MUST-READS

• Saudi Cup: Fast-closing Senor Buscador scores upset, breakthrough win

  Fincher, Peacock, and their horse on Saturday found themselves under the bright lights at King Abdulaziz Racecourse, smack in the middle of the Arabian Desert, and there, Senor Buscador, breaking through after two tough losses, won the $20 million Saudi Cup by a head, getting up in the final stride over Ushba Tesoro under a perfect ride from Junior Alvarado. Fincher’s father was a jockey for 25-odd years and his mother trained. Fincher began his own riding career at age 16 and kept it up until he could no longer make weight, switching to training. He had his best year in 2023 with stable earnings of $5.5 million. Senor Buscador’s share of the massive Saudi Cup purse? Ten million bucks.

• Palestinian PM resigns as pressure grows over post-war Gaza plans

  Palestinian Prime Minister Mohammad Shtayyeh announced his resignation on Monday, as the Palestinian Authority looks to build support for an expanded role following Israel's war against the Islamist group Hamas in Gaza. The move comes amid growing U.S. pressure on President Mahmoud Abbas to shake up the Authority as international efforts intensify to stop the fighting in Gaza and begin work on a political structure to govern the enclave after the war.

• UAE and Kuwait sign tax agreements, look to develop $12.2bn trade relationship

  The UAE and Kuwait recently signed tax agreements as they two countries look to develop already strong economic and diplomatic ties. It comes as trade between UAE and Kuwait reached AED44.8bn ($12.2bn) during 2023. The relationship between the UAE and Kuwait is an example of two countries eager to enhance cooperation across various fields, including the financial sector.

• The Challenge With the Deter and Degrade Approach in Yemen

  Over the course of the past month, the United States and, on occasion, the United Kingdom have conducted an ongoing series of strikes against Houthi targets in Yemen. These strikes have two goals. First, the United States wants to deter the Houthis from carrying out future attacks on commercial shipping in the Red Sea. Second, and relatedly, the United States is seeking to compel the Houthis to cease their attacks by inflicting pain on the group – degrading the Houthis’ military capacity to the point that they are either unwilling or unable to carry out more attacks in the Red Sea.

• Transformation of Saudi economy creates opportunities, Public Investment Fund official tells investors

  It is important that investors understand the long-term structural changes to the Saudi economy that are taking place and the opportunities they offer, the head of the National Development Division at the Saudi Public Investment Fund said on Thursday. Speaking at the Future Investment Initiative Priority forum in Miami, Jerry Todd said the three pillars of this transformation are industrialization of the economy, the development and expansion of service sectors, and the building-up of green energy capacity.

• Al Baha’s palaces and forts offer a glimpse into Saudi Arabia’s past

  The ancient palaces and impressive forts found in the Al Baha region serve as a living testament of Saudi Arabia's rich historical heritage. Scattered across the landscape of nearly every village, these towering structures offer insights into the Kingdom's past and the lifestyles of its early inhabitants. Among these, Bin Raqoush Palace stands out. Once a private residence, the palace has been transformed into a cultural and historical center welcoming senior officials, ambassadors, and global visitors alike.

• Saudi Arabia says additional 15 trillion cubic feet of gas proven at Jafurah field

  With an estimated 200 trillion cf of gas in place, the Jafurah basin hosts the largest liquid-rich shale gas play in the Middle East. This covers an area of 17,000 square kilometres. The production of natural gas at Jafurah is expected to increase to 2 billion standard cubic feet per day (scfd) of shale gas by 2030, from 200 million scfd in 2025, with 418 million scfd of ethane and around 630,000 barrels per day of gas liquids and condensates, which are feedstock for the petrochemical industry.

• Saudi security forces arrest 19,431 illegal residents in a week

  Saudi security forces have arrested a total of 19,431 illegal residents during inspection raids carried out in all regions of Saudi Arabia during the third week of February. The arrested 19,431 illegal residents, included 11,897violators of the Residency Law, 4,254violators of the Border Security Law, and 3,280 violators of the Labor Law. The arrests were made during the joint field security campaigns carried out by security forces and the concerned government agencies during the period from Feb. 15 to Feb. 21, 2024.

• Qatar Is Betting Big on LNG and Says Other Nations Should, Too

  Qatar is betting that demand for liquefied natural gas will continue to grow over the next few decades as it embarks on a new multibillion-dollar project to expand exports. “We need more gas for the world, and we need more players,” Energy Minister Saad Al-Kaabi said in an interview Sunday. The Middle Eastern nation — already one of the world’s largest exporters of LNG — plans to add 16 million tons of annual production capacity. That’s in addition to its previously-announced expansion of 49 million tons per year.

• At Saudi Aramco’s Jafurah field, another 15 trln standard cubic feet of gas reserves proven

  An additional 15 trillion standard cubic feet of gas have been proven at Saudi state oil company Aramco's Jafurah field, Energy Minister Prince Abdulaziz bin Salman said on Sunday. Reserves at Jafurah have reached 229 trillion cubic feet of gas and 75 billion barrels of condensates, Prince Abdulaziz said in a statement on state news agency SPA. Saudi Arabia is working on developing its unconventional gas reserves, which require advanced extraction methods such as those used in the shale gas industry.

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