MUST-READS

• Riyadh’s multi-billion EV dream risks crashing into reality

  Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry. As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant.

• World’s Most Ambitious Trade Route Stalls in Middle East Turmoil

  A far-reaching plan to channel Europe-Asia trade through the Middle East is at risk of stalling before it even gets started. The Israel-Hamas war has halted progress on what’s known as the India-Middle East-Europe Economic Corridor — a project touted last year by Washington and key allies that envisages building new rail links across the Arabian peninsula. As Houthi attacks disrupt Red Sea shipping and turmoil spreads across the region, IMEC is effectively on ice. That’s a setback for US strategy, because the plan served multiple purposes – to counter China’s Belt and Road infrastructure program, build influence in the so-called “Global South,” and speed up the hoped-for rapprochement between Israel and Saudi Arabia.

• Saudi Arabia’s Wealth Fund PIF Joins EM Rush to Tap Dollar Bond Market

  Saudi Arabia’s sovereign wealth fund raised $5 billion of high-grade bonds on Monday, the latest borrower to benefit from investors’ demand for emerging-market debt. The Public Investment Fund sold five-, 10- and 30-year senior unsecured notes in US dollars, according to a person familiar with the matter. Combined order books were above $27 billion, excluding joint lead managers’ interest, said the person, who asked not to be identified because they’re not authorized to speak about it.

• Saudi’s SABIC gives go-ahead for $6.4 bln China petrochemical plant
  Saudi Basic Industries Corp (SABIC) (2010.SE), opens new tab will go ahead with building a petrochemical complex in southeastern China's Fujian province, the company said in an exchange filing on Sunday, shoring up Saudi ties with China, the world's top oil importer.
  The project, expected to cost around $6.4 billion, will be developed in a joint venture with state-owned Fujian Fuhua Gulei Petrochemical.
  First proposed in 2018, the joint venture marks the latest in a series of tie-ups between Saudi firms and Chinese refiners.

• Saudi Arabia won’t recognize Israel without a path to a Palestinian state, top diplomat says

  Saudi Arabia’s top diplomat said the kingdom will not normalize relations with Israel or contribute to Gaza’s reconstruction without a credible path to a Palestinian state — a nonstarter for Israel’s government. Prince Faisal bin Farhan’s remarks in an interview with CNN broadcast late Sunday were some of the most direct yet from Saudi officials. Israeli Prime Minister Benjamin Netanyahu — who faces mounting domestic pressure over the plight of Israeli hostages, including an angry protest inside a parliamentary committee meeting on Monday — has rejected Palestinian statehood and described plans for open-ended military control over Gaza.

• U.S., Arab Allies Push Hostage-Release Plan Aimed at Ending Israel-Hamas War

  The U.S., Egypt and Qatar are pushing Israel and Hamas to join a phased diplomatic process that would start with a release of hostages and, eventually, lead to a withdrawal of Israeli forces and an end to the war in Gaza, diplomats involved in mediating the talks said.

  Taher Al-Nono, a media adviser to Hamas, said there was no real progress. After The Wall Street Journal’s report, Israeli Prime Minister Benjamin Netanyahu said on Sunday that he rejected Hamas’s demands because they included an end to the war.

• Israeli forces storm hospital as Khan Younis hit by bloodiest fighting of 2024
   Israeli forces, advancing deep into western Khan Younis in Gaza's bloodiest fighting of the new year so far, stormed one hospital and placed another under siege on Monday, cutting the wounded off from trauma care, Palestinian officials said.
  Troops advanced for the first time into the al-Mawasi district near the Mediterranean Coast, west of Khan Younis, the main city in southern Gaza. There, they stormed the Al-Khair hospital and were arresting medical staff, Gaza health ministry spokesman Ashraf al Qidra told Reuters.

• How Saudi Arabia is reshaping transportation infrastructure amid climate change challenges

  A 2022 report by the King Abdullah Petroleum Studies and Research Center, titled “Mitigating Transportation Emissions in Saudi Arabia,” revealed that the transportation sector accounts for 33.33 percent of global energy consumption, ranking second only to the industrial sector.

• New regulations to control quantities of special goods; beverages for foreign embassies in Saudi Arabia

  In a step which aims to counter “improper exchange of special goods and alcoholic beverages received by the embassies of Non-Muslim countries inside Saudi Arabia”, Arab News has obtained information of a new regularity framework to be implemented — in accordance with the Vienna Convention On Diplomatic Relations 1961 — to curb the uncontrolled importing of these special goods and liquors within the diplomatic consignments.

• The Saudi Pro League gains steam: an update on the latest on Saudi Arabia’s football ambitions

  An update on the Saudi Pro League and the latest news and developments for #football in Saudi Arabia heading into key portion of season. The 966 hosts discuss some developments with #PIF's investments into the sport and the planned upcoming match between #Ronaldo and #Messi in the Kingdom.

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