THE EARLY PHOENIX
★ GULF NATIONS 09-09-2024
Saudi Arabia Rejects Israel’s Troop Request, Blinken Remains Hopeful
Saudi Arabia, along with five Arab nations, rejected Israel’s request to maintain troops in the Philadelphi corridor. U.S. Secretary of State Antony Blinken remains hopeful for a normalization deal between Saudi Arabia and Israel by January, contingent on a Gaza ceasefire. Israeli Prime Minister Netanyahu also rejected the two-state solution, calling it a “reward for terrorists.”
Saudi Aramco Lowers Oil Price Premium for Asia
Saudi Aramco has reduced its October oil price premium for Asia by 70 cents to $1.30 per barrel, responding to concerns about declining demand. Earlier projections anticipated an 85-cent cut. OPEC+ has delayed production increases, potentially limiting Saudi exports. Analysts predict rising inventories and a possible drop in Brent crude prices below $70 per barrel. Meanwhile, Saudi Arabia’s non-oil economic activity grew by 4.9% year-on-year in Q2 2024, the highest growth rate in a year. This growth follows a 3.4% increase in Q1 2024 and previous rates of 4.2% and 3.2% in Q4 and Q3 2023, respectively.
Saudi Arabia to Invest $40 Billion in AI Fund
Saudi Arabia plans to create a $40 billion fund for artificial intelligence. Crown Prince Mohammed bin Salman is leading this initiative. Experts from the U.S. and Europe may be involved in the investment process. The Crown Prince emphasizes supporting AI companies to align with his ambitious vision. This investment is expected to attract AI firms to Saudi Arabia in the coming years.
Bawan Saudi Acquires Dubai-Based Petronash for $175 Million
Saudi Bawan Company signed a memorandum of understanding to acquire Petronash Holdings Limited for $175 million. Petronash, based in Dubai, supplies oil and gas equipment, technology, and services in the MENA region. Bawan will pay $80 million for 80% ownership of Petronash, with the remaining contingent on performance over three years. The acquisition supports Bawan’s oilfield services expansion and Saudi Arabia’s Vision 2030, pending regulatory approvals.
Qatar’s $69.3B Reserves and $7.88B Trade Surplus with China
Qatar’s foreign reserves reached a record $69.3 billion in August, marking a 0.52% increase with a $350 million rise. The Central Bank reported reserves of 53.2 billion Qatari riyals, driven by a 0.94% boost in foreign Treasury securities, now totaling $38.5 billion, and gold holdings rising to $8.8 billion. In the first seven months of 2024, Qatar’s exports to China totaled approximately $10.8 billion, while imports from China amounted to around $2.92 billion, resulting in a trade surplus of $7.88 billion. Qatar’s overall exports and imports for this period reached $54.78 billion and $20.22 billion, respectively.
UAE Tops $767.6M in Turkish Exports, Trade Targets $40B
In August, the UAE became the top destination for Turkish exports, reaching $767.6 million, a $415 million increase from last year. Turkey’s total exports grew by 2.4% to $22.1 billion, with gems and jewelry leading at $521.9 million. UAE-Turkey trade aims to reach $40 billion.
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YEMEN’s Houthis’ 09-09-2024 Headlines:
Iran Directly Supports Houthis in Red Sea Shipping Attacks
Houthis Claim Downing of Eighth US MQ-9 Reaper Drone
U.S. Airstrikes Hit Houthi Positions in Central Yemen
