Tag: Saudi Arabia

What Donald Trump said about House Democrats alleging he got $7.8 million from foreign govts

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahead of the US presidential polls, former US president Donald Trump, on Wednesday, took a jibe at the report released by the Congressional Democrats and said he did not get “$8 million for doing nothing like Hunter (Biden)”.

The report, which was released by House Democrats last week, alleged that about 20 foreign governments, including China and Saudi Arabia, spent at least $7.8 million at properties owned by Trump while he was US president.

At a Fox News town hall, Trump was asked about the report.

He said, “I don’t get $8 million for doing nothing like Hunter… I don’t get $500,000. I don’t get $500,000 for doing a painting. It’s not a bad idea, I guess if you can get away with it. When I heard that I said there’s no way they get away with that. But they got away with that. I guess they got away with it.”

Trump stated that there was an ‘emoluments lawsuit’ against him where the “radical left, sued me for that, and I won the suit.”

“I own hotels, all over… I don’t get free money. Somebody rents a hotel room, etc, etc. Much money I gave back. In fact, I didn’t have to do it. You know, George Washington was a very rich man,” he said.

“People don’t know that, in his essential White House, which wasn’t built, but they had an office, he had a business desk and he had a country desk right next to each other. You’re allowed to do that. I didn’t do it,” he added.

Further responding to the allegations, he said the money he received was a ‘small amount’.

“I put everything in trust. And if I have a hotel and somebody comes in from China, that’s a small amount of money. And it sounds like a lot of money. That’s a small. But I was doing services for that. People were staying in these massive hotels, these beautiful hotels, because I have the best hotels, I have the best clubs, I have great stuff and they stay there and they pay.”

According to the report, the Chinese government and its entities spent the most amount of money at Trump‘s properties, paying $5.5 million at the premises of the former US president in New York, Washington, and Las Vegas, Financial Times reported.

After China, Saudi Arabia and its royal family stood second in the list, having spent more than $600,000.

Besides China and Saudi Arabia, the 156-page report found that state-linked entities from Congo, Malaysia, Albania, and Kosovo spent money at the hotels and apartments owned by Trump.

The House Democrats launched a year-long investigation into whether the former president and businessman personally profited from his time in the White House.

The probe majorly relied on documents obtained from Trump’s former accounting firm, Mazars.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

L&T’s construction arm receives ‘major’ order for Amaala project in Saudi Arabia

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Larsen & Toubro’s construction arm has won a ‘major’ engineering, procurement and construction order for the Amaala project in Saudi Arabia’s Red Sea region.

As part of the project, which is in the ₹5,000 crore to ₹10,000 crore range, the company will establish various systems related to renewable energy generation and utilities, it said in a stock exchange filing.

The project will have an optimised off-grid renewable energy system, which will comprise a 250 MWp solar PV plant and a 700 MWh battery energy storage system. The scope for power systems include three gas insulated substations, biofuel based internal combustion engines, medium voltage distribution networks and high voltage transmission lines. The water systems scope includes a 6 MLD sewage treatment plants, 37 MLD seawater reverse osmosis plant, marine works, among others.

Amaala is luxury destination, spanning 4,155 square km, which is located in the Prince Mohammed bin Salman Natural Reserve, along the northwestern coast of Saudi Arabia. Upon completion, Amaala will host 25 hotels, 900 luxury residential villas, estate homes and apartments, fine dining, recreational and wellness facilities and high-end retail establishments.

“The consortium of UAE’s clean energy powerhouse, Masdar and French Electricity utility EDF has signed the concession agreement for the fully-integrated utility project with the developers of Amaala. L&T has entered into an EPC agreement with the sponsors viz EDF and Masdar,” the stock exchange filing stated.

As per the company, an order in the range of ₹5,000 crore to ₹10,000 crore is classified as a ‘major’ order.

L&T’s stock was trading 1.2% higher at ₹3,532.05 apiece at 10am on December 27.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

NSDC and Saudi Arabia forge partnership to safeguard rights of Indian skilled laborers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The National Skill Development Corporation (NSDC) has signed a Memorandum of Understanding (MoU) with the government of Saudi Arabia to protect the rights of skilled labourers from India.

“Skilled labourers in India can register themselves at NSDC… after which we will come to know where they are going, for which work and with whom they will be working,” NSDC CEO Ved Mani Tiwari said.

