MUST-READS

• Algosaibi Financial Dispute
  The Algosaibi affair: A Saudi saga

  THOUGH little noticed by the international media, it was one of the largest corporate collapses of the credit crunch and the messiest of the numerous debt crises to afflict family conglomerates in the Middle East. More than 100 banks worldwide have altogether been contemplating losses of several billion dollars since Ahmad Hamad Algosaibi & Brothers Company (AHAB) defaulted in 2009. A tangle of resulting claims and counter-claims is being litigated in Saudi Arabia, Bahrain, America, Britain, Switzerland and the Cayman Islands. One seasoned investor, asked if he has ever been involved in a corporate failure more challenging than this, replies drily: “Yes, I had one on Mars.”

• Solar Energy
  Saudi Aramco turns to PV to ‘displace hydrocarbons’ from electricity generation

  The project is a part of a bigger program to see Saudi Aramco reduce its energy consumption at its “nonindustrial buildings” by 35% by 2020. LED lighting and new standards for thermal insulation are also a part of the scheme.

• Weather in Riyadh
  Rain leaves Saudi capital swamped

  It has been raining in the Saudi capital of Riyadh since Wednesday evening, leaving the city’s streets swamped with puddles of water.

• King Abdullah Economic City
  Saudi Arabia’s new desert megacity

  At 70 square miles KAEC will eventually be a metropolis slightly larger than Washington DC and at a cost of $100bn (£67m), mostly from private funding... So far only 15% of the city has been developed - industrial estates, residential districts and public facilities are currently under construction.  

• Labor Regulation and Enforcement
  Pre-dawn raids in Jeddah, Riyadh see many arrests

  According to officials, most crimes in the Kingdom are committed by people who have overstayed their visas. As a result, the government has intensified its campaign against the overstayers.

• Muslims
  Opinion: When we celebrate Muslims for opposing terrorism, we do them no favors

  The reality, of course, is that most Muslims are neither heroes nor extremists. Like most human beings, the majority of Muslims are quite boring. We binge watch Netflix, complain about politics, angst about the weather and struggle with relationship and work woes. Religion, just like color, gender and sexuality, is integral, but not the sum of our identity.

• ISIS and Social Media
  Three Steps To Destroy ISIS on Twitter

  But the seminal analysis of public Twitter data about ISIS released last week shows that the company has achieved considerable success in increasing the organizational costs to ISIS of operating on Twitter. It also revealed a few simple steps that Twitter can take right now to make online life much harder for ISIS.

• GCC Policy
  Opinion: Why the GCC really needs a VAT tax

  GCC countries have the least demanding tax systems. According to a PwC report ‘Paying Taxes 2015: The global picture’, Qatar has the lowest tax rate regime, with a net tax rate of 11.3 per cent, contributing towards labour protection in the form of social insurance and training. It is followed by Kuwait, with a labour tax rate of 12.8 per cent and Bahrain (13.5 per cent). Saudi Arabia and Oman are the only countries in the GCC to collect profit tax of 2.1 per cent and 11.3 per cent, respectively. The UAE collects labour tax at a rate of 14.1 per cent and other taxes at 0.7 per cent.

• Somalia
  US Confirms Drone Strike Killed Al-Shabaab Leader Tied to Mall Attack

  American forces used a drone to target and kill a member of the al-Shabaab terrorist network who was tied to the terrorist attack at a luxury shopping mall in Kenya two years ago, the Pentagon confirmed Wednesday.

• U.S. - Israel
  Where do strained U.S.-Israeli relations go after Netanyahu’s victory?

  “On the way to his election victory, Netanyahu broke a lot of crockery in the relationship,” said Martin Indyk, executive vice president of the Brookings Institution and a former U.S. ambassador to Israel. “It can’t be repaired unless both sides have an interest and desire to do so.”

  • Foreign Policy - From Tel Aviv to Turtle Bay
  • Time - What Netanyahu’s Victory in Israel Means for the World
  • Daily Beast - Bibi’s Ugly Win Will Harm Israel
  • American Interest - Bibi Is Back: The Consequences for U.S.-Israeli Relations
  • WSJ (paywall) - U.S. to ‘Re-Evaluate’ Mideast Peace Strategy
  • Brookings Institution - How Bibi pulled it off
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