mela. Authorities stepped up the numbers of police officers and put air ambulances on standby in the city of Prayagraj in Uttar Pradesh state on one of the holiest days of the Hindu festival, considered the world's largest gathering of humanity.  "There are more people in this city in one day than the population of many countries, and the numbers are swelling by the minute," Prashant Kumar, the state's chief of police, told Reuters. The numbers arriving had pushed infrastructure arrangements to the brink, making delays and traffic jams inevitable, he added. Media said vehicles were backed up for hundreds of kilometers from the edges of the city.

• Industry Minister: Saudi Arabia Seeks to Enhance Partnership with India in Strategic Industries

  Minister of Industry and Mineral Resources Bandar Alkhorayef stressed Saudi Arabia’s commitment to enhancing its strategic partnership with India across key economic sectors, particularly industry and mining. The minister made his remarks while chairing a roundtable meeting with leaders from India's private sector in New Delhi. Alkhorayef highlighted that the Kingdom is taking serious steps to boost collaboration in vital industries, including automotive, medical industries, biotechnology, chemicals, petrochemicals, machinery, and renewable energy.

• ‘Things are really changing for them’: Why explorer known as ‘Indiana Jones for girls’ is walking across Saudi Arabia

  She’s been described as the “Indiana Jones for girls,” and after becoming the first woman to walk the full length of the Draa River in Morocco, UK explorer Alice Morrison is embarking on a new challenge — walking across Saudi Arabia. Accompanied by camels and local guides, Morrison will traverse through deserts and mountains during the 2,500-kilometer journey, which will take around five months in total. “It’s a massive adventure,” Morrison, who has been walking around 25 kilometers (15 miles) a day, tells CNN Travel via Zoom. “I seek challenge, knowledge and connection. And I think you get all of those doing what I do.” Morrison, who speaks fluent Arabic, concedes that she isn’t necessarily a typical explorer, and was actually working as a CEO of a media development company up until 2011.

• Saudi films to debut in India this month
  Saudi films will hit the screens in India for the first time as part of a roving festival starting in late January, the kingdom’s cinema authorities have said.  The “Saudi Film Nights” will be launched in India on January 31 and run through February 5 after large success earlier achieved by the roving festival in Morocco, Australia and China, the Saudi Film Commission has added. The event will open at the National Museum of the Indian Cinema in Mumbai along with showings planned in Delhi and Hyderabad. A select group of long and short films will be shown followed by panel sessions with filmmakers and the cast crews.

• Indian State Refiners Eye Middle East Crude to Offset Russian Supply Shortfall

  Indian state refiners are considering tapping into the Middle East crude market as spot supply from their top supplier, Russia, have fallen, according to Reuters. The three major state refiners, Indian Oil Corp, Bharat Petroleum Corp, and Hindustan Petroleum, are facing a shortfall of 8-10 million barrels of Russian oil for January loading, The refiners fear ongoing challenges in securing Russian oil in the spot market could continue in the coming months due to rising domestic demand in Russia and its commitments under the OPEC pact. Reuters reported that companies might increase crude purchases from Middle East suppliers under optional volumes in term contracts or issue a spot tender for high-sulphur oil.

• Saudia Reduces India Flights Despite High Demand

  The move to reduce the operations of Saudia is rather surprising, especially at a time when other airlines from both sides, from India and Saudi Arabia, are simultaneously expanding into this flourishing market to cater to ever-growing demand.  when the observations were made, one surprise was that Saudia does not have any flights to India from Dammam (DMM), one of Saudi Arabia’s most important cities, though direct flights are offered by several other competing airlines between Dammam and destinations across India. Air connectivity between India and Saudi Arabia is quite flourishing, as lots of airlines fly in this high-demand corridor.

• Saudi Arabia wants bilateral investment treaty with India before proceeding with an FTA: Sources

  In 2022, India and the GCC announced the resumption of negotiations for a potential FTA after a hiatus of several years. The idea of an FTA with the GCC was first floated in 2004. The GCC is a six-member economic bloc comprising Saudi Arabia, the UAE, Kuwait, Qatar, Oman, and Bahrain. Apart from historical ties and the presence of nearly 9 million Indian workers, the GCC is a significant trading partner for India. Economic linkages have grown over the years, largely due to increased oil imports. In FY 2023-24, India-GCC bilateral trade reached $161.59 billion, with Indian exports accounting for $56.3 billion and imports for $105.3 billion. Last year, India offered GCC member countries the option to sign individual FTAs instead of a collective agreement. India already has an FTA with the GCC member UAE. Foreign trade experts believe the FTAs with the UAE and Oman could serve as templates for future agreements with other GCC nations.

• India Is ‘On Our Radar’ for 2025, Says CEO of Saudi’s Flyadeal

  “The [Saudi] market is very immature at the moment – that isn’t a criticism, it’s just a fact. We aren’t Western Europe, we’re not North America – there’s a lot of catching up to do,” said the chief executive. Flyadeal is currently growing at around 10-15% per year – a trajectory that is due to continue until the end of the decade. When Greenway joined the airline in January, around 80% of flyadeal’s network capacity was domestic. That figure is due to shift closer to 50-50 over the coming years. The airline will continue to grow domestically – likely rising from 19 to 25 Saudi destinations – but “the bulk of the growth” will be international.

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