Saudi Arabia & America Meet to Discuss Iran Deal

Weighing in on the Iran nuclear deal, Saudi Arabia is satisfied with US President Barack Obama’s assurances and they believe that the agreement will contribute to security and stability in the area. Saudi King Salman met with Obama on Friday at the White House and was the king’s first visit to the US since he took the throne in January of 2015.

Saudi Foreign Minister Adel al-Jubeir said,

“Now we have one less problem for the time being to deal with, with regards to Iran. We can now focus more intensely on the nefarious activities that Iran is engaged in in the region.”

Having skipped a Gulf Arab summit at Camp David in May, Salman was seemed to have snubbed Obama over the Iran strategy. However, the recent visit appears to have smoothed over those issues.

Saudi Defense Minister Mohammed bin Salman also met on Friday with US Secretary of Defense Ash Carter and they discussed Saudi Arabia’s defense needs.

As Obama said on Friday,

“We continue to cooperate extremely closely in countering terrorist activities in the region and around the world, including the battle against ISIS.”

Defensive Fences Going Up All Over Middle East

Somewhere south of Mahbes, Western Sahara, in the freed zone. Sahrawi women in the II International march against the Moroccan built wall that divides western Sahara. The longest wall built on Earth, this wall consists of a long wall with a berm, barbed wire, millions of landmines and electronic systems, survived by thousands of Moroccan soldiers.By Western Sahara (Sahrawi women against the wall of shame) [CC BY-SA 2.0 (http://creativecommons.org/licenses/by-sa/2.0)], via Wikimedia Commons

Somewhere south of Mahbes, Western Sahara, in the freed zone. Sahrawi women march against the Moroccan built wall that divides western Sahara. The wall consists of a long wall with a berm, barbed wire, millions of landmines and electronic systems, survived by thousands of Moroccan soldiers.Photo by Western Sahara (Sahrawi women against the wall of shame) via Wikimedia Commons

As terrorism continues to rear its ugly head throughout the Middle East, several countries are taking an old approach to defending themselves, construction of walls and fences.

Tunisia, the country where a group of terrorists murdered foreign tourists along a popular beach is building a fence with watchtowers on its border with Libya. It is believed the killers were trained there.

After a suicide bomb exploded in a town in Turkey, the Turkish government announced its plans to strengthen the border with Syria, putting up a security fence.

Saudi Arabia is planning a wall along its entire border with its southern neighbor, Yemen.

In Morocco the world’s oldest functioning security barrier, built in the 1980s, protects the country from areas controlled by Polisario. Another barrier along the border with Algeria has been under construction since 2014.

“The Middle East and North Africa is now the most walled region in the world,” said Said Saddiki, a professor of International Relations and International Law at Al-Ain University of Science and Technology in Abu Dhabi. They range from “fences inside cities to anti-migrant walls and separation barriers to counter-insurgency” barricades, he said.

Post Saddam Hussein, Crescent Petroleum Thrives

Saddam Hussain Iran-Iraqi war 1980s. Photo by AFP/Getty-images

Saddam Hussein ruled Iraq with an iron fist from July 1979 until April 2003. Saddam was finally forced out of power by the combined armies of the United States, Britain and their allies. During this time of upheaval and the downfall of Saddam Hussein, Crescent Petroleum continued to grow.

Crescent Petroleum began as Buttes Gas & Oil Co. International Inc, which was a subsidiary of Crescent Petroleum. Buttes was a holder of a concession first granted in 1969 by the Sharjah Government in the United Arab Emirates. In the early 1970s the Mubarek Field was discovered off the coast.

Headquartered in Sharjah, the 1980s proved beneficial to the growth of the burgeoning oil company. By this time, as Saddam Hussein began to flex his muscles, Crescent Oil truly established itself as a full-fledged oil company. The company was re-organized at this time, and began to assert influence on the international energy economy.

