MUST-READS

• Alrajhi leads Middle East’s 30 Most Valuable Banks 2024
  Established in 1957, alrajhi bank served more than 15.8 million active customers through 545 branches, including the branches outside Saudi Arabia, as of December 2023. It employs 20,878 people. In April 2023, the bank issued its first U.S.-dollar sukuk, a $1 billion five-year sustainable sukuk. The bank recorded total assets worth $215.5 billion as of December 2023, with a net profit of $4.4 billion. In March 2023, PIF’s Saudi Real Estate Refinance Company signed a deal with alrajhi bank to refinance more than $1.3 billion in a real estate financing portfolio. In March 2024, alrajhi bank joined the Buna platform to enhance its payment solutions.

• Al Hilal secures spot in Diriyah Saudi Super Cup final

  Al Hilal booked their place in the Diriyah Saudi Super Cup final, securing a victory over arch-rival Al Nassr with a 2-1 scoreline at Mohammed Bin Zayed Stadium in Abu Dhabi, UAE. This semi-final clash set the stage for a much-anticipated final against Al Ittihad. Maintaining their impressive winning streak, Al Hilal marked its 33rd consecutive victory on a global scale, showcasing resilience and tactical prowess.

• Canoo secures second Saudi vehicle order

  "Red Sea Global will pilot Canoo’s lifestyle vehicle (LV), lifestyle delivery vehicle (LDV) 190, and the Bulldog pickup truck. The Canoo vehicles will be piloted for travel between Red Sea Global’s international airport, its various resorts, facilities, and excursions," Canoo says.

  • NWA - Canoo vehicles set for Saudi program
• Saudi authorities prepare for Eid Al-Fitr prayers at Two Holy Mosques

  The Two Holy Mosques have been prepared with with a package of religious services “to enrich the experience of those visiting the mosques and to create a devotional atmosphere filled with reverence and tranquility,” the Saudi Press Agency reported, citing the presidency. Sheikh Abdullah Al-Souli, the supervisor of the affairs of imams and muezzins, guidance and counseling at the presidency, said: “The Presidency of Religious Affairs is fully prepared to receive worshipers for the blessed Eid Al-Fitr prayer, through an integrated religious system that enhances the awareness aspect and guidance of visitors.”

• Pakistan PM Shehbaz Sharif Visits Saudi Arabia

  Pakistan’s Prime Minister Shehbaz Sharif visited Saudi Arabia earlier this week on his first foreign visit since being elected in February. In Mecca, the premier and his delegation met with Saudi Crown Prince Mohammed bin Salman. In addition, Sharif held a private meeting with the Crown Prince. What was discussed at the one-on-one meeting has not been disclosed, but Pakistan said the two leaders agreed to strengthen ties.

• What Does Neom’s Downsize Means for Saudi Arabia’s Vision 2030?

  When launching The Line in 2021, the Saudi government had announced that 1.5 million people would be living in the city by 2030. Officials now expect there to be fewer that 300,000 residents by that time, according to a source cited by Bloomberg.The source said that officials expected only 2.4km of the 170km city to be completed by 2030. As a result of the scaling back, one contractor dismissed some of the workers it employs on site, according to a document seen by Bloomberg.

  • Energy News - Saudi Arabia’s Neom Project Faces Reality Check
• Cristiano Ronaldo sees red as Al Hilal beat Al Nassr to reach Saudi Super Cup final

  Al Nassr's Cristiano Ronaldo was sent off late in the game as his side lost 2-1 to Al Hilal in the Saudi Super Cup semi-final at Mohamed bin Zayed Stadium in Abu Dhabi on Monday.

  Al Hilal's Salem Al Dawsari and Brazilian forward Malcom scored twice in 11 minutes, before Sadio Mane struck a late consolation for Nassr, as Jorge Jesus's side booked their spot in Thursday's final against Al Ittihad.

  Hilal took the lead just after the hour mark when Sergej Milinkovic-Savic set up Al Dawsari on the counterattack.

• Saudi Arabia says no recognition of Israel without two-state solution

  In the interview on Monday, Princess Reema Bint Bandar Al-Saud added that, “Riyadh will not sign any agreement without tangible commitments that serve the Palestinian cause.” She stressed that the two-state solution must be final, clear, and within a specific time frame. “Establishing relations with Israel is still within reach, but it requires a commitment to the establishment of an independent Palestinian state.”

• Where NATO Has An Enhanced Forward Presence

  On Monday, Germany sent an advance team of 20 soldiers to Lithuania, laying the groundwork for the recently discussed establishment of a permanent brigade in the NATO country. According to Deutsche Welle reporting, the 5,000-strong strikeforce called Panzerbrigade 45 is said to become fully operational by 2027. The brigade will support the already existing so-called NATO Enhanced Forward Presence in the Baltic country, which, in contrast to Panzerbrigade 45, rotates its personnel regularly and was made up of soldiers from Germany, Belgium, Czechia, Luxembourg, the Netherlands, Norway and the United States as of December 2023. As our chart shows, Lithuania is one of eight nations with such a force that's, according to NATO itself, "defensive, proportionate, transparent and in line with the Alliance’s international commitments and obligations".

• Emerging Markets Are Exercising Greater Global Sway

  The global economy is increasingly influenced by the Group of Twenty’s large emerging markets. Over the past two decades, these economies have become much more integrated with global markets and are generating larger economic “spillovers” to the rest of the world.

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