The registration process will be free of cost, he said, adding that skilled labourers from all categories, including AC mechanics, and car painters, can register themselves on NSDC.

“Skill India Mission was launched by Prime Minister Narendra Modi. Currently, we are working with 13 countries and in the coming days we are going to open 30 skill international centres,” he said.

It is not true that all agents through whom people go to Saudi Arabia from India are bad, and if people want to go via agents, they may do so, but they have to register at NSDC, he said, adding that the documentation will be done through NSDC.

Meanwhile, Ahmed Al Yamani, Vice Chairman of the recently concluded Global Labour Market Conference (GLMC) held here, said a wage protection system and freedom of mobility will be offered to Indian labourers working in Saudi Arabia.

He said a wage protection system is in place with an electronic version and the intention is to ensure that every worker gets paid in time. If a company or organisation does not comply with the wage protection system, their services will be frozen, meaning it cannot work with the government.

Organisers of the conference said they are looking to turn GLMC into an annual event. Minister of Human Resources and Social Development of Saudi Arabia, Ahmad bin Sulaiman Al-Rajhi, said 6,652 people from 40 countries attended the conference.

“What is clear to me is that… we should continue to exchange ideas on how best to prepare our labour markets to be inclusive of all,” he said

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Kingdom of Saudi Arabia looking to welcome 7.5 million Indian tourists by 2030

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is intensifying efforts to draw tourists from India, targeting 7.5 million visitors by 2030, Meshaal Qureshi, Director of Trade Markets at the Saudi Tourism Authority for India and the Subcontinent, told PTI.

India stands as the third-largest source of tourists in the Asia-Pacific region, with 1.18 million visits in 2023 alone. Qureshi highlighted the growing interest from Indian travelers for spiritual and leisure purposes, emphasizing the goal to welcome 7.5 million Indian tourists by 2030.

In 2022, Saudi Arabia recorded one million Indian visitors, who were the highest spenders globally, primarily driven by the Visit Friends and Relatives (VFR) segment. Qureshi shared insights into Saudi Arabia’s commitment to simplifying the Umrah journey through the newly launched ‘Nusuk’ platform. The platform streamlines various aspects of the journey, including visa applications, Umrah permits, hotel accommodations, and flight bookings.

Also read: IndiGo to expand international operations, with flights to Indonesia and Saudi, says CEO

The Saudi Tourism Authority has taken steps to facilitate travel for Indians, including the opening of 10 VFS Tasheel offices across India and planning additional offices in tier-II cities. Air connectivity between India and Saudi Arabia has grown, reaching a capacity of 2.8 million seats in 2023, a 31% increase since 2019.

Qureshi expressed optimism about expanding connectivity, especially to Madinah from Mumbai, Delhi, and Hyderabad, noting that this enhanced connectivity is driving millions of Muslims to the birthplace of Islam. Saudi Arabia, the world’s largest investor in tourism, is set to invest USD 800 billion by 2030, with an additional $550 billion earmarked for developing tourist destinations.

Also read: India terms green energy MoU with Saudi Arabia as game-changer for cost saving, grid connections

Highlighting cultural similarities between the two countries, Qureshi emphasised the rich history and cultural diversity of both Saudi Arabia and India. He underscored the commitment to fostering tourism development through partnerships and collaboration, expressing eagerness to make further progress in strengthening ties between the two nations.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OPEC+ oil production cuts can continue past March if needed, Saudi prince says

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full.

The supply reductions announced last week of more than 2 million barrels a day — about half of which are coming from Saudi Arabia — will only be withdrawn after consideration of market conditions and using a “phased-in approach,” he said.

As the prince was speaking to Bloomberg, crude prices remained below the level seen before the OPEC+ meeting, trading near $78 a barrel in London.

Oil has failed to find renewed momentum after market-watchers noted that only about half of the cuts are entirely new, and also questioned whether all of the promised supply reductions will actually materialize.

Prince Abdulaziz said these skeptics will be proved wrong.

“I honestly believe that the delivery of the 2.2 million will happen,” he said in an interview in Riyadh on Monday. “I honestly believe that 2.2 million will overcome even the usual inventory build that usually happens in the first quarter.” There are already signs that demand is improving, he said.

As traders try to gauge the real impact of the agreement between the Organization of Petroleum Exporting Countries and its allies, one of the biggest questions is about Russia. Its contribution comes from export curbs, not outright production cuts as is the case for other OPEC members.

