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Bloomberg looks at Saudi’s multi-pronged approach to its diplomatic relations, particularly with Iran and the US ahead of US president-elect Donald Trump’s new term in office. The Crown Prince reportedly recently proposed boosting trade with Iranian officials as part of efforts to ease tensions with the West and decrease backing for proxy militias, the business information services says, citing sources it says are with knowledge of Riyadh’s moves.
Foods + meds as the on-ramp for USD 1 bn? Trade between Riyadh and Tehran could preliminarily focus on food and medical products, which would not violate European and US sanctions on Iran, a source tells Bloomberg. The agreement might involve private Saudi companies, with transactions potentially taking place through a third country such as Iraq. Currently, trade between Iran and Saudi Arabia is minimal, but Iranian officials have expressed interest in increasing it to as much as USD 1 bn annually.
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The Crown Prince has also reportedly dispatched National Security Adviser Musaad Al Aiban to Washington last month to rekindle discussions for a defense agreement with the US. The aim is to secure an agreement before President Joe Biden leaves the Oval Office.
ICYMI- The government is reportedly moving toward a limited military agreement with the US, shifting away from earlier talks about a full-scale defense treaty with Washington in exchange for normalizing relations with Israel, Reuters reports citing two Saudi and four Western officials.
Saudi Arabia, along with other petro-states, opposed proposals to cap plastic production at the UN Intergovernmental Negotiating Committee talks in South Korea, favoring recycling initiatives over mandatory production limits, Reuters reports.
A farm in Bada gets international ink for transforming arid land into productive farmland: The Bada farm, developed by agritech startup Iyris, Red Sea Global, and Sabic, features a greenhouse with water purification systems and recycled plastic roofing to optimize growing conditions for crops like cucumbers, tomatoes, and chili peppers, Bloomberg reports. Now in its second season, the 0.75-hectare farm aims to boost food security and cut reliance on imports, supplying produce to local supermarkets and Red Sea Global’s luxury resorts as a scalable model for sustainable agriculture.
