MUST-READS

• U.S. Says Historic Israel-Saudi Normalization Deal Within Reach but Israel Might Balk

  “The Saudis have been clear that [normalization] would require calm in Gaza and it would require a credible pathway to a Palestinian state,” Secretary of State Antony Blinken told the Senate Foreign Relations Committee Tuesday. “It may well be that in this moment Israel isn’t able or willing to proceed down that pathway.”

• Kuwait Faces an Uncertain Future After Legislature is Suspended

  For the past six decades, Kuwait has stood out as among the freest and open Arab states of the Persian Gulf, centered on the country’s 1962 constitution and its vibrant, elected National Assembly. The Assembly’s broad powers, including the ability to interpolate appointed ministers, have enabled the body to serve as a forum for holding the government accountable. Legislative and quasi-legislative consultative assemblies in the other Gulf states were established far more recently and have significantly less scope of authority than Kuwait’s parliament.

• Who Replaces Iran’s President Raisi? It’s the Wrong Question

  The rise of Raisi, an ally of Khamenei, was part of a broader strategy to consolidate power among hardliners and ensure the regime's stability. His election in 2021, amid record-low turnout and allegations of rigging, signaled that the ruling apparatus no longer saw elective offices as necessary pressure valves for a discontented populace. This strategy held even during the intense protests following the death of Mahsa Amini in 2022, which saw brutal crackdowns ordered by Raisi. Often called the "Butcher of Tehran," Raisi was known for his harsh crackdowns on dissent and his role in the mass executions of political prisoners in 1988. His death throws a wrench into the hardliners' plans and raises questions about the future leadership of Iran.

• US-Saudi defense deal with civil nuclear component nears completion, official says
  The U.S. and Saudi Arabia have reached a "near final set of arrangements" for a defense pact that includes a civil nuclear component but obstacles remain for a broader regional deal that would normalize relations between Israel and Riyadh, a senior U.S. official said on Tuesday.
  The official said the bilateral deal was "more or less complete," but cautioned that certain elements, including a credible pathway to Palestinian statehood and steps on stabilizing war-torn Gaza, still needed to be completed.

• 142 women soldiers graduated

  A total of 142 female soldiers have graduated from the Women’s Training Institute under the directorate of Public Security. The graduation ceremony of the sixth batch of women soldiers was held under the patronage of Minister of Interior Prince Abdulaziz bin Saud bin Naif and in the presence of Public Security Director Lt. Gen. Muhammad Al-Bassami. The graduates have completed their basic training course, and these included training in applications and various branches of knowledge, as well as theoretical and practical lessons on the skills required by the tasks and security work entrusted to them while undertaking security jobs and special assignments.

• Introducing Saudi Arabia’s first nightclub where booze is banned and it costs £1,900 to get in! Revellers dance the night away at members-only ‘sovereign wealth fund-backed’ Beast House

  Beast House, found in Riyadh’s artistic Jax District, a vibrant hub for artists and creatives, has been hailed as the start of 'a new life' by excited revellers. While DJs, chic interiors and the opportunity for socialising are all present at the music venue, alcohol remains forbidden, with mocktails served at the bar instead and bouncers on hand to enforce the no-booze rules, according to The Times.

• Sungrow Signs the 760MWh Off-Grid Energy Storage Project to Propel Saudi Arabia’s 2030 Vision

  Sungrow, the global leading PV inverter and energy storage system provider, has forged a strategic partnership with Larsen & Toubro to supply 165MW PV inverters and 160MW/760MWh energy storage systems for AMAALA, a prestigious destination in Saudi Arabia. This collaboration aligns with Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative, marking a pivotal moment in sustainable energy development. This flagship project is developed and led by EDF Group, the leading French utility company specialized in low carbon electricity generation with over 91% of its own production free of CO2 emissions, and Abu Dhabi Future Energy Company (Masdar), for the client Red Sea Global.

• Saudi Arabia signs 1,100 MW of PPAs at “record low” price for wind

  Saudi Arabia has signed two power purchase agreements (PPAs) with a consortium led by Japan's MARUBENI Corp. (TYO:8002) for 1,100 MW of wind energy capacity, claiming that it has achieved a world "record low" price for wind energy at USD 15.65 (EUR 14.35) per MWh.

• Saudi Arabia’s NEOM: New video shows rapid progress at mega project, workers doubled

  Saudi Arabia’s NEOM has unveiled a new progress video showing rapid development being made on the mega business and tourism project, with more than 140,000 construction workers developing key regions across the futuristic site.

  The progress film shows real-world footage of the large-scale construction across the mega site and revealed its workforce has doubled over the past year.

• Knight Frank: The Saudi Report – 2023

  In this Saudi Report 2023 Highlights special, we have identified five stand-out opportunities to consider that will help deliver the ambitions of Vision 2030 and which align with our market experience, all confirmed by our survey. You can read the full analysis of the data gathered through our three

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