MUST-READS

• LEAP 2024: Oracle to focus on Saudi Arabia’s AI economy goals

  “Over the last three decades, Oracle has significantly expanded its presence in Saudi Arabia to help the Kingdom emerge as a digital economy leader. Our US $1.5 billion investment in Saudi Arabia will play a vital role in expanding local cloud capacity, which will act as the foundation for local organisations to unlock the full potential of latest digital technologies like Artificial Intelligence”, said Reham AlMusa, vice president – Business Applications, and Saudi Arabia Country Leader, Oracle.

• Pakistan is aiming to increase trade with Saudi Arabia to $20bn: minister

  Pakistan is aiming to increase its trade capacity with Saudi Arabia to $20 billion through enhancing business conditions, according to a top official. The Saudi-Pakistani Business Forum kicked off in Riyadh on Feb. 22 under the patronage of Minister of Commerce Majid bin Abdullah Al-Qasabi, organized by the Federation of Saudi Chambers, according to the Kingdom’s official press agency. During the event, Pakistan’s Minister of Commerce Gohar Ejaz highlighted the role of the Free Trade Agreement between the Gulf Corporation Council countries and his nation in opening up opportunities for investors from both regions. 

• PRESSR: ACT treasury briefing in Saudi Arabia explores cutting-edge financing strategies

  The Association of Corporate Treasurers (ACT), is set to present its treasury briefing on 26th February 2024 at Al Waha Crowne Plaza, Riyadh, Saudi Arabia. The briefing will address the effective management of working capital cycles and the strategic use of diverse financing solutions to optimize

• Saudi Wealth Fund Plans to Buy Binladin Stake Amid Building Boom

  Saudi Arabia’s sovereign wealth fund is seeking to acquire a stake in the kingdom’s biggest construction conglomerate as it leans on local firms to build key mega-projects and infrastructure needed to host showcase events such as the World Expo. The Public Investment Fund is working with Morgan Stanley on a potential deal to buy into Saudi Binladin Group, according to people with knowledge of the matter.

• Saudi Arabia considers regulatory framework for follow-on share offerings -CMA

  Saudi Arabia has invited the market to join a public consultation on a planned framework to enable large shareholders to float additional shares, said Abdullah Binghannam, Deputy of Financing and Investment, Capital Market Authority. The 'FMO' framework would be a process that is governed and regulated and a catalyst for increasing the free float of listed companies, Binghannam told an audience at the Saudi Capital Markets Forum in Riyadh.

• A prolonged war on Gaza could lead to danger of escalation; Saudi FM warns

  Saudi Foreign Minister Prince Faisal bin Farhan said that his country was concerned about a regional war. However, he sounded a note of optimism, saying “I don't believe that the Iranians want a broader war,” he said in an interview with FRANCE 24 on the sidelines of the Munich Security Conference. “I feared that the longer the conflict in Gaza goes on, the more danger there is for miscalculation, the more danger there is for escalation,” he said in an interview with FRANCE 24 on the sidelines of the Munich Security Conference. The minister said that Saudi Arabia would continue talks with Iran and an additional round of negotiations between the two countries are expected soon.

• Saudi Founding Day 2024: What is it and how is it different from National Day?

  Thursday, February 22, marks Saudi Arabia's Founding Day, a new annual holiday to commemorate the founding of the first Saudi state. The holiday was established with a royal decree issued by King Salman in 2022 through the official Saudi Press Agency. It said the holiday will commemorate the history of Saudi rule dating back hundreds of years. It is a different event to Saudi National Day, which falls on September 23.

• Saudi Manufacturing Push Draws SoftBank, China Surveillance Firm

  The new vehicle, Alat, and SoftBank will invest as much as $150 million to establish a fully-automated manufacturing and engineering hub in Riyadh. The venture will build industrial robots based on intellectual property developed by SoftBank, with the first factory set to open in December.

• Israel’s war against Hamas is hitting its economy even harder than expected

  Israel’s months-long war against Hamas in the Gaza Strip is hurting the country’s economy more than expected, according to new government data, as the military call-up of reservists puts a damper on tourism, spending, and investment. The country’s economy shrunk at an annualized rate of 19.4% in the final quarter of 2023, Israel’s Central Bureau of Statistics said Monday. That contraction of gross domestic product in the country’s roughly $500-billion economy was double what analysts had expected, Reuters reports.

• US blocks ceasefire call with third UN veto in Israel-Hamas war

  The United States on Tuesday again vetoed a draft United Nations Security Council resolution on the Israel-Hamas war, blocking a demand for an immediate humanitarian ceasefire as it instead pushes the 15-member body to call for a temporary ceasefire linked to the release of hostages held by Hamas. Thirteen council members voted in favor of the Algerian-drafted text, while Britain abstained. It was the third U.S. veto of a draft resolution since the start of the current fighting on Oct. 7. Washington has also used its veto to block an amendment to draft resolution in December.

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