MUST-READS

• Prince Faisal: Saudi Arabia is more optimistic about regional stability and security

  Foreign Minister Prince Faisal bin Farhan said that Saudi Arabia is more optimistic about the stability and security of the countries in the region. He said that the Kingdom’s vision pushes towards the development, reconstruction and stability of the region and not toward unrest. The minister made the remarks while speaking to Al-Arabiya/Al-Hadath on the sidelines of the first high-level EU-GCC Forum on Regional Security and Cooperation held in Luxembourg.

• Saudi Arabia arrests over 20,000 violators of residency, labour and border security laws in a week
  The Saudi Ministry of Interior said that 20,667 individuals were arrested for residency, labour, and border security violations in a nationwide sweep from April 4 to 10.
  Of them, 14,805 have been arrested for residency violations, 3,860 for border breaches and 2,002 for labour violations.

• Electronic security supports e-commerce growth in KSA: American Express

  The regulation of e-commerce and the strong electronic security pushed the e-commerce growth rate higher in Saudi Arabia, Al Eqtisadiah newspaper reported, citing Fahad Al Guthami, CEO of American Express Saudi Arabia. He added that the company recorded a 62% rise in local e-commerce sales during 2023, noting that the number of e-commerce transactions also leapt by 41% during the same year. Digital transformation opened the way for medium and small-sized enterprises as well as emerging companies to keep pace with this development, Al Guthami said.

• Saudi Exchange Welcomes 400th Listed Security

  Speaking on the occasion, Nasser Al Ajaji, Chief of Listing, said, “The 400th listed security on the Saudi Exchange marks a significant milestone and is a clear testament to the Kingdom’s dynamic capital market and its growing appeal to investors globally. In only 16 years, the Saudi Exchange has grown rapidly to rank among the top ten stock exchanges in the world. These achievements are more than just a number; they are symbolic of the economic diversity and growth spurred by Saudi Arabia’s Vision 2030, the Financial Sector Development Program, and the support of the CMA to accelerate the IPO pipeline. All of this reflects the potential we are poised to realize.”

• US national security adviser to travel to Saudi Arabia for talks with crown prince

  White House National Security Adviser Jake Sullivan plans to travel to Saudi Arabia this week for talks with Crown Prince Mohammed bin Salman amid a US push for progress toward normalizing relations between Israel and the Gulf kingdom. Talks on normalization were put on ice in the immediate aftermath of the October 7 attack by Palestinian Hamas terrorists on southern Israel and Israel’s subsequent war against Hamas in Gaza, but conversations have resumed in recent months.

• Gulf Cooperation Council unveils vision for regional security in Saudi capital

  The vision highlights the coordination of positions among the GCC countries towards regional and international issues and the member states' unified and common positions based on the GCC charter and the principles of international law that govern relations between states. It also emphasizes that, in line with the GCC charter and within the framework of the joint defense agreement, the security of each GCC state is interconnected, especially in light of the instability witnessed by the region and the world.

• Saudi Exchange Marks A Milestone With Its 400th Listed Security

  Since its establishment 16 years ago, the Saudi Exchange has quickly grown to become one of the top ten largest in the world, the third largest amongst emerging market peers, and the largest exchange in the MENA region. The Saudi Exchange also consistently ranks in the top ten exchanges globally for IPO proceeds and accounted for over 70% of GCC IPOs in 2023. With a substantial SAR 11.9 billion ($3.2 billion) raised through IPOs on the Main Market in 2023, the Saudi Exchange has firmly established itself as a significant contributor to the global IPO landscape, a key driver of its continued growth in scope and scale. In 2023, furthermore, the Tadawul All Share Index grew by 14.2%, outpacing the 9.8% growth of the benchmark MSCI Emerging Market Index.

• Saudi Arabia’s $1.4bn financing to boost Bangladesh’s energy security

  A recently signed agreement on a Saudi financing loan for the Bangladesh Petroleum Corp. was expected to boost the South Asian economy’s energy security and reduce pressure on its dollar reserves. The International Islamic Trade Finance Corp., a division of the Islamic Development Bank, finalized on March 25 a financing deal with the Bangladeshi government to provide $1.4 billion to the Bangladesh Petroleum Corp.

• PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

  The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab. Saudi Information Technology Co., also known as SITE, will hold a 75 percent stake in the local joint venture to be set up in the Kingdom, with the East Asian-based company holding the remaining 25 percent, according to a press release. The new entity is expected to be launched during the first half of 2024, subject to customary regulatory approvals and the fulfillment of certain commercial conditions, it added.

• Iran alerted Russia to security threat before Moscow attack
  Iran tipped off Russia about the possibility of a major "terrorist operation" on its soil ahead of the concert hall massacre near Moscow last month, three sources familiar with the matter said.
  In the deadliest attack inside Russia in 20 years, gunmen opened fire with automatic weapons at concertgoers on March 22 at the Crocus City Hall, killing at least 144 people in violence claimed by the Islamic State militant group.

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