MUST-READS

• Secretary Rubio’s Meeting with Saudi Crown Prince Mohamed bin Salman Al Saud
  Secretary of State Marco Rubio and National Security Advisor Mike Waltz met this evening with Saudi Crown Prince Mohamed bin Salman Al Saud in Jeddah. The Secretary thanked the Crown Prince for once again hosting the United States in talks to help resolve the Ukraine war and secure a lasting peace. The leaders discussed Yemen and threats to navigation from Houthi terrorists that threaten global commerce, American interests, and Saudi citizens and infrastructure. The Secretary talked about Syria, and ways to promote a stable government, free of terrorism. They discussed reconstruction in Gaza; the Secretary thanked the Crown Prince for hosting Arab countries and reiterated the United States firm commitment that any solution to the situation in Gaza must not include any role for Hamas.

• Aramco’s Flagship Jafurah Gas Project is Not A Gamechanger for Saudi Arabia

  Operations at Saudi Arabia’s Jafurah shale gas field – the country’s largest unconventional non-oil associated gas site and arguably one of the biggest outside the U.S. – will begin this year, according to a comment last week from Saudi Aramco’s president and chief executive officer, Amin Nasser. The oil and gas giant added that Phase 1 is expected to produce 200 million standard cubic feet per day (Mscfd) of gas this year, with the figure set to rise to 2 billion standard cubic feet per day (Scfd) by 2030. The projected numbers would mark around a 60% increase in Aramco’s gas output capacity, enabling it to meet rising domestic power demand. It could also allow it to reduce the level of crude oil burned in power generation that might be monetised by exporting it, and lay the foundations for significant gas exports in the future as well. The key question for dedicated Saudi Arabia watchers arising from any such statement from the Kingdom over the years is simply how much of it is true?

• Analysis: Why Saudi Arabia Makes Sense For Ukraine Peace Talks

  The talks are slated to bring together a Ukrainian delegation that will include Ukrainian Foreign Minister Andriy Sybiha, Zelenskyy's chief of staff Andriy Yermak, and Defense Minister Rustem Umerov. US Secretary of State Marco Rubio is also due in Jeddah; in addition to meetings with Ukrainian counterparts, the State Department said he is also expected to meet with the Saudi crown prince. Saudi Arabia’s role in potential peace talks came into focus in February, when US and Russian diplomatic officials held a first round of talks on ending the war in Ukraine. Those discussions yielded the promise of slightly less frigid relations between Washington and Moscow, with the two countries agreeing to begin restoring diplomatic ties. But the ruckus in the Oval Office showed, dealmaking with Trump is a highly personal affair. And the Saudi crown prince, widely known by his initials MBS, has a uniquely close relationship with the US president.

• What Went Wrong at Saudi Arabia’s Futuristic Metropolis in the Desert

  The October event was the lavish opening of the first part of Neom, a planned metropolis defined by cutting-edge technology and psychedelic architecture, a cornerstone of the country’s plan to pivot its economy away from oil. The relatively simple, low-rise development, known as Sindalah, was over three years late and on track to cost nearly $4 billion, three times its initial budget. Hotels were unfinished, high winds disrupted ferries and golf, and much of the site was still under construction. Saudi Crown Prince Mohammed bin Salman, Neom’s mastermind, was a surprise no-show. Neom board documents say the party cost at least $45 million. Many Neom staff viewed his absence as a sign of disapproval. Weeks later, Neom’s boss of six years, a former crown prince favorite, left the project and a new crew of executives was installed to turn Neom around.  After spending more than $50 billion, the crown prince’s sci-fi-inspired dreams—an arid-mountain ski resort, a floating business district, and the Line, the 106-mile-long pair of Empire State Building-height skyscrapers that is Neom’s centerpiece—have collided with reality.

