MUST-READS

• 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 Arabia spends $724 million to implement 1,072 projects to empower women in 79 countries

  Saudi Arabia, represented by the King Salman Humanitarian Aid and Relief Center (KSrelief), has implemented as many as 1,072 projects dedicated for the most needy women in 79 countries around the world. Implementation of these projects, which are valued at nearly $724 million, coincide with International Women's Day, which falls on March 8 each year. The projects implemented by KSrelief included provision of assistance to Yemeni women and empowering them economically, building their capacities by providing training programs in the professional and commercial fields, and providing them with the necessary tools that help them find income-generating opportunities that contribute to improving the livelihoods of the beneficiaries and their families.

• Saudi MoH warns against fake sick leaves, imposes jail, SAR 100,000 fine

  The Ministry of Health (MoH) warned against engaging with social media accounts that promote fraudulent sick leaves, emphasizing that such practices are criminal offenses subject to legal penalties. This warning is part of the ministry’s regulatory efforts to enhance the digital healthcare system and ensure compliance with regulations. According to the Saudi Press Agency (SPA), the ministry stated today, March 9, that penalties apply to anyone issuing false or misleading medical reports. Punishments include up to one year in prison and a fine of up to SAR 100,000.

• 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.

• Saudi Arabia opens 24-hour childcare centers at Grand Mosque for Ramadan worshippers
  As millions of worshippers flock to the Grand Mosque in Mecca during the holy month of Ramadan, the General Authority for the Care of the Affairs of the Grand Mosque and the Prophet's Mosque has launched dedicated centers to host young children, providing round-the-clock care and educational programs. Designed for children aged 1.5 to 9 years, the centres offer a secure environment where children can engage in activities that foster learning and personal growth while their families perform religious rites. In addition to supervised learning, the centers provide meals, spaces for watching educational videos, and designated areas for rest and sleep.

• 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.

• Aramco slashes blue ammonia output to reduce costs

  Saudi Aramco has scaled down its low carbon ammonia production target by 80 percent because of high costs and low demand. The company has adjusted its production objective from 11 million tonnes per annum (mpta) by 2030 to 2.5 mpta, it has said. The new target is still subject to the availability of commercially viable long-term offtake projects, Amin Nasser, Aramco CEO, told analysts during an earnings call this week. “We refined the target. The market is not evolving quickly enough considering the high cost,” Nasser said. Nasser said Aramco, which is the world’s largest oil company by value, is in discussions with potential ammonia buyers but will only go ahead with production if it secures agreements with “appropriate” returns.

• 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.

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