MUST-READS

• Aramco and GCT Semiconductor sign 5G, AI deal in Saudi Arabia

  Saudi Arabian state-owned Oil Group Aramco signed a Memorandum of Understanding (MoU) with chip company GCT Semiconductor to bolster the country’s 4G and 5G ecosystem through the development of mission-critical and public safety networks. While financial terms and the length of the MoU were not disclosed, GCT shared in a press statement that the pair will design and co-develop chipsets and modules for LTE, 5G and NTN spectrum in order to “support the localization of wireless end-user devices and IoT manufacturing.”

• Solar Spider Targets Saudi Arabia Banks via New Malware

  The sophisticated threat group behind a complex JavaScript remote access Trojan (RAT) known as JSOutProx has released a new version of the malware to target organizations in the Middle East. Cybersecurity services firm Resecurity analyzed technical details of multiple incidents involving the JSOutProx malware targeting financial customers and delivering either a fake SWIFT payment notification if targeting an enterprise, or a MoneyGram template when targeting private citizens, the company wrote in a report published this week. The threat group has targeted government organizations in India and Taiwan, as well as financial organizations in the Philippines, Laos, Singapore, Malaysia, India — and now Saudi Arabia.

• Saudis Scale Back Ambition for $1.5 Trillion Desert Project Neom

  Saudi Arabia has scaled back its medium-term ambitions for the desert development of Neom, the biggest project within Crown Prince Mohammed bin Salman’s plans for diversifying the oil-dependent economy, according to people familiar with the matter. By 2030, the government at one point hoped to have 1.5 million residents living in The Line, a sprawling, futuristic city it plans to contain within a pair of mirror-clad skyscrapers. Now, officials expect the development will house fewer than 300,000 residents by that time, according to a person familiar with the matter.

• Hamas says Gaza truce talks still deadlocked despite reports of progress

  A Hamas official said on Monday no progress was made at a new round of Gaza ceasefire talks in Cairo also attended by Israeli, Qatar and U.S. representatives, after the Egyptian hosts said headway had been achieved on the agenda. Western powers have voiced outrage over what they see as an unacceptably high Palestinian civilian death toll and humanitarian crisis arising from Israel's military onslaught to destroy Hamas in tiny, densely populated Gaza.

• Saudi crown prince meets Pakistani premier, stresses India-Pakistan dialogue

  Saudi Crown Prince Mohammed bin Salman said dialogue was needed to resolve heightened friction between arch-rivals Pakistan and India during a meeting in Riyadh with visiting Pakistani Prime Minister Shehbaz Sharif. Sharif was making his first overseas visit since winning power in elections in February. He met with bin Salman on Sunday. "The two sides stressed the importance of dialogue between Pakistan and India to resolve the outstanding issues between the two countries, especially the Jammu and Kashmir dispute to ensure peace and stability in the region," a joint statement released by Pakistan's foreign office and the Saudi government said.

• War in Middle East: Israel Has Responses Ready for Iran Scenarios

  Military officials said on Sunday that Israel is pulling some troops out of the city of Khan Younis in Gaza, saying it had ended its mission there as the war against Hamas reached the six-month mark. Israel said its 98th Commando Division had moved out of Khan Younis and the Gaza Strip “to recuperate and prepare for future operations.”

• PBOC to Give $69 Billion in Loans to Boost Science, Technology

  The People’s Bank of China said it will set up a relending program of as much as 500 billion yuan ($69 billion) to support innovation and project upgrades in the science and technology sectors. The loans will have an interest rate of 1.75% and a tenor of one year, which can be extended twice for an additional year, according to a statement posted on the PBOC’s website Sunday. The loan quota will be allocated to 21 banks. The refinancing program is set to help small- and medium-sized technology firms in their initial startup and growth stages and provide credit support to high-end projects, it said.

• PGA Tour — LIV Golf Uneasy Truce Looms Over 2024 Masters

  On the morning of March 18, 2024, a Cessna 750 Citation X departed from St. Augustine, Florida, carrying professional golfers from the PGA Tour to a summit in Nassau, Bahamas. This meeting was a key development in the battle between the Tour and its insurgent challenger, LIV Golf. The tour wars had spilled from the sports page to the business page to the front page because of a juicy mix of geopolitics, cartoonish money, courtroom battles, brand-name protagonists and high-profile trash-talking on Capitol Hill.

• Wall Street Searches for AI Winners Across Emerging Markets

  Some of the world’s biggest money managers are searching for the next wave of artificial intelligence winners beyond the US. At a time when the global euphoria about AI has propelled a three-fold surge in Nvidia Corp. and a 50% jump in a key US index for semiconductor manufacturers in less than a year, investors are pointing toward emerging markets for better value and a bigger pool of options.

• Abu Dhabi’s Lunate, Saudi Group Buy Into Iconic Dubai Tower

  An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets. The $105 billion fund Lunate and Saudi Arabia’s Olayan Financing Company have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic, according to a statement. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5 billion.

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