MUST-READS

• Gulf markets slip on Fed rate worries; Saudi climbs

  Most stock markets in the Gulf slipped on Wednesday as investors turned cautious after strong readings on the U.S. economy tempered bets on interest rate cuts by the Federal Reserve this year. Investors' focus is now on Federal Reserve Chair Jerome Powell's speech and March private payrolls and services sector data later in the day to get more clues on the rate outlook.

• Saudi Arabia’s conservative clerics have a new relationship with the government under Mohammed bin Salman

  Social change in Saudi Arabia has long been deemed impossible due to the influence of the conservative clerical establishment. But as Crown Prince Mohammed bin Salman supports new cultural attractions, experts are wondering whether the power of these clerics has diminished. Raihan Ismail, professor of contemporary Islamic studies at Oxford University, spoke to The World's host Carolyn Beeler about what role the clerics play in Saudi society today.

• Sullivan postpones trip to Saudi Arabia to discuss Israel mega-deal

  The latest: White House national security spokesman John Kirby said Sullivan was recovering from a "cracked rib," which has affected his ability to travel. Kirby said it was a "minor accident of his own" and "was not caused by anybody." Why it matters: With the war in Gaza ongoing and the U.S. presidential election just seven months away, White House officials admit there's a slim chance they can pull off the historic peace agreement. Sullivan's planned trip indicates President Biden is still determined to pursue it.

• Saudi Crown Prince MBS’s $100 Billion Foreign Investment Quest Falters

  The short-term reality is more complicated. California-based Lucid is increasingly guzzling Saudi money to stay in business. Last week it got a $1 billion cash lifeline from the kingdom, on top of the $5.4 billion Saudi Arabia’s Public Investment Fund (PIF) has already pumped in. Lucid, which counts the PIF as its top shareholder, had been held up as an example of foreign firms investing in Saudi Arabia’s multi-trillion-dollar “Vision 2030” economic transformation plan. But Lucid’s need for Saudi money is one sign the country’s rushed attempt at reinvention is being paid for out of pocket, with the kingdom relying heavily on its oil riches to entice firms in.

• Trump Spoke Recently With Saudi Leader

  Former President Donald J. Trump spoke recently with Saudi Arabia’s de facto ruler, Prince Mohammed bin Salman, their first publicly disclosed conversation since Mr. Trump left office in January 2021, according to two people briefed on the discussion who were not authorized to speak publicly about it. It was unclear what the two men discussed and whether it was their only conversation since Mr. Trump’s departure from the White House. Neither representatives for Mr. Trump nor an official of the Saudi government responded to requests for comment.

• How Saudi Arabia Is Leading the Way for Regenerative Tourism

  When John Pagano arrived in Saudi Arabia in 2018, the country subverted his expectations. "We all paint a picture in our minds of what the Middle East is about," he said. "I found a pristine environment, an archipelago of 90 beautiful islands, and turquoise-colored water. It was truly remarkable." Pagano, who is Canadian, was moving to the Kingdom to take up a role as chief executive officer of Red Sea Global (RSG), a major new developer of ambitious regenerative tourism destinations. Pagano, an engineer by training, has had a long career working on large-scale real estate projects, including the Canary Wharf development in London and the Baha Mar project in the Bahamas. But this was unlike anything he had done before in its sheer scale. "I was persuaded by His Royal Highness and his vision for transforming the country," he said. "I had the opportunity to be part of it."

• Miss Universe denies Saudi’s participation in 2024 contest

  The Miss Universe Organisation has refuted recent reports that Saudi Arabia is taking part in this year’s contest. The selection process has not been carried out in the kingdom, Miss Universe said, adding that it is undergoing a “rigorous vetting process.” “While Saudi Arabia is not yet among those countries fully confirmed participating this year, we are currently undergoing a rigorous vetting process qualifying a potential candidate to be awarded the franchise and assigned national director to represent,” the statement said.

• Saudi Accused of Fake Links to King in 1MDB Fraud Loses Bid for Secret Trial

  A Saudi-Swiss businessman accused of faking a mandate from the late king of Saudi Arabia to perpetrate a $1.8 billion fraud lost his bid for a behind-closed-doors Swiss trial after prosecutors said he had nothing to fear. During the first day of Tarek Obaid’s trial on Tuesday, his lawyer tried to argue that he couldn’t testify unless the court was closed to the public.

• Moscow attack shows growing reach of ISIS-K. Could the US be next?

  A deadly attack in Moscow on March 22, 2024, exposed the vulnerability of the Russian capital to the threat of the Islamic State group and its affiliate ISIS-K. But it also displayed the reach of the network, leading some terror experts to ponder: Could a U.S. city be next? There has not been a mass casualty assault in the U.S. carried out in the name of the Islamic State group since 2017, when a truck mowed down cyclists and pedestrians on a New York City bikeway, leaving eight dead.

• New west-east route keeps Europe hooked on Russian gas

  Western European governments have sought to reduce their energy dependence on Russia since the outbreak of the Ukraine war, but when it comes to gas, they have increasingly substituted the country's pipeline supplies with its liquefied natural gas (LNG). A Reuters analysis of data found more than a tenth of the Russian gas formerly shipped by pipeline to the European Union has been replaced by LNG delivered into EU ports.

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