MUST-READS

• Saudi Arabia tightens corporate ownership rules to boost transparency

  Set to take effect on April 3, the measures coincide with the enforcement of the updated Commercial Registry System and were developed in collaboration with experts to align with international best practices, according to the Commerce Ministry. The decision was issued by Minister of Commerce Majid Al-Qasabi as part of efforts to strengthen regulatory oversight. The regulations, developed in line with Financial Action Task Force guidelines, require companies to disclose individuals who ultimately control or benefit from their operations. The new rules also reinforce the Kingdom’s adherence to international standards, particularly those set by FATF, which works to protect the global financial system from illicit activities through policy development and enforcement. The rules apply to all businesses operating in Saudi Arabia, including foreign entities, but exempt publicly listed firms, state-owned enterprises, and companies undergoing bankruptcy liquidation.

• OPEC and Saudi spare oil production capacity
  The International Energy Agency estimates that OPEC's total spare capacity is 5.3 million bpd, of which 3.1 million bpd is held by Saudi Arabia, 1.1 million bpd by the UAE, 600,000 bpd by Iraq and 400,000 bpd by Kuwait. The total is equal to about 5.1% of world oil demand, expected by the IEA to average almost 104 million bpd in 2025. Spare capacity is held by the largest producers in OPEC as well as some of their allies as a consequence of their decisions to cut supply to the world market due to rising output from non-allied producers such as the U.S., Brazil and Guyana. OPEC+, which includes OPEC, Russia and their allies, has deepened cuts, reducing production by almost 6 million bpd in a series of steps since 2022 to support the market. The latest OPEC+ cut of 2.2 million bpd, of which Saudi Arabia is contributing 1 million bpd, remains in place for the first quarter of 2025.

• Saudi Arabia’s Hevolution Foundation commits millions to transform healthspan research

  Saudi Arabia’s billion-dollar-a-year healthspan initiative, the Hevolution Foundation, has unveiled a sweeping portfolio of grants and investments spanning three continents to fuel transformative breakthroughs in healthspan - or healthy aging - science. This week the Kingdom is hosting more than 3,000 attendees for its second-ever Global Healthspan Summit - designed to foster a healthier aging future – and is pledging hundreds of millions of dollars to accelerate discoveries toward therapeutic interventions specifically targeting healthspan. He said, “Just over a year ago, we met right here in this building, in this location, and launched the first-ever Global Healthspan Summit to be held in the world. Today, we are the second largest funder of geroscience and aging biology on the planet.”

• Trump’s Gaza takeover plan sparks Middle East backlash

  U.S. President Donald Trump’s proposal to turn the war-torn Gaza Strip into the “Riviera of the Middle East” met condemnation Wednesday morning in the Arab world. In an overnight statement, the Saudi Arabian foreign ministry said it had warned “former and current U.S. administrations” about the Palestinian people’s rights — and reiterated it would not establish diplomatic relations with Israel if certain conditions were breached.  “The Kingdom of Saudi Arabia also reaffirms its unequivocal rejection of any infringement on the legitimate rights of the Palestinian people, whether through Israeli settlement policies, land annexation, or attempts to displace the Palestinian people from their land,” the ministry said.

• King & Spalding’s Strategic Expansion: Merging with Al Fahad & Partners in Saudi Arabia

  In a landmark move to solidify its presence in the Middle East, King & Spalding, ranked 17th in the 2023 Am Law 100 with a gross revenue of $2.14 billion, has merged with Abdulaziz H. Al Fahad & Partners, one of Saudi Arabia’s most esteemed law firms. The newly formed entity, King & Spalding Al Fahad, is poised to deliver an expansive suite of legal services, aligning with the region’s evolving needs and the ambitious economic transformation under Saudi Arabia’s Vision 2030.

• James Turrell Is Bringing His Iconic Skyspaces to the Saudi Arabian Desert

  An exhibition on view as part of the AlUla Arts Festival showcases California Light and Space master James Turrell, and features some of his works that take up residence in art galleries as well as renderings for a giant new commission he is developing for the AlUla region of Saudi Arabia. For the upcoming Wadi AlFann commission, the artist will create a monumental succession of chambers joined by tunnels and stairs in the floor of a large canyon, in which visitors will experience “the thingness of light,” as the artist has described it. “I first visited the Wadi AlFann site in 2020,” said Turrell in a statement. “I was surprised that the sandstone formations looked very similar to those in Arizona. I was very familiar with that kind of landscape and strangely felt at home with doing work there.”

• Saudi Arabia set to extend Spanish Super Cup agreement

  Back in 2020, the Spanish Super Cup was moved to Saudi Arabia after the Spanish Football Federation agreed a contract with the Middle Eastern nation. It has been a very controversial move, although there are no signs of the competition returning to Spanish soil anytime soon. The current agreement between the Federation and Saudi Arabia runs until 2029, but there are already plans for it to be extended. As per Diario AS, talks are underway for the Spanish Super Cup to stay where it is for an extra five years, until 2034. It’s noted that both parties are very satisfied with the current arrangement, despite controversies that took place this week during the semi-finals, which saw the wives of some players being harassed, and the same happening to supporters.

• The Transformative Power of Sculptures and