MUST-READS

• 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analysis of data found more than a tenth of the Russian gas formerly shipped by pipeline to the European Union has been replaced by LNG delivered into EU ports.

• 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.

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