MUST-READS

• Opinion: Israel’s Not-Quite-Founder’s Syndrome

  In fact, what is striking about Israel’s position now is how little vision it has. Netanyahu has promised to eliminate Hamas, but after five months of war he has been unable to articulate either a path toward doing so or a vision of a post-Hamas environment. He has shown no interest in winning over Palestinians to a more palatable set of political aspirations, seeming opting instead to pound them into submission. He has talked loudly about the unacceptability of the Palestinian Authority assuming power in Gaza, but he has put forward no alternative.

• Saudi authorities unveil commemorative Ramadan passport stamp

  A special passport stamp commemorating this year’s Ramadan season has been unveiled by the Ministry of Interior in collaboration with the Ministry of Culture. The stamp, which was launched by the General Directorate of Passports, aims to “contribute to revitalizing the rich historical cultural heritage, customs, and traditions observed during the blessed month of Ramadan,” state news agency SPA said. The stamp will be available to travelers at Jeddah’s King Abdulaziz International Airport, King Khalid International Airport in Riyadh, and King Fahd International Airport in Dammam throughout the Muslim holy month.

• Saudi Arabia’s PIF updates its asset size to $925.2bn

  Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.

• Prominent Emirati businessman Saeed Juma Al Naboodah passes away

  Prominent Emirati businessman Saeed Juma Al Naboodah, Chairman of the Saeed and Mohammed Al Naboodah Group, and former Chairman of the Dubai Chamber of Commerce and Industry, passed away today (Wednesday, 13th March). The funeral prayer for Saeed Juma Al Naboodah will take place after the noon prayer tomorrow (Thursday). Condolences will be received for three days, starting from Thursday evening prayer and continuing until Saturday, at the designated location in the Al Khawaneej area.

• Lionel Messi models Gulf headdress for Saudi brand

  Lionel Messi is now the face of Sayyar, a men's fashion brand in Saudi Arabia.

  The sports star, who's also the kingdom's tourism ambassador, appears in a video posted by the company on its social media platforms. In the short clip, Messi is in full Gulf attire, with a traditional white thobe and red-and-white shemagh, or scarf, on his head.

  He poses for the camera, in between shots of him fixing the headdress. It ends with him holding an orange box featuring the name of the brand.

• Saudi Arabia reaffirms world’s security and stability on advent of Ramadan

  The weekly session of the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, reaffirmed the Kingdom’s wishes for the world’s security and stability on the advent of the holy month of Ramadan. Addressing the Cabinet, the Crown Prince expressed gratitude to God Almighty for blessing all Muslim communities with this holy month and granting the Kingdom the honor of serving the Two Holy Mosques and their visitors. He also prayed that this month may bring security and stability to the Islamic nations as well as to the entire world.

• “KSrelief is the only entity authorized to receive donations outside Saudi Arabia”

  The Ministry of Interior confirmed that the King Salman Humanitarian Aid and Relief Center (KSrelief) is the only entity authorized to receive and distribute donations outside Saudi Arabia, the Saudi Press Agency reported.

  The ministry emphasized that the Saudi society is a giving society. “The donation campaigns carried out by the Kingdom to relieve countries during disasters, and the Ehsan, Farajat and Tabarra platforms are based on regular procedures that ensure that donations reach those who deserve them and are not used for exploiting in a way undermining the security,” it said.

• Saudi in talks to add new banks to Aramco’s secondary share sale: Report

  Saudi Arabia is in talks to include top Wall Street banks for the proposed secondary share sale in oil giant Aramco, Bloomberg reported, citing informed sources.   The kingdom plans to hire JPMorgan Chase & Co. as one of the main underwriters to the offering, with Bank of America and Morgan Stanley contending for lead roles on the deal, which could raise as much as $20 billion, the report said.   The final list of advisers may change and more banks are expected to be added before the deal launches. No final decisions have been made on the sale's timing or the offering's size.

• Red Sea crisis raises Saudi construction costs

  Riyadh-based Jadwa Investment has now estimated that disruption to commercial shipping in the Red Sea and Gulf of Aden has contributed to a 25-50% construction material price rise in recent weeks. This steep rise comes amid renewed escalation in the Red Sea following a start to the year characterised more by falling risk perceptions due to the heavy build-up of the US-led naval coalition in the area. All of this changed on 18 February with the holing of the UK-owned Rubymar, which sank on 3 March. That ship had been carrying Saudi fertiliser from Dammam to Bulgaria. However, perhaps a more direct concern for the Saudi construction sector is the strike on 6 March of the bulk carrier True Confidence, which came from China loaded with steel and commercial vehicles.

• Saudi ports record 17% growth in container handling in February

  Seaports in Saudi Arabia recorded a 16.88 percent increase in the number of containers handled in February compared to the same period last year, official data showed.  The Saudi Ports Authority, also known as Mawani, disclosed that docks in the Kingdom received 226,672 standard containers in February 2024, marking an increase from 193,937 in the corresponding month of 2023.  Furthermore, the maritime facilities experienced a 1.44 percent uptick in the volume of handled tonnage, reaching 23.38 million tonnes, in contrast to 23.04 million tonnes recorded in February 2023.  

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