Saudi Arabia

10 Dec 2022; MEMO: In a step that raises the level of relations between the two countries, Saudi Arabia and China signed strategic agreements during the Chinese president's visit to Riyadh. The most prominent was an agreement with the Chinese technology giant Huawei, which is subjected to US restrictions.

RIYADH, Dec 9 (Reuters) - President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing's goal to establish its currency internationally and weaken the U.S. dollar's grip on world trade.

Xi was speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two "milestone" Arab summits with the Chinese leader which showcased the powerful prince's regional heft as he courts partnerships beyond close historic ties with the West.

RIYADH, Dec 9 (Reuters) - President Xi Jinping told Gulf Arab leaders on Friday that China would work to buy oil and gas in yuan, a move that would support Beijing's goal to establish its currency internationally and weaken the U.S. dollar's grip on world trade.

Xi was speaking in Saudi Arabia where Crown Prince Mohammed bin Salman hosted two "milestone" Arab summits with the Chinese leader which showcased the powerful prince's regional heft as he courts partnerships beyond close historic ties with the West.

08 Dec 2022; MEMO: Saudi Crown Prince, Mohammed bin Salman, received President Xi Jinping on Thursday as the Chinese leader heralded "a new era" in Arab relations, with a lavish welcome signalling Riyadh's interest in deepening ties with Beijing, despite US wariness, Reuters reports.

Members of the Saudi Royal Guard riding Arabian horses and carrying Chinese and Saudi flags escorted Xi's car as it entered the Royal Palace in Riyadh, where Prince Mohammed, de facto ruler of the oil giant, greeted him with a warm smile.

09 Dec 2022; MEMO: The Organisation of Islamic Cooperation (OIC) on Thursday condemned the killing of three Palestinians by Israeli forces in the Occupied West Bank city of Jenin, Anadolu News Agency reports.

In a written statement, the OIC asserted that the crimes and ongoing attacks committed against the Palestinian people should be investigated and that Israel should be held accountable.

08 Dec 2022; MEMO: Saudi Arabia is looking to boost investments in Egypt, while eyeing opportunities to deepen relations with Turkiye and Pakistan, according to a report by Bloomberg.

The Kingdom has recently taken several steps to offer financial support to countries in the region struggling with high inflation, as Riyadh looks to strengthen allies and forge new relations.

RIYADH, Dec 8 (NNN-SPA) – The Saudi cabinet approved yesterday, the state budget, with a surplus of 16 billion Saudi riyals (4.26 billion U.S. dollars).

The budget was approved during a cabinet session, led by Saudi Arabian King, Salman bin Abdulaziz Al Saud.

The budget includes revenues of 1.13 trillion riyals and spending of 1.114 trillion riyals.

RIYADH, Dec 8 (Reuters) - Saudi Arabia and China showcased deepening ties with a series of strategic deals on Thursday during a visit by President Xi Jinping, including one with tech giant Huawei, whose growing foray into the Gulf region has raised U.S. security concerns.

King Salman signed a "comprehensive strategic partnership agreement" with Xi, who received a lavish welcome in a country forging new global partnerships beyond the West.

07 Dec 2022; MEMO: President Xi Jinping arrived in Saudi Arabia on Wednesday, Chinese state media said, on a visit Beijing hailed as its biggest diplomatic initiative in the Arab world, as Riyadh expands global alliances beyond long-standing ties with the West, Reuters reports.

The meeting between the global economic powerhouse and Gulf energy giant comes as Saudi ties with Washington are strained by US criticism of Riyadh's human rights record and Saudi support for oil output curbs before the November mid-term elections.

07 Dec 2022; MEMO: Saudi Arabia, the world's top oil exporter, cut the January official selling price (OSP) for its flagship Arab Light crude for Asian buyers on concerns over faltering demand and a potential increase in Russian competition, Reuters reports.

According to the report, the price for January-loading Arab Light to Asia was trimmed by $2.20 a barrel from December, to $3.25.