WOTS TUE MAY 24 22 Iraq is on the verge of a "hungry revolution"
|These are the articles that I discuss in the My F|X Buddies Podcast:
Iraq is on the verge of a "hungry revolution"
The Director of the Iraqi Center for Strategic Studies, Dr. Ghazi Faisal Hussein, that Iraq will witness a "hungry revolution" in light of the successive crises that the country is witnessing.
In an interview with Kurdistan 24, the director of the Iraqi Center spoke about the political crisis in the country, in addition to poverty, rampant unemployment, the high number of widows, the spread of illiteracy, and other crises.
Hussein said that the current stalemate in Iraq resulted from external and internal factors, pointing out that some forces in the coordinating framework have links with the Iranian Revolutionary Guard.
He added that those forces had disrupted the political process and constitutional procedures, indicating that they had monopolized the legislative and executive authorities since 2003, and had taken over all of the state in a way that did not represent the essence of democracy, which required a serious settlement to move towards forming a government.
And he indicated that Iranian interference in Iraq has been "very clear" since the fall of the previous regime, as Tehran has now imposed its dominance over gas exports, and built dams on 12 rivers heading to Iraq, in addition to its control over Iraqi food security and its control over the country's resources.
The director of the Iraqi Center for Strategic Studies pointed to the need to intensify efforts and continue the political dialogue between Erbil and Baghdad, provided that this is under the roof of the constitution.
He said that the Kurdish parties worked to revive the Kurdistan Region in all fields, stressing that the Kurds are an important factor in establishing security and stability in Iraq.
He continued, "The outstanding problems between Erbil and Baghdad must be resolved through negotiations on the basis of the constitution, because the Kurdistan Region is a pivotal and strategic player and is constantly progressing compared to the rest of Iraq."
The director of the Iraqi Center for Strategic Studies also said that the living situation of Iraqis is constantly deteriorating, especially with four million people living in slums, 12 million illiterate, 6 million homeless, 10 million below the poverty line, and 25 million unemployed.
He stressed the importance of changing the ruling elite and making room for those who believe in reform and the implementation of the constitution, and added, "This will not happen with the survival of some Islamic parties that do not believe in the logic of a civil state."
And d. Ghazi Faisal Hussein sheds light on the spread of weapons and the repeated bombing of Erbil and Baghdad, and he also mentioned the bombing of the presidential palace and the prime minister's home in the Iraqi capital.
The director of the Iraqi Center for Strategic Studies suggested the possibility of a "hungry revolution" in Iraq with poverty, hunger, unemployment, disease outbreaks, drugs and money laundering.
He went on to say, "Without radical change and reform, Iraq is on the cusp of a hungry revolution."
Iraq raises its holdings of US bonds to more than two billion dollars
The US Treasury announced, on Monday, that Iraq's holdings of US bonds increased to more than two billion dollars during the month of March.
The Treasury said in its latest schedule seen by Shafak News Agency, that "Iraq's possession of US Treasury bonds for the month of March of 2022 increased by two billion and 117 million dollars, or 8.79%, to reach 26.203 billion dollars, after it was 24.086 billion dollars in the month of February." .
And she indicated that "these bonds also rose from the same month last year 2021, when Iraq's possession of bonds amounted to 17.8 billion dollars."
She added that "Iraqi bonds, including long-term guarantees amounting to 11.348 billion dollars and short-term guarantees amounting to 14.855 billion dollars," noting that "these bonds represent 0.3% of the world's bonds."
In the Arab world, Saudi Arabia is at the forefront of the countries with the most US bonds, raising its holdings to reach $115,461 billion. Kuwait comes second with $46.815 billion, the UAE is third with 45,640, then Iraq is fourth and Oman is fifth with $5.690 billion, then Morocco is $3.672 billion.
And the US Treasury indicated that "the most holder of US bonds is Japan with 1,232.382 trillion dollars, followed by China with 1,039.590 trillion dollars, the United Kingdom with 634.948 billion dollars, and then Ireland with 315,858 billion dollars."
The Prime Minister of the Kurdistan Regional Government meets the head of the Japanese agency JICA
The Prime Minister of the Kurdistan Regional Government, Masrour Barzani, met today, Monday, May 23, 2022, in Davos, the head of the Japan International Cooperation Agency (JICA) Akihiko Tanaka.
During the meeting, they discussed the work and activities of JICA in the Kurdistan Region and the importance of strengthening cooperation and coordination between the two sides, especially in the field of interest in the sectors of agriculture, trade and technology.
