“We are in the middle of the world. Saudi Arabia is location-wise between three continents…we think we connect the whole world all together.”
Khalid al-Mudaifer, Vice Minister for Mining, Saudi Arabia, Hunt for Critical Minerals Draws World Powers to Saudi Arabia [Wall Street Journal]
“The kingdom emphasizes the importance of maintaining the security and stability of the Red Sea region, as the freedom of navigation in it is an international demand.”
-Saudi Arabia’s Ministry of Foreign Affairs, in a statement following the US-led coalition’s attacks on Houthi positions in Yemen in response to a Houthi attack on U.S. ships and personnel in the Red Sea. The Kingdom urged restraint. [Reuters]
“The Saudi delegation comprises prominent figures, including Saudi Ambassador to the US Princess Reema bint Bandar, Minister of Commerce Dr. Majid Alkassabi, Minister of State for Foreign Affairs, Member of the Council of Ministers, and Envoy for Climate Adel Aljubeir, Minister of Investment Khalid Al Falih, Minister of Finance Mohammed Aljadaan, Minister of Communications and Information Technology Abdullah Alswaha, Minister of Industry and Mineral Resources Bandar Alkhorayef, and Minister of Economy and Planning Faisal Alibrahim. This diverse team underscores the Kingdom’s commitment to addressing global issues collaboratively.”
Faisal bin Farhan to lead high-level Saudi delegation to WEF 2024 in Davos [Saudi Gazette]
“It has been quite remarkable to witness the growth of the Saudi VC ecosystem. Relative to other countries across MENA, the kingdom was late to the VC space. 2023 closed the year at almost $1.4 billion with 2 new Unicorns headquartered in the kingdom. It will be exciting to see how this will further develop heading into 2024 and beyond.”
Philip Bahoshy, Magnitt founder and Chief Executive Officer, Saudi Arabia Overtakes the UAE in Middle East VC Fund Raising [Bloomberg]
“But Iran is not the only headache for Washington. Israel is also emerging, despite the bear-hug of support from the Biden administration, as a major threat to the US goal of conflict containment.”
Hussein Ibish, Opinion: The Biden administration is seeing its Middle East policies collapsing [The National]
“The vast majority of McDonald’s locations are run by local franchise operators. These operators act in many ways as independent businesses: They set wages and prices and, when they feel it appropriate, make statements or donations at their discretion. That approach has helped make McDonald’s a global phenomenon, with over 40,000 locations globally, including nearly 27,000 outside of the United States, as of 2022.” But it means the company can’t dictate how each operator responds in a crisis, for better or worse.
‘Disheartening and ill-founded:’ McDonald’s CEO responds to Middle East backlash [CNN]
“Saudi Arabia is a fascinating and rapidly growing market. There are over 21 million gamers in the Kingdom, 70 percent of the population, over 40 per cent of whom are women… According to Niko Partners, games revenue in Saudi Arabia, the UAE, and Egypt will experience 56 per cent growth by 2026, surging from $1.8 billion in 2022 to an estimated $2.8 billion by 2026. That’s an annual growth rate of almost 10 per cent, which is pretty impressive.” Savvy Games Group: “Approximately 75 percent of our capital allotment has not yet been invested” [Pocket Gamer]
“Throughout his trip, the Secretary will underscore the importance of protecting civilian lives in Israel and the West Bank and Gaza; securing the release of all remaining hostages; our shared commitment to facilitating the increased, sustained delivery of life-saving humanitarian assistance to civilians in Gaza and the resumption of essential services; and ensuring that Palestinians are not forcibly displaced from Gaza. He will also discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions, including deterring Houthi attacks on commercial shipping in the Red Sea and avoiding escalation in Lebanon. The Secretary will reaffirm the U.S. commitment to working with partners to set the conditions necessary for peace in the Middle East, which includes comprehensive, tangible steps toward the realization of a future Palestinian state alongside the State of Israel, with both living in peace and security.”
Secretary Blinken’s Travel to Türkiye, Greece, Jordan, Qatar, U.A.E., Saudi Arabia, Israel, the West Bank, and Egypt [U.S. Department of State]
“The price rises are part of domestic fuel price reforms initiated by Saudi Arabia’s government. The reforms began in 2016 in response to lower oil prices at the time and saw gasoline, diesel and electricity prices jump by up to 80% as the kingdom sought to gradually eliminate energy subsidies.”
Saudi Arabian companies warn Aramco fuel price hike may curb earnings [Reuters]
“The law has the potential to benefit every sector including real estate, financial services, tourism and communications, and establish Saudi Arabia as a regional powerhouse with established industries that provide employment opportunities to the locals and result in an all-round development of the economy.”
Junaid Ansari, director of the investment strategy and research, Kamco Invest, said. Saudi Arabia’s new regional headquarters regulation takes effect: What will be its impact? [The National]
