MUST-READS

• A sustainable approach to Saudi Arabia’s urbanization is essential

  Many forecasters project that as much as 80% of the world’s population will reside in cities by 2050, up from about 50% today. Saudi Arabia is witnessing this dynamic expansion, with its population having increased by more than 10 million in the last 20 years; investment in housing is particularly crucial considering more than half of Saudis are below age 30. The country’s Vision 2030 strategy includes a target for Saudi home ownership to reach 70% by the end of the decade, Almudaifer noted. As a catalyst for the nationwide blueprint, PIF launched ROSHN, a national real estate developer, to create high quality housing within integrated neighborhoods that offer a range of amenities. The ROSHN giga-project aims to develop more than 200 million square meters in nine cities by 2030.

• Saudi Arabia Banks Embark on Record Bond Binge for Mega-Projects

  Saudi Arabia’s banks could raise a record amount of debt this year as a liquidity squeeze strains Crown Prince Mohammed bin Salman’s multi-trillion dollar economic transformation agenda. Lenders may need to issue at least $11.5 billion in bonds in local and foreign currencies, according to Bloomberg Intelligence, to raise funds for Vision 2030, a plan aimed at transforming Saudi Arabia from an oil-reliant economy to one generating income from everything from tourism to technology. That would be a new high, surpassing the $10 billion raised in 2022.

• 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.

• Moody’s retains positive outlook for Saudi Arabia’s banking sector

  Moody’s Investors Service has retained a positive outlook for Saudi Arabia’s banking sector thanks to the Kingdom’s economic diversification programs. In its latest report, the US-based credit rating agency said the demand for credit for government-backed projects will improve loan performance and generate strong profit for banks in Saudi Arabia. “The banks’ operating environment will continue to be supported by the strong momentum in the non-oil sector, which will benefit from the accelerated implementation of the economic diversification agenda,” said Moody’s. The report added that expected interest rate cycle reversal could squeeze margins, although loan growth and lesser funding costs could soften the impact of lower rates.

• Israeli forces kill two Palestinians in West Bank raid after deadly night

  Israeli forces killed two Palestinians during a raid in the occupied West Bank early on Wednesday, the official Palestinian news agency WAFA reported, bringing to five the number of Palestinians killed in different incidents within several hours. Yousef Nimer, a witness, said Israeli forces began firing at people he was sitting with outside a hospital in the city of Jenin as they were finishing Suhur, the final meal before sunrise during the Muslim fasting month of Ramadan.

• Saudi Arabia condemns Israeli settlement expansion plans in West Bank

  Saudi Arabia on Wednesday condemned an Israeli decision to approve the development of 3,500 new settlement units in the West Bank. The Saudi foreign ministry said the Kingdom “strongly condemned” the planned settlement and attempts to Judaized large parts of the West Bank. The statement comes as an Israeli minister said the plans to construct the units had been pushed forward. Israeli settlement watchdog Peace Now said there were 3,426 homes advanced through a planning committee, across Maale Adumim and Kedar, east of Jerusalem, and Efrat, south of the city.

• Ramadan 2024: Find out why Saudi Arabia’s Prince Mohammad Bin Salman banned iftar in mosques ahead of Ramadan

  The notice, raising issues about cleanliness being compromised when iftar feasts are held inside mosques, directed imam and muezzin to oversee the organisation of these feasts in mosques’ courtyards and charged them with the responsibility to ensure cleanliness soon after the feast concludes.

• Saudi Central bank net foreign assets rise by $2 billion in January 2024

  Recent data from the Saudi Central Bank reveals that in January 2024, the bank’s net foreign assets increased by $2.07 billion compared to the previous month. The central bank’s monthly publication states that net external assets rose to SAR1.572 trillion ($419.17 billion) in January, up from SAR1.564 trillion. However, when compared to January 2023, the central bank’s net foreign assets experienced a decline of 4.26 percent, amounting to SAR1.57 trillion.

• Abandoned at sea, Houthi-damaged ship awaits towing to Saudi Arabia amid oil slick concerns

  A vessel impaired in a mid-February Houthi attack offshore Yemen remains abandoned at sea awaiting towing to safe harbor amid growing concerns of an oil spill. The Iran-backed militant group claimed it dealt “catastrophic damage” during a Feb. 18 offensive against the Belize-flagged general cargo vessel Rubymar, which the Houthis said was “at risk of potential sinking in the Gulf of Aden.” The tanker’s crew abandoned ship.

• 1-year jail and SR100000 fine for anyone who defaces urban heritage

  The Public Prosecution revealed that the penalty for anyone who distorts an antique or urban heritage is one year’s imprisonment and a fine of up to SR100000 or one of these two penalties. The Public Prosecution revealed in a statement that the defacing includes writing, painting, engraving, or posting advertisements on it, or setting it on fire.

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