MUST-READS

• Riyadh eyes significant investment in Pakistan, Saudi FM says
  Saudi Arabia's foreign minister said on Tuesday that Riyadh will be "moving ahead significantly" to invest in projects in Pakistan, days after Islamabad announced that the Kingdom had pledged to expedite $5 billion in investment.
  Prince Faisal bin Farhan bin Abdullah arrived in Islamabad on Monday to lead a delegation on a two-day visit as part of efforts to boost economic cooperation.
  His Pakistani counterpart Ishaq Dar told a joint news conference that Pakistan gave extensive briefings to the delegation on potential investment projects.

• Saudi’s Neom Hunts for More Cash for $1.5 Trillion Desert City

  Neom has appointed banks including HSBC Holdings Plc and the securities units of Al Rajhi Bank and Saudi National Bank to advise on the sale of Islamic bonds, or sukuk, the people said. The debt would be denominated in the local currency and could raise as much as 5 billion riyals ($1.3 billion), they said, asking not to be identified as the information is private.

• Inaugural Esports World Cup in Saudi Arabia, worth more than $60M, hopes to send ‘positive message’ to struggling industry

  Boasting the largest prize pool in esports history, this year’s inaugural 2024 Esports World Cup (EWC) could prove to be a pivotal moment for the industry.

  Organized by the Esports World Cup Foundation – and with the latest details announced on Tuesday – the EWC will bring together gamers, publishers and fans from across the world under one roof for an eight-week competitive gaming bonanza in Riyadh, Saudi Arabia.

  The tournament will include top global clubs competing against each other across 19 esports titles, including Apex Legends, Counter-Strike 2, Dota 2, EA Sports FC 24, Fortnite, League of Legends, Rocket League, StarCraft II, Street Fighter 6 and TEKKEN 8.

• China willing to work with Saudi Arabia to avoid further tension in Middle East

  China is willing to work together with Saudi Arabia to avoid further escalation of confrontation in the Middle East, Chinese Foreign Minister Wang Yi said to his Saudi counterpart over a phone call. China appreciates Saudi Arabia’s emphasis on resolving the issue of the attack on Iran’s embassy in Syria through diplomatic means, the official Xinhua said.

• Saudi Arabia to host Sudan peace talks in next three weeks: US

  Saudi Arabia will host fresh peace talks within the next three weeks on the war in Sudan, the United States said, calling Tuesday for both sides to "negotiate in good faith toward a ceasefire."

  The discussions, which will be held in Saudi Arabia's port city of Jeddah, were announced on Monday at a France-backed international conference in Paris that raised more than two million euros for Sudan.

  For over a year, the northeast African country has been ravaged by conflict between the Sudanese army and paramilitary forces, causing what the United Nations has called "one of the worst humanitarian disasters in recent memory."

• Saudi Arabia Seeks Data Law Balance: Streamlining Business While Upholding International Standards

  Saudi Arabia's Proposed amendments to its Data Protection Law (DPL) could significantly impact international companies operating in the region. These changes focus on streamlining the process of transferring personal data outside the country, potentially offering greater flexibility and cost savings for businesses.

• Saudi independent musician takes road less traveled

  As the music scene diversifies in Saudi Arabia, from psychedelic rock to electronic dance, young artist SOVL is bringing a new flavor to the mix. SOVL is a self-taught independent musician who was on a quest to create a top-notch, industry-standard album on his own that reflected his personal artistry and carried a meaningful narrative. He platformed a distinct blend of alternative, modern, and indie rock, all rooted in the DNA of guitar music. “As an independent musician, it’s a harder process than someone, say, signed to a label. But I try to take advantage of what I have,” he said.

• World Bank raises its forecast of Saudi economy growth to 5.9%

  The World Bank raised its forecast for the growth of Saudi economy during the next year, 2025, by about 1.7% to 5.9%, compared to its previous forecast last January of 4.2%.

  The bank reduced its expectations for the growth of Saudi economy during 2024 to 2.5%, compared to its expectations last January of 4.1%, a difference of 1.6%.

• Saudi Arabia favors internal political solution for Sudan crisis

  Al-Khereiji made the remarks while participating, on behalf of Minister of Foreign Affairs Prince Faisal bin Farhan, in the Paris Conference on Sudan on Monday. In his speech, the deputy minister emphasized that the Kingdom’s participation in the meeting is motivated by its keenness to activate international efforts and multilateral cooperation to achieve sustainable peace and security in Sudan. “The Kingdom also aims to complement the efforts made to resume the political process and alleviate the suffering of the Sudanese people,” he said.

• Raytheon Saudi Arabia enters strategic partnership with GAMI

  The initiatives include exploring the manufacturing and testing of a number of key components within the Kingdom’s Patriot air defence system - including the production of the Patriot missile launcher with Arabian International Company (AIC) for Steel, the manufacturing of the GEM-T missile canister with Zahid Industries, and the final assembly, integration, and testing of the Patriot GEM-T effector with Saudi Arabian Military Industries (SAMI).

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