Prince Abdulaziz said he would have preferred to see a reduction in output, but couldn’t convince his Russian counterpart. Moscow has long argued that freezing weather and other geological conditions make it more difficult to curb production in the first few months of the year.

“We did try,” Prince Abdulaziz said. “We also know it’s extremely tough for Russia to cut production in the winter.”

Even as Riyadh makes the greatest effort to rebalance the oil market, with deeper cuts than any of its allies, Prince Abdulaziz emphasized the level of trust between Riyadh and Moscow, which is the key relationship in OPEC+.

While Russia may not be cutting output, it is carrying out its exports curbs, he said. If Moscow ever falls short of its pledges, as it did earlier this year, it has been transparent and promised to make amends.

“We believe them,” Prince Abdulaziz said. “I honestly believe they are doing everything by the book.”

It’s just as important that Russia has the trust of the market, which requires outside verification, the prince added.

“This is what we’ve been saying to them: What counts is not us believing you, what counts is the market, the secondary sources, the tanker trackers,” the prince said. “You have to approach them, you have to work with them.”

Prince Abdulaziz said he has the same faith in key Gulf ally the United Arab Emirates, which has for several years been arguing that it should be allowed to produce more to monetize its massive investments in capacity.

“We would not have done this deal if we had believed that they are not doing what they are supposed to do,” he said when asked about the UAE’s commitment to the OPEC+ deal.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OPEC+ production cuts fail to convince oil traders due to lack of detail

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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OPEC+ agreed to a surprise new oil supply cutback of about 9 lakh barrels a day, yet crude prices fell as traders remained skeptical on whether it will be fully implemented.

Members including Russia, the United Arab Emirates, Kuwait and Iraq pledged the extra reductions after an online meeting, the organization said in a statement on its website. Saudi Arabia promised to continue its unilateral one million barrels-a-day cut through the first quarter.

Still, traders were wary of how far countries will follow through on the curbs, which are on a “voluntary” basis. At the end of fractious talks, Angola said it would reject its diminished output quota and keep pumping at current levels.

West Texas Intermediate futures erased initial gains to slide 1.5% to $76.67 per barrel in New York.

“Crude is cratering because so far traders have yet to see concrete evidence of credible incremental output cuts alongside the continuation of voluntary Saudi and Russian cuts,” said Bob McNally, president of Rapidan Energy Group. The market is “surprised and confused,” he said.

Oil has weakened over the past two months amid plentiful supplies and a darkening economic backdrop. The outlook could deteriorate even further next year, when forecasters including the International Energy Agency anticipate a sharp slowdown in demand growth.

Since July, Saudi Arabia has been making an extra voluntary cut of 1 million barrels a day, described by Energy Minister Prince Abdulaziz bin Salman as a “lollipop” for the market. The kingdom was pressing the rest of the Organization of Petroleum Exporting Countries and its allies to join this effort after crude prices fell by more than 10% from their September high.

“It seems the OPEC+ production cuts are ‘voluntary’ cuts, not part of an OPEC+ agreement,” said Giovanni Staunovo, an analyst at UBS Group AG. “Hence the concern is that a large fraction of it could be a pledge on paper and effectively less barrels being removed from the market.”

OPEC+ was compelled to delay Thursday’s meeting, originally scheduled for November 26 in Vienna, by four days because of a dispute over quotas for some African members.

The group ultimately downgraded Angola’s quota by roughly 200,000 barrels a day to 1.1 million a day, but Luanda’s liaison to the organization rejected the limit.

“We will produce above the quota determined by OPEC,” Angola’s OPEC governor Estevao Pedro said in an interview. “It is not a matter of disobeying OPEC; we presented our position, and OPEC should take it into consideration.”

The defiance will bring back troubling memories of Ecuador’s exit from the group. The South American producer said it would breach its quota in 2017, and eventually ended up leaving.

In a surprise move, Brazil will join the cooperation charter of the OPEC+ oil alliance, a move that won’t bind it to making production cuts. Brazilian Energy Minister Alexandre Silveira told a meeting of the group on Thursday that the country would make the move next year.

“President Lula confirmed our entry into the OPEC+ cooperation charter from January 2024,” the minister told the group, according to a video circulated by delegates. He was met with a round of applause.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OPEC+ agrees preliminary oil cut deal of over 1 million bpd, sources say

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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OPEC+ oil producers are likely to agree output cuts of at least 1 million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday.