Details of the meeting between Barzani and Bafel Talabani, and news of the approaching settlement of the file (the Republic)
It seems that the two main Kurdish parties in Iraq, the Kurdistan Democratic Party led by Massoud Barzani and the Patriotic Union of Kurdistan led by Bafel Talabani, have reached a common ground to open the political impasse in the Kurdistan region and Iraq.
The President of the Region, Nechirvan Barzani, revealed during his participation in the graduation ceremony of the sixteenth batch of graduates of the Third Military College - Qalagolan, which took place yesterday in the city of Sulaymaniyah, in the presence of Talabani, that "we are still in contact with the parties in Iraq and the Kurdistan region to address the political blockage." He added, "We succeeded in stopping the media war between the Kurdistan Democratic Party and the Patriotic Union, and we also reached a ground for resolving the political blockage," stressing: "There are no problems that cannot be resolved, but there are many obstacles that appear from time to time."
Nechirvan Barzani's visit to Sulaymaniyah comes in light of a sharp dispute between the two Kurdish parties over the position of President of the Republic. While the Patriotic Union of Kurdistan insists on its candidate for the post, the current president, Barham Salih, the Democratic Party had nominated former Foreign Minister Hoshyar Zebari for the post. After Zebari’s exclusion by the Federal Court, the Democratic Party nominated the regional interior minister, Reber Ahmed, for the position, but the tripartite alliance led by the leader of the Sadrist movement Muqtada al-Sadr, to which the Democratic Party belongs, failed to pass its candidate for the position through three parliamentary sessions, due to its inability to collect the necessary two-thirds majority. To vote for the post of President of the Republic. The Kurdish-Kurdish dispute caused a severe political crisis because the lack of consensus on one Kurdish candidate for the position prevented the possibility of forming the largest bloc in the Iraqi parliament that nominates a prime minister assigned by the President of the Republic
Special source: The American mediator untied the knot of disagreement between Talabani and Barzani
A Kurdish political source revealed the success of the American mediation in bringing the views between the two Kurdish parties closer and ending media tension, indicating that Barzani visited Sulaymaniyah.
The source added, "The American mediation recently succeeded in ending the media tension that lasted for months between the two Kurdish parties, the Kurdistan Democratic Party and the Patriotic Union." Bafel Talabani," noting that he "expects that the differences will be resolved and the beginning of a new phase that will pave the way for an agreement on the presidency, the elections for the regional parliament and other issues."
Al-Kazemi meets with a number of independent representatives to end the political blockage
Prime Minister Mustafa Al-Kazemi met today, Tuesday, with a number of independent representatives in the capital, Baghdad, in order to confront the political blockage that is afflicting Iraq.
And the Independent Iraq Alliance bloc stated in a statement received by Earth News, that "the head of its bloc, MP Abdul Hadi Al-Hasnawi, and the bloc's members received Al-Kazemi, Minister of Communications Arkan Al-Shaibani and the director of the Prime Minister's office, Raed Jouhi, and in the presence of a large number of independent deputies at the coalition headquarters in Baghdad."
He added, "The attendees stressed the need for the current government to provide all its capabilities in order to achieve food security and to approve a number of projects that serve the public interest and the legitimate demands and rights of citizens."
Al-Hasnawi stressed, according to the statement, that "the bloc's deputies and independent representatives are continuing their relentless efforts to reach a political solution that leads to an exit from this crisis, which is affecting all aspects that affect the Iraqi citizen, whether the economic, service or even security aspect."
He pointed out that "this meeting comes to the members of the coalition as a prelude to numerous and intense dialogues with all political forces and independent representatives in order to reach an agreement that will get the country out of this crisis and the political blockage that cast a negative shadow on the livelihood of citizens and the wheel of construction and services."
About seven months after the early parliamentary elections were held, the Presidency of the House of Representatives was chosen in its fifth session, and the political parties did not succeed in choosing a new president for the country and forming a new government, due to the dispute between the two poles of the equation, the “coordinating framework” and the “triple alliance.” About the largest bloc and the form of the next government.
The coordinating framework forces seek to form a “consensual government” in which all political parties participate, similar to previous governments after 2003, while the leader of the Sadrist movement, Muqtada al-Sadr, in turn insists on forming a “majority government” by excluding some of the forces from it, led by the State of Law coalition led by President Abdel Fattah al-Sisi. Former Prime Minister Nuri al-Maliki.
