MUST-READS

• Luxury EV maker Lucid to raise $1 bln from Saudi’s PIF affiliate

  Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a filing with the U.S. securities regulator. The California-based company, which has been facing weaker-than-expected demand, said it intends to use the proceeds for corporate purposes and capital expenditure, among other things.

• Breakdown at Saudi solar plant in Morocco costs firm $47 million
  Saudi Arabian renewable energy utility ACWA Power International on Sunday reported a storage breakdown at one of the solar plants it operates in Morocco that will cost the company an estimated $47 million.
  The 150-megawatt plant, part of the Noor Ouarzazate solar complex, will be forced to remain idle until November 2024, the company said on the website of the Saudi Stock exchange.
  The breakdown highlights the recurrence of technical issues and storage breakdowns at the concentrating solar power (CSP) plant. Technical prob

• Where Water Stress Will Be Highest by 2050

  Water is not only the basis of life for animals and plants, but is also likely to become a contested resource in parts of the world in the coming decades. According to UN figures, global water stress, i.e. the proportion of water withdrawn for use in industry, agriculture or private households in relation to available water, was manageable at 18.2% in 2020. In 2022, however, 2.4 billion people were living in areas that are exposed to extreme water stress in some cases.

• Ten years to go: key questions facing Saudi Arabia’s 2034 World Cup

  Saudi Arabia will host the 2034 World Cup. We know this, despite the fact that Fifa’s bidding process does not finish until the end of 2024. But with 10 years until the tournament there is still much we don’t know. Some of these issues are important, such as the time of year in which the games will be played, but others are more significant still. With the power of the global football community to influence outcomes perhaps at its peak, here are three key areas of uncertainty

• Saudi Arabia announces Eid Al Fitr holidays for public and private sectors from April 8
  Saudi Arabia has announced a four-day holiday for both public and private sector employees for Eid Al Fitr from Monday, April 8.
  The Ministry of Human Resources and Social Development confirmed the holiday, allowing most workers to enjoy a long break from Monday until Saturday.

• Saudi prince holds extensive talks with civil, military leadership

  Saudi Defence Minister Prince Khalid bin Salman bin Abdul Aziz Al Saud’s day-long visit to Pakistan and extensive result-oriented discussions with civil and military leadership have infused a new hope for the dwindling economy of Pakistan. Chief of Army Staff (COAS) General Asim Munir visited Riyadh last week and extended an invitation for the visit in the presence of Saudi Crown Prince and Prime Minister Muhammad bin Salman. Prince Khalid is very close to his elder brother.

• Over 10 million worshipers perform prayers at Prophet’s Mosque in first 10 days of Ramadan

  The General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's Mosque has announced that during the first 10 days of Ramadan the Prophet's Mosque welcomed a total of 9,818,474 worshipers and visitors.

  This influx was managed alongside integrated and high-quality services that facilitated smooth and efficient prayer sessions for the crowds.

• Anthropic is lining up a new slate of investors, but the AI startup has ruled out Saudi Arabia

  The stake in Anthropic is for sale because it belongs to FTX, the failed cryptocurrency exchange started by Sam Bankman-Fried, and is being unloaded as part of the company’s bankruptcy proceedings. FTX bought the shares three years ago for $500 million. The 8% stake is now worth more than $1 billion due to the recent boom in AI.

• Beloved iftar staples around Saudi Arabia

  Dates are an essential dish that Muslims use to break their fasts, following in the tradition of the Prophet Muhammad (peace be upon him). For Saudis, an assortment of dates are normally consumed, along with Arabic coffee, soup, and fried or baked stuffed pastry (samboosa and other dishes). For sugar-hungry Muslims, the soft drink Vimto is often the go-to liquid to quench thirst.

• Saudi business registrations rise 12% to 1.12m, minister says

  Saudi Arabia’s business registrations saw a notable increase of 12 percent from 2019 to 2023, reaching a total of over 1.12 million commercial records, a top official said. Minister of Commerce Majid Al-Qasabi disclosed the figures during a meeting in Jeddah to discuss challenges and enhance the Kingdom’s enterprise environment, The session was attended by Mohammed Yousuf Naghi, chairman of the Jeddah Chamber of Commerce, and other board members, as well as members of the community, including investors, businesspeople, and entrepreneurs, according to the Saudi Press Agency.

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