MUST-READS

• Saudi Arabia Hits Milestone In Shift Away From Oil Economy

  Government data released last month shows the real GDP growth rate for non-oil activities at about 4.4%, valuing the sector at about 1.7 trillion Saudi riyals (around $453 billion). This puts the kingdom on course to meet the objectives set out in Vision 2030, its broad program of policies and reforms, which holds economic diversification as one of its core objectives.

• A new era in Saudi law: The introduction of the Civil Code

  The Civil Code is expected to provide more certainty on the contractual rights and obligations of businesses operating in the region whose civil transactions have until now mostly been governed by uncodified Sharia legal principles. The introduction of the Civil Code is also likely to encourage a more uniform application of the law by the Saudi courts.

• Iran vows revenge as it accuses Israel of deadly airstrike on Syria consulate in deepening Middle East crisis

  Iran has vowed to retaliate after it accused Israel of bombing its embassy complex in Syria on Monday, in a deadly escalation of regional tensions over the war in Gaza that once again appeared to raise the risk of a wider Middle Eastern conflict. The airstrike destroyed the consulate building in the capital Damascus, killing at least seven officials including Mohammed Reza Zahedi, a top commander in Iran’s elite Revolutionary Guards (IRGC), and senior commander Mohammad Hadi Haji Rahimi, according to Iran’s Foreign Ministry. At least six Syrian citizens were also killed, Iranian state television reported on Tuesday.

• How Europe’s energy crisis boosted fracking prospects in the Middle East

  Renewed interest in fracking for gas in the MENA region is being driven by two key factors: the accelerating energy transition and the need for new cleaner forms of energy, and Europe’s need to diversify its gas supply following Russia’s invasion of Ukraine. With respect to the first reason, gas offers oil exporters in the MENA region the prospect of continuing to generate export revenue by producing a fuel that is less carbon-intensive than coal or oil, and still considered a ‘transition fuel’, before lower-carbon energy options are adopted in some policy circles.

• Israel’s finance minister vetoes purchase of US fighter jets

  He added: “The Defence Ministry’s expectations to receive a blank check for huge amounts, which have enormous consequences for the economy, and the quality of life of Israel’s citizens, without any critical thinking, brainstorming, professional, public and government discussion, is neither legitimate nor realistic.”

• Gaza: Video shows World Central Kitchen vehicles destroyed in air strike

  Seven aid workers, from countries including the UK, Poland and Australia, have been killed in an air strike in Gaza. Footage from the attack site shows two badly damaged vehicles, one of them with a with a large hole on the roof. US-based food charity World Central Kitchen (WCK), said the workers were traveling in two armoured cars marked with the WCK logo and another vehicle.

• Path of Least Cost: Assuaging Public Protests in Jordan

  The Jordanian government is in a quandary over how to maintain a public posture of criticizing Israel’s conduct of the war while remaining on good terms with the United States—Jordan’s largest aid provider—and holding on to what has always been a cold peace with Israel. In January, Deputy Prime Minister and Foreign Minister Ayman Safadi was among a rare few Arab officials who publicly supported South Africa’s case of genocide against Israel at the International Court of Justice (ICJ). Last November, Safadi announced that Jordan would not sign an energy-for-water agreement with Israel, and the government withdrew its ambassador from Tel Aviv in protest of the Israeli war on Gaza.

• Fears Grow That Syria Strike Could Spur Retaliatory Attacks on Israel and U.S.

  “The strike yesterday is a significant escalation and risks tipping an already volatile, unstable region into full-scale war,” said Dana Stroul, formerly the Pentagon’s top Middle East policy official who is now at the Washington Institute for Near East Policy. “This is the Israeli version of the U.S. strike on Qassim Suleimani,” she said, referring to the former longtime leader of the Quds Force, who was killed by an American drone strike near the Baghdad airport in 2020. Image

• Saudi Arabia banks embark on record bond binge for mega-projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

• Kingdom Invests $2.3 Bn to Boost Private Sector Saudi Employment

  Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability. This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023. The Fund reported Monday that about 1.9 million Saudis benefited from its services and products last year. Over 120,000 establishments across the Kingdom benefited, with 89% falling into the medium, small, and micro-enterprise categories.

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