MUST-READS

• Saudi Arabia’s Riyadh Air receives over 1 million job applications in year since inception

  In a year since its launch on March 12 last year, the Public Investment Fund (PIF)- owned Riyadh Air has received over 1 million online job applications, the airline announced Wednesday. The airline received applications from over 100 countries as it built its team, running several recruitment roadshows across London, Paris, Dubai, and Riyadh.

• NEOM: 10 stunning luxury resorts coming to Saudi Arabia, including underground mountain hotels, futuristic skyscrapers and boutique wellness retreats

  From a luxury golf resort to underground mountain resorts, and futuristic luxury skyscrapers to boutique wellness retreats. The upcoming NEOM resorts, showcase some of the most striking tourist and real estate developments anywhere in the world and give a snapshot of the future of hospitality in Saudi Arabia

• Opinion: Amid the horror in Gaza, it’s easy to miss that the Middle East has changed

  Arab attitudes since the war began have been far more moderate than in the past, condemning violence against civilians on both sides, rejecting terrorism and urging a two-state solution. Hamzawy pointed out that this is part of a broader turn away from political violence, with an average of more than 90 percent of Arabs surveyed by one source in recent years rejecting extremist organizations and condemning terrorism.

• Saudi Economy Contracted in 2023, But Growth Projections Unchanged for 2024

  On March 10, the Saudi General Authority for Statistics released detailed gross domestic product data for Saudi Arabia in the fourth quarter of 2023 (the previously released fourth quarter “flash” estimate contained more limited information). The data confirmed that the Saudi economy contracted in 2023. The 0.8% drop in real GDP (i.e., GDP after accounting for inflation) was largely due to the 9% contraction in the oil sector that followed the production cuts under the OPEC+ agreement. Saudi Arabia’s non-oil sector grew by 3.8% and ended the year on a relatively strong note, with growth accelerating in the fourth quarter relative to the third quarter.

• Pepsi unveils new global visual identity across the Middle East

  After 14 years, Pepsi is introducing its first major visual identity update, unveiling it across over 120 markets, including the Middle East. To mark this milestone in the region, Pepsi organized light and digital installations at landmarks across the Middle East, such as AlUla in Saudi Arabia, the Nile River in Egypt, the Dubai skyline, and Pigeon Rock in Lebanon. Pepsi highlights this as its first major global rebranding initiative designed to resonate with the vibrant culture of the Middle East.

• US-based CarbonCapture raises $80 mln from Saudi Aramco, others

  Los Angeles-based CarbonCapture, which aims to build machines that suck carbon dioxide out of the air to fight climate change, said it had raised $80 million from investors that include Saudi oil giant Saudi Aramco (2223.SE), opens new tab. The money raised in CarbonCapture's latest major funding round represents one of the largest injections of private capital into direct air capture (DAC) – a technology that has yet to be proven at scale - over the last five years, according industry tracker PitchBook.

• Jay Monahan says Saudi PIF discussions are ‘accelerating’ but refuses to answer specifics

  During his annual press conference ahead of the 2024 Players Championship, Jay Monahan updated the media on the current state of discussions with Saudi Arabia’s Public Investment Fund. “As I’ve said on a number of occasions, you can’t negotiate a deal like this in public,” Monahan said at TPC Sawgrass on Tuesday morning. “I recently met with the governor of the PIF, Yasir Al-Rumayyan, and our negotiations are accelerating as we spend time together.”

• As dust from elections settles, Iran’s conservatives clash over spoils

  The recent parliamentary and Assembly of Experts elections in Iran have seen hardliners score decisive victories against more traditional conservatives. In the aftermath of the Mar. 1 polls, divided conservatives have been battling out their differences in public. This comes despite the supreme leader warning against sowing differences for political gains.

• China’s limits as a diplomatic powerhouse

  The spat between Iran and Pakistan earlier this year—a clash which saw armed cross-border operations by both sides—raises questions about China's potential role as a regional peace broker. Despite attempts to get involved, Beijing remained largely on the sidelines as Islamabad and Tehran de-escalated the situation on their own. This was surprising to many who had anticipated that China might emerge as the region’s next diplomatic heavyweight following its hosting of successful Iranian-Saudi normalization talks in Mar. 2023. As tensions brew in the Red Sea, Beijing’s credibility as a mediator has once again been put to the test.

• InterContinental opened 5 hotels in Saudi Arabia in 2023, 29 to follow: CEO

  The InterContinental Hotels Group (IHG) opened five new hotels in Saudi Arabia in 2023, with 3,155 rooms. It also signed 14 agreements, and will soon launch another 29 hotels with 10,314 rooms, Asharq Al-Awsat newspaper reported, citing CEO Elie Maalouf. Maalouf pointed out that the Saudi hospitality sector is growing and is expected to witness an increase in revenues to reach $2.93 billion during 2024, with an annual growth rate of 3.33%. He also expected the market size to reach $3.34 billion by 2028. With nearly 50% of the group's development projects in the region completed, the Saudi market represents the most prominent opportunity for IHG hotels and resorts. This is especially true in light of Saudi Vision 2030 as a major contributor to diversifying economic activity.

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