MUST-READS

• Past the deadline, Western defense firms still navigating Saudi Arabia’s localization mandates

  "Foreign firms that are direct beneficiaries of lucrative Saudi government contracts will most likely be the first to relocate. [...] Firms who are invested in the Saudi market but do not have direct government dealings will likely try to bide themselves more time," one expert said.

• Saudi Arabia grants 6-month residency to stranded Gazans

  On Monday, the Palestinian Ministry of Foreign Affairs stated that Saudi Arabia has granted a six-month residency permit to Gazan pilgrims stranded in Saudi due to the Israeli war, Khaberni reported.

• Moody’s affirms credit ratings of key Saudi companies

  Several prominent Saudi companies received affirmation on their credit ratings from Moody’s Investor Services, a leading global provider of financial assessments, research, and risk analysis. Following the agency’s recent update to its Government-Related Issuers Methodology, several firms, including Saudi Basic Industries Corp., Saudi Telecom Co., and Saudi Electricity Co., have maintained their A1 ratings, while Saudi Arabian Mining Co., also known as Ma’aden, continues to hold a Baa1 rating.

• Al Hilal sets new record in Saudi Pro League with 14 consecutive wins

  Coach Jorge Jesus’ team have achieved 14 consecutive victories in the league, ending Al Nassr’s previous record of winning 13 matches from November 2013 until February 2014. Sergej Milinkovic-Savic gave Al Hilal the lead in the 40th minute with a header after a corner. Salem Al Dawsari added the second goal from close range in first half added time.

• Number of factories in Saudi Arabia rises to 11,600 in 2023

  The number of factories in Saudi Arabia rose by 10% to 11,550 in 2023 from 10,520 a year earlier, data issued by Ministry of Industry and Mineral Resources showed. New industrial licenses reached nearly 1,379 in 2023 with total investments of over SAR 82 billion. Production started in 1,058 factories with investments worth SAR 45 billion. The total of investments in existing factories that reach 11,550 amounted to SAR 1.54 trillion.

• Neom continues transformation of Saudi Arabia with lush desert oasis

  Elanan is designed by Mark Foster Gage Architects and will be located on the Gulf of Aqaba coastline, which is the same area that the Xaynor, Siranna, and Zardun projects are being built on. The idea behind all these developments is to turn the entire region into a center of wellness and luxury.

• Saudi Arabia’s economic shifts under MBS raise stability concerns

  MBS, unlike many leaders in the region, is popular. In fact, he enjoys a level of popularity last experienced by leaders immediately following independence. Such cohesiveness could indeed create momentum for the Kingdom to enact further bold reforms. Yet the escalation of violence between Israel and Palestine risks engulfing the region, and this uncertainty could derail Saudi Arabia’s transformation agenda.

• How the G20 Can Build on the World Economy’s Recent Resilience

  After several years of shocks, we expect global growth to reach 3.1 percent this year, with inflation falling and job markets holding up. This resilience provides a foundation to shift focus to the medium-term trends shaping the world economy. As our new report to the G20 makes clear, some of these trends—such as AI—hold promise to lift productivity and improve growth prospects. We badly need it—our projections for medium-term growth have declined to the lowest in decades.

• Saudi Cup: Fast-closing Senor Buscador scores upset, breakthrough win

  Fincher, Peacock, and their horse on Saturday found themselves under the bright lights at King Abdulaziz Racecourse, smack in the middle of the Arabian Desert, and there, Senor Buscador, breaking through after two tough losses, won the $20 million Saudi Cup by a head, getting up in the final stride over Ushba Tesoro under a perfect ride from Junior Alvarado. Fincher’s father was a jockey for 25-odd years and his mother trained. Fincher began his own riding career at age 16 and kept it up until he could no longer make weight, switching to training. He had his best year in 2023 with stable earnings of $5.5 million. Senor Buscador’s share of the massive Saudi Cup purse? Ten million bucks.

• Palestinian PM resigns as pressure grows over post-war Gaza plans

  Palestinian Prime Minister Mohammad Shtayyeh announced his resignation on Monday, as the Palestinian Authority looks to build support for an expanded role following Israel's war against the Islamist group Hamas in Gaza. The move comes amid growing U.S. pressure on President Mahmoud Abbas to shake up the Authority as international efforts intensify to stop the fighting in Gaza and begin work on a political structure to govern the enclave after the war.

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