WASHINGTON: US Secretary of State Mike Pompeo on Monday expressed confidence that trade talks between the United States and China will not be affected by the end of Iran oil waivers this week.
Pompeo warned countries and companies that it would be a costly mistake to violate US sanctions by importing Iranian oil after Wednesday, when the waivers for eight importers end.
China, India and Turkey are among Iran’s largest oil importers that were granted waivers from US sanctions to allow them time to find alternative supplies.
“We have had lots of talks with China about this issue,” Pompeo said at a newsmaker event by The Hill news outlet. “I’m confident that the trade talks will continue and run their natural course.”
His comments come as US Treasury Secretary Steven Mnuchin heads to Beijing and said he hopes the two economic powerhouses can finalize a trade deal with two more rounds of talks left. .
Pompeo said the United States had worked to find alternative oil supplies to ensure the global oil market is well stocked as oil purchases from Iran are cut.
“We are convinced we can make sure the markets are adequately supplied. We are continuing to work on that,” he said.
“Companies that choose to violate the sanctions ... we will pursue and we will ensure they are held accountable for the violations they engage in,” he said.
Trump administration official said on Friday that neither a wind-down period nor a short-term waiver on China’s oil purchases are being considered.
Under US sanctions law, importers of Iranian oil including China, India and Turkey, could be allowed a wind-down period before getting to zero oil purchases, including a short-term waiver. Any wind-down measures would be different than the 180 day exceptions the Trump administration granted in November to China and seven other importers for significantly reducing oil purchases from Iran, measures set to end in May.
The United States reimposed sanctions in November on exports of Iranian oil after US President Donald Trump last spring unilaterally pulled out of a 2015 accord between Iran and six world powers to curb Tehran’s nuclear program.
Pompeo ‘confident’ China trade talks will not be hurt over Iran oil sanctions
Pompeo ‘confident’ China trade talks will not be hurt over Iran oil sanctions
- Pompeo warned countries and companies that it would be a costly mistake to violate US sanctions by importing Iranian oil after Wednesday
- China, India and Turkey are among Iran’s largest oil importers that were granted waivers from US sanctions
Diriyah Co. partners with Midad to develop Four Seasons hotel in Diriyah
RIYADH: Saudi Arabia’s sovereign wealth fund-backed developer, Diriyah Co., has signed a joint development agreement with Midad Real Estate Investment and Development Co. to construct the Four Seasons Diriyah Hotel and private residences.
The partnership will strengthen collaboration between the two companies through the development of the luxury Four Seasons Diriyah, which will feature 159 rooms, alongside private Four Seasons residences, spanning approximately 235,000 sq. meters within Diriyah’s master plan.
The project’s total value is projected at SR3.1 billion (approximately $827 million), encompassing both land acquisition and construction expenses.
Midad is one of the Kingdom’s leading real estate developers, expanding its portfolio of high-end projects and maintaining numerous strategic partnerships with prominent global brands, reinforcing its reputation as a trusted name in luxury residential and hospitality development across Saudi Arabia.
This partnership marks the first major collaboration between Diriyah Co. and Midad, supporting Diriyah’s plans to develop 40 luxury hotels across its two main projects: the 14-sq.-km Diriyah Project and the 62-sq.-km Wadi Safar Project, a premium destination that blends lifestyle, culture, and entertainment.
Commenting on the agreement, Minister of Tourism and Secretary-General of Diriyah Co., Ahmad Al-Khatib, said: “The Kingdom continues to set new standards in developing tourism destinations, with Diriyah at the forefront.”
He added that such partnerships enhance the world-class experiences Saudi Arabia offers and strengthen the Kingdom’s position as a leading destination in this sector.
Diriyah Co. CEO Jerry Inzerillo commented that the Four Seasons Diriyah Hotel and Residences will be one of the Kingdom’s largest luxury hotels.
“We are proud to announce this joint development with Midad, one of Saudi Arabia’s top real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to contribute to Diriyah’s transformative journey and confirms Midad’s confidence in the opportunities the project presents,” Inzerillo added.
Midad CEO Abdelilah bin Mohammed Al-Aiban said: “This project is a pivotal milestone for our company, allowing us to bring the Four Seasons experience to one of the Kingdom’s most prominent heritage destinations.”
He added: “We are excited to deliver a project that embodies design excellence, world-class service, and sustainable value, while contributing meaningfully to Saudi Arabia’s tourism, cultural, and economic ambitions.”
The collaboration comes amid rapid progress on the SR236 billion Diriyah project, which has awarded construction contracts worth more than SR101.25 billion to date.
Diriyah is expected to contribute approximately SR70 billion directly to the Kingdom’s gross domestic product, create more than 180,000 jobs, accommodate 100,000 residents, and host around 50 million annual visitors.
The development will feature contemporary office spaces accommodating tens of thousands of professionals across technology, media, arts, and education, complemented by museums, retail destinations, a university, an opera house, and the Diriyah Arena.
It will also offer a diverse selection of restaurants and cafes, alongside nearly 40 world-class resorts and hotels distributed across its two primary master plans.
