MUST-READS

• 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.

• Iran vows revenge as it accuses Israel of deadly airstrike on Syria consulate in deepening Middle East crisis

  Iran has vowed to retaliate after it accused Israel of bombing its embassy complex in Syria on Monday, in a deadly escalation of regional tensions over the war in Gaza that once again appeared to raise the risk of a wider Middle Eastern conflict. The airstrike destroyed the consulate building in the capital Damascus, killing at least seven officials including Mohammed Reza Zahedi, a top commander in Iran’s elite Revolutionary Guards (IRGC), and senior commander Mohammad Hadi Haji Rahimi, according to Iran’s Foreign Ministry. At least six Syrian citizens were also killed, Iranian state television reported on Tuesday.

• 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.”

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