MUST-READS

• 15th Saudi aid plane for Ukrainians arrives in Poland

  A 15th Saudi plane carrying aid for the Ukrainian people has arrived at Poland’s Rzeszow Airport which is located near the Ukrainian border, Saudi Press Agency reported on Tuesday. The plane was carrying 70 tons of relief items, including electric generators and appliances. The aircraft was operated by the King Salman Humanitarian Aid and Relief Center, and will later cross the Polish border into Ukraine.

• French minister tours cultural highlights during Saudi visit

  Prince Badr bin Abdullah bin Farhan, Saudi Arabia’s culture minister, received his French counterpart Rachida Dati, who is currently on a visit to the Kingdom. Prince Badr commended the robust cultural relations between the Kingdom and France, emphasizing their recent development and the Saudi leadership’s commitment to further strengthening bilateral cultural connections.

• Russia, Saudi to continue OPEC+ cooperation
  Russian President Vladimir Putin and Saudi Crown Prince Mohammed Bin Salman yesterday expressed their willingness to continue developing friendly relations and cooperation between the two countries and coordination in OPEC+.
  The Kremlin said in a statement: “The two sides expressed their willingness to further develop friendly relations and mutually beneficial cooperation between the Russian Federation and the Kingdom of Saudi Arabia. The effectiveness of coordination between the two countries in OPEC+ was specifically emphasised.”

• Saudi Arabia: Enhanced IP Landscape with New Designs Law

  The amendments to Saudi Arabia’s intellectual property law are reflective of a broader strategic intent to cultivate an innovation-driven economy, aligning with Vision 2030 objectives. By extending the protection period and integrating with international standards, Saudi Arabia is positioning itself as a competitive jurisdiction for intellectual property within the global landscape. For businesses and IP professionals, these changes necessitate a reevaluation of intellectual property strategies, particularly in terms of portfolio management, international filings, and the financial planning of annuities. The extended protection period, in particular, offers a new dynamic in the calculation of the lifecycle value of designs, potentially altering investment and development strategies.

• LME plans to list Saudi port as a copper and zinc delivery point
  The London Metal Exchange (LME) plans to list Jeddah, a Saudi Arabian Red Sea port city, as a new delivery point for copper and zinc subject to consultation on a technical change to the LME's warehouse location framework, it said on Tuesday.
  The warehouses, registered with the LME, the world's largest and oldest metals trading venue, are usually located in areas of net metals consumption or top transit hubs such as Rotterdam.

• Saudi Aramco CEO says no peak in oil demand for some time to come

  Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, Nasser said. Despite growing investment, alternative energy has yet to displace hydrocarbons at scale, Nasser said. “All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said. Rising demand from developing economies could feed oil demand growth through 2045, he said.

• Oil Markets Steady Despite Growing Insecurity in the Middle East

  The oil market has been relatively stable despite the geopolitical storm in the Middle East engendered by the war in Gaza and the disruption of maritime traffic in the Red Sea by the Houthis in Yemen. Oil prices have traded either side of $80 per barrel even since a number of OPEC+ plus producers, led by Saudi Arabia, said in early March that they would extend oil production cuts totaling 2.2 million barrels per day until midyear.

• Biden asks Israel PM to send team to discuss alternatives to Rafah invasion

  “Today, President Biden asked the Prime Minister to send a senior interagency team… to Washington in the coming days to hear U.S. concerns about Israel's current Rafah planning and to lay out an alternative approach that would target key Hamas elements in Rafah and secure the Egypt/Gaza border without a major ground invasion,” Sullivan told journalists at the White House briefing today (March 18), following the first Biden/Netanyahu call in a month.

• Foreign investors to be treated as Saudis under Nitaqat

  The Saudi Ministry of Human Resources and Social Development has approved the classification of foreign investors (owners of private establishments) as Saudis under the Nitaqat Saudization program. This is one of the provisions for the classification of categories of people who will be treated equal to Saudis while calculating the percentage of Saudization, according to the Qiwa platform affiliated with the ministry, Okaz/Saudi Gazette has learnt.

• Saudis Tackle How to Pay for Vision 2030

  Saudi Arabia is embarking on an unrivaled spending spree on everything from mega projects to sports and technology in a bid to prepare for a post-oil future. It appears the country is only just getting started, with annual deployment of capital by the powerful sovereign wealth fund set to hit $70 billion a year from 2025. But even the giant petrostate has limits to what it can afford and that’s prompting the Public Investment Fund, the government and local banks to look for new ways to raise money.

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