MUST-READS

• Saudi Arabia wants to be ‘the next Silicon Valley,’ Princess Loulwa says: Video

  Princess Loulwa Al Saud, co-founder and CEO of RiseUp Saudi, says Saudi Arabia focuses on knowledge more than on funding.

• Saudi Central bank net foreign assets rise by $2 billion in January 2024

  Recent data from the Saudi Central Bank reveals that in January 2024, the bank’s net foreign assets increased by $2.07 billion compared to the previous month. The central bank’s monthly publication states that net external assets rose to SAR1.572 trillion ($419.17 billion) in January, up from SAR1.564 trillion. However, when compared to January 2023, the central bank’s net foreign assets experienced a decline of 4.26 percent, amounting to SAR1.57 trillion.

• Al-Falih: 450 international investors to establish their regional HQ in Saudi Arabia

  Al-Falih said that during this decade alone, Saudi Arabia will add more than $3 trillion in investments to the economy, and a large share of these investments will be allocated to new economic sectors such as the digital economy, tourism, financial and professional services, healthcare, and agriculture, which are sectors that will provide tremendous opportunities for developing human capital.

• Energy Minister Launches First Saudi School of Public Policy

  The KSPP will focus on public policies in the fields of energy, climate, and sustainability. Aiming to set new standards in policy studies, the school offers a two-year master’s degree and executive education programs designed to enable and empower future policy leaders and professionals within Saudi Arabia and globally to address the most pressing domestic and international public policy challenges in the public, non-profit and private sectors.

• Mastercard partners with Loop to launch innovative payment solutions in Saudi Arabia

  Mastercard has partnered with Loop, a leading digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop expand its portfolio, enhance its suite of products and services through leveraging Mastercard technology and expertise. Having signed an exclusive issuing agreement, Loop and Mastercard will partner to issue BIN ranges, enabling consumers, merchants and fintech’s across the Kingdom to benefit from innovative payment solutions.

• Saudi Arabia strongly condemns targeting unarmed civilians in northern Gaza

  The Ministry of Foreign Affairs expressed Saudi Arabia's strong condemnation and denunciation of the targeting of defenseless civilians in the northern Gaza Strip. The ministry affirmed the Kingdom’s categorical rejection of violations of international humanitarian law by any party and under any pretext, the Saudi Press Agency reported.

• Saudi-Led Arabs Push Plan for Palestine State as War Rages

  The plan, which builds on the 2002 Arab Peace Initiative, is expected to outline the creation of a Palestinian state along the lines of borders that existed prior to the 1967 Six-Day War. It would include measures such as rolling back Israeli settlements in the Palestinian Authority-controlled West Bank — one of two main Palestinian territories alongside Gaza — and mechanisms to implement a two-state solution, said the two senior Arab officials.

• Saudi Arabia Aims for 150k New Jobs in Chemical Plants and Renewable Energy, says Minister

  Saudi Arabia is poised to create 150,000 new jobs in chemical plants and renewable energy facilities with a commitment to achieving 75 percent localization, said a top official. During the Human Capability Initiative in Riyadh, Saudi Minister of Energy Prince Abdulaziz bin Salman emphasized that the energy sector has the biggest chance to achieve the target of Saudi workers compared to any other sector. The minister said: “We see somewhere around 150,000 jobs being created, including not only working in chemical plants and with heavy wind or renewable facilities but also we see a lot of jobs are coming through the localization programs. We also are committed to a localization program which is 75 percent.”

• Mexico’s Pérez Correa González signs agreement with Saudi firm

  Mexico’s Pérez Correa González has entered into a cooperation agreement with Saudi Arabian firm Alsuwaiket & Albusaiyes, looking to target new business opportunities in the food, agribusiness, technology, automotive and tourism sectors through the alliance.

• Overland Saudi container transits gain traction amid Red Sea diversions

  Gulf-based shippers facing the Ramadan rush are tapping overland options to reduce reliance on costlier feeder shipping which is, with few exceptions, the only seaborne option available as major carriers continue to divert most larger ships away from the Red Sea out of fear of Houthi militant attacks.   The prospects of trucking goods from the eastern coast of Saudi Arabia’s Dammam to the traditional trade hub of Jeddah on the Rea Sea looks increasingly more favorable amid soaring ocean spot rates and few signs that Red Sea security will be restored soon for safe navigation of east-west routes. The...

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