MUST-READS

• Iran says Israel bombs its embassy in Syria, kills commanders
  Suspected Israeli warplanes bombed Iran's embassy in Syria on Monday in a strike that Iran said killed seven of its military advisers, including three senior commanders, marking a major escalation in Israel's war with its regional adversaries.
  Reuters reporters at the site in the Mezzeh district of Damascus saw emergency workers clambering atop rubble of a destroyed building inside the diplomatic compound, adjacent to the main Iranian embassy building. Emergency vehicles were parked outside. An Iranian flag hung from a pole by the debris.

• Egypt’s Sisi starts third term pledging more investment, social spending
  Egyptian President Abdel Fattah al-Sisi was sworn in for his third term on Tuesday in the country's new capital, the largest of the mega-projects that have come to symbolise his rule while stretching the country's finances.
  Speaking at the new parliament building, Sisi highlighted the challenges Egypt withstood in recent years while promising continued development, which many Egyptians say they feel excluded from.

• Opinion: America Has Pressured Israel Before—and Can Do It Again

  The curious imbalance in the U.S.-Israel relationship has come into focus in recent weeks as the Biden administration slowly sharpens its criticism of Israel—and Israeli Prime Minister Benjamin Netanyahu remains defiant. Israel continues to restrict aid trucks carrying water, food, and medicine to the 70 percent of Gazans facing a catastrophic, man-made famine.

• Canoo taps into the $30B Saudi Arabian EV market 

  Canoo is tapping into Saudi Arabia’s electric vehicle (EV) market, estimated to have a total addressable market of over $30 billion. According to a press release emailed to Teslarati, the mobility company’s entry point into the Saudi Arabian EV market is Jazeera Paints. Canoo recently signed a vehicle sales agreement with Jazeera Paints, a paint manufacturer in the Gulf Cooperation Council (GCC), which encompasses Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The paint manufacturer also operates in the Middle East and North Africa (MENA).

• US national security adviser to travel to Saudi Arabia for talks with crown prince

  White House National Security Adviser Jake Sullivan plans to travel to Saudi Arabia this week for talks with Crown Prince Mohammed bin Salman amid a US push for progress toward normalizing relations between Israel and the Gulf kingdom. Talks on normalization were put on ice in the immediate aftermath of the October 7 attack by Palestinian Hamas terrorists on southern Israel and Israel’s subsequent war against Hamas in Gaza, but conversations have resumed in recent months.

• Neom Job Posting Points to E-Visa Program For Saudi Project

  A job ad posted by Neom suggests the Saudi development could be working on its own e-visa program for travelers and residents. Neom is a flagship project from the Saudi Arabian crown prince – a $500 billion development. The posting is for a senior manager of visas and immigration. It lists several core responsibilities, including: “Overseeing the issuance and publishing of visa and residency and work permit information, policies, and processes on the Neom e-visa system.”

• Two go on trial in Switzerland over ‘kleptocracy’ scandal involving Saudi oil firm, Malaysian bank

  Two managers of a Saudi oil exploration company went on trial in Switzerland on Tuesday for alleged fraud and money laundering over a scandal years ago linked to a Malaysian sovereign wealth fund that the U.S. Justice Department once described as the “biggest kleptocracy case” ever. The defendants from PetroSaudi — a Swiss Saudi citizen and a Swiss British national who were not identified by name for privacy reasons — are accused of having created a scheme in 2009 under which 1 Malaysia Development Berhad, or 1MDB, would set up a joint venture based on false premises.

• Oil stays near five-month highs as tighter supply looms
  Oil prices were steady on Monday near five-month highs as markets expect tighter supply from OPEC+ cuts and attacks on Russian refineries while upbeat Chinese manufacturing data supported an improving demand outlook.
  Brent crude was 10 cents lower at $86.90 a barrel by 1115 GMT after rising 2.4% last week. U.S. West Texas Intermediate crude was at $83.14 a barrel, down 3 cents following a 3.2% gain last week.

• Expat remittance falls to its lowest level in 5 years

  The remittance of expatriates in Saudi Arabia fell 10.41 percent to SR9.33 billion during the last month of February from SR10.41 billion in the previous month. This showed the decline of foreign remittance by SR1.08 billion month-on-month basis, marking the lowest average monthly level in five years, according to a monitoring by Okaz/Saudi Gazette based on the statistical figures released by the competent authorities.

• Saudi FinTech Firms Secure $23 Million Funding in March

  Saudi Arabia’s financial tech sector has scored over $23 million in funding since March, marking a surge from last year’s 51% share. The sector saw investments topping $704 million in 2023, with the number of companies ballooning from 10 to around 207. Saudi Arabia aims to push this to 525 by the decade’s end. A report issued by the Islamic Corporation for the Development of the Private Sector revealed that, driven by a youthful population of over 35 million, with 65% under 35, Saudi Arabia boasts a GDP per capita exceeding $23,000 and a 93% internet penetration rate.

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