MUST-READS

• Number of bank branches in Saudi Arabia falls to 1,901 in 2023

  The number of bank branches in Saudi Arabia reached 1,901 by the end of 2023, down 26 branches, from 1,927 a year earlier.   This is the lowest number of Saudi bank branches in almost nine years, since November 2014, when it reached 1,891.   A total of 39 new branches opened last year, while 65 were closed, according to the latest bulletin issued by the Saudi Central Bank (SAMA).

• Saudi Arabia limits human resources jobs to citizens
  Saudi Arabia has said that human resources jobs in the kingdom are restricted to Saudi nationals as the kingdom is seeking to provide more work for its citizens.
  The confirmation was made by the Saudi Ministry of Human Resources and Social Development in response to a query from a citizen who said he had been interviewed by a foreigner working as a human resources specialist at a medical centre.

• Does US deterrence work against Iran’s allies? Yes and no.

  “What really shook them up [the militias and the Iranians] was the targeted killing of the logistics commander in Baghdad,” says Kenneth Katzman, a veteran Middle East analyst and senior fellow at The Soufan Center, a global intelligence and security consultancy in New York.  The strike, he says, was proof of exceptionally precise locational intelligence. He adds that it “showed that the U.S. is willing to employ the same strategy it used on Al Qaeda and the Islamic State – a targeted killing strategy that … convinced” the militias and Iran “that Washington is going to use all elements of its intelligence and capabilities to go after them if they continue.”

• Manga Productions Chief Essam Bukhary on Saudi Arabia’s Manga Craze

  Saudi Arabia, where popular anime characters such as “Captain Tsubasa” and “Dragon Ball” protagonist Son Goku have been engrained in the culture for decades, is taking its love affair with Japanese manga content to the next level. In late March, just a few weeks after the death of “Dragon Ball” creator Akira Toriyama, it was announced that the world’s first theme park dedicated to the megahit Japanese manga and animation franchise will be built in Qiddiya, the massive entertainment and tourism project outside the Saudi capital of Riyadh through a joint venture between Qiddiya and Japan’s Toei Animation.

• Will the Gaza War Derail the India-Middle East-Europe Economic Corridor?

  The corridor is envisioned as a maritime and rail trade route connecting India to the Middle East through countries including Saudi Arabia, Jordan, and Israel as well as to various parts of Europe. The project carries significant geopolitical implications: Built on India’s sustained effort to strengthen relations with Arab and European states, the corridor is supported by the United States as an alternative to China’s Belt and Road Initiative that will bolster regional integration.

• Saudi Arabia real estate enters ‘golden era’ as Vision 2030 takes off, new report finds

  Construction and real estate are entering a golden era of growth in Riyadh and across Saudi Arabia as the ambitious reforms of Vision 2030 take effect and fundamentally transform the economy. An in-depth report set to be released next month and published by Quality Media Press will examine the housing boom, mega-projects like NEOM, and how the sector is benefiting from billions in government investment.

• Majority in U.S. Now Disapprove of Israeli Action in Gaza

  After narrowly backing Israel’s military action in Gaza in November, Americans now oppose the campaign by a solid margin. Fifty-five percent currently disapprove of Israel’s actions, while 36% approve.

• Protecting Palestinians a moral imperative, Pentagon chief tells Israeli counterpart
  U.S. Defense Secretary Lloyd Austin said on Tuesday it was a moral and strategic imperative to protect Palestinian civilians in the war between Israel and Hamas and that the humanitarian catastrophe in besieged Gaza was getting worse.
  Austin was speaking during a meeting with Israel Defense Minister Yoav Gallant at the Pentagon as relations between U.S. President Joe Biden and Israeli Prime Minister Benjamin Netanyahu sank to a wartime low.

• Russia struggles to collect oil payments as China, UAE, Turkey raise bank scrutiny
  Russian oil firms face delays of up to several months to be paid for crude and fuel as banks in China, Turkey and the United Arab Emirates (UAE) become more wary of U.S. secondary sanctions, eight sources familiar with the matter said.
  Payment delays reduce revenue to the Kremlin and make them erratic, allowing Washington to achieve its dual policy sanction goals - to disrupt money going to the Kremlin to punish it for the war in Ukraine while not interrupting global energy flows.

• US solar factories strike deal to produce ‘Made in USA’ panels
  Two small solar manufacturers on Wednesday said they are joining forces to make panels that will enable their customers, U.S. solar project developers, to collect on a lucrative new federal subsidy for American-made clean energy equipment.
  The agreement between Georgia-based solar cell producer Suniva and Canada's Heliene, which has panel-making operations in Minnesota, is being touted by the Biden administration as evidence that Inflation Reduction Act (IRA) subsidies are succeeding in building a domestic solar manufacturing industry to compete with China.

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