MUST-READS

• How Europe’s energy crisis boosted fracking prospects in the Middle East

  Renewed interest in fracking for gas in the MENA region is being driven by two key factors: the accelerating energy transition and the need for new cleaner forms of energy, and Europe’s need to diversify its gas supply following Russia’s invasion of Ukraine. With respect to the first reason, gas offers oil exporters in the MENA region the prospect of continuing to generate export revenue by producing a fuel that is less carbon-intensive than coal or oil, and still considered a ‘transition fuel’, before lower-carbon energy options are adopted in some policy circles.

• Israel’s finance minister vetoes purchase of US fighter jets

  He added: “The Defence Ministry’s expectations to receive a blank check for huge amounts, which have enormous consequences for the economy, and the quality of life of Israel’s citizens, without any critical thinking, brainstorming, professional, public and government discussion, is neither legitimate nor realistic.”

• Gaza: Video shows World Central Kitchen vehicles destroyed in air strike

  Seven aid workers, from countries including the UK, Poland and Australia, have been killed in an air strike in Gaza. Footage from the attack site shows two badly damaged vehicles, one of them with a with a large hole on the roof. US-based food charity World Central Kitchen (WCK), said the workers were traveling in two armoured cars marked with the WCK logo and another vehicle.

• Path of Least Cost: Assuaging Public Protests in Jordan

  The Jordanian government is in a quandary over how to maintain a public posture of criticizing Israel’s conduct of the war while remaining on good terms with the United States—Jordan’s largest aid provider—and holding on to what has always been a cold peace with Israel. In January, Deputy Prime Minister and Foreign Minister Ayman Safadi was among a rare few Arab officials who publicly supported South Africa’s case of genocide against Israel at the International Court of Justice (ICJ). Last November, Safadi announced that Jordan would not sign an energy-for-water agreement with Israel, and the government withdrew its ambassador from Tel Aviv in protest of the Israeli war on Gaza.

• Fears Grow That Syria Strike Could Spur Retaliatory Attacks on Israel and U.S.

  “The strike yesterday is a significant escalation and risks tipping an already volatile, unstable region into full-scale war,” said Dana Stroul, formerly the Pentagon’s top Middle East policy official who is now at the Washington Institute for Near East Policy. “This is the Israeli version of the U.S. strike on Qassim Suleimani,” she said, referring to the former longtime leader of the Quds Force, who was killed by an American drone strike near the Baghdad airport in 2020. Image

• Saudi Arabia banks embark on record bond binge for mega-projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

• Kingdom Invests $2.3 Bn to Boost Private Sector Saudi Employment

  Saudi Arabia’s Human Resources Development Fund invested around SAR 8.7 billion ($2.3 billion) last year in programs for training, counseling, and empowering. This move aims to boost private sector businesses, increase Saudi employment, and ensure job sustainability. This effort comes as the Kingdom’s unemployment rate among its citizens nears the 7% target set by the national transformation plan, Vision 2030, dropping to 7.7% by the end of 2023. The Fund reported Monday that about 1.9 million Saudis benefited from its services and products last year. Over 120,000 establishments across the Kingdom benefited, with 89% falling into the medium, small, and micro-enterprise categories.

• Informatica Launches Saudi Arabia’s First AI-Powered Intelligent Data Management Cloud Platform

  Informatica (NYSE: INFA), the enterprise cloud data management leader, today launched its AI-powered Intelligent Data Management Cloud™ (IDMC) in Saudi Arabia, a first for the Kingdom. The investment includes establishing a new Point of Delivery (PoD) in Riyadh, and reflects a commitment to support local, scalable, cloud-first data management services. The move further strengthens Informatica’s presence in the Middle East, following the launch of its first regional PoD in Abu Dhabi, UAE, in 2023.

• Saudi SITE Acquires 10% Stake in South Korea’s AhnLab

  AhnLab, a leading cybersecurity company based in South Korea, has announced its partnership with the Saudi Information Technology Company (SITE), a security and cloud service enterprise fully funded by Saudi Arabia’s Public Investment Fund (PIF), to establish a joint venture (JV) focused on cybersecurity. Under the deal, SITE will acquire a 10% share of AhnLab for $55.3 million. In an official statement, the companies announced that AhnLab will hold a 25% stake in the JV, with SITE holding the remaining 75%. The companies aim to complete the establishment of the JV within the first half of this year through joint investment.

• Saudi arrests 146 gov’t workers on corruption charges

  Saudi Arabia’s Oversight and Anti-Corruption Authority (Nazaha) yesterday announced the arrest of 146 suspects from seven ministries including the Interior, Defence, National Guard, Justice and Zakat and Tax who were charged with abuse of power and money laundering.

  In a statement released yesterday, the Authority said it has dealt with several criminal and administrative cases during the past month by conducting 1,657 inspections.

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