Report: The compass of the Iraqi economy is heading towards development with deliberate steps
The compass of the Iraqi economy is heading towards development with deliberate steps, after oil sales achieved a financial surplus, which was confirmed by Finance Minister Ali Abdul Amir Allawi.
Allawi indicated that "the Iraqi will have a surplus of the difference in selling oil, up to 20 billion dollars," stressing that "in light of the current financial abundance, it is unlikely to resort to borrowing."
The steps taken by the Iraqi government, through the white paper that it announced after its formation, have clearly reflected on economic development, which was disclosed by Prime Minister Mustafa Al-Kazemi, who said: “The government succeeded during two years of its work in achieving the highest rate of economic growth at the level of the Arab countries.” According to reports from the International Monetary Fund, which expected that the economic growth rate in Iraq would reach 9.5 percent during 2022 and 2023.
According to the economic report prepared by the Iraqi News Agency (INA), for the Federation of Arab News Agencies (Fana), economists confirm that Iraq needs to invest the financial surplus in the completion of large development projects, but with a delay in approving the general budget for the current year 2022, it remains an investment. This money is disabled.
The financial advisor to the Iraqi Prime Minister, Mazhar Muhammad Salih, told the Iraqi News Agency (INA): "The important investment accelerators are linked to the budget law for the year 2022, through the new investment spending doors and new investment programs, and not with the disbursement of 1/12 of the actual current expenses in the past year 2021."
And he indicated that "the average oil revenues for the current year will increase by no less than 60 percent of the revenues of oil exports for the year 2021, which means that there will be a large financial reserve available to the state at the end of the year that may exceed 40 billion dollars."
Salih pointed out that "Iraq has put at the forefront of its priorities, seeking to enter the prospects of rapid development and development, to transcend the stage of the rentier economy or the mono-economy, where crude oil still constitutes the greatest weight in the components of the gross domestic product."
He explained that "the five-year and ten-year economic and social development plans are what determine the sectoral and total growth rates in order to bring about a fundamental change in the contribution of the vital sectors producing other than the crude oil sector to the gross domestic product, which is what is called diversification of the production structure of the overall economy."
Saleh pointed out that "the importance of changing production patterns and its components in employing labor and investing in national capital for the benefit of the real vital sectors, starting from maximizing the role of the agricultural sector in the gross domestic product and ending with the manufacturing industry and digital services, without forgetting that there is a major limitation on that diversification represented in the consistent project investment in physical and institutional infrastructure.
He stressed that "the growth in the various sectors increases by a double rate as the rates of investment in the infrastructure of the economy increase, foremost among which are six sectors: electricity, water, transportation, communications, education and health. Thus, nations are progressing as long as the development management is joint between state programs and private sector programs in an integrated manner."
Saleh suggested the establishment of a fund or account concerned with budget stability and fed annually with a percentage of the surplus oil revenues, to hedge against the risks of price fluctuations.
For her part, the economic expert Salam Sumaisem said, "The increase in oil prices is supposed to be directed to areas where the Iraqi economy suffers from a lack of funding, the most important of which is bridging the deficit gap in the public budget, and that it is directed to development purposes and improving the situation of the citizen, especially the health file, especially with The outbreak of the pandemic and the presence of hospital suffocation phenomena, as well as providing expenses to meet the needs of the ration card and improve its quality.
She added that "there is an important issue represented in the economic vision and benefiting from these funds and caution against their loss and loss of oversight and transparency, as there are no reports regarding the final accounts provided by the Financial Supervision Bureau, as well as waiting for Parliament to approve the current year's 2022 budget."
In turn, the economist, Tariq Al-Ansari, said that "the rise in oil prices can be called (the oil market uprising) due to three cases or problems that occurred in the oil market, which are the increased demand for fuel in Europe due to the decrease in European stocks by 11 percent, and the establishment of the United States of America By withdrawing the strategic oil stockpile, and declining exports for Kazakhstan, which is a member of the Organization of the Petroleum Exporting Countries.
Al-Ansari added that "this increase represents successful and good indicators of reviving the Iraqi economy if it is properly and properly utilized within the economic engineering of Iraq's oil policy, leading to the absorption of unemployment and the reduction of loans, which has become a burden on the Iraqi economy, the public budget and the Iraqi citizen in particular."
He stressed, "This increase should follow the example of what some countries did by placing them within the strategy of supporting generations, as economists in the oil policy tended to directly strengthen the fund for their countries," stressing "the need to take the right and proper measures in oil policy and achieve an increase in the economic system." In Iraq, as it is a fragile system, it does not adopt standards on how to employ these increases so that they will be reflected on the Iraqi economy and citizens.”