Saudi Arabia, Russia and other members of OPEC+ pump more than 40% of the world’s oil, or some 43 million bpd. They currently have cuts of about 5 million bpd in place.

Two OPEC+ sources told Reuters a preliminary agreement has been reached for a cut of more than 1 million bpd.

This would include Saudi Arabia extending the voluntary cut of 1 million bpd it has had in place since July plus additional contributions from other members, sources said.

It was unclear how much other members would contribute, sources said. A third source said a new reduction would be agreed on Thursday without providing a figure.

“It depends on other group participants, could be near or more,” the third source said when asked about the possible 1 million bpd cut.

With Saudi Arabia’s voluntary output cut of 1 million bpd and a Russian export cut of 300,000 bpd both set to expire at the end of this year, the focus is on plans for 2024.

Benchmark Brent crude futures were up 1.02% to $83.95 a barrel at 1221 GMT on Thursday, on track for a third day of gains on expectations of fresh cuts from OPEC+.

Earlier, two delegates involved in the discussions said fresh cuts for 2024 could potentially take 1 million to 2 million bpd in production off the market in the first quarter of 2024.

RBC Capital Markets analyst Helima Croft said that Saudi Arabia, which began its additional voluntary 1 million bpd in July, would not want to shoulder additional cuts alone.

“We could envision a scenario where Russia and Saudi Arabia roll over their cut through the first quarter of 2024 and assemble a coalition of the willing individual producers prepared to make voluntary adjustments,” she added.

The focus is on lower output with prices down from near $98 in late September and concerns brewing over weaker economic growth in 2024 and expectations of a supply surplus.

The International Energy Agency (IEA) this month forecast a slowdown in 2024 demand growth as “the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves.”

Yet OPEC+ sources this week said discussions had been proving difficult, as evidenced by the group postponing their meeting which was scheduled for Nov. 26.

Plans now call for an OPEC-only ministers virtual meeting on Thursday at 1100 GMT and a wider OPEC+ meeting at 1400 GMT.

Sources said the delay was sparked by disagreement over output quotas for African producers, a matter they said had largely been resolved.

The OPEC+ meeting coincides with the opening of the United Nations’ COP28 climate summit being hosted by OPEC member the United Arab Emirates.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Arabia extends the term of its $3 billion deposit with Pakistan’s central bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major relief to debt-ridden Pakistan’s struggling economy, Saudi Arabia has extended the term of its $3 billion deposit with the country’s central bank for another year, according to an official announcement.

The State Bank of Pakistan (SBP), which is also known as Pakistan’s central bank, said that the decision by the Saudi Fund for Development (SFD) was taken just prior to the maturing date of the $3 billion deposit that was due on December 5, 2023.

“The Kingdom of Saudi Arabia extends term for a $3 billion deposit placed with Pakistan to support Pakistan’s economy. The Saudi Fund for Development (SFD) on behalf of the Kingdom of Saudi Arabia has extended the term for the deposit of $3 billion maturing on 05 December 2023 for another year,” the SBP said in a statement.

It stated that the amount has been placed with the SBP on behalf of Pakistan and the extension of the term of the deposit is a continuation of the support provided by Saudi Arabia to Pakistan, which will help to maintain the foreign currency reserves of Pakistan and contribute to the economic growth of the country.

The agreement of the $3 billion deposit was initially signed through the SFD with the SBP in the year 2021 and rolled over subsequently in 2022, after the issuance of the royal directives that reflect the continuation of the close relationship between the two brotherly countries.

Geo News reported an expert as saying that the extension in the deposit term would help solidify the ongoing IMF programme as the fund was seeking confirmation from lenders and friendly countries of their commitments to Pakistan.

“The $3 billion rollover is an important move in securing $25 billion in gross financing needs estimated by Pakistan for FY-24,” former adviser to the Ministry of Finance Khaqan Najeeb was quoted as saying in a report by Geo TV.

Moreover, the analyst said the rollover will pave the way for the IMF Executive Board’s approval for the second loan tranche of $700 million.

Pakistan’s economy is in dire straits with its foreign reserves depleting quickly amid less inflows from overseas investors, according to Geo.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Saudi Arabia seeks OPEC+ oil quota cuts while some members resist

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.

The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners, said the delegates, asking not to be identified because the information is private.

Brent crude pared earlier losses and was down 0.5% at $80.15 overnight in London.

