MUST-READS

• ‘World’s largest’ coral-restoration project unveiled in Saudi Arabia

  One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.

  The King Abdullah University of Science and Technology initiative aims to produce hundreds of thousands of corals each year.

  The scheme “represents a significant step towards restoring reefs globally”, according to the university, and is seen as important because many reefs have suffered from bleaching events due to rising temperatures.

  Called the Kaust Coral Restoration Initiative, the project already has a functioning nursery on Saudi Arabia’s north-west Red Sea coast capable of generating 40,000 corals per year.

  It is a pilot project for a larger scheme set to be completed by the end of next year, with an annual capacity of 400,000 corals.

• Henning Larsen Architects Reveals Jeddah Opera House in Saudi Arabia

  Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical Al-Balad neighborhood, the Opera House celebrates culture and regional geography. Situated along the Red Sea waterfront, the opera house aims to connect residents and visitors to the sea through a culture spine under a natural canopy. Extending from the city, through the opera house, to the water, this “spine” forms an integral part of the Jeddah Central masterplan for the new Opera Quarter.

• Saudi Arabia Makes Strides In Global Energy Discourse At 26th World Energy Congress

  From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry. This pivotal event delved into various energy-related themes, including transitions within the vital energy sector, with a focus on fostering just, equitable, and eco-friendly management of these transitions.

• 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.

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