MUST-READS

• Saudi Arabia and the Bill & Melinda Gates Foundation Announce Landmark Push to Eradicate Polio and Lift Millions out of Poverty

  Saudi Arabia and the Bill & Melinda Gates Foundation today pledged to work together to help protect 370 million children annually from polio and lift millions out of poverty across 33 Islamic Development Bank (IsDB) member countries. To coordinate the implementation of the new partnership, the Bill & Melinda Gates Foundation will open a regional office in Riyadh.

• Saudi FM: Commitment to two-state solution only way to prevent Gaza war reoccurring

  Only a real commitment to a two-state solution to the Palestinian-Israeli conflict can prevent the war in Gaza from reoccurring, Saudi Foreign Minister Prince Faisal bin Farhan said on Sunday. “We in the region are not going to focus only on solving the crisis of the moment, we’re going to look at how we can solve the bigger problem in the context of Gaza. That is, a real commitment to a two-state solution, that is, a credible, irreversible path to a Palestinian state,” he told the World Economic Forum’s special meeting in Riyadh.

• Saudi, US top diplomats discuss Gaza crisis in Riyadh

  Saudi Foreign Minister Prince Faisal bin Farhan and US Secretary of State Antony Blinken discussed on Monday the importance of reaching an “immediate ceasefire” in the ongoing Gaza conflict as the Israeli threat of an operation in Rafah remains imminent. Prince Faisal met with Blinken in the Saudi capital Riyadh on the sidelines of joint talks between the US official and GCC foreign ministers.

• US Secretary of State to travel to Jordan, Israel after Saudi Arabia visit

  US Secretary of State Antony Blinken will visit Israel and Jordan on a trip through Wednesday, the State Department announced, after the US and Israeli leaders discussed hostage-release talks.

  Blinken will travel to both countries, a State Department official confirmed as the top US diplomat refuelled Sunday in Ireland on his way to a previously announced stop in Saudi Arabia.

• Tawaref Series: Saudi corporate annual operating costs explained

  After understanding the CapEx costs (hard costs and setup partner fees) involved in establishing a business in Saudi Arabia, the next important aspect to consider is the annual operating costs (OpEx). OpEx encompasses the ongoing operational expenses required to sustain a business in the country. This includes government fees, renewals, taxes, third-party costs, and other essential expenditures crucial for maintaining seamless business operations and preventing any unwelcome surprises.

• Saudi tourism grows 10% in Q1 2024: Minister

  Saudi Arabia witnessed a 10% year-on-year (YoY) increase in the number of tourists and a 17% YoY increase in tourist spending in Q1 2024, Al Arabiya reported, citing Saudi Minister of Tourism Ahmed Al-Khateeb.   Al-Khateeb expected the number of tourists to increase to 110 million and spending to rise to SAR 150 million by 2030, aligning with the new tourism projects in the Red Sea, NEOM’s opening of Sindalah Island by year-end, and the Diriyah project.

• Senior US, French officials in Middle East seeking to ease Gaza war
  French Foreign Minister Stephane Sejourne said on Monday talks on a ceasefire in Gaza were progressing as he joined U.S. Secretary of State Antony Blinken in Saudi Arabia on a diplomatic push to ease the war between Israel and Hamas.
  Sejourne was expected to hold talks in Riyadh with ministers of Arab and other Western countries as well as Palestinian Authority President Mahmoud Abbas.
  "Things are moving forward but you always have to be careful in these discussions and negotiations. The situation in Gaza is catastrophic and we need a ceasefire," Sejourne told Reuters on the sidelines of a World Economic Forum (WEF) meeting.

• Gulf States at the Venice Biennale: Balancing Social Transformation and Cultural Representation

  Inside the Saudi pavilion, larger-than-life, sand-colored circular panels rise from the floor stretching vertically to the ceiling. They recall the shape of the desert rose, which forms crystal-like clusters and grows in the arid desert landscape in Saudi Arabia’s Eastern Province, near where AlDowayan is from. Covering each panel are dozens of drawings and writings in Arabic and English professing statements such as “Let me be!”; “I am solidarity in the face of storms, I’m love in the face of dryness”; and “Thanks, we don’t need to be saved.”

• FIFA seals closer ties to Saudi Arabia with World Cup sponsor deal for oil firm Aramco

  FIFA deepened its ties to Saudi Arabia by confirming a sponsorship on Thursday with the kingdom’s state oil firm Aramco which made a profit of $121 billion last year. The deal was expected and became inevitable once Saudi Arabia was all but sealed last October as the 2034 host of the men’s World Cup. The deal through 2027 includes the men’s World Cup in 2026 co-hosted by the United States, Canada and Mexico and the 2027 Women’s World Cup. Hosts of that tournament will be decided next month in a three-candidate vote.

  • Finimize - Saudi Aramco Scores Big With FIFA: A Four-Year World Partnership
• Saudi fund PIF’s managed assets hit $749bln in 2023

  Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday. The kingdom's non-oil government revenue reached 457 billion riyals last year and non-oil activities accounted for 50% of real gross domestic product (GDP), SPA added. ($1 = 3.7505 riyals)

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