The Saudi proposal comes amid difficult talks for the producers’ group, which was forced to delay its policy meeting by four days to November 30 as Angola and Nigeria resist reductions to their own quota limits for 2024, which were set out at the cartel’s last conference in June.

The producers were progressing toward a compromise on this matter before the weekend, but have yet to clinch an agreement, delegates said.

The 23-nation OPEC+ alliance faces pressure to intervene in crude markets, following a 17% drop in prices over the past two months amid plentiful supplies and a darkening economic backdrop. Markets could weaken further in early 2024, when forecasters including the International Energy Agency anticipate the emergence of a new supply surplus.

“With fundamentals softening and market sentiment bearish, OPEC+ may need to announce another formal cut,” analysts at Eurasia Group led by Raad Alkadiri said in a report. Anything short of a 1 million barrel-a-day reduction could send prices to the low $70s, they added.

Saudi Arabia’s voluntary production cut of 1 million barrels a day, implemented in tandem with a 300,000 barrel-a-day export reduction from Russia, is currently set to continue until the end of the year. Most analysts expect Riyadh and Moscow to extend those curbs into 2024.

Market watchers such as JPMorgan Chase & Co. have flagged the possibility that OPEC+ may cut deeper, and some — such as Commerzbank AG and hedge fund manager Pierre Andurand — have warned that prices may buckle further if they don’t. Brent futures traded near $80 a barrel on Monday.

Supply reductions across the alliance would probably win back oil bulls, but they could be hard to orchestrate. Iraq, Russia and Kazakhstan have recently been pumping over their quotas, while others like the African members have lost so much production capacity they’re in no position to cut further.

It’s also unclear whether the United Arab Emirates, a key member, will be under pressure not to proceed with a quota increase of 200,000 barrels a day permitted from January. Abu Dhabi secured the dispensation at the last OPEC+ gathering in June, in order to finally make use of recent investments in new capacity.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

OPEC+ says delayed meeting will now be held online

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The delayed OPEC+ meeting next week will be held online instead of in-person as the cartel wrangles over production levels amid a slump in oil prices.

Saudi Arabia and its allies are embroiled in a dispute over output quotas for African members. The disagreement has forced the group to push back its scheduled conference by four days to November 30, sending crude plunging by as much as 4.9% to below $80 a barrel in London on Wednesday.

Before the delay, oil traders had thought Saudi Arabia was gearing up to announce an extension of its unilateral 1 million barrel-a-day cutback in a bid to prop up faltering prices. There were also some predictions that Riyadh could even steer other members into joining them with additional curbs of their own.

The spat puts that outcome in doubt and dredges up a disagreement from June, when Angola, Congo and Nigeria were pushed by Saudi Energy Minister Prince Abdulaziz bin Salman to accept reduced output targets for 2024 that reflected their diminished capabilities. The African exporters have struggled in recent years with under-investment, operational disruptions and aging oil fields.

It’s not the first time that the 23-nation OPEC+ alliance has altered its plans at short notice. It did the same a year ago, shifting its meeting online after fixing production targets at a face-to-face gathering in Vienna the previous month.

This time around, the rescheduled meeting on November 30 coincides with the first day of United Nations climate talks which are being hosted by OPEC-member the United Arab Emirates in Dubai. Holding in-person talks in Vienna on the same day as the start of COP28 would have created logistical difficulties for a number of energy ministers.

Traders are now waiting to see whether the Organization of Petroleum Exporting Countries and its partners will resolve the rift on quotas, and agree any measures to shore up the market in 2024. Absence of an agreement on production for next year would leave global oil markets in a precarious position.

Crude is down about 16% from its September peak amid surprisingly strong American output, while China — the world’s biggest oil importer — has seen falling refining margins and faltering economic indicators.

World markets are poised to tip back into surplus early next year as demand growth slows drastically, while producers like the US and Guyana continue to grow, according to the International Energy Agency.

At the same time, Iranian supplies have recovered as the US relaxes its enforcement of sanctions, and Russian exports have held steady as the country pumps more than its quota.

OPEC+ delegates say they’re seeking extra time as Angola and Nigeria chafe at lower targets pressed on them by more powerful members. The countries had reluctantly acquiesced to the new quotas with the caveat that they’d be revised higher again if an external audit by three firms — Rystad Energy A/S, Wood Mackenzie Ltd. and IHS — proved their capacity was larger.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow