MUST-READS

• BlackRock to launch Saudi investment firm after $5bn deal with Riyadh

  BlackRock has struck a deal with the Saudi Arabian government to open a multi-class investment firm in Riyadh, anchored by a $5bn mandate from the kingdom’s Public Investment Fund. BlackRock Riyadh Investment Management will be a wholly owned subsidiary of the $10.5tn US asset manager. Riyadh-based professionals will manage funds that invest primarily in Saudi Arabia but also the rest of the Middle East and north Africa. The goal is to attract additional overseas capital to Saudi Arabia and deepen its capital markets through a range of investment funds managed by BlackRock.

• Saudi Arabia will ‘downscale’ some Vision 2030 projects like Neom amid ‘challenges,’ minister says

  Officials said in a press release that the credit line will support Neom's short-term financing requirements, including the development of Trojena, The Line, and the luxury island destination Sindalah. Neom's CEO, Nadhmi Al-Nasr, said: "This new credit facility, backed by Saudi Arabia's leading financial institutions, is a natural fit within our wider strategy for funding. We continue to explore a variety of funding sources as we deliver transformational infrastructure assets while supporting the wider Vision 2030 program."

• Saudi Film Festival 2024 unveils its celebration of cinema

  The Saudi Film Festival has unveiled exciting details about its upcoming tenth edition, which will take place from 2 to 9 May. The event has been organised by the Cinema Association and King Abdulaziz Center for World Culture (Ithra) and looks set to be a showstopper. Saudi Film Festival 2024 takes place at Ithra Center in Dharan, Dammam. This year’s edition will showcase the best of Saudi and international cinema — with a special focus on Science Fiction Cinema.

• Judge dismisses lawsuit against Saudi Arabia over 2019 Navy station attack

  A Florida judge has dismissed a lawsuit against Saudi Arabia over a 2019 mass shooting at the Pensacola Naval Air Station that killed three US service members and wounded several others.

  U.S, District Judge M. Casey Rodgers ruled last month that Saudi Arabia is protected from the lawsuit under the Foreign Sovereign Immunities Act, which limits court actions against foreign governments. The plaintiffs, who are relatives of those killed and wounded, are planning an appeal.

• Saudi Arabia And EU Forge Energy Cooperation At World Economic Forum

  During the World Economic Forum held in Riyadh, HRH the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman Al Saud, engaged in bilateral discussions with European Commissioner for Energy, Kadri Simson. The focus of their meetings revolved around enhancing energy and clean technology cooperation to fortify bilateral relations and advance the objectives set forth by the Paris Agreement and the outcomes of the UAE Consensus reached at COP28 in Dubai the previous year.

• Uganda to get $295m loan from Saudi’s Islamic Development Bank

  The money will finance construction of a bridge crossing the River Nile in northwest Uganda and roads totalling 105 kilometres, according to the ministry.

• Videos: Saudi Arabia hit by heavy rains, widespread flooding reported, more rains forecast in Medina

  Heavy rains and thunderstorms have lashed Saudi Arabia over the past 24 hours, causing widespread flooding and significant damage.

  Amidst the downpour, visitors at the Prophet’s Mosque in Medina were seen enjoying the rain and engaging in prayer, embracing this natural occurrence with a sense of reverence.

• Racing against time, US seen putting final touches on Saudi-Israeli normalisation deal

  The United States is nearly ready with a security package to offer Saudi Arabia if it normalises relations with Israel, US Secretary of State Antony Blinken said Monday, as he worked on a strategic deal, including a Palestinian state, that could change the landscape in the Middle East. Blinken visited the kingdom on his seventh trip to the region since the October 7 Hamas attack on Israel, which has responded with a relentless offensive in Gaza that has drawn vehement criticism around the world.

• Blinken, Saudi crown prince discuss achieving peace, security in Gaza, US says

  U.S. Secretary of State Antony Blinken met with Saudi Crown Prince Mohammed bin Salman on Monday in Riyadh, where they discussed the urgent need to reduce tensions in the region, the U.S. Department of State said in a statement.

• BlackRock signs agreement with PIF to accelerate growth of capital markets in Saudi Arabia by launching a Riyadh-based multi-asset investment management platform
  BlackRock Saudi Arabia and PIF have expressed the intention to establish BlackRock Riyadh Investment Management (BRIM), which will encompass investment strategies across a range of asset classes, all of which are expected to be managed by a Riyadh-based portfolio management team and supported by BlackRock’s industry-leading global asset management platform.
  PIF is playing a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as driving global economies and shaping the future of industries. Locally since 2017, PIF has created 94 new companies and created over 644,000 direct and indirect jobs.

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