Archives SaudiArabia - New Eastern Outlook

For decades, the US dollar has dominated the global trade. This became possible after the establishment of the liberal world order. The US dollar enjoyed unparalleled dominance as the leading reserve currency of the world. The US Federal Reserve holds that 96% of international trade invoicing into the Americas, 74% in the Asia-Pacific region, and 79% in other countries was done in the US dollar…

The capital of Saudi Arabia, Riyadh, hosted a special session of the World Economic Forum on April 28 and 29. The theme of this year’s event was “Global Cooperation, Growth and Energy for Development”. However, it was not the economic component of the event that attracted the attention of observers. Negotiations on the situation in the Gaza Strip were held on the sidelines of the forum…

The Red Sea holds immense significance in international maritime trade. Two choke points, the Suez Canal and the Bab al-Mandab, hold critical value in this sea route. Around 22 percent of global maritime container trade passed through the Suez Canal in 2023. Bab-el-Mandeb strait is used to access this Canal by ships traveling from Europe. The Red Sea hosts almost 12 percent of global trade, 21344 vessels per day, amounting to $1 trillion in goods, and 10 percent of maritime trade…