MUST-READS

• Rubio heads to Saudi Arabia for US-Ukraine talks, then Canada for G7

  U.S. Secretary of State Marco Rubio will arrive in Jeddah, Saudi Arabia, on Monday for U.S.-Ukraine talks as President Donald Trump pushes to broker a swift end to the Russia-Ukraine war, despite Russia’s latest massive aerial attacks against Ukraine’s energy infrastructure. While in Jeddah, Rubio will also meet with Saudi Crown Prince Mohammed bin Salman Al Saud to discuss ways to advance shared interests in the region and strengthen the U.S.-Saudi relationship, said State Department spokesperson Tammy Bruce. According to the State Department, Rubio has “underscored President Trump's determination to end the war as soon as possible and emphasized that all sides must take steps to secure a sustainable peace” in a Friday call with Ukrainian Foreign Minister Andrii Sybiha.

• Saudi riyal symbol: strategic step toward global financial standing

  Saudi Arabia’s unveiling of a new symbol for the riyal has been dubbed a “visionary maneuver” that will enhance the currency’s global recognition, strengthen investor confidence, and signal a commitment to financial modernization, Arab News has been told. As the Kingdom seeks to position itself as a global financial hub, this new symbol, inspired by Arabic calligraphy, reflects a seamless blend of tradition and progress — key to the nation’s ongoing economic reform efforts, according to experts.

• Saudi Arabia’s Strategy Attracts Around 600 Regional Headquarters of Multinational Corporations

  Around 600 foreign companies have established their regional headquarters in Saudi Arabia since the 2021 launch of the Saudi Program for Attracting Regional Headquarters (RHQ) of multinational corporations to the Kingdom of Saudi Arabia's capital, spearheaded by the Ministry of Investment and the Royal Commission for Riyadh City. As part of the Vision 2030 economic diversification plan aimed at establishing Saudi Arabia as a prominent global business hub, the RHQ program offers a range of incentives to international companies. These include a 30-year tax relief package, announced in December 2023, which provides zero percent corporate income tax and withholding tax for qualifying regional headquarters. Additionally, the program streamlines the process of setting up operations in any region in the Kingdom, providing comprehensive support services to assist companies in their transition. Saudi Arabia's modern infrastructure, including advanced facilities and technology, is also a key attraction for international firms. The program further supports expatriate employees by facilitating access to international K-12 schools, with seven new schools having been established in the Kingdom.

• What can Ukraine expect from talks with US in Saudi Arabia?

  Ukrainian President Volodymyr Zelenskyy is to visit Saudi Arabia next week for a planned meeting there between delegates from Ukraine and the US. If all goes according to plan, it will be the first Ukraine-US meeting since the presidents of the two countries quarreled in the White House on February 28. At those talks, US President Donald Trump and Vice President JD Vance accused Zelenskyy of being ungrateful for the US aid given to Ukraine and of being unwilling to end the war in his country. After the Oval Office catastrophe, Zelenskyy cut his US trip short and left Washington. No new meeting between Zelenskyy and Trump is to be held in Riyadh.  Now, ahead of his planned visit to Saudi Arabia, he has announced on the messaging app Telegram that he is planning a meeting with the de facto Saudi ruler, Crown Prince Mohammed bin Salman, adding: "Ukraine is most interested in peace. As we told President Trump, Ukraine is working and will work exclusively constructively for a quick and reliable peace."

• Saudi Universities Top Global Patent Ranking

  Saudi universities have dominated the National Academy of Inventors' (NAI) 2024 Top 100 Worldwide Universities list, which ranks the top 100 universities granted utility patents during the calendar year. According to a Council of Universities Affairs press release, King Faisal University led the global list with 631 patents. King Fahd University of Petroleum and Minerals secured 5th place with 265 patents, Imam Abdulrahman Bin Faisal University ranked 15th with 141 patents, and King Saud University placed 64th with 56 patents. Council of Universities Affairs Secretary-General Dr. Bassam Al-Bassam attributed this success to the significant transformation of Saudi universities, particularly in scientific research and innovation. He emphasized their emergence as hubs for research aligned with Saudi Vision 2030, supported by the Kingdom's leadership and the minister of education. Al-Bassam congratulated the universities and expressed optimism for continued achievements.

