MUST-READS

• Saudi Arabia mulls investment office in Brazil

  The Saudi government announced on Tuesday that it is considering opening an office of its Investment Ministry in Sao Paulo, with the aim of boosting trade and business with Brazil. The announcement was made during the Brazil Saudi Arabia Conference, which gathered a delegation of around 70 Brazilian businesspeople and officials, Saudi Deputy Investment Minister Ibrahim Al-Mubarak and the executive director of the ministry, Waleed Al-Rubaie. The event program included a visit to the Saudi Public Investment Fund.

• Will Saudi Arabia scrap SR400 fee imposed on expat dependents?

  Saudi Arabia is reconsidering a monthly fee levied on expatriates’ dependents as the kingdom is seeking to attract foreign talents to boost Saudi economy, a government minister has disclosed. “The decision to impose the fees on dependents was necessary because they benefited from the state subsidies on water, electricity, etc,” Saudi Minister of Finance Mohammed Al Jadaan said.

• ‘Reframed’ Iran ties shield Saudi in Gaza war: analysts

  A surprise deal reached one year ago to mend ties with Iran has paid dividends for Saudi Arabia, largely shielding it from the Gaza war and related unrest, analysts say. Though thorns remain in the complex relationship between the Middle East rivals, the rapprochement amounts to a signature diplomatic achievement for Crown Prince Mohammed bin Salman, Saudi Arabia's hard-charging de facto ruler.

• Saudi Arabia Advances Tech Hub Leadership Position with $888 Million in Deals at LEAP 24

  Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. On the second day of LEAP 24 in Riyadh, Investcorp launched a $500 million growth-stage fund. Oasis Capital launched "Fund II" with a capital of $100 million. The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46. Merak Capital established a fund with $80 million to support game accelerators in Saudi Arabia. Saudi Arabia’s Takamol Holdings launched a $50 million investment arm, focused on funding early-stage tech companies. Plug and Play launched its first fund to invest in technology startups, while X by Unifonic announced its first investment fund to support business software services for startups.

• Game-Changing Saudi Arabia Venue Set To “Push The Boundaries” Of Motorsport

  The Speed Park Track in Qiddiya City, just outside Riyadh, has been designed by legendary F1 designer Hermann Tilke, with former F1 driver Alexander Wurz providing his driver's eye view on its layout. The team behind the venue also worked with developers of the all-new city to seamlessly integrate it with the urban entertainment precincts that surround it.

• Formula One statistics for the Saudi Arabian Grand Prix

  The night race in Jeddah made its debut on the calendar in December 2021, with seven-times world champion Hamilton winning for Mercedes from pole. Verstappen won from fourth on the grid in 2022, Perez from pole in 2023. Red Bull are now going for their third Saudi win in a row. Verstappen is the only driver to have been on the podium in every race in Jeddah, finishing second last year after starting 15th due to a driveshaft failure in qualifying.

• Crucial Red Sea data cables cut, telecoms firm says

  Several undersea communications cables in the Red Sea have been cut, affecting 25% of data traffic flowing between Asia and Europe, a telecoms company and a US official say. Hong Kong-based HGC Global Communications said it had taken measures to reroute traffic after four of the 15 cables were recently severed. The cause is not yet clear. The US official said it was trying to find out whether the cables were cut deliberately or snagged by an anchor. Last month, Yemen's internationally-recognised government warned that the Iran-backed Houthi movement might sabotage the undersea cables in addition to attacking ships in the sea.

• Mideast Starbucks franchisee firing 2,000 workers after being targeted in Israel-Hamas war boycott

  The Middle East franchisee of Starbucks said Tuesday it has begun firing around 2,000 workers at its coffee shops across the region after the brand found itself targeted by activists during the ongoing Israel-Hamas war in the Gaza Strip. The Kuwait-based Alshaya Group, a private family firm holding franchise rights for a variety of Western companies including The Cheesecake Factory, H&M and Shake Shack, issued a statement acknowledging the firings at its Middle Eastern and North African locations.

• Opinion: The Power Vacuum in the Middle East

  China ought to care that the Houthis have attacked shipping in the Red Sea since November, which jeopardizes trade with Europe. But it has not sent warships to the region. Although China is Iran’s largest trading partner, Beijing has not used its influence to persuade the regime in Tehran to rein in the Houthis but instead has merely pleaded for them to allow Chinese ships to transit the Red Sea unmolested.

• UN team says rape, gang rape likely occurred during Hamas attack on Israel

  A team of United Nations experts reported on Monday that there were "reasonable grounds to believe" sexual violence, including rape and gang rape, occurred at several locations during the Oct. 7 attack on Israel by Hamas militants. The team - led by U.N. special envoy for sexual violence in conflict Pramila Patten - visited Israel between Jan. 29 and Feb. 14 on a mission intended to gather, analyze and verify information on sexual violence linked to the Oct. 7 attacks.

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