MUST-READS

• Saudi Arabia’s Diriyah reveals plans for 20,000-seat arena

  Situated within Diriyah’s The City of Earth, The Arena aims to be the Middle East’s premier venue for sports, entertainment and cultural events. Its versatile design, inspired by local geology and traditional Najdi architecture, seamlessly integrates centuries of heritage with cutting-edge technology. This venue will serve as a tourism and cultural landmark. It will also attract international and local tourists, and significantly enrich the region’s events landscape.

• Saudis bet on African minerals for green transition

  Riyadh aims to drastically expand its domestic mining sector but acknowledges that even with the potential riches under its soil — $2.5 trillion by its own estimation — it can only access certain minerals at home. So, as a top Saudi official told Semafor in an interview from the kingdom’s capital, it plans to invest abroad, fashioning itself as a hub for refining, processing, and manufacturing based on raw minerals mined abroad. And its priorities include addressing a shortage of infrastructure in African countries rich in critical minerals.

• Top Democrat Schumer calls for new elections in Israel, saying Netanyahu is an obstacle to peace

  Schumer, the first Jewish majority leader in the Senate and the highest-ranking Jewish official in the U.S., strongly criticized Netanyahu in a 40-minute speech Thursday morning on the Senate floor. Schumer said the prime minister has put himself in a coalition of far-right extremists and “as a result, he has been too willing to tolerate the civilian toll in Gaza, which is pushing support for Israel worldwide to historic lows.”

• Why Chuck Schumer’s Break With Netanyahu Seems Like a Turning Point in the U.S. Relationship With Israel

  In a speech delivered Thursday on the Senate floor, Schumer declared that Prime Minister Benjamin Netanyahu’s extremism, especially in his refusal to tone down the bombing of Gaza in the war with Hamas, is turning the Jewish state into a “pariah” nation. The speech set off political earthquakes in both capitals—the Israeli newspaper Haaretz called it a “watershed moment” in relations between the two countries—noting that Schumer is not only the Senate majority leader but also a longtime stalwart supporter of Israel and “the highest-ranking Jewish elected official in U.S. history.”

• Israel faces crisis of its own making as chaos and hunger engulf Gaza

  Pressure kept building Thursday, as Senate Majority Leader Charles E. Schumer (D-N.Y.) warned that Israel risked becoming an international “pariah” if Netanyahu remained in power. The striking speech from the highest-ranking Jewish official in the United States was the clearest sign yet of Washington’s exasperation with the Israeli leader and his handling of the war in Gaza.

• Saudi Arabia’s Non-oil Economy Hits Record 50% Share of Real GDP

  Saudi Arabia’s non-oil activities hit a historic 50% share of the country’s real GDP in 2023, the highest level on record, according to an analysis of the General Authority for Statistics data by the Ministry of Economy and Planning. This translates to a non-oil economy valued at SAR1.7 trillion (approximately $453 billion) at constant prices, fueled by consistent growth in investment, consumer spending, and exports, the Saudi Press Agency said. The significant contribution from non-oil sectors is attributed to a surge in private-sector investment over the past two years, with a remarkable growth rate of 57%. This has pushed private investment to a record high of SAR959 billion riyals ($254 billion ) in 2023.

• Record-Breaking Big 5 Construct Saudi 2024 Catalyzes Kingdom’s Construction Boom

  The 12th edition of Big 5 Construct Saudi, the largest construction event in the Kingdom concluded in Riyadh, having welcomed 64,331 attendees across four days from 26 to 29 February 2024 at the Riyadh Front Exhibition & Conference Centre at ROSHN Front. The event was held under the patronage of and inaugurated by His Excellency Mr. Majid Abdullah Al-Hogail, the Minister of Municipal, Rural Affairs and Housing in Saudi Arabia.

• Dentons advises Asyad Group on its acquisition of 49% of Swissport Saudi Arabia Limited

  Dentons has advised the Asyad Group, a prominent Saudi holding group with business interests in aviation, infrastructure and other sectors, on its acquisition of 49% of Swissport Saudi Arabia Limited, a subsidiary of the Swissport International Group which provides ground handling services at the major airports in the Kingdom of Saudi Arabia. The transaction will enable both Asyad and Swissport to jointly drive the development and growth of the aviation ground services sector in the Kingdom of Saudi Arabia towards achieving Vision 2030.

• Saudi’s Hidden Gems and Vibrant Culture to Dazzle at Arabian Travel Market 2024

  The Saudi Tourism Authority (STA) recently marked a significant milestone in its journey to promote and expand Saudi Arabia’s tourism sector. At the ITB Berlin, one of the world’s leading travel trade shows, STA celebrated its most extensive participation to date. This event was not just a showcase but a testament to the remarkable strides Saudi tourism has made, evidenced by the achievement of welcoming over 100 million tourists. Surpassing this initial target, STA has ambitiously set its sights on attracting 150 million visits by the year 2030, highlighting the Kingdom’s growing appeal as a global tourist destination.

• Saudi Arabia Banks Embark on Record Bond Binge for Mega-Projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

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