MUST-READS

• Finance Minister ratifies Saudi borrowing plan for 2024

  As per the plan, Saudi Arabia’s financing needs for 2024 are estimated to near SAR 86 billion, including the repayment of principal dues for the year, in addition to covering the expected deficit in the state budget for 2024. Besides, the Kingdom’s debt portfolio is projected to reach about SAR 1.11 trillion by the end of 2024.

• Iran vows revenge after biggest attack since 1979 revolution

  Iran's elite Revolutionary Guards and First Vice President Mohammad Mokhber vowed revenge on Thursday for explosions that killed nearly 100 people at a ceremony to commemorate top commander Qassem Soleimani, who was killed by a U.S. drone in 2020 in Iraq.

  "A very strong retaliation will be handed to them on the hands of the soldiers of Soleimani," Mokhber told reporters at a hospital were some of the wounded were receiving treatment for the bloodiest attack since the 1979 Islamic Revolution.

• Atal fined and given suspended jail sentence for Israel-Hamas conflict post

  Algeria international soccer player Youcef Atal has been handed an eight-month suspended prison sentence and a 45,000-euro fine by a court in Nice for a social media repost about the Israel-Hamas conflict. The court said the social media repost provoked hatred on the grounds of religion. Defender Atal, who has been at Nice since 2018, was suspended by the Ligue 1 club in October after the media post, which he deleted.

• Saudi Arabian companies warn Aramco fuel price hike may curb earnings

  Scores of Saudi Arabian companies said their earnings could be dampened this year as production costs will increase after state energy group Saudi Aramco (2222.SE) notified them it would sharply raise feedstock and fuel prices.

  Companies including Nama Chemicals (2210.SE) and Saudi Ceramic (2040.SE) said in regulatory filings that they were notified by Saudi Aramco on Wednesday that, effective from Jan. 1, the energy giant would increase retail diesel prices for 2024 by 53% to 1.15 riyals ($0.3067) per litre, its third increase since 2016.

• US seeks 3 million barrels of crude for strategic reserve

  The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday. President Joe Biden's administration is slowly purchasing oil for the SPR after it sold a record 180 million barrels from it in 2022 to help fight high oil prices after Russia's invasion of Ukraine.

• Saudi Arabia Condemns Iran Explosions

  Saudi Arabia has condemned two deadly explosions in Iran. “The Ministry of Foreign Affairs affirmed the Kingdom’s rejection and condemnation of the terrorist bombings that targeted civilians in Iran,” a statement said. The Ministry extended it condolences and sympathy to Iran, wishing the injured a speedy recovery. Two bombs exploded and killed and injured hundreds of people in Iran.

• Leyja Promises Luxurious Eco-Adventures In Neom

  Nestled under 400-metre-tall mountains, Leyja is situated in an ancient valley along the Gulf of Aqaba. Upon completion, Leyja will feature three luxury boutique hotels designed to complement the natural surroundings. Each property will offer 40 elegant rooms and suites, providing distinctive refined experiences, including multiple wellness facilities, fine-dining options by world-renowned chefs, and rooftop infinity pools. Adventure enthusiasts can indulge in activities such as mountain climbing, biking, guided wadi walks, and short hikes.

• Saudi Arabia launches 4 projects to generate 7,200 MW using carbon-capture tech

  The Saudi Power Procurement Co. has invited bids for four independent power plant projects with a combined capacity of 7,200 megawatts. The company has specified that two of the projects, namely Rumah1 and Rumah2, are slated for the central region, while the remaining two, Nairyah1 and Nairyah2, will be situated in the eastern region of the Kingdom, the Saudi Press Agency reported. All these projects will have a capacity of 1,800 MW each and use natural gas combined-cycle technology, along with carbon capture.

• Saudi Aramco raises diesel prices for local consumers by 53 percent

  The global oil producer has raised prices for local consumers three times since 2016. However, the recent jump of 53 percent is unprecedented. According to EFG Hermes Research, diesel prices have been reset at the end of each year since 2021. However, they witnessed increases in the last two years of SAR 0.11-0.12 per liter.

• Will Saudi Arabia’s plan work to become the Middle East’s new corporate HQ?

  Saudi Arabia is now aiming to lure 480 companies to open regional HQs by 2030. For context, as of 2021, 196 of the Fortune 500 had a dedicated office for the Middle East and Africa to service the region, with 70% opting to locate in Dubai. Analysts and recruitment experts predict executives are scrutinizing the policy for loopholes.

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