MUST-READS

• PBOC to Give $69 Billion in Loans to Boost Science, Technology

  The People’s Bank of China said it will set up a relending program of as much as 500 billion yuan ($69 billion) to support innovation and project upgrades in the science and technology sectors. The loans will have an interest rate of 1.75% and a tenor of one year, which can be extended twice for an additional year, according to a statement posted on the PBOC’s website Sunday. The loan quota will be allocated to 21 banks. The refinancing program is set to help small- and medium-sized technology firms in their initial startup and growth stages and provide credit support to high-end projects, it said.

• PGA Tour — LIV Golf Uneasy Truce Looms Over 2024 Masters

  On the morning of March 18, 2024, a Cessna 750 Citation X departed from St. Augustine, Florida, carrying professional golfers from the PGA Tour to a summit in Nassau, Bahamas. This meeting was a key development in the battle between the Tour and its insurgent challenger, LIV Golf. The tour wars had spilled from the sports page to the business page to the front page because of a juicy mix of geopolitics, cartoonish money, courtroom battles, brand-name protagonists and high-profile trash-talking on Capitol Hill.

• Wall Street Searches for AI Winners Across Emerging Markets

  Some of the world’s biggest money managers are searching for the next wave of artificial intelligence winners beyond the US. At a time when the global euphoria about AI has propelled a three-fold surge in Nvidia Corp. and a 50% jump in a key US index for semiconductor manufacturers in less than a year, investors are pointing toward emerging markets for better value and a bigger pool of options.

• Abu Dhabi’s Lunate, Saudi Group Buy Into Iconic Dubai Tower

  An Abu Dhabi investment firm and a Saudi conglomerate have bought into the largest office tower in Dubai’s financial hub, securing a slice of one of the world’s few upbeat commercial property markets. The $105 billion fund Lunate and Saudi Arabia’s Olayan Financing Company have bought a 49% stake in ICD Brookfield Place in one of the largest commercial real estate transactions since the start of the pandemic, according to a statement. Financial details weren’t disclosed, though Bloomberg has previously reported the tower could be worth as much as $1.5 billion.

• Saudi Arabia blocks 3,317 sites over intellectual property breaches, seizes over 41 million items
  Saudi Arabia blocked 3,317 websites last year for violating intellectual property rights rules in the kingdom, according to an official report.
  The Saudi Authority for Intellectual Property, a government agency, added that it seized more than 41 million items that had infringed intellectual property rights last year.

• Saudi Arabia could lead this new and safer form of nuclear energy
  Saudi Arabia’s per capita fossil fuel consumption is the lowest among the Gulf states but still double that of Germany, representing a very significant financial opportunity cost in terms of revenue from exports. Moreover, a 2020 report from the Brookings Institute pointed out, “In the medium term, revenues from oil are expected to decline in the face of reductions in global demand starting around 2040, if not sooner.”

• Saudi low-cost airline flyadeal’s vision to be a pioneer and innovator “investing in disruptive technology to make the passenger experience simple, efficient and user-friendly”

  Steven Greenway was appointed CEO of Saudi low-cost airline flyadeal in January 2024. “The pace at which the Kingdom is growing with mass investment in infrastructure, including aviation and tourism, is just staggering,” Greenway begins. “So for me, it was about taking a deep breath and a holistic overview of what’s happening.

• Dengue outbreak raises concerns in Saudi Arabia as mosquito numbers surge

  Saudi Arabia is grappling with a surge in dengue fever cases, leading to growing concerns among health authorities who say intensified efforts are needed to control outbreaks and raise awareness on preventative measures.

  The virus is spread from the bite of an infected Aedes mosquito, primarily the Aedes aegypti species, which thrives in tropical and subtropical climates. It spreads dengue and other viruses, including Zika, making it one of the top three mosquitoes in the world in terms of the number of diseases it can spread.

• Saudi Arabia starts enforcing first phase of regulating order delivery sector

  The Saudi Transport General Authority (TGA) has started enforcing the first phase of the decisions to regulate the order delivery sector from Tuesday, April 2. This covers three decisions such as obligating non-Saudis working in delivery applications to join one of the companies licensed for light transport activity in four regions of the Kingdom in the first phase; limiting freelance work to Saudis, in addition to issuing controls regulating the use of motorcycles in delivering orders in coordination with the General Department of Traffic, and adoption of uniform for drivers.

• WTA Finals to be held in Saudi Arabia from 2024-2026 with record prize money
  The season-ending WTA Finals will be held in Saudi Arabia's capital Riyadh from 2024-2026, the women's tennis body said on Thursday, ending months of speculation and marking the Gulf country's latest foray into the sport.
  Riyadh will host the season finale - which features the top eight singles players and doubles teams - from Nov. 2-9 and replaces last year's hosts Cancun, Mexico.
  The WTA said its agreement with the Saudi Tennis Federation will offer record prize money of $15.25 million this year with further increases in 2025 and 2026.

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