MUST-READS

• Saudi banks’ aggregate profit down 7% to SAR 6.9B in March

  Banks operating in Saudi Arabia reported a 6.7% decline in aggregate net profit before Zakat and tax to nearly SAR 6.93 billion in March, compared to SAR 7.4 billion a year earlier, monthly data issued by the Saudi Central Bank (SAMA) showed.

• US approves sale of blanket order training for Saudi Arabia’s Naval Forces: Pentagon
  The US on Tuesday approved a blanket order of training for Saudi Arabia’s Naval Forces in a deal worth $250 million. The Pentagon says the training will enhance Riyadh’s ability to defend itself against regional malign actors and support US Navy efforts to enforce freedom of navigation.

  The Pentagon said the Defense Security Cooperation Agency delivered the required certification, notifying Congress of this possible sale on Tuesday.

• Perspective: On the stalling of major projects in Saudi Arabia

  In general, and despite the succession of these loans, it is certain that the Kingdom’s economy has not slipped into danger, as the Kingdom’s debts constitute only about 26.5 per cent of the GDP by the end of 2023 (compared to 65 per cent in Germany and 112 per cent in France). The Saudi budget still enjoys large areas of manoeuvrability by reducing expenditures, supported by increasing possibilities for at least stable, and perhaps increasing, oil prices in light of the increasing geopolitical risks around the world and the increase in demand for black crude. This, in short, means that the debt risks to the Kingdom are still within the calculated and safe range, but it remains very important to anticipate what is coming.

• Saudi Aramco CEO says 80% of oil demand to come from Global South by 2050

  "They [Global North] are putting a lot of funds to create the transition," Nasser said in a special meeting of the World Economic Forum in the Saudi capital Riyadh. "It doesn't work where the demand is today. Fifty to 60% of the demand is in the Global South. By 2050, 80% of the hydrocarbon demand is going to be in the Global South. So, we need to take that into consideration if we are worried about emissions. We need to focus on a mission rather than picking winners or losers."

• BlackRock to launch PIF-backed Saudi investment platform
  The world's largest asset manager BlackRock (BLK.N), opens new tab said on Tuesday it plans to launch a new investment platform in Saudi Arabia, backed by up to $5 billion from Saudi sovereign wealth fund the Public Investment Fund (PIF).
  BlackRock and PIF said they had signed a memorandum of understanding under which BlackRock would establish a Riyadh-based multi-asset investment platform, anchored by PIF's initial cash injection, subject to certain agreed milestones being hit.

• Entertainment industry playing a lead role in Saudi transformation

  The entertainment industry in Saudi Arabia has seen a serious boost in recent years as the country continues on its course to becoming a hub for leisure – and overall a place for the wealthy to spend big. Consumer spending in entertainment is expected to reach $5 trillion by 2028, according to a report from Redseer Strategy Consultants.

• Saudi Arabia activist sentenced to 11 years in prison for ‘support’ of women’s rights

  Saudi officials confirmed in a statement to the United Nations high commissioner for human rights that Manahel al-Otaibi was sentenced on 9 January for what the Saudi government called “terrorist offences”.

  Al-Otaibi, who was sentenced in a secret hearing before the counter-terrorism court, was found guilty of charges related to a Saudi anti-terror law that criminalises the use of websites to “broadcasts or publishes news, statements, false or malicious rumors, or the like for committing a terrorist crime”.

• Geothermal – Saudi Arabia’s Next Energy Vector?
  For decades, Saudi Arabia’s power sector has heavily relied on hydrocarbons for electricity generation. Their abundant supply, affordability, and differential performance have made them a top choice. A significant portion of this electricity provides power for air conditioning systems and water desalination plants.

• Food-poisoning patients released from intensive care, 25 discharged from Riyadh hospital

  More than half of the patients who contracted food poisoning caused by the clostridium botulinum bacteria last Thursday were released from intensive care and 25 discharged from a local hospital, the Ministry of Health reported on X. The ministry’s spokesperson Dr. Mohammed Khalid Alabdulaali confirmed that the only source of the contaminated food was from the local Hamburgini fast-food restaurant chain.

• Police arrest dozens of pro-Palestinian protesters at Columbia University
  New York City police arrested dozens of pro-Palestinian demonstrators holed-up in an academic building on Columbia University campus late on Tuesday and removed a protest encampment the Ivy League school had sought to dismantle for nearly two weeks.
  Shortly after police moved in, Columbia University President Minouche Shafik released a letter in which she requested police stay on campus until at least May 17 - two days after graduation - "to maintain order and ensure that encampments are not re-established."
  • Reuters - Pro-Palestinian supporters and counter-protesters clash on UCLA campus over Gaza
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