MUST-READS

• Race for AI Supremacy in Middle East Is Measured in Data Centers

  One of the best places to view the Gulf states’ unfolding rivalry over artificial intelligence is inside an unmarked building in an industrial park near a golf course on the outskirts of Dubai. The windowless facility is cool and extraordinarily clean. Upon entering, guests step onto sticky blue floor mats designed to prevent stray sand particles from making their way inside. Like the scorching heat outside, any speck of desert dust could be hazardous to the multimillion-dollar equipment stored within.

• Saudi banks’ foreign assets surge by 22%, reflecting robust international investments

  The foreign assets of Saudi Arabia’s commercial banks surged by 22 percent in February, reaching a total of SR347.63 billion ($92.7 billion), compared to the same month of the previous year. This notable increase, as reported by recent data from the Kingdom’s central bank, also known as SAMA, reflects a significant expansion in the institution’s international holdings and investments. Conversely, Saudi banks witnessed a 38 percent surge in foreign liabilities over the same period, increasing to SR288.22 billion. This rise, which encompasses various financial obligations to banks outside the Kingdom, resulted in the calculation of net foreign assets amounting to SR59.41 billion.

• Saudi Arabia and the UAE Spur a Gulf States Space Race

  The Gulf Cooperation Council states are on a transformative journey, tapping into sectors like renewable energies, sports, entertainment and tourism to diversify their traditionally hydrocarbon-dependent economies. This path has already led them to broaden their diplomatic horizons beyond their own territorial limits. Now, with space as their next grand venture, it is taking them beyond the very bounds of Earth itself. The GCC states’ ambitious space programs are driven by domestic economic ambitions and commercial interests, with key ongoing projects like the futuristic smart cities of Masdar City in the United Arab Emirates and NEOM in Saudi Arabia relying on space applications and AI technologies. But the emerging space race is also a matter of national pride. Countries like the UAE and Saudi Arabia aim to advance their space programs to enhance their global prestige and soft power. Both have made big moves in the space sector to complement their respective long-term visions, but also as part of a competitive rivalry.

• Airbus Beats Boeing for Deliveries in 2024

  Boeing’s deliveries of commercial aircraft have faltered in the first three months of the year, according to the company’s reports, published yesterday. The U.S. aircraft manufacturer delivered just 83 planes in Q3, down from 130 in the same three-month period of last year. In the meantime, its sole major competitor, Europe’s Airbus, saw an uptick in Q1, having delivered 142 of their planes, marking an increase from their Q1 2023 figure of 127.

• Middle East on alert for Iranian attack as Lufthansa suspends Tehran flights
  The German airline Lufthansa (LHAG.DE), opens new tab on Thursday extended the suspension of its flights to Tehran due to the situation in the Middle East, which is on alert for Iranian retaliation for a suspected Israeli air strike on Iran's embassy in Syria.
  An Iranian news agency had published an Arabic report on the social media platform X saying all airspace over Tehran had been closed for military drills, but then removed the report and denied issuing such news.

• Celebrating Eid al-Fitr in Pictures

  Muslims celebrate the Eid al-Fitr holiday marking the end of Ramadan.

• State Department OKs Potential $101M MIDS Terminal Sale to Saudi Arabia

  The State Department has approved the government of Saudi Arabia’s request to procure communications and navigation terminals and associated equipment from the U.S. government under a potential $101.1 million foreign military sales agreement.

• Saudi real estate: ROSHN launches 17,000-person community in Makkah
  Saudi Arabia’s ROSHN Group has launched ALMANAR, its fifth integrated mixed-use community and its first venture in Makkah. The first phase of ALMANAR will provide 4,149 residential units that will house over 17,000 people on a footprint of 2.5 million square meters.
  ALMANAR is located at Makkah’s western gate, between the old and new expressways linking the city to Jeddah, 20 minutes from the Holy Mosque and under an hour from King Abdulaziz Airport in Jeddah.

• The $164,000 space balloon flight preparing to rise from Saudi Arabia

  A balloon flight into space to see an awe-inspiring sunrise from high above the Earth will be tested in Saudi Arabia this summer.

  The uncrewed test is part of preparations to offer $164,000 passenger flights from 2026 – with Saudi Arabia pencilled in as one of four commercial launch sites.

  Passengers will take off before dawn for a luxury four-hour trip offering fine dining in the stratosphere and a gentle return to Earth.

• Saudi Arabia’s e-delivery sector records massive 61% growth

  According to a latest sectoral bulletin, Saudi Arabia has recorded a 61 per cent increase in the number of registered e-delivery businesses in the Kingdom.

  The data shows how the number of e-delivery companies have increased from 2,903 in Q4 of 2023 to 4,699 in Q1 of 2024. Riyadh tops the Kingdom with the most e-delivery companies at 2,473. This is followed by Makkah (1,253), the Eastern Province (468), Madinah (137) and Al-Qassim (114).

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