During the disruptive years of the Gulf War brought on by Saddam Hussein’s invasion of Kuwait, Crescent Petroleum added concessions in Yemen, Pakistan and Egypt.

Today, in the post-Saddam Hussein era, Crescent Petroleum continues to explore new opportunities for expansion and growth. One of its most promising areas is in the development of natural gas as a valuable asset in the region. It is speculated that the Gulf region of the Middle East holds more than 40 percent of the world’s natural gas reserves. In order to benefit from the richness of the area, Crescent implemented two cross-border pipeline deals. These deals are expected to create a new paradigm shift on the determination of the price of oil. It is expected that the gas business in the Arabian Peninsula and Gulf area will develop quickly, stimulating growth in economies around the world.

Facebook Gaining Popularity in MENA

Nicola Mendelsohn, Facebook’s VP of the Middle East, Europe and Africa just completed a fact-finding trip to the area of her expertise. What she found there may be surprising.

Eighty-five percent of the 191 million Facebook users access the social media platform using a mobile device.

Mendelsohn explained why usage is so different in MENA than in the west.

“I was in Nairobi, Kenya, earlier this year and their whole payment system there is mobile. M-Pesa is unbelievable. So you can be walking down the streets of a market, and the market will be no different to something that you could have been in a thousand years ago, but everyone is trading by using their mobile phone. And you kind of go, ‘well how come I can go shopping on the streets of London and it’s unfathomable [to be able to do that]?’ So there’s a lot we can learn from being over there.”

In Kenya Mendelsohn met a woman who owned a fashion outlet called Fashion254. She is marketing her specialty clothing on Instagram. She has buyers call her or send her WhatsApp message to arrange delivery. In 2013 Mendelsohn said she met people in Kuwait who were selling their sheep using Instagram.

On her visit to Saudi Arabia she met several women business owners through a group called Glowork. They sell their products, mostly to the overseas market, on Facebook.

“There are very different rules and laws within that country, and they have found the internet as a way of connecting to the world. They have found Facebook as a way to connect with their friends, families, businesses they are interested in. So what they talked about was that Facebook gave them a gateway to the world that they wouldn’t have had otherwise.”

Dell Sees Oman as a High Growth Opportunity

Dell Inspiron 15 5000 Series i5547-3750sLV 15-Inch Laptop. Photo courtesy wikipedia.

As Oman continues to diversify its economy, representatives of the computer technology giant Dell expressed their belief that there will be great opportunities for cooperation with the Gulf State country.

Brian Humphries, president of Enterprise Solutions Sales and Strategies at Dell, explained that he sees a fast-paced transition to e-governance in Oman. This transition positions Oman to be able to take advantage of newly emerging opportunities.

Humphries is visiting Oman as part of a multi-country tour of the region. In Oman he met with customers, partners and employees to better understand the ultimate potential of the market.

“It is important to understand where the next generation of growth will come from,” Humphries said, reiterating Dell’s commitment to the region.

Majid Jafar Discusses Oil Prices and More

While interviewed during the World Economic Forum in Southern Shuneh, Jordan, at a resort at the Dead Sea, Majid Jafar shares some of his perspective. Majid Jafar, CEO of Crescent Petroleum, discusses how low oil prices have forced Middle Eastern producers to focus on efficiency.

In the post Saddam Hussein era, Jafar answers a number of questions from the reporter. These questions include looking at who is the big winner and loser for oil prices and looking at the outlook for Saudi Arabia.

Hear the entire transcript and get up to date information on oil prices.

Apple Making Moves to Open Retail Store in Middle East

The Apple Store in Istanbul. Photo by By Robert S Donovan [CC BY 2.0 (http://creativecommons.org/licenses/by/2.0)], via Wikimedia Commons

The Apple Store in Istanbul. Photo by Robert S Donovan [CC BY 2.0 /licenses/by/2.0)], via Wikimedia Commons

Apple Inc, the wildly successful consumer electronics mega company, has no retail outlets in the Middle East. All that is about to change, however, at least according to rumors circulating around the region.

