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Pioneers in establishing companies in Egypt

The United Kingdom might express the Arabic text as: "The Kingdom of Saudi Arabia holds a prominent position within the G20 and strengthens its role in the field of energy and climate.

The economic advisor of City Squares Company discusses the board's estimation of the Kingdom's interest in economic openness with the world's countries. He commends the role of Saudi Crown Prince, Prince Mohammed bin Salman, in enhancing economic relations with India and signing several agreements during his official visit. He also points out the significant economic progress of the Kingdom and its effective role in the G20 group. He emphasizes the importance of developing clean energy and fuels and enhancing international efforts to combat climate change. He refers to important initiatives such as "Green Saudi" and "Green Middle East," highlighting the Kingdom's role in environmental preservation and climate change mitigation. He concludes by reaffirming the Kingdom's commitment to reducing greenhouse gas emissions and implementing the Paris Agreement.


The Chief Economic Advisor of "City Squares " company stated that the G20 summit concluded its proceedings yesterday in New Delhi, with India handing over the summit's presidency to Brazil. The United States and Russia praised the consensus announcement, which refrained from criticizing Moscow over the war in Ukraine, but it called on member states to avoid using force. Indian Prime Minister Narendra Modi requested the G20 leaders to hold a virtual meeting in November to review the proposed policies and declared objectives of the summit. He stated, "Our responsibility is to consider the proposals that have been put forth to find ways to expedite progress on them.


On his part, Sergei Lavrov, the Foreign Minister who led the Russian delegation, affirmed that the summit was successful for India and also for the countries situated in the southern world, the developing countries. He added in a press conference, "India has already united members of the Group of Twenty from the southern world." Jack Sullivan, the National Security Advisor in the White House, told reporters, "The declaration issued by the summit serves well in defending the principle that states should not use force to seek to seize territories or violate the territorial integrity, sovereignty, or political independence of other nations."


The G20 has agreed to the inclusion of the African Union, comprising 55 countries, as a permanent representative for the South in the group. Lavrov also said, "Russia will return to the Black Sea agreement that allows Ukraine to export grains if its demands are met." Russia withdrew from the agreement in July due to Ukraine's failure to meet its demands, which included the implementation of an agreement to ease restrictions on its exports of food and fertilizers. Lavrov pointed out that "the Indian presidency has indeed succeeded in uniting the participants from the South in the G20," noting that Brazil, South Africa, India, and China have made their voices heard.


The Russian news agency "Interfax" quoted Svetlana Lukash, Russia's representative in the G20 group, as saying, "This was one of the toughest G20 summit conferences in the history of the forum, which has been going on for about 20 years. It took nearly 20 days and five days before the summit to reach an agreement on the declaration here." She added, "This was not only due to some disagreements about the Ukraine issue, but also because of differences in positions on all major issues, including climate change and the transition to low-carbon energy systems," according to Reuters.


A European Union official, who requested not to disclose his identity yesterday, said, "The Ukraine war was the most contentious issue before reaching an agreement." The official praised the strong leadership of India, adding that "Brazil and South Africa also played a crucial role in bridging perspectives." Brazilian President Luiz Inácio Lula da Silva said at the conclusion of the successful annual group summit, "We cannot allow geopolitical issues to dominate the G20 agenda. We have no interest in a divided G20. We need peace and cooperation instead of conflicts." Modi handed over the rotating presidency of the G20 to Lula yesterday, expressing his support and stating, "He is confident that he will be able to achieve our common goals.


The next summit is scheduled to be held in November 2024 in Rio de Janeiro. During an interview broadcasted on Saturday evening on the Indian television channel "FirstPost," Lula confirmed that Putin will receive an invitation to visit the Brazilian city. On his part, Turkish President Recep Tayyip Erdogan called for not "marginalizing" Russia in the talks aimed at reviving the Ukrainian grain export agreement via the Black Sea. Crown Prince Mohammed bin Salman, the Prime Minister, announced the signing of a memorandum of understanding for an economic project between India, the Middle East, and Europe, which will contribute to the development of infrastructure, including railways, connecting the Middle East, Europe, and India.


The Crown Prince said in his speech at the Partnership for Global Infrastructure meeting on the sidelines of the G20 Summit, "The economic corridor is the culmination of months of joint work." He pointed out that the project will contribute to the development and enhancement of infrastructure such as railways and port connections. Saudi Arabia will invest $20 billion in the initiative. The Crown Prince explained that the economic corridor will create long-term job opportunities, increase trade between India, the Middle East, and Europe, and contribute to global energy security. It will also work on extending pipelines for electricity and hydrogen exports to enhance global energy supply security, in addition to high-efficiency, reliable cross-border data transmission cables. The governments of Saudi Arabia and the United States have signed a memorandum of understanding to define the framework for cooperation between the two countries in establishing green continental transit corridors, leveraging the strategic geographical location of the Kingdom that connects Asia to Europe


This project aims to facilitate the transfer of renewable electricity and clean hydrogen through cables, pipelines, and the establishment of railway lines. It also aims to enhance energy security, support clean energy development efforts, in addition to fostering digital economy growth through data connectivity and digital transmission via optical fiber cables. It seeks to promote trade and increase the flow of goods by connecting railways and ports. The Kingdom welcomes the role played by the United States in supporting and facilitating negotiations for the establishment and implementation of this protocol, which includes the countries concerned with green corridors. President Joe Biden said, "It's a truly big deal. It's really important," speaking of a "historic agreement" that will connect ports across continents and lead to a more stable, prosperous, and integrated Middle East.


During the event to announce the agreement, he added, "It will provide endless opportunities" for clean energy, clean electricity, and extending cables to connect communities. As for Narendra Modi, the Prime Minister of India hosting the summit, he said, "As we embark on this grand connectivity initiative, we are sowing seeds that make the dreams of future generations bigger." Meanwhile, John Finer, the Deputy National Security Advisor of the United States, confirmed to journalists during the annual summit of the group in New Delhi that the agreement would benefit low and middle-income countries in the region and enable the Middle East to play a crucial role in global trade.

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