MUST-READS

• Saudi Crown Prince, UN secretary general discuss Gaza situation 

  Saudi Arabia’s Crown Prince Mohammed bin Salman has received a phone call from UN Secretary General Antonio Guterres, the Saudi Press Agency said early Tuesday. The pair discussed the latest developments in Gaza and efforts towards achieving peace and stability.

• Algeria, Egypt,  Saudi to host FIFA’s new friendly series

  Egypt became the fifth country to be selected as host of a new series of friendly games introduced by FIFA to allow teams from different confederations to play each other, the world football governing body said today, Reuters reported. It joins Algeria and Saudi Arabia which have previously been chosen as hosts. The pilot phase was expanded to feature 24 national teams from three continents, FIFA said in a statement. The Egypt edition – which will take place from 22-26 March – will also include Croatia, Tunisia and New Zealand.

• Saudi foodtech Barakah raises investment from FoodLabs

  Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability.  FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology. 

• HALO Space gears up for groundbreaking test flight in Saudi Arabia this June

  HALO Space, a leading company in the near space tourism sector, has revealed plans for its sixth test flight to take place in Saudi Arabia this June, pending approval from the Communications, Space and Technology Commission (CST)—the regulatory body for space activities in Saudi Arabia. This event marks a crucial step for both the company and the industry, as it will be the first instance where all the technologies behind HALO Space’s zero-emission flight are tested simultaneously, an achievement unparalleled by any other company in the field. The upcoming test will feature the launch of HALO’s second full-scale prototype capsule to a height of 32 kilometers above the Earth, further advancing their ambitions in stratospheric commercial flights.

• Saudi GDP 2023 growth forecast upgraded to 1.0% on new methodology by Emirates NBD

  Saudi Arabia recorded a real GDP contraction of 4.3% y/y in Q4, contributing to the full-year growth figure of -0.8% on the final print, a modest adjustment from the -0.9% initially posted and down from 7.5% in 2023. The decline in output last year was driven wholly by the oil sector which saw a decrease of 9.0%, in contrast to the 15.0% expansion logged in 2023. The fall last year was on the back of oil production curbs implemented as part of the OPEC+ strategy to shore up prices, and oil output fell to an average 9.6mn b/d in 2023, compared with 10.5mn b/d in 2022. More positively, government services expanded 2.1% last year while the non-oil sector recorded growth of 4.4%, compared with 5.6% the previous year.

• Alvarez & Marsal: Performance of Saudi Banks is Largely Robust, Positive

  The performance of the top 10 banks in Saudi Arabia is largely robust and positive, global professional services firm Alvarez & Marsal (A&M) has said. The firm has released its 4th annual edition of the Kingdom of Saudi Arabia (KSA) Banking Pulse for fiscal year 2023. It said operating income grew by 9.5 percent reflecting the effect of higher Non-Interest Income (NII). The year also saw Net Interest Margins (NIM) improving by 3.5 percent with both the cost-to-income ratio (C/I) and the COR showing improvement. Overall, return on equity (ROE) increased to 14.5 percent while return on assets (ROA) stayed constant at a healthy 2.0 percent.

• Conor Benn and Manny Pacquiao in talks over summer fight in Saudi Arabia

  British boxer Conor Benn is in talks to fight Manny Pacquiao in a remarkable summer bout in Saudi Arabia. The 27-year-old welterweight's career has stalled amid efforts to clear his name after two failed drugs tests in 2022, which saw a grudge match with Chris Eubank Jnr cancelled. Benn has since fought two low-key fights in the United States and now hopes to take on the 45-year-old boxing legend, who has not been in a fight since losing to Yordenis Ugas in 2021. His last victory came against Keith Thurman in 2019.

• Navigating Transfer Pricing for Regional Headquarters in The Kingdom of Saudi Arabia

  The setup and operation of an RHQ in Saudi Arabia entail intricate transfer pricing considerations. These include assessing business restructuring for compliance, developing equitable cost allocation methods, and analyzing subcontracting and remuneration mechanisms to align with the arm's length principle. These steps are vital to prevent potential penalties, double taxation, and safeguard the company’s reputation while adhering to local laws.

• Focus on Saudi Arabia: KSA produced nearly double the wheat expected between 2022-2023

  Saudi Arabia produced nearly double the wheat expected in the 2022-23 marketing year and is on track for similar results in 2023-24 as government purchase prices remain high.  Production totaled 1.18 million tonnes in 2022-23 and is estimated at 1.2 million tonnes in 2023-24, according to a report from the Foreign Agricultural Service (FAS) of the US Department of Agriculture (USDA). The government offered a purchase price of $466.70 per tonne.  Still, the nation will need to import an estimated 4.63 million tonnes of wheat in 2022-23 and 4.8 million tonnes in 2023-24. 

• Answering remaining questions about PGA Tour-Saudi PIF alliance

  An important step toward a potential peace accord in men's professional golf will take place Monday in the Bahamas when Yasir Al-Rumayyan, governor of Saudi Arabia's Public Investment Fund, is scheduled to meet player directors of the PGA Tour's policy board, including Tiger Woods. While the initial meeting might be nothing more than a meet-and-greet -- or a chance "to put a face to a name," as player director Adam Scott puts it -- it might be another step toward reuniting the fractured sport, which has been embroiled in controversy since the PIF helped launch the rival LIV Golf League in June 2022.

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