MUST-READS

• Niemann wins in Saudi Arabia for 2nd LIV Golf title of the year

  Joaquin Niemann won his second LIV Golf title in three starts, closing with a 4-under 66 on Sunday at LIV Golf Jeddah for a four-shot victory over Louis Oosthuizen and Charl Schwartzel. Niemann now has three wins in the last three months, starting with the Australian Open victory in December that allowed him to rejoin the European tour and eventually put him on the path toward getting invited to the Masters.

• Saudi-based Deep-Tech VC Fund Beta Lab makes strategic investment in Cross-Border fintech startup EximPe

  Beta Lab, a leading Saudi venture capital firm specializing in deep tech innovations, is excited to announce its recent strategic investment in EximPe, marking a significant expansion into the MENA region. This collaboration aligns with Beta Lab’s mission to disrupt traditional sectors through deep tech and supports our commitment to fostering innovative solutions that simplify complex challenges. The funding will be utilized to further Eximpe’s mission of using technology to simplify cross-border transactions and expand its reach with SMEs.

• OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants

  Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024's second quarter.

• AWS to Launch an Infrastructure Region in the Kingdom of Saudi Arabia

  Amazon Web Services (AWS), an Amazon.com company (NASDAQ: AMZN), today announced it will launch an AWS infrastructure Region in the Kingdom of Saudi Arabia in 2026. The new AWS Region will give developers, startups, entrepreneurs, and enterprises, as well as healthcare, education, gaming, and nonprofit organizations, greater choice for running their applications and serving end users from data centers located in the Kingdom of Saudi Arabia, ensuring that customers who want to keep their content in-country can do so. As part of its long-term commitment, AWS is planning to invest more than $5.3 billion (approx. 19.88 billion Saudi riyal) in the Kingdom of Saudi Arabia. For more information about AWS Global Infrastructure, visit aws.amazon.com/about-aws/global-infrastructure.

• OPEC to Extend Oil Production Cuts Through June

  Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries, said Sunday that it would extend cuts in oil production through June, noting that it was acting “in coordination with some” other states. Saudi allies including Kuwait and the United Arab Emirates said Sunday that they would also continue their reductions. The decision to keep output cuts in place was expected and appears intended to bolster what might otherwise be weak oil prices. Some analysts forecast that the supply of oil will exceed demand in the first half of this year. Without continued cuts, prices might sink.

• UiPath Announces Investments in Saudi Arabia, Including First Saudi School of Automation and New Office Location in Riyadh

  UiPath, a leading enterprise automation and AI software company, today announced at LEAP 2024 its commitment to supporting digital transformation and workforce upskilling via modern AI and automation technologies in Saudi Arabia with new investments in the Kingdom. The UiPath Business Automation Platform connects people, technology, and processes in one integrated platform to further human achievement, advance innovation, and create more efficient ways of working.

• THC signs historic framework agreement for up to 120 Airbus helicopters

  The Helicopter Company (THC), Saudi Arabia's premier provider of commercial helicopter services and fully owned by the Public Investment Fund, has signed a historic framework agreement with Airbus at the HAI Heli-Expo, currently taking place at Anaheim Convention Center, California.

• UK construction firm wins bid to develop world’s largest airport in Riyadh

  UK construction firm Mace will serve as the delivery partner for Riyadh’s King Salman International Airport, expected to be the world’s largest airport following its 2030 opening. A variety of international firms competed for the contract since last year, with Mace winning the bid, the Middle East Economic Digest reported on Thursday. The firm will offer project and design management, cost consulting and procurement information. It has considerable experience in airport construction and maintenance, including a 30-year contract covering London’s Heathrow Airport, the largest in Europe.

• Shehbaz Sharif wins Pakistan’s top job for second time

  Shehbaz Sharif, returning as Pakistan's prime minister for a second time on Sunday when his brother declined a fourth term, has played a crucial role holding together a disparate coalition for 16 months after rival Imran Khan was ousted. Sharif, 72, won a parliamentary vote for premier, resuming the role he had held until August when parliament was dissolved ahead of last month's elections. Pakistan has had a caretaker government since then.

• Saudi bourse falls ahead of OPEC+ meet; Egypt gains

  OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them. Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.

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