MUST-READS

• Saudi Arabia makes up 41% of GCC telecom revenues, 37% of assets

  Saudi Arabia accounted for 41% of total revenues in the GCC telecommunications and information technology sector and 37% of total assets. The revenues of Saudi-listed companies listed within the sector reached about SAR 119 billion in 2023, marking growth of more than 10% year-on-year (YoY). This was presented by Argaam team during the ICT Indicators Forum 2024 in its tenth edition, organized by the Communications, Space & Technology Commission (CST). The Kingdom accounted for 34% of the total sector’s assets valued at SAR 250 billion in 2023, with a YoY rise of about 12%.

• Saudi Arabia’s King Salman leaves hospital after tests

  Saudi King Salman left hospital after a routine check-up on Wednesday, the Royal Court said in a statement carried by the official Saudi Press Agency.

  Earlier in the day, the Royal Court said King Salman entered King Faisal Specialist Hospital in Jeddah for a routine check-up for “a few hours".

  “May Allah protect the Custodian of the Two Holy Mosques and grant him health and wellness,” the court said.

• Saudi Arabian healthcare group Fakeeh Care Group announces IPO
  Saudi Arabia's Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.
  The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.

• Saudi Arabia’s non-oil exports surge by 4.4%: GASTAT

  Saudi Arabia’s non-oil exports, including re-exports, saw a surge of 4.4 percent in February compared to the same period of 2023, official data showed. According to the General Authority for Statistics, the total value of this sector reached SR21.86 billion ($5.83 billion), marking a rise from SR20.93 billion in the same period of the previous year.

• IMF To Open New Regional Office In Saudi Arabia

  The first director of the regional office will be Mr. Abdoul Aziz Wane who is a seasoned IMF leader with deep knowledge of the institution and a vast network of policymakers and academics across the world. He is a national of Senegal.

• In Iran, talk of capacity to build nukes sparks bipartisan backlash

  Supreme Leader Ayatollah Ali Khamenei has accused the US of attempting a Libya-style shutdown of Iran’s nuclear facilities. This comes as some Iranian officials have indicated that the Islamic Republic may turn to nuclear weapons if pushed into a corner. But rather than being welcomed amid tension with Israel, such remarks have sparked a cross-partisan backlash—with both media and pundits portraying such discourse as a pretext for the west to further sanction Iran.

• Israel’s Next Front? Iran, Hezbollah, and the Coming War in Lebanon

  Over the past six months, tensions along Israel’s border with Lebanon have escalated dramatically. Israel has now deployed 100,000 troops to its north to confront the Shiite militant group Hezbollah, and the fighting there has steadily intensified. Nearly 400 Lebanese—including around 70 civilians and three journalists—have been killed, 90,000 Lebanese civilians have been displaced from around 100 towns and villages along the Israeli-Lebanese border, and Lebanese villages and olive groves have incurred widespread damage from phosphorus bombs.

• IAEA may hold ‘high-level’ talks in Iran as nuclear concerns grow

  The International Atomic Energy Agency (IAEA), the UN’s nuclear watchdog, is considering holding a high-level political discussion in Tehran within the next “couple of weeks” as concerns grow about Iran’s nuclear programme, its director general has said.

  Iran, which is currently in the middle of a stand-off with Israel – another nuclear nation – is “very close” to possessing enough enriched uranium to produce several nuclear warheads, Rafael Grossi told The National on the sidelines of the World Energy Congress on Wednesday.

  “But that does not mean they have them now. One needs to be careful,” Mr Grossi said.

• Despite backlash, Bahrain goes all in on supercar brand

  Mumtalakat, Bahrain’s sovereign wealth fund, last month expanded its shares to become sole owner of the British McLaren Group. The sports car brand has been facing significant financial uncertainty and recently incurred substantial losses. To Bahrainis, the move is a surprise given their country's own struggling economic climate—including an expected budget deficit of 8.2% of GDP through 2024. The International Monetary Fund (IMF) projects that the size of the island nation’s economy will stand at 17.7B BHD (47.1B USD) this year.

• Will Biden enable Pakistani energy imports from Iran?

  Ebrahim Raisi has traveled to Pakistan, marking the first trip by an Iranian president to the country’s eastern neighbor in over eight years. Iranian state media have focused on the potential economic benefits of the visit, which could involve a deal on the completion of a stalled gas pipeline opposed by the US. If Islamabad fails to complete its section of the pipeline, it could face Iranian legal action potentially resulting in 18B USD in fines.

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