STRATEGIC SAUDI ARABIA UPDATE • Strategic Analysis • Insight News

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STRATEGIC SAUDI ARABIA UPDATE • Strategic Analysis • Insight News 5 September 2017 Volume 1, Week 34 + 35 STRATEGIC SAUDI ARABIA UPDATE • Strategic Analysis • Insight News www.verocy.com SAUDI ARABIA STRATEGIC UPDATE Volume 1, Week 34 + 35 5 September 2017 STRATEGIC ANALYSIS .............................................................................................. 3 Saudi Iran political thaw not yet imminent ...................................................................... 3 Qatar Saudi crisis Phase 2.0? .......................................................................................... 5 Saudi financial situation still under threat ....................................................................... 7 The Aramco IPO: A Geopolitical Game Of Thrones ......................................................... 9 Saudi Arabia China to challenge Dollar Oil connection ...................................................11 STRATEGIC INSIGHT NEWS ..................................................................................... 12 Iraqi envoy: Saudi Arabia to open two consulates in Basra and Najaf............................. 12 Saudi Arabia's Largest Bank Said to Hire Investment Banking Head .............................. 12 Goldman Sachs gets equities trading license in Saudi Arabia ........................................ 12 Goldman Said to Name AlDossari Saudi Investment Banking Head ...............................13 Saudi Arabia issues rules for small-scale solar energy generation ...................................13 Public sector contractors in Saudi Arabia exempt from workers' tax.............................. 14 Saudi Arabia moves to 100 percent foreign ownership for engineering consultants ....... 15 Saudi Arabia's Incredibly Shrinking Inventories ............................................................. 15 Saudi Arabia proves it has many cards to play in Qatar crisis ......................................... 16 Tight spending and oil revenues drive fiscal improvement in 1H17 ................................. 17 Saudi Arabia's Vision 2030: Overview of Recent Developments .................................... 19 Saudi wealth fund to hire new head for $111 bln portfolio ............................................. 20 Saudi Arabia Announces Stricter Requirements for Hiring Foreign Engineers ............... 21 In Saudi diplomatic shift on Iraq, a hand to Sunnis ... and Shiites ................................... 21 Saudi Arabia’s newest no-frills airline gets first aircraft ................................................. 24 China, Saudi Arabia forge nuclear energy cooperation .................................................. 24 Boeing receives $222.5M contract for Chinook helicopters for Saudi Arabia ................. 25 Saudi Aramco, SABIC launch bidding at chemical project: report .................................. 25 Saudi Arabia, China to set up $20 bln investment fund .................................................. 25 Goldwind signs MoU with Saudi Arabian authorities ..................................................... 26 Bahri subsidiary inks $120 mln deal with Hyundai Heavy Industries ............................... 26 Saudi contractors still owed 70% of dues: report ........................................................... 26 Digital banking outlook in Saudi Arabia promising ........................................................ 27 Hong Kong and Saudi Arabia Enter into Tax Pact .......................................................... 28 Dow Chemical plans to increase stake in Saudi Arabia’s Sadara .................................... 29 About VEROCY Saudi contractors still owed 70% of dues: report ........................................................... 29 Verocy is a boutique consultancy that Saudi aviation authority tenders 12 airport projects: report........................................... 30 provides risk integrated strategy Four contractors prequalify to bid for Aramco gas pipeline ........................................... 30 services and solutions for companies Middle East Investment gets CMA nod to amend business profile ................................. 30 and organizations that need to develop and manage the value of Saudi Arabia seeks bids for 400 MW wind power project ............................................... 30 assets and resources in the MENA- Saudi Arabia’s Taqnia secures financing .........................................................................31 region. Saudi Labor Ministry sets conditions for recruitment of house workers ..........................31 HFI to help North Sea energy firms gain leverage from Saudi Arabia's IKTVA program . 32 Transformation of education in Saudi Arabia: One year on ........................................... 