MUST-READS

• Arctech to build 3 GW factory in Saudi Arabia

  Arctech Solar has launched a new partnership with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to set up a production facility in Jeddah, Saudi Arabia. The factory will cover an area of approximately 97,000 square meters and will have a production capacity of 3 GW, with the potential to reach up to 10 GW through localized production. It will focus on PV-supporting tracker products for local customers.

• US, Britain urge Hamas to accept Israeli truce proposal
  U.S. Secretary of State Antony Blinken on Monday urged Hamas to swiftly accept an Israeli proposal for a truce in the Gaza war and the release of Israeli hostages held by the Palestinian militant group.
  Hamas negotiators were expected to meet Qatari and Egyptian mediators in Cairo on Monday to deliver a response to the phased truce proposal which Israel presented at the weekend.
  "Hamas has before it a proposal that is extraordinarily, extraordinarily generous on the part of Israel," Blinken said at a meeting of the World Economic Forum in the Saudi capital Riyadh.

• ‘Let’s help Yemen regain ability to chart its own future,’ US envoy Tim Lenderking tells Arab News

  “The onus (is) on the Houthis to stop the Red Sea attacks,” he said. “That can prompt us all to begin to dial back, to de-escalate, to return the situation in Yemen to where it was on Oct. 6, which had considerably more promise and possibility than what exists now, and that’s where we want to return the focus.”

• Saudi Arabia may raise prices for most oil grades to Asia for June
  Top oil exporter Saudi Arabia may raise prices for most of the crude grades it sells to Asia in June to their highest levels in five months after Middle East benchmarks strengthened this month, trade sources said on Monday.
  The June official selling price (OSP) of flagship Arab Light crude may rise by 70 to 90 cents to close to a $3 per barrel premium to the average of Dubai and Oman quotes, seven refining sources said in a Reuters survey, which would be the highest level since January.

• Insights into establishing RHQs in Saudi Arabia

  It has been three years since Saudi Arabia first introduced the Regional Headquarters Programme (RHQ), aiming to position itself as a leading global hub for multinational corporate operations. With the Ministry of Investment of Saudi Arabia releasing application guidelines in early 2022, and commencing the acceptance of applications, numerous multinational enterprises have since obtained RHQ licences. These include prominent Chinese companies such as China Harbour Engineering, China Civil Engineering Construction Corporation, China Railway Construction Corporation, China Geo-Engineering Corporation, China Communications Services Corporation, Huawei, Nuctech, and DiDi.

• MAWANI launches first railway transport between major Saudi ports

  The Saudi Ports Authority (MAWANI) has announced the first container shipment via railway from Jubail Commercial Port to Riyadh Dry Port. This shipment, consisting of 78 containers, utilised the railway link between the Jubail Commercial Port and the East Railway network. The railway has a maximum load capacity of 140 TEU per trip. MAWANI collaborated with the Zakat, Tax, and Customs Authority (GAZT), Saudi Arabia Railways (SAR), and Mediterranean Shipping Company (MSC). This collaboration aims to promote seamless transportation of containers, bulk materials, and general goods by establishing rail connections between ports.

• Saudi Arabia to Launch a Centre for Space Futures in the Forum’s Fourth Industrial Revolution Network
  The World Economic Forum has signed an agreement with the Saudi Space Agency to establish a Centre for the Fourth Industrial Revolution (C4IR) focused on space.
  The Centre for Space Futures, set to open in autumn 2024, will be hosted by the Saudi Space Agency. It aims to facilitate public-private discussions on space collaboration, incorporating best practices from the Forum and its communities into the global space sector and generating contributions to accelerate space technologies.

• What is the International Criminal Court and why it has Israeli officials worried

  Netanyahu said Friday on the social platform X that Israel “will never accept any attempt by the ICC to undermine its inherent right of self-defense.” “While the ICC will not affect Israel’s actions, it would set a dangerous precedent,” he wrote. Israel’s Foreign Ministry said late Sunday that it had informed missions abroad of “ rumors ” that the court could order the arrest of senior Israeli political and military officials. The ministry did not give a source for the rumors.

• Iran’s Lessons Learned From Direct Confrontation With Israel

  Receiving Iran’s top military commanders April 21, Supreme Leader Ayatollah Ali Khamenei said: “How many missiles were launched and whether they reached their targets or not … is a secondary issue. The main issue is the manifestation of the resolve of the Iranian nation and that of the armed forces in the international arena.” Disregarding the bluster, Khamenei’s statements were seemingly an admission of the inefficacy of Iran’s missiles against the formidable Israeli and allied air defense systems.

• Continued Progress in Saudi Economic Diversification

  Similarly, in a year such as 2022, when oil production and oil export revenue are high, the economy can look less diversified even if the non-oil sector has done well. It is therefore important to look through short-term swings in the oil market to identify underlying trends in diversification. One way of doing this is to compare two years when oil export revenue is similar. Below, outcomes in 2023 are compared with 2018 – when Saudi oil export revenue was $232 billion, close to the $248 billion in 2023 – and 2022.

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