MUST-READS

• 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.

• Gulf Cooperation Council unveils vision for regional security in Saudi capital

  The vision highlights the coordination of positions among the GCC countries towards regional and international issues and the member states' unified and common positions based on the GCC charter and the principles of international law that govern relations between states. It also emphasizes that, in line with the GCC charter and within the framework of the joint defense agreement, the security of each GCC state is interconnected, especially in light of the instability witnessed by the region and the world.

• Saudi Arabia releases its green finance framework

  Saudi Arabia released its green financing framework (pdf)on Thursday, identifying eight types of green projects to be funded through the sale of the bonds. The framework targets projects focused on renewable energy, energy efficiency, carbon capture and storage, green hydrogen, cutting emissions, sustainable water and wastewater management and climate adaptation measures.

• How Saudi Arabia champions cutting-edge research into unique Red Sea marine environments — blue holes

  In just the first year of a decade-long expedition led by Saudi Arabia’s National Center for Wildlife, 20 extremely deep underwater sinkholes, known as “blue holes,” were discovered along the Kingdom’s southern Red Sea coast. Blue holes, named for their vibrant color, have long been recognized as havens for a diverse array of marine life, attracting researchers eager to study their remarkable biodiversity and leisure divers drawn to their profound natural beauty.

• Ronaldo notches his second hat trick of the season in Saudi Pro League

  Cristiano Ronaldo’s second-half hat trick helped Al-Nassr beat visiting Al-Tai 5-1 in the Saudi Pro League on Saturday. The five-time Ballon d’Or winner has a league-leading 26 goals for the Riyadh club he signed for in December 2022.

• Saudi Arabia seizes a million Captagon pills hidden in melon shipment

  The Authority stated on its official website on Sunday, March 31, that it found the quantity of pills wrapped and hidden inside cavities in melons during an inspection and examination operation of one of the trucks coming through the seaport. After the seizure was completed, the authority coordinated with the General Directorate for Narcotics Control and managed to apprehend the recipients of the shipment within the kingdom.

• Desert X AlUla: A cultural renaissance in Saudi Arabia’s ancient sands

  Produced by The Desert Biennial, a not-for-profit charitable organisation founded in California, the format primarily focuses on recurring international contemporary art exhibitions in desert locations. These locations are often considered challenging and less productive territories due to their timeless inhabitants and diverse yet limited ecosystems. Similar to the land-art movement of the 1960s in the USA, each edition of Desert X delicately intervenes in the desert landscape, paying great respect to its inherent beauty.

• Devotees gather in vast numbers for Ramadan prayers at Prophet’s Mosque in Medina

  Multinational congregations of worshippers throng the mosque every night, filling the designated prayer areas and vast courtyards, creating a powerful scene of devotion.

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