• Saudi riyal symbol: strategic step toward global financial standing

  Saudi Arabia’s unveiling of a new symbol for the riyal has been dubbed a “visionary maneuver” that will enhance the currency’s global recognition, strengthen investor confidence, and signal a commitment to financial modernization, Arab News has been told. As the Kingdom seeks to position itself as a global financial hub, this new symbol, inspired by Arabic calligraphy, reflects a seamless blend of tradition and progress — key to the nation’s ongoing economic reform efforts, according to experts.

• Saudi Aramco cuts crude oil prices for Asia

  Saudi Aramco has lowered its crude oil prices for Asian buyers in April, marking the first reduction in three months. This price cut aligns with market expectations and follows the decision by OPEC+ to gradually increase oil supply starting this month. According to an official statement, the official selling price for the benchmark Arab Light crude has been reduced by 40 cents, now standing at $3.50 per barrel above the average price of Oman and Dubai crude.

• 2nd ‘Building Bridges Between Islamic Schools of Thought’ conference concludes in Makkah

  The second “Building Bridges Between Islamic Schools of Thought” international conference concluded in Makkah early on Saturday, with participants from more than 90 countries adopting the “Encyclopedia of Islamic Intellectual Harmony.” Held under the patronage of King Salman bin Abdulaziz, the two-day conference gathered senior muftis, scholars, and thinkers who also approved the strategic and executive plan for the document “Building Bridges between Islamic Sects,” a media statement said on Saturday.

• Saudi Arabia’s Strategy Attracts Around 600 Regional Headquarters of Multinational Corporations

  Around 600 foreign companies have established their regional headquarters in Saudi Arabia since the 2021 launch of the Saudi Program for Attracting Regional Headquarters (RHQ) of multinational corporations to the Kingdom of Saudi Arabia's capital, spearheaded by the Ministry of Investment and the Royal Commission for Riyadh City. As part of the Vision 2030 economic diversification plan aimed at establishing Saudi Arabia as a prominent global business hub, the RHQ program offers a range of incentives to international companies. These include a 30-year tax relief package, announced in December 2023, which provides zero percent corporate income tax and withholding tax for qualifying regional headquarters. Additionally, the program streamlines the process of setting up operations in any region in the Kingdom, providing comprehensive support services to assist companies in their transition. Saudi Arabia's modern infrastructure, including advanced facilities and technology, is also a key attraction for international firms. The program further supports expatriate employees by facilitating access to international K-12 schools, with seven new schools having been established in the Kingdom.

• What can Ukraine expect from talks with US in Saudi Arabia?

  Ukrainian President Volodymyr Zelenskyy is to visit Saudi Arabia next week for a planned meeting there between delegates from Ukraine and the US. If all goes according to plan, it will be the first Ukraine-US meeting since the presidents of the two countries quarreled in the White House on February 28. At those talks, US President Donald Trump and Vice President JD Vance accused Zelenskyy of being ungrateful for the US aid given to Ukraine and of being unwilling to end the war in his country. After the Oval Office catastrophe, Zelenskyy cut his US trip short and left Washington. No new meeting between Zelenskyy and Trump is to be held in Riyadh.  Now, ahead of his planned visit to Saudi Arabia, he has announced on the messaging app Telegram that he is planning a meeting with the de facto Saudi ruler, Crown Prince Mohammed bin Salman, adding: "Ukraine is most interested in peace. As we told President Trump, Ukraine is working and will work exclusively constructively for a quick and reliable peace."

• Saudi Arabia spends $724 million to implement 1,072 projects to empower women in 79 countries

  Saudi Arabia, represented by the King Salman Humanitarian Aid and Relief Center (KSrelief), has implemented as many as 1,072 projects dedicated for the most needy women in 79 countries around the world. Implementation of these projects, which are valued at nearly $724 million, coincide with International Women's Day, which falls on March 8 each year. The projects implemented by KSrelief included provision of assistance to Yemeni women and empowering them economically, building their capacities by providing training programs in the professional and commercial fields, and providing them with the necessary tools that help them find income-generating opportunities that contribute to improving the livelihoods of the beneficiaries and their families.

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