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  • OPEC Concerned About Demand Slowdown in US, Europe, Chief Says

    “We see a divided market — almost like two markets,” OPEC Secretary-General Haitham Al-Ghais said at the CERAWeek by S&P Global conference Tuesday. Ensuring “security of demand” in regions where inflation is crimping consumption is as critical as ensuring supplies, he said. For now, though, rebounding demand in Asia will help keep the market broadly balanced in the first half of the year, with global consumption seen rising by 2.3 million barrels a day to average 101.87 million barrels a day in 2023, according to the latest report from OPEC’s Vienna-based secretariat. After that, the market is expected to tighten as global inventories decline and the 23-nation OPEC+ coalition, led by Saudi Arabia, aims to keep production levels unchanged for the rest of the year.

  • Saudi Arabia Plans To Create Futuristic Downtown In Its Capital

    The upcoming downtown area, called New Murabba, will include several futuristic features, including a 1,312-foot-high skyscraper filled with holographic projections. Architects and planners estimate that construction will be completed by 2030.

  • New Saudi megaproject: What we know about New Murabba, the world’s largest downtown

    The project will also feature “green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities,” the statement said, adding that it will add SAR180 billion to the non-oil GDP, and create over 300,000 “direct and indirect” jobs by 2030. Residents can also expect a 15-minute walking radius and an internal transport system for easy access to the various amenities. The project is also conveniently located, with a 20-minute drive to the airport.

  • What we know about New Murabba, the world’s largest downtown

    The project will also feature “green areas and walking and cycling paths that will enhance the quality of life by promoting healthy, active lifestyles and community activities,” the statement said, adding that it will add SAR180 billion to the non-oil GDP, and create over 300,000 “direct and indirect” jobs by 2030. Residents can also expect a 15-minute walking radius and an internal transport system for easy access to the various amenities. The project is also conveniently located, with a 20-minute drive to the airport.

  • Turkey’s Presidential Election in the Shadow of Devastating Earthquakes

    Turkish President Recep Tayyip Erdoğan’s Justice and Development Party (AKP) rose to power on the heels of the earlier calamity, which revealed incapacitated state institutions and widespread corruption led by the Turkish military elite and their cronies—also the root causes of the 2001 financial crisis that led to the collapse of the country’s entire banking system. Increasing public demand for reforms then created a political opportunity for the newly-founded AKP, which succeeded in coming to power in 2002 with major promises of financial reforms and better governance.

  • ‘Equality of Injustice for All’: Saudi Arabia Expands Crackdown on Dissent

    The authorities have paid special attention to Twitter, which is widely used in the kingdom. Noura al-Qahtani, who ran an anonymous Twitter account, was among several people put on trial last year in relation to social media activity. On her account, where she had roughly 600 followers, she called for anti-government protests, criticized some social liberalization measures and wrote that Prince Mohammed was “not good enough to be a prince.”

  • Saudi Arabia aims for huge new downtown in Riyadh by 2030

    Saudi Crown Prince Mohammed bin Salman on Thursday launched a company to carry out a hugely ambitious development in downtown Riyadh, as part of the leading oil exporter's plans to make its capital a global metropolis and diversify the economy. The kingdom aims to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan to modernise the Gulf Arab state and reduce its dependence on oil export revenues.

  • Saudi Arabia aims for huge new downtown in Riyadh by 2030

    Saudi Crown Prince Mohammed bin Salman on Thursday launched a company to carry out a hugely ambitious development in downtown Riyadh, as part of the leading oil exporter's plans to make its capital a global metropolis and diversify the economy. The kingdom aims to double the size and population of its capital city with total investments of $800 billion under its Vision 2030 plan to modernise the Gulf Arab state and reduce its dependence on oil export revenues.

  • ‘Arab capitals’ ties with Delhi will overshadow China’s West Asian ties’

    India’s outreach to West Asia particularly to the UAE, Egypt and Saudi Arabia is allowing India to become a “kingmaker" in Eurasia, according to strategic thinker Mohammed Soliman. In an age of increasing global disorder, India’s West Asia outreach in recent months is an effort to bridge the divide between the Middle East and South Asia to guarantee stability, argues Soliman.

  • Egypt’s Sisi seeks to tamp down media clash with Saudi Arabia

    The spat developed after two prominent Saudi commentators close to the monarchy, Turki al-Hamad and Khalid al-Dakhil, posted tweets in recent weeks criticising development failures since Egypt's 1952 revolution and the dominant role of the military in the economy. Their posts were subsequently deleted. In an apparent riposte last week, Abdel Razek Tawfiq, editor-in-chief of Egyptian state-owned newspaper Al Gomhuria, wrote an editorial arguing that the "barefooted" and newly-wealthy countries had no right to insult Egypt.