MUST-READS

• Saudi Commerce Ministry extends online services to help foreign firms set up regional headquarters in KSA

  Saudi Arabia's Ministry of Commerce has announced the provision of online services for foreign companies looking to establish regional headquarters in the country after securing a license from the Ministry of Investment. These services encompass issuing regional headquarters as a branch or as a new foreign company, in addition to issuing, amending, and renewing commercial registers, and reserving commercial names. These electronic services are accessible through the ministry's digital platform at e.mc.gov.sa and the Saudi Business Center's platform at business.sa.

• Saudi Arabia approves Law for Protection of Whistle-blowers and Witnesses

  A few years ago, the Shoura Council approved the draft law to ensure protection of whistle-blowers, witnesses, experts and victims, who are at risk for providing information on crimes, paving the way for the final approval by the Cabinet. The milestone law is aimed at providing security to individuals who may come under threat for giving evidence in court cases.

• 6 Saudi players fined for refusing to join national team

  The Saudi Football Federation's Professionalism and Players' Status Committee announced a 5-month suspension and a financial fine for Al Nassr goalkeeper Nawaf Al-Aqidi due to events preceding his exclusion from the team's lineup for the Asian Cup. The committee's statement, which resonated strongly within the Saudi sports community, declared Al-Aqidi's suspension for 5 months with a fine of SR300,000. This was after he requested Mancini to postpone the team's camp in Qatar for personal reasons or to grant him special leave. He also informed the goalkeeping coach of his feeling that he would be the third-choice goalkeeper, a situation he was not willing to accept.

• Houthi bypass: Quietly, goods forge overland path to Israel via Saudi Arabia, Jordan

  Israel-based freight forwarder Mentfield Logistics is among the companies involved in establishing a commercial trade route circumventing the Red Sea by sending goods from the ports of Dubai and Bahrain overland on trucks passing through the United Arab Emirates, Saudi Arabia and Jordan, and ending at Israeli ports. A second Israel-based firm, Trucknet, has also set up such a route.

• IMF Chief: Change in Saudi Arabia is amazing and its economy is more dynamic

  International Monetary Fund Managing Director Kristalina Georgieva said that the change in Saudi Arabia in terms of economic diversification is amazing. “The change in Saudi Arabia is amazing,” she said in an interview with Al-Arabiya Business on the sidelines of the Arab Fiscal Forum held in Dubai. “The Kingdom’s economy has shifted from relying heavily on the oil and gas sectors to being more dynamic in the non-oil sectors. I praise the way the Kingdom is following to achieve its Vision 2030, regarding economic diversification.”

• Aramco intends to disclose 2023 financials, dividends on March 10

  Saudi Arabian Oil Co. (Saudi Aramco) will announce financial results and dividend plan for 2023 before the start of trading on March 10, the oil giant said in a statement. The annual financial statements will be published on March 11. Aramco will also discuss its full-year results in an audio webcast at 3:30 pm Riyadh time on the same day. Saudi Aramco posted a 26% fall in net profit, after minority interest, to SAR 349.89 billion in the first nine months of 2023, compared to SAR 471.88 billion a year earlier, Argaam reported earlier.

• Saudi Arabia: An Investment Destination with Growth Potential

  Foreign direct investment in Saudi Arabia reached 8.1 billion Saudi Riyals in the first quarter of 2023, marking a significant increase from the previous year. These investments are expected to contribute to the localization of 57% of the local market, create 2.1 million jobs, and boost non-oil exports to SAR 580 billion by 2030.

• Saudi Arabia To Launch Dream Of The Desert, The Middle East’s First Luxury Train

  The 800-mile trip will begin in Riyadh, Saudi Arabia’s capital city, and travel northwest toward the border with Jordan. The route will pass through long stretches of scenic deserts and UNESCO World Heritage archeological sites. Highlights include the city of Ha’il, the Al-Qassim province, and the King Salman bin Abdulaziz Royal Natural Reserve in Al Jouf. The journey will conclude at Al-Qurayat, near the Jordanian border. Passengers will be able to book one or two-night trips.

• Saudi Arabia Stresses Need to Stop Israeli War on Gaza

  The Saudi government stressed on Tuesday the need to end the Israeli war on Gaza and for a ceasefire to be established. Custodian of the Two Holy Mosques King Salman bin Abdulaziz chaired the cabinet meeting that was held in Riyadh. The government underlined the outcomes of the consultative meeting that it had called for to discuss the Israeli war on Gaza. The meeting called for lifting the restrictions imposed on the entry of humanitarian aid to Gaza.

• Saudi foreign reserve assets rise to SAR 1.64T in January

  Saudi Arabia's international reserve assets went up 0.5% month-on-month (MoM) to SAR 1.64 trillion in January 2024, according to the Saudi Central Bank (SAMA). On a yearly basis, the Kingdom’s foreign reserve assets fell by 4%, or SAR 70 billion. Saudi Arabia’s reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

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