Al-Ansari pointed out that "the importance of resuming all government performance of economic activities, restructuring the oil policy, achieving a balance between financial, monetary and investment policies, and working to activate the sovereign fund, as we call it, the Generation Fund, and building it in a way that guarantees a solid and sober economy because opportunities in the economy do not always come in Normal circumstances, but always difficult circumstances.
For his part, the economic expert, Nabil Jaafar, said, "There is a new wave of rising crude oil prices, and it is possible to invest this to break the financial constraint that prevents real economic development, and to invest large sums that can be allocated to activate the investment side and establish some strategic projects that generate goods and services. affecting the achievement of a qualitative leap for the Iraqi economy.
Jaafar pointed to "the importance of working to establish a sovereign fund and a financial and economic buffer, because the rise in oil prices will not continue, and we will face in the coming years factors of a decline in prices, so this fund is important to maintain to ensure the future for future generations
Masrour Barzani discusses with the Qatari Minister of Commerce in Davos the possibility of benefiting from his country's experience in investment and the banking system
The President of the Kurdistan Regional Government, Masrour Barzani, stressed the importance of strengthening diplomatic and economic relations with Qatar.
A statement by the regional government stated, "Barzani met in Davos, the Qatari Minister of Trade and Industry, Sheikh Mohammed bin Hamad Al Thani, and they discussed ways to strengthen relations between the Kurdistan Region and the State of Qatar, especially in the field of trade exchange."
The two sides discussed the possibility of benefiting from the Qatari experience in promoting investment and developing the banking system.
A set of files awaiting Biden's tour in the Middle East
The US "Axios website" indicates that US President Joe Biden's visit to the Middle East, expected at the end of June, will include several important issues and stations, including the normalization of relations between Israel and some countries, and the holding of an Arab summit.
President Biden is planning to go to Saudi Arabia as part of his Middle East trip, as CNN first reported.
If the visit takes place, it will be Biden's first meeting with Mohammed bin Salman.
Several Arab sources confirmed, according to the Axios website, that "the trip will also include a summit with the leaders of Saudi Arabia, the Emirates, Bahrain, Oman, Qatar, Kuwait, Egypt, Jordan and Iraq."
The Biden administration plans to quietly play a mediating role between Saudi Arabia, Israel and Egypt regarding "negotiations that, if successful, could be a first step on the path to normalizing relations between Saudi Arabia and Israel," according to the site.
Five American and Israeli sources said, according to "Axios", that the agreement includes ending the transfer of two strategic islands in the Red Sea from Egyptian sovereignty to Saudi sovereignty.
What is important about this issue is that "if an arrangement is found, it will be a significant achievement of the Biden administration's foreign policy in the Middle East."
According to the sources, "The Biden administration believes that finalizing an arrangement can build trust between the parties and create an opening for warm relations between Israel and Saudi Arabia, which do not have formal diplomatic relations."
This would be the most significant US foreign policy achievement in the Middle East since the Ibrahim Accords, which were "brokered by the Trump administration and led to normalization agreements between Israel, the United Arab Emirates, Bahrain, and Morocco."
Saudi Arabia had supported the Ibrahim Accords but made it clear at the time that it would not normalize relations with Israel unless there was serious progress in the Israeli-Palestinian peace process.
Successful negotiations could also reduce tensions between the Biden administration and Saudi Arabia.
Biden once vowed to make Saudi Arabia a "pariah" and relations have been strained over a number of issues.
According to US and Israeli sources, the White House Middle East coordinator Brett McGurk is the key person to the Biden administration in the current mediation efforts.
His planned international trip comes as Washington works to ease tensions with Riyadh.
Below here is the WOTS for the day "Word on the Street" report:
The dollar exchange rates are witnessing a slight decrease in the Iraqi Stock Exchange.
And the selling prices of the dollar recorded today, Monday, 148,100 dinars per 100 dollars, while the purchase prices of the dollar were 148,000 dinars per 100 dollars.
