MUST-READS

• Oil prices are near a six-month high after Israel bombed an Iranian consulate

  Oil prices have risen more than 10% this year, and they’re near a six-month high after after Israeli jets dropped bombs on Iran’s consulate in Damascus, Syria. Brent crude, one of the major global oil benchmarks, is trading at $88.66 a barrel. The airstrike, which killed two major figures in Iran’s armed forces among six others, comes amid fears that Israel’s months-long war in Gaza could escalate into a wider regional conflict.

• Haramain rail service sets record transport

  The high-speed Haramain train service carried more than 41,000 passengers last Friday, the highest in a single day, a Saudi government official has said. Minister of Transport and Logistics Services Saleh Al Jasser told Al Ekhbariya TV that a total of 120 journeys are scheduled for next Friday, the last in the current Muslim holy month of Ramadan, when a new record number of passengers on the train is expected.

• PwC Middle East and Microsoft launch an AI excellence center in Saudi Arabia

  “Skilling the workforce to take advantage of cloud and AI technologies is crucial to unlocking the full potential of these transformative technologies, and we are proud to play a role in this important endeavour. Through our partnership with PwC Middle East and the launch of the AI Centre of Excellence in Riyadh, we aim to provide young Saudi engineers with the skills and tools they need to help drive innovation and economic growth in the Kingdom,” Turki Badhris, President, Microsoft Arabia adds.

• Why law firms are betting big on Saudi Arabia

  Last year, Saudi Arabia introduced new legislation that made it easier for international law firms to open in the country. The result has been a flood of new entrants including US legal giant Kirkland & Ellis, transatlantic law firm Hogan Lovells and City of London lawyers Simmons & Simmons. Magic Circle law firms Clifford Chance and Linklaters opened new offerings in the country last year, while on 25 March, Allen & Overy announced it was launching in the country ahead of its merger with US firm Shearman & Sterling in May.

• Saudi Arabia’s non-oil business activity grows robustly in March, PMI shows

  Strong demand helped drive non-oil business activity in Saudi Arabia in March, with output accelerating to a six-month high, a survey showed on Wednesday. The seasonally-adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index stood at 57.0 in March, slightly lower than 57.2 in February, but well above the 50.0 mark denoting expansion in activity. The output sub-index rose to 62.2 in March from 61.5 the previous month, its strongest since September last year, supported by new orders particularly in the manufacturing sector.

• Canoo taps into the $30B Saudi Arabian EV market

  Jazeera Paints will purchase 20 Canoo EVs and deploy the company’s LDV (Lifestyle Delivery Vehicles) 130 and LDV 190 delivery vehicles in its fleet this year. Depending on the initial 20 vehicles’ performances, it may order an additional 180 LDVS from Canoo.

• Saudi Arabia will bear government fees of displaced expatriates from neighboring countries

  The government fees exemption covers residency permit (iqama) fee, work permit fee, transfer of service fee, profession change fee, and fee for employees of companies and establishments in the private sector, and this is for a period of four years from the date of rectifying their status after arrival in the Kingdom.

• SPARK: Establishing Saudi Arabia as a global logistics powerhouse

  SPARK enjoys unparalleled connectivity, seamlessly integrated by land with major highways and the GCC railway, by air through the nearby King Fahad International Airport, and by sea via the King Abdul-Aziz Seaport. This positions it strategically at the heart of the energy market, in close proximity to the Saudi Aramco headquarters and near the abundant oil and gas reserves.

• Saudi Arabia Hits Milestone In Shift Away From Oil Economy

  Government data released last month shows the real GDP growth rate for non-oil activities at about 4.4%, valuing the sector at about 1.7 trillion Saudi riyals (around $453 billion). This puts the kingdom on course to meet the objectives set out in Vision 2030, its broad program of policies and reforms, which holds economic diversification as one of its core objectives.

• A new era in Saudi law: The introduction of the Civil Code

  The Civil Code is expected to provide more certainty on the contractual rights and obligations of businesses operating in the region whose civil transactions have until now mostly been governed by uncodified Sharia legal principles. The introduction of the Civil Code is also likely to encourage a more uniform application of the law by the Saudi courts.

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