MUST-READS

• US threatens action against Iran at IAEA over continued ‘stonewalling’
  The United States on Thursday threatened future action against Iran at the U.N. nuclear watchdog if Tehran keeps "stonewalling" the watchdog by denying it the cooperation and answers it seeks on issues including long-unexplained uranium traces.
  At a quarterly meeting of the International Atomic Energy Agency's 35-nation Board of Governors, Washington again told Iran to cooperate with IAEA inspectors who for years have been seeking explanations from Tehran on the origin of uranium particles at undeclared sites.

• Muslims spot Ramadan crescent moon in Saudi Arabia, meaning month of fasting starts Monday for many

  The sacred month, which sees those observing abstain from food and water from sunrise to sunset, marks a period of religious reflection, family get-togethers and giving across the Muslim world. Seeing the moon Sunday night means Monday is the first day of the fast. Saudi state television reported that authorities there saw the crescent moon. Soon after, multiple Gulf Arab nations, as well as Iraq, Syria and Egypt followed the announcement to confirm they as well would start fasting on Monday. Leaders also shared messages of congratulations the month had begun.

• Saudi Aramco reports second-highest net income of $121.3bn in 2023

  In 2023, Aramco reported a net income of $121.3 billion, a decrease from $161.1 billion in 2022, marking the company’s second-highest net income to date. The year-on-year decline is attributable to lower crude oil prices and volumes sold, along with reduced refining and chemical margins. This decrease was partially offset by a reduction in production royalties, as well as lower income taxes and zakat during the year.

• Saudi Arabia is on a remarkable journey — I’ve seen it with my own eyes

  In the past 18 months, Saudi Arabia has won the bid to host the World Expo 2030 (in a landslide vote); secured the 2029 Asian Winter Games and 2034 World Cup; attracted some of the world’s best football talent; shaken up the golf world with LIV Golf; continued to significantly advance its massive giga-projects; played a significant role on the diplomatic stage with many of the world’s current, complex challenges and dangers; and has been named the ninth-most powerful country in the world by US News and World Report. The Kingdom is on a roll like few nations have been in the recent past.

• Aramco seeks more investment opportunities in China, sees healthy oil market in 2024: CEO

  On an earnings call, Nasser added that the global oil market is expected to remain healthy for the rest of the year and increase by roughly 1.5 million barrels, according to Reuters.   The CEO also predicted that global oil demand will reach 104 million barrels per day in 2024, up from an average of 102.4 million barrels in 2023.   Aramco, he added, is targeting a 60% boost in gas production by 2023, compared to 2021 levels.

• Saudi Arabia starts to localize 35% of dental profession

  Saudi Arabia’s Ministry of Human Resources and Social Development (HRSD) started to localize 35% of the dental profession in the private sector as of today, March 10.   The decision, issued by HRSD Ministry in partnership with the Ministry of Health, will be implemented in the private-sector institutions with three or more workers.   The Health Ministry will oversee and implement the decision, in line with the job market and the requirements of the dental profession.

• Saudi GDP falls 0.8% in 2023

  Saudi Arabia’s real gross domestic product (GDP) fell by 0.8% year-on-year (YoY) in 2023, data issued by the General Authority for Statistics (GASTAT) showed.   Oil activities declined by 9% YoY, while non-oil activities grew by 4.4% annually. In addition, government services increased by 2.1% YoY.   GASTAT adopted the chain-linked methodology in the national accounts to calculate the real GDP. It issued the publications of Q4 2023 and 2023, adopting the new methodology instead of the previous one, which was based on utilizing the fixed base year.

• Iran and Saudi Arabia reap benefits of rapprochement, one year on

  The landmark agreement raised expectations for enhanced stability in the Middle East and beyond.

  Saudi Ambassador to Iran, Abdullah bin Saud Al Anzi, arrived in Tehran last September to start his new mission, before the Iranian Ambassador to Saudi Arabia, Alireza Enayati, submitted his credentials in Riyadh shortly after.

  “An Iran-Saudi detente has proved useful to both parties,” Bader Alsaif, an assistant professor of history at Kuwait University, told The National.

  It enabled “focus on more pressing domestic agendas, whether it is meeting the development needs of Vision 2030 for KSA or quelling unrest and internal strife in Iran”, he added.

• Saudi Aramco boosts dividends despite profit fall

  Saudi Aramco has reported a steep decline in profits, after the energy giant cut production and oil prices fell sharply in 2023.

  Its profits fell 25% to $121bn (£91bn) profits after a record-smashing year in 2022.

  But the figure is still the second-highest profit ever for the state-backed company.

  The firm said it was boosting its payments to shareholders and looking for opportunities to invest in China.

• Veteran Saudi diplomat warns of consequences of Israel’s Gaza war, regional spillover risk

  “We hope that a ceasefire will take place in Gaza. Ramadan is coming. And the brutality that we have seen will not make anyone happy, any human being happy, especially in the Muslim world.” Asked about the risks of a regional spillover, he said the war was already contributing to tensions in the north of Israel and in the south of Lebanon. “There’s tit-for-tat ongoing between Hezbollah and Israel.”

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