Business

12 September 2023; MEMO: Turkiye’s President Recep Tayyip Erdogan said yesterday that plans announced by India, Saudi Arabia and the EU to create a trade corridor that would link South Asia to Europe and bypass Turkiye “will not work”.

Speaking to reporters upon his return from the G20 summit in India, Erdogan stressed that the most suitable traffic line from east to west is the line crossing from Turkiye.

12 September 2023; MEMO: Russia is working to implement visa-free travel for citizens of Kuwait, the Sultanate of Oman, Bahrain, Saudi Arabia and Malaysia, the Minister of Economic Development, Maxim Reshetnikov, said.

05 September 2023; MEMO: The United Arab Emirates (UAE), on Tuesday, pledged a staggering $4.5 billion in investments to boost clean energy projects in Africa, Anadolu Agency reports.

05 September 2023; MEMO: Saudi Arabia’s first Ambassador to Iran since resumption of diplomatic relations arrived in Tehran to assume official duties, the Saudi Foreign Ministry said on Tuesday, Anadolu Agency reports.

“The Kingdom and Iran are neighbours and possess many economic components, natural resources and advantages that contribute to enhancing aspects of development, prosperity, stability and security in the region,” Ambassador Abdullah Al-Anzi said.

07 September 2023; MEMO: Saudi Arabia will extend its voluntary oil production cut of one million barrels per day (bpd) until the end of the year, the kingdom’s energy ministry announced yesterday.

The ministry said in a statement that oil production from October to December will be approximately nine million (bpd).

07 September 2023; MEMO: Foreign investment in Israel plummeted 60 per cent during the first quarter of the year, according to a report released yesterday by the Finance Ministry.

The data reveals that Israel attracted approximately $2.6 billion in foreign investment during the initial three months of this year, marking a substantial 60 per cent drop when compared to the average quarterly figures observed in 2020 and 2022.

04 September 2023; MEMO: Iran’s new Ambassador to Saudi Arabia, Alireza Enayati, is set to begin his diplomatic mission in Riyadh on Tuesday, Anadolu Agency reports.

“I will leave for Riyadh on Tuesday,” Enayati told the state news agency, IRNA.

He said the new Saudi Ambassador to Iran will also start his mission in Tehran “in the same period of time”.

04 September 2023; MEMO: The Shanghai Stock exchange said it signed Memorandum of Understanding (MOU) with the Saudi Exchange in Riyadh on Sunday, to lay the foundation for future cooperation, Reuters reports.

Both exchanges will explore cooperation opportunities in cross-listings, fintech, ESG (Environmental, Social and Governance) and research, the Shanghai Exchange said in a statement on Monday.

04 September 2023; MEMO: Russian President, Vladimir Putin, said Monday that a landmark deal allowing Ukraine to export grain safely through the Black Sea amid the war will not be restored until the West meets Moscow’s demands on its own agricultural exports, AP reports.

According to the report, Ukraine and its Western allies have dismissed the Kremlin’s demands as a ploy to advance its own interests.

04 September 2023; MEMO: Saudi Arabia and Italy have signed a Memorandum of Understanding (MoU) to boost economic relations and strategically important investments, in the latest development between the two countries.

Speaking to reporters at the Investment Forum between Italy and Saudi Arabia in Milan today, Italian Industry Minister, Adolfo Urso, was quoted by Reuters as stating that “Dialogue can help companies develop a technological and industrial partnership”.