Outside of Istanbul, Turkey, Apple has no stores in the Middle East; yet, according to updated jobs listings on their website, Apple is indeed looking for employees in the United Arab Emirates for a few key retail positions. The most likely candidates for Apple stores are Abu Dhabi and Dubai.

Apple is looking for workers to fit the descriptions of creative, expert, genius and store leader.

In a related development, Apple posted a listing in March to find a candidate who can forge ahead with retail hiring in the UAE.

Apple gets its products into the ME market via third party outlets and online shopping. Apple has had an online store in the UAE since 2011.

Exactly when and where consumers can expect to see these stores is still a mystery. Rumors are pointing to August 2014 for a possible opening date for Apple, while the Mall of the Emirates is a possible location for Apple’s first store.

New Saudi King Greets Egypt’s Sisi at Airport

“Abdel Fattah el-Sisi” by Kremlin.ru.

In an unusual break of protocol, the new king of Saudi Arabia, Salman, met Egypt’s President Abdel Fatteh el Sisi at the airport when he arrived for high level meetings in Riyadh on Sunday, March 1. The unusual move was an expression of the King’s positive feelings towards Sisi particularly at a time when parts of the Arab media have questioned whether past close ties between the two countries will continue with the rein of the new King.

This is the first time since Salman’s rise to power that the two leaders have met for in-depth talks on regional issues. The talks are considered crucial in light of the growing turmoil in the region. The pair is expected to discuss security in the Red Sea as a result of political upheavals in Yemen. It is expected that other issues will be discussed with the aim of strengthening Arab and Sunni unity. Riyadh perceives threats coming not only from Iran, but also from Islamic State extremists.

John Kerry will also be in the region this week. The US Secretary of State is there to discuss finding a deal with Iran to curb their nuclear development program which Saudi Arabia sees as a threat from its main regional rival.

Royal Bank of Scotland Exiting Middle East

In the wake of one of the largest bailouts in British history, the Royal Bank of Scotland has decided to withdraw some of its business from the Middle East. RBS will be selling or closing its corporate debt and debt capital markets business as part of its latest efforts to shrink its global footprint, withdraw from emerging markets, and focus on its domestic business model.

The British government owns 81 percent of the lender. Media reports a month ago stated that most of the bank’s Asian corporate banking business was for sale. That news came on the heels of November’s revelation that the bank was examining its options for its holdings in Central and Eastern Europe, the Middle East and Africa.

“Part of the strategy set out by [chief executive] Ross McEwan in February 2014 was to make RBS a smaller, more focused bank. As part of that strategy, we have taken the decision to exit our corporate debt and debt capital markets business in the Middle East and Africa,” RBS said stated.

RBS has offices in Qatar and the UAE where they offer their corporate and institutional clients financing, risk management and other transactions.

Four ME Banks Offer Loan to Indian Jet Airways

Jet Airways-photo by BriYYZ

Four Middle East banks have joined together as a syndicate to offer a $150 million loan to India-based Jet Airways. The four banks in the consortium include: Abu Dhabi Commercial Bank PJSC, Commercial Bank International PJSC, Ahli United Bank B.S.C and Arab Banking Corporation B.S.C.

Jet Airways CEO Cramer Bell explained:

“It is time to re-energize and re-establish ourselves as the country’s leading full-service airline. We will continue to build on this strong foundation as part of our three-year turnaround plan. This syndicated loan facility will be instrumental in underpinning the airline on this progressive path.”

Prior to the $150 million loan agreement the Abu Dhabi-based Etihad Airways PJSC and Jet Air joined forces when Etihad invested in Jet Airways with a 24 percent equity stake and 50.1 percent share in Jet Privilege Limited.

“The partnership between the two airlines will be mutually beneficial across multiple areas including network growth, operational synergies, revenue enhancement and cost optimization,” the company said.