MUST-READS

• Saudi economy witnessing a fundamental shift, says minister

  Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to promote sustainable development since the launching of the Vision 2030 plan. He said the Kingdom’s efforts to diversify its economy have led to the creation of new sectors due to the initiation of several megaprojects such as NEOM, the Red Sea, and others

• GCC’s project awards jump 20% to $45b despite geopolitical headwinds

  The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest forecast that slashed GCC economic growth forecast for 2024 to 2.4 per cent from its previous forecast of 3.7 per cent, Kamco said in its study titled ”GCC Projects Market Update: Q1-2024. Saudi Arabia accounted for more than half of the contracts awarded in the region during the quarter with aggregate awards of $23.5 billion against $19.1 billion in Q1-2023, shrugging off underwhelming GDP growth projections by the IMF and continuing its strong non-oil growth rate run.

• UAE economy set to expand at ‘fastest clip’ in GCC

  Buoyed by strong performance in non-oil sectors, the UAE economy is on track to expand at the fastest clip in the region while Saudi Arabia will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks. The UAE's economy, expected to show strong performance in non-oil sectors, was forecast to expand 4.0 per cent in 2024, an upgrade from 3.8 per cent in January's poll, according to a Reuter’s poll. With oil prices not expected to rise significantly this year, economists now predict weaker growth for Saudi Arabia's oil-dependent economy. The latest Reuters poll forecast that the Saudi economy would expand 1.9 per cent in 2024, down from 3.0 per cent in a January poll.

• Oil price could exceed $100 a barrel if Middle East conflict worsens, World Bank warns

  A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse the recent downward trend in global inflation, the World Bank has said.

  The Washington-based institution said the recent fall in commodity prices had been levelling off even before the recent missile strikes by Iran and Israel – making interest rate decisions for central banks tougher.

  But it added that its forecast that crude prices would average $84 a barrel this year would prove too optimistic in the event of the crisis worsening.

• U.S. and 17 Other Nations Call on Hamas to Release Hostages

  President Biden and the leaders of 17 other nations called on Hamas on Thursday to release all of the hostages seized during its Oct. 7 terrorist attack on Israel, an effort to raise international pressure on the group’s leader in Gaza to agree to a U.S.-brokered deal.

• Perspective: U.S. Fixation on Nuclear Deal Let Iran Loose on the Middle East

  Early in the process, there was a clear imbalance between Washington’s perception and Tehran’s. Washington thought that engaging Iran on the nuclear file would curb the latter’s destabilizing potential in the region, and this assumption motivated the signing of an initial nuclear agreement with Iran in 2013. But Iran celebrated the agreement as a political victory and otherwise carried on. Despite this, the Obama administration pressed on in pursuit of a wider nuclear deal, and in 2015 managed to secure the signing of the Joint Comprehensive Plan of Action (JCPOA).

• Biden names new special envoy for Middle East humanitarian issues
  U.S. President Joe Biden on Thursday appointed Lise Grande as the new special envoy for Middle East humanitarian issues, the State Department said in a statement.
  Grande, who replaces David Satterfield, is currently head of the independent U.S. Institute of Peace. She previously worked for the United Nations for more than 25 years, a career that included running aid operations in Yemen, Iraq and South Sudan.

• US State Dept’s Middle East spox resigns over Gaza policy

  The U.S. State Department's spokeswoman for Middle East and North Africa announced her resignation on Thursday, in protest of Washington's policies regarding the Gaza Strip, amid Israel's atrocities. "I resigned April 2024 after 18 years of distinguished service in opposition to the United States’ Gaza policy. Diplomacy, not arms. Be a force for peace and unity,” Hala Rharrit wrote in a LinkedIn post, according to Al Arabiya.

• Book Review: The Conflicts Shaping the Middle East

  The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts in the Middle East.  The author takes an ambitious approach to explaining these conflicts, trying to pack in a great deal of information into ten chapters that describe the conflicts and countries involved.

• Opinion: By cracking down on the Gaza protests, US universities are betraying their core mission

  Huge coalitions of US students have united against Israel’s rampage that has targeted not just Hamas but Gaza society generally, damaged or destroyed the vast majority of buildings, and killed at least 35,000 Palestinians, mainly civilians. The slaughter has been shocking, even given the vicious savagery of the October 7 attack.

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