MUST-READS

• International firms rush for local licences as Saudi Arabia amends Code of Law Practice

  The changes, which were first published in June and came into effect in December, require foreign law firms to obtain their own licence to operate as a branch office or as a joint venture with local lawyers, with the latter needing to own at least 25 per cent of the partnership.

  Additionally, two partners from the law firm must live in Saudi Arabia for a minimum of 180 days a year, while 50 per cent of the firm’s lawyers in the country must be Saudi nationals.

• Saudi model Amira Al-Zuhair walks for Maison Alaia in Paris  

  Saudi model Amira Al-Zuhair this week graced the Maison Alaia runway, showcasing the brand’s Summer/Fall 2024 collection at Paris Fashion Week.

• Analysis: Were the Saudis Right About the Houthis After All?

  Informed Americans finally seem to understand that the macabre slogan of Yemen’s Houthi militia group—“God is the greatest, death to America, death to Israel, a curse upon the Jews, victory to Islam”—is more than empty rhetoric. The Houthis are a potent Iranian proxy group, and their slogan, adapted from Iranian revolutionary propaganda, is being made manifest in action. They’ve attacked Red Sea shipping lanes more than 30 times since October 17, under the implausible pretext of aiding Hamas and protesting Israeli military actions in Gaza.

• Saudi Arabia to get first alcohol shop in more than 70 years

  Saudi Arabia has said it will open a shop in Riyadh selling alcohol to a select band of non-Muslim expats, the first to open in more than 70 years. The clientele will be limited to diplomatic staff, who have for years imported booze in sealed official packages known as diplomatic pouches. Saudi officials said the shop would counter "the illicit trade of alcohol". Prohibition has been law since 1952, after one of King Abdulaziz's sons drunkenly shot dead a British diplomat.

• Saudi trailblazer Yara Alhogbani handed Mubadala Abu Dhabi Open qualifier wildcard

  The second edition of the Mubadala Abu Dhabi Open will take place February 3-11 at Zayed Sports City's International Tennis Centre, and 10 of the world's top 20 have been confirmed for the WTA 500 tournament, including Kazakh world No 3 Elena Rybakina, Tunisia's sixth-ranked Ons Jabeur and Geece's world No 8 Maria Sakkari. Further star power was added to the field in the form of Japan's four-time Grand Slam champion Naomi Osaka and former US Open winner Emma Raducanu of Great Britain after both players received wildcards.

• Saudi Arabia prepares to open first alcohol store for diplomats
  Saudi Arabia is preparing to open its first alcohol store in the capital Riyadh which will serve exclusively non-Muslim diplomats, a source familiar with the plans and a document showed on Wednesday.
  Customers will have to register via a mobile app, get a clearance code from the foreign ministry, and respect monthly quotas with their purchases, the document said.
  The move is a milestone in the kingdom's efforts, led by Saudi Crown Prince Mohammed bin Salman, to open the ultra-conservative Muslim country for tourism and business as drinking alcohol is forbidden in Islam.

• Israel hits Khan Younis amid talks on one-month Gaza truce
  Israel and Hamas have made some progress toward agreement on a 30-day ceasefire in Gaza when Israeli hostages and Palestinian prisoners would be released, sources told Reuters, as Israel pressed ahead with its assault on southern Gaza's main city.
  Qatar, the U.S. and Egypt have for weeks shuttled between Israel and the militant group that runs Gaza trying to broker terms for a break in fighting, which would also allow in more food and medical supplies.

• Saudi superstar Mishaal Tamer is set to wow crowds in Riyadh

  Mishaal Tamer’s journey took an unexpected turn when he became the first Saudi student at the prestigious Clive Davis Institute of Recorded Music in New York. Using his Xbox and guitar, he started anonymously uploading clips onto the internet, some of which went viral overnight. This digital success caught the attention of major record labels, who eventually signed with him. Brands like Bulgari recognised his talent, featuring him in various campaigns.

• How to invest in Saudi Arabia stock market – all you need to know

  There are several ways one can invest in the stock markets in the country and increase their wealth over the years of residency – Equities, Sukuk & Bonds, Exchange-Traded Funds (ETFs), Real Estate Investment Trusts (REITs), Close-End Investment Funds (CEFs) and Derivatives.

• Iran’s ‘brazen’ strikes around the Middle East send a message to Israel and the U.S., analysts say

  “While incitement against Israel is nothing new, its recent launch against ISIS in Syria of a solid-propellant medium-range ballistic missile capable of striking Israel from Iranian territory was a historic first and a message to the Jewish state,” Behnam Ben Taleblu,  senior fellow at the Foundation for Defense of Democracies think tank in Washington D.C.

  “Highlighting military power in the hopes of deterring adversaries has grown in importance for the regime as wars widen across the region.”

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