• Saudi quick commerce startup Ninja, by HungerStation’s founder, in talks to raise at $1B+ valuation: report

  Ninja, a Saudi quick commerce startup founded and led by Ebrahim Al-Jassim, the founder of HungerStation is in talks to raise fresh funds at a valuation of over $1 billion, Bloomberg reported on Tuesday. The round, according to the report, could be finalized and closed as early as this month, and is being led by Riyad Capital, the investment arm of Riyad Bank, one of Saudi Arabia’s largest banks. While it launched 1957 Ventures last year to focus on fintech, this investment will likely come from its main entity due to the round’s large size. The firm is is also behind Riyad Taqnia Fund (RTF), a VC fund it founded with Taqnia, a Saudi technology investment and development company, in 2016.

• Middle East is top recipient of Chinese Belt and Road deals

  The Middle East was the top recipient of construction and investment deals under China’s Belt and Road Initiative (BRI) in 2024, with the total value reaching $39 billion. That may not go down well in Washington. Saudi Arabia and construction topped the list, according to a report by Griffith Asia Institute, based in Queensland, Australia. The value of construction projects involving Chinese companies doubled from 2023. Saudi Arabia accounted for the biggest chunk of those deals, or $19 billion, more than triple the number for 2023 of $5.9 billion. Riyadh’s subway contract accounted for nearly a third of that, or $5.6 billion.  The BRI, often referred to as the New Silk Road, is a global infrastructure development strategy adopted by the Chinese government in 2013 to invest in more than 150 countries and international organisations. After Saudi Arabia in the BRI “engagement” report, Iraq came in second at $9 billion – a ninefold increase over 2023 – and the UAE at $3.1 billion.

• US immigration agents arrest Palestinian student protester at Columbia University in Trump crackdown
  U.S. immigration agents arrested a Palestinian graduate student who has played a prominent role in pro-Palestinian protests at New York's Columbia University as part of U.S. President Donald Trump's promised crackdown on some anti-Israel activists. Mahmoud Khalil, a student at the university's School of International and Public Affairs, was arrested by U.S. Department of Homeland Security agents at his university residence on Saturday evening, the Student Workers of Columbia labor union said in a statement.

• What to know ahead of the talks between the US and Ukraine in Saudi Arabia

  Saudi Arabia is to host talks on Tuesday between the United States and Ukraine in a new diplomatic push after an argument erupted during President Volodymyr Zelenskyy’s Feb. 28 visit to the White House. Saudi Arabia’s Foreign Ministry in a statement on Friday identified the location for the talks as Jeddah, a port city on the Red Sea. It’s not clear why the kingdom picked Jeddah as opposed to Riyadh, the Saudi capital where the initial Russia-U.S. talks took place on Feb. 18. However, Jeddah has hosted other diplomatic engagements in the past and is home to royal palaces. Zelenskyy plans to visit Saudi Arabia on Monday ahead of the talks. He earlier delayed a trip to the kingdom after traveling to the neighboring United Arab Emirates, which also has been considered as a possible venue for peace talks between Kyiv and Moscow.

• Carbon Markets and Saudi Arabia: A Review of Options and Analysis of Carbon Crediting Potential
  The Kingdom of Saudi Arabia has been taking steps towards carbon market development to stimulate domestic and international climate action. In 2022, the government announced a domestic greenhouse gas (GHG) crediting mechanism – the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) – which will be the first government-led carbon crediting mechanism to be set up in the Gulf region. In parallel, Saudi Arabia’s largest sovereign wealth fund, the Public Investment Fund (PIF), has established the Regional Voluntary Carbon Market Company (RVCMC) that is providing a marketplace for internationally traded carbon credits. 

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