Favorite Currencies Forex Quotes
| Symbol | Bid | Ask | High | Low | Open | Change | Time |
|---|---|---|---|---|---|---|---|
| USD/IQD |  1432.2000 |  1488.5000 | 1457.6000 | 1456.5000 | 1456.5000 | -0.8000 | 10:35 |
| USD/VND | 23170.0000 | 23180.0000 | 23176.9200 | 23162.9300 | 23162.9300 | 14.5500 | 02:27 |
| USD/CNY | 6.6685 | 6.6705 | 6.6783 | 6.6493 | 6.6497 | 0.0194 | 05:08 |
| USD/KWD | 0.3054 | 0.3064 | 0.3058 | 0.3056 | 0.3058 | -0.0003 | 05:08 |
| GBP/USD | 1.2503 | 1.2506 | 1.2598 | 1.2475 | 1.2586 | -0.0081 | 05:08 |
| USD/IRR | 42000.0000 | 42650.0000 | 42301.8000 | 42301.8000 | 42301.8000 | 23.3000 | 10:13 |
| USD/IDR | 14676.0000 | 14683.0000 | 14689.0000 | 14616.0000 | 14619.0000 | 61.0000 | 05:08 |
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Iraq raises the value of its investments in US bonds, and the financial advisor comments
Mazhar Muhammad Salih, the financial advisor to the Prime Minister, said on Tuesday that the application of investment guides to the country's foreign reserves represents the efficient management of the country's reserves and maintains its constant purchasing power while maintaining its liquidity, commenting on the rise in the value of Iraqi investments in US bonds to $26 billion.
Saleh said, in a statement to the official newspaper, followed by "Nass" (May 24, 2022), that "there is a dangerous confusion in understanding the international financial relations of Iraq, as well as a confusion between monetary policy, its reserves, public finances, and its budgets. The reserves of the Central Bank are monetary or foreign financial assets that employ For the stability of the value of the Iraqi dinar or the so-called national currency cover to ensure the stability of the purchasing power of the Iraqi dinar, they are not resources for the general budget in the end, but rather the resources of monetary policy to protect the external value of the Iraqi dinar, and these reserves represent the important aspect of the investment portfolio of the Central Bank of Iraq.
He added that "Those foreign currency reserves are invested within the balance sheet of the Central Bank of Iraq in accordance with standard investment guides issued by international multilateral financial institutions, including investment opportunities in short-term financial instruments or quasi-money such as US treasury bonds because of their high liquidity, which at the same time have a credit rating. Class AAA, which means that the degree of confidence and security in it is high, and the importance of applying investment guides to the country’s foreign reserves to represent the efficient management of the country’s reserves and maintaining its constant purchasing power while maintaining its liquidity while achieving a good benefit at the same time. The US dollar is currently on the rise, and it is a policy practiced by the Central Bank of Iraq within its strong and successful strategies, and it is an important part of managing the US reserves. The country's foreign currency, which today exceeded 70 billion dollars."
Yesterday, Monday, the US Treasury announced that Iraq's possession of US bonds had risen to more than two billion dollars during the month of March, to total more than 26 billion dollars.
Close to the corridors of negotiations reveal the secrets and secrets of the Sulaymaniyah meeting
In light of the results of the recent Iraqi elections, in which it achieved clear gains at the expense of its traditional rival, the Kurdistan Democratic Party, the Kurdistan Democratic Party sought to strike at the union’s positions in the Iraqi state, especially the presidency, which the party tried Making a change in the mechanism of his selection, by rejecting the candidacy of the current president, Barham Salih, for a second term.
In this sense, Barzani's visit to Sulaymaniyah represents, at least, a re-opening of the discussion door that had been closed after the nomination of the leading "Democrat", Reber Ahmed, for the position, within an agreement with the other two partners in the tripartite alliance, the "Sadr Movement" and "The Alliance of Sovereignty." It provides for the sharing of power between the three partners. However, it was proven to the latter that this project is close to being impossible, especially because of their failure to achieve the quorum necessary to elect the President of the Republic, which is the first necessary step to launch the wheel of the political process in Iraq, given that the President is the one who assigns a candidate from the largest bloc in the House of Representatives to form the new government In addition to their realization that the balance of power on the ground and in the region does not allow them to do so.
This visit alone may not produce a solution to the Iraqi crisis, or even a solution to all the outstanding problems between the “Al-Ekti” (the Union) and “Al-Parti” within the Kurdistan region, which are many files related to the sharing of power and natural resources in the region, especially oil and gas, which are being disposed of. With them, contrary to Iraqi law, it will create a new dynamic to approach the persistent differences between all Iraqi political forces on the basis of partnership, and not on the basis of monopolizing the rule and excluding the other party, as has been the case until now, as a result of the tripartite alliance’s adherence to the formation of what it calls a “national majority government.”