33 China's ICBC in talks with Gulf states on yuan bonds: report ......................................... 34 PÖYRY awarded Shoaiba 4 engineering services assignment ....................................... 34 Saudi Arabia accelerates the rollout of major rail projects Saudi ArabiaTransport ......... 34 For more information, please visit: www.verocy.com. Saudi private sector growth edges up in early Q3 .......................................................... 36 Expat remittances from Saudi Arabia up 10% in July 201 ............................................... 36 Saudi Arabia's oil giant Aramco explores Bengal options ............................................... 37 European investments drove Mideast energy deals in Q2: EY ....................................... 38 The great Saudi sell-off: why bankers and lawyers are flocking to the Gulf .................... 38 Saudi Aramco makes gains from R&D ahead of listing .................................................. 40 Technological focus gives Saudi Aramco strong upside: BMI Research .......................... 41 Saudi Prince Khaled’s KBW to invest in Egypt ............................................................... 41 ABOUT THE EDITORS .................................................................................................. 42 SUBSCRIBTION INFORMATION ................................................................................... 42 About VEROCY Verocy is a boutique consultancy that provides risk integrated strategy services and solutions for companies and organizations that need to develop and manage the value of assets and resources in the MENA- region. For more information, please visit: www.verocy.com. 2 COMMENTARY 5 September 2017 SAUDI IRAN POLITICAL THAW NOT YET IMMINENT After years of full diplomatic and economic The news about the possible Saudi diplomatic STRATEGIC confrontation between Iran and Saudi Arabia, delegation’s visit to Iran was already stated Kuwait ANALYSIS largely caused by the power struggle between newspaper Al Jarida had published an article Sunni and Shi’a led governments, a possible thaw indicating that the Saudis would be travelling to is imminent. The main players, Sunni-Wahhabi Iran just after the end of the Eid Al Adha festivities, Saudi Arabia and Shi’a power broker Iran, are which mark the end of the Hadj season. Iran has currently reassessing their diplomatic relations, also reiterated that Iranians will be visiting the which were severed after that Iranian protestors Iranian diplomatic sites in the Kingdom, but now attacked the Saudi Embassy in Tehran and its time indication could be given yet. consulate in the Iranian city of Mashdad in January 2016. These preparations have stirred some anxiety inside of the region, as a possible thaw between Since that period both sides continued a very the two main adversaries could again reshuffle the frosty relationship, only talking to each other total power balance and alliance structures in during international meetings of the UN, OPEC or place. The diplomatic crisis between the two World Economic Forum. countries emerged after that Iranians protested the execution by Saudi Arabia of leading Saudi Iran’s ministry of foreign affairs spokesman Shi’a cleric Sheikh Nimr Al Nimr in January 2016. Bahram Qasemi however has stated that a Saudi The latter was seen by the Saudi government as Arabian delegation will visit Iran very soon. Qasemi leading a possible Shi’a uprising in the country’s stated that "the Saudi delegation simply comes to Easter Province, which is well known for the vast oil visit diplomatic buildings because the buildings and gas reserves of Aramco. Saudi Arabia has have been empty after the two countries broke off always accused Iran of interfering or meddling in relations. At the same time, we will visit our the Kingdom’s internal affairs. Riyadh has been buildings in Saudi Arabia". The latter is not an blaming Tehran of fueling the Shi’a uprising in the opening on the diplomatic level, but Arab analysts Eastern Province and in Bahrain. Both sides got are indicating that there has been an ongoing really embroiled after the death of thousands of diplomatic discussion lately between Saudi and pilgrims, including hundreds of Iranians, in Iranian high level officials. Iran indicated to the September 2015 in Mina, near Mecca. Tehran press that the Saudi visit was already prepared openly blamed Saudi Arabia for the human before, as visas were already in place. Qasemi disaster, and casted doubt on the kingdom’s added that the date for the Iranian delegation's efficiency in hosting the rituals. The latter was seen visit has not been set yet. ‘ inside of Saudi Arabia as a direct attack on the position of the King and the Royal Family. Iran is still pursuing the truth about the disaster in 2015, as no real official report
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