MUST-READS

• Secretary Blinken’s Meeting with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud

  Secretary of State Antony J. Blinken met today with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud. The Secretary and the Foreign Minister discussed the urgent need to protect all civilians in Gaza and immediately increase humanitarian assistance to those in need. Secretary Blinken stressed the importance of continued close coordination with regional and international partners on resolving the conflict in Gaza and preparing for the post-conflict phase. The Secretary emphasized the United States’ commitment to achieving sustained peace through the establishment of an independent Palestinian state with security guarantees for Israel. The Secretary and Foreign Minister also discussed the importance of ending the conflicts in Sudan and Yemen.

• FIFA Series 2024 Saudi Arabia™ Set to Commence This Thursday in Jeddah

  FIFA has announced its support for its member federation in facilitating a set of international friendly matches. These games will include the participation of four national teams from diverse continental federations and will all take place in a single host country, with Saudi Arabia accommodating two such groups. Jeddah is poised to welcome the teams, staging the matches at the reserve stadium of King Abdullah Sports City and Prince Abdullah Al-Faisal Sport City Stadium, scheduled from March 21 to March 26 this year.

• Saudi Ministry Expands Nitaqat Saudization Program to Include Foreign Investors

  The expansion of the Nitaqat Saudization program to include foreign investors signifies a significant step towards creating a more favorable process for business setup in Saudi Arabia. This move not only enhances the country's competitiveness but also makes it easy for investors to meet Saudization requirements. It also underscores its commitment to embracing diversity and attracting foreign investment.

• With $40B fund, Saudi Arabia looks to become world leader in AI

  Andreessen Horowitz regularly invests in AI, and the company’s co-founder, Ben Horowitz, is friends with PIF governor Yasir Al-Rumayyan, the sources told The New York Times. The pair have mooted the possibility of the Silicon Valley firm setting up an office in Riyadh, one source told the newspaper. Read more: https://www.al-monitor.com/originals/2024/03/40b-fund-saudi-arabia-looks-become-world-leader-ai#ixzz8V6wWnoWm

  • New Arab - Saudi Arabia to set up mammoth $40 billion fund to invest in AI start-ups
• NDMC closes the March 2024 Issuance under the Saudi Arabian Government SAR-denominated Sukuk Program

  The National Debt Management Center announces the closure of March 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The Total Amount Allocated was set at SAR 4.441 Bn (four billion and four hundred and forty one million Saudi Riyals)​

• Record breaking Saudi Liebherr crane order

  Arabian Machinery & Heavy Equipment Co. (AMHEC) has ordered 55 new Liebherr mobile cranes. It is the biggest order ever received by Saudi Liebherr Co. Wheeled mobile telescopic cranes from five up to nine axles and from 100 to 800 tonnes capacity will be delivered to the lifting and transport specialist AMHEC.

• Saudi Arabia distributes 1 million iftar meals in Riyadh, Jeddah and Dammam to curb road crashes

  A Saudi initiative has been launched to give away 1 million fast-ending iftar meals on main roads in the kingdom during Ramadan to reduce traffic accidents. Undertaken by the Saudi National Centre for Responsibilities and Studies and the Saudi Coffee Company Barn’s, the effort is aimed at distributing the meals at traffic signals and road intersections in the cities of Riyadh, Jeddah and Dammam during Ramadan to curb the pre-iftar accidents.

• Saudi Arabia’s crude production rose to 8.96 mbpd in January: JODI

  According to the latest report by the Joint Organizations Data Initiative, the Kingdom’s crude exports in January declined by 11,000 bpd to 6.29 mbpd, signifying a 0.17 percent dip compared to December. Saudi Arabia’s decline in crude exports is attributed to the Kingdom’s decision to reduce oil output, aligned with an agreement by the Organization of the Petroleum Exporting Countries, and its allies, known as OPEC+.

• U.S. to review Israeli assurances it is not violating international law

  The department now has until early May to formally assess whether those assurances are “credible and reliable” and report to Congress under a national security memorandum issued by President Biden in February. If Israel’s pledges are found wanting, Biden has the option at any point of suspending any further U.S. arms transfers.

• Saudi Arabia greenlights IMF regional office in Riyadh

  Saudi Arabia has greenlit the International Monetary Fund’s (IMF) establishment of a regional office in the capital Riyadh, in a decision which is expected to enable further collaboration between the two and to boost the kingdom’s standing in the global financial community. According to the state-run Saudi Press Agency (SPA), the Saudi Cabinet – presided over by King Salman – approved the permission for the IMF to open its regional office in the Gulf state this week, around two years after they signed the initial agreement for the office back in 2022.

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