It may also open the door to forming a government that may not include everyone, but it does not exclude anyone, meaning that it includes all those who wish, and whoever wants to be outside of it has the right to do so.
In this context, the leader of the Democratic Party, Wafa Muhammad Karim, notes that “Barzani’s visit to Sulaymaniyah was not a visit from the party to other political blocs, but rather a visit to the presidency of the region, which is made up of the president and the vice president who belongs to the Union, and another deputy from the movement.” Change, and its main goal was to break the political stalemate that has been going on for three and a half months, especially between Al-Yakti and Al-Party, where dialogues between them will begin after the visit on many decisive points, and not only on the candidate for the presidency. There are military, legal, economic and even judicial challenges to the region.”
Karim considers that “the unification of the Kurdish ranks at this time is very important, and there will certainly be positives to this visit on the Iraqi political scene, but it will not be decisive in resolving all disputes, especially for the Shiite component, because the decisive solution to break the political blockage once and for all is in the Shiite house, not the house.” Kurdish.
For his part, the leader of the "Union", Ahmed Al-Harki, describes Barzani's visit as "important because it comes after months of estrangement between the two main Kurdish parties, and it dealt with many files, including the elections of the Kurdistan region, salaries, natural resources, and decentralization in the provinces, in addition to the most important file of in the Presidency of the Republic because of its interference with the selection of the Prime Minister. Al-Harki believes that “any breakthrough that comes from the Kurdish house will have positive effects to remedy the Iraqi political impasse, by creating a positive atmosphere that will generate momentum for the brothers in the coordination framework and the Sadrist movement,” adding that “all indications are that there will be consensus among the Kurds to nominate A personality for the presidency, which in turn will contribute to finding a solution to the ongoing political crisis since last October.
The Democrat's retraction comes after a similar move by the Speaker of Parliament, Muhammad al-Halbousi, the first representative of the "Sunni component", who recently visited Tehran, so that the insistence not to discuss the partnership government remains limited to the "Sadr movement" among the parties to the tripartite alliance.
Parliamentary meeting to discuss the Food Security Law before referring it to the second reading
The Parliamentary Finance Committee held, today, Tuesday, a meeting to discuss the Food Security Law before referring it to the second reading
And the Media Department of the House of Representatives stated in a brief statement received by Alsumaria News, that "the Parliamentary Finance Committee held a meeting to discuss the emergency support law for food security and development before referring it to the second reading.
A set of files awaiting Biden's tour in the Middle East
The US "Axios website" indicates that US President Joe Biden's visit to the Middle East, expected at the end of June, will include several important issues and stations, including the normalization of relations between Israel and some countries, and the holding of an Arab summit.
President Biden is planning to go to Saudi Arabia as part of his Middle East trip, as CNN first reported.
If the visit takes place, it will be Biden's first meeting with Mohammed bin Salman.
Several Arab sources confirmed, according to the Axios website, that "the trip will also include a summit with the leaders of Saudi Arabia, the Emirates, Bahrain, Oman, Qatar, Kuwait, Egypt, Jordan and Iraq."
The Biden administration plans to quietly play a mediating role between Saudi Arabia, Israel and Egypt regarding "negotiations that, if successful, could be a first step on the path to normalizing relations between Saudi Arabia and Israel," according to the site.
Five American and Israeli sources said, according to "Axios", that the agreement includes ending the transfer of two strategic islands in the Red Sea from Egyptian sovereignty to Saudi sovereignty.
What is important about this issue is that "if an arrangement is found, it will be a significant achievement of the Biden administration's foreign policy in the Middle East."
According to the sources, "The Biden administration believes that finalizing an arrangement can build trust between the parties and create an opening for warm relations between Israel and Saudi Arabia, which do not have formal diplomatic relations."
This would be the most significant US foreign policy achievement in the Middle East since the Ibrahim Accords, which were "brokered by the Trump administration and led to normalization agreements between Israel, the United Arab Emirates, Bahrain, and Morocco."
Saudi Arabia had supported the Ibrahim Accords but made it clear at the time that it would not normalize relations with Israel unless there was serious progress in the Israeli-Palestinian peace process.
Successful negotiations could also reduce tensions between the Biden administration and Saudi Arabia.
Biden once vowed to make Saudi Arabia a "pariah" and relations have been strained over a number of issues.
According to US and Israeli sources, the White House Middle East coordinator Brett McGurk is the key person to the Biden administration in the current mediation efforts.
His planned international trip comes as Washington works to ease tensions with Riyadh.
CBI Update: Just a note:
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