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Sudan Govt Reverses Decision to Raise Price of Cooking Gas

Protesters hold flags and chant slogans as they march against the Sudanese military's recent seizure of power and ousting of the civilian government, in the streets of the capital Khartoum, Sudan October 30, 2021. (Reuters)
Protesters hold flags and chant slogans as they march against the Sudanese military's recent seizure of power and ousting of the civilian government, in the streets of the capital Khartoum, Sudan October 30, 2021. (Reuters)
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Sudan Govt Reverses Decision to Raise Price of Cooking Gas

Protesters hold flags and chant slogans as they march against the Sudanese military's recent seizure of power and ousting of the civilian government, in the streets of the capital Khartoum, Sudan October 30, 2021. (Reuters)
Protesters hold flags and chant slogans as they march against the Sudanese military's recent seizure of power and ousting of the civilian government, in the streets of the capital Khartoum, Sudan October 30, 2021. (Reuters)

The Sudanese government reversed on Sunday a decision to raise the price of cooking gas only a few hours after announcing the hike.

In a statement reported by Sudan’s official news agency SUNA, the Ministry of Energy and Oil announced a new rise in cooking gas prices for the second time this month.

However, it announced it was reversing the decision later that day, in line with directives issued by the Transitional Sovereign Council and the Finance Ministry.

The transitional government had launched in 2020 tough economic reforms backed by the World Bank.

They include lifting subsidies on fuel, canceling the customs dollar exchange rate and increasing the cost of electricity, but it kept a reasonable gas subsidy, Sudan Tribune reported.

Regular protests have rocked the northeast African country since army chief Abdel Fattah al-Burhan led a military takeover in October, sparking international condemnation.

The move derailed a transition painstakingly negotiated between military and civilian leaders following the 2019 ouster of president Omar al-Bashir.

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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.