MUST-READS

• Saudi FM discusses Gaza, West Bank with Palestinian PM

  Saudi Foreign Minister Prince Faisal bin Farhan on Thursday spoke to Palestinian Prime Minister and Minister of Foreign Affairs Mohammed Mustafa by telephone, the Kingdom’s Foreign Ministry said.

  They discussed developments in the West Bank, Gaza Strip and its surrounding areas.

• Saudi Arabia plans Aramco share sale as soon as June, sources say
  Saudi Arabia is planning a multi-billion-dollar share sale in energy giant Aramco (2222.SE), opens new tab as soon as June in what would be one of the region's biggest stock deals, two people familiar with the matter said.
  The offering could raise around $10 billion, one of the people said. The preparations are ongoing and the details could still change, the sources said, who were speaking on condition of anonymity because the matter is private.

• Mega projects in Saudi Arabia attract strong interest from investors: Al Khateeb

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  Major projects in Saudi Arabia receive strong interest from private-sector operators, financiers, and investors locally, regionally, and globally, Ahmed Al Khateeb, Minister of Tourism, told Al Arabiya TV.   The private sector participation is important to support development in all fields, particularly in the tourism sector. The sector is witnessing substantial growth, especially in major projects such as Al Soudah, Diriyah, Qiddiya, NEOM, among others.

• China, the US, and the battle for Middle Eastern technology

  China's engagement with the Middle East is intimately intertwined with its broader global competition with the United States, which is increasingly evolving into a profound struggle for supremacy among great powers. Technological innovation has become a flashpoint in this struggle, and the rivalry has driven mutual incremental measures aimed at advancing what is commonly referred to as "technological decoupling" — a process of reducing asymmetrical dependencies and, in certain instances, disentangling the technological and cyber domains altogether.

• China planemaker COMAC eyes Saudi Arabia for global expansion
  Chinese planemaker COMAC is eyeing Saudi Arabia as a launch pad for its international ambitions, as the state-owned company steps up efforts to sell overseas and break into a passenger jet market dominated by Western manufacturers.
  Chairman Dongfeng He visited Saudi Arabia for the first time this week, having welcomed a Saudi delegation to the company's Shanghai facilities in February, amid warming ties between the two major economies.

• Saudi Arabia’s best international Islamic bank: HSBC Saudi Arabia

  The bank topped the league tables on sukuk issuances by value, with a 19.5% share of the market. It extended a total of $11.85 billion in financing in 2023.

• Believe it or not: Even in Saudi Arabia, renewable power is cheaper than fossil fuels

  Saudi Arabia signed deals to buy electricity from two large-scale wind farms that are cheaper than natural gas plants, as it aims to rapidly transition to a bigger share of renewables in the power grid.

• Mastercard Women’s Leadership Network Expands into Saudi Arabia, Empowering Women in Finance

  As part of its commitment to connecting and powering an inclusive, digital economy that benefits everyone, everywhere, Mastercard is pleased to announce the launch of a new Women’s Leadership Network (WLN) chapter in Saudi Arabia and extension of its Accelerator Program in EEMEA in partnership with Women Choice to Saudi Arabia.

• Saudi Arabia restricts visit visa holders from entering Makkah during Hajj season

  The Saudi Ministry of Interior has announced entry restrictions to Makkah for holders of all types of visit visas from May 23 to June 21, 2024, coinciding with the upcoming Hajj season. The ministry clarified that visit visas do not include authorization to perform Hajj. Visitors currently in Saudi Arabia on visit visas are advised to refrain from traveling to Makkah during this period to avoid penalties under the Kingdom’s regulations. These measures are part of the security and organizational preparations aimed at ensuring the safety and security of authorized pilgrims and allowing them to perform their religious rituals without disruption.

• U.S. concerned about Israel threat to collapse Palestinian economy

  Even as it urges greater Israeli restraint in Gaza and the reopening of the Rafah border crossing for humanitarian aid, the United States is expressing growing concern about the potential economic collapse of the Palestinian Authority and the instability that would cause in the West Bank and ultimately Israel, amid threats by an ultra-nationalist Israeli minister to cut off Palestinian banks from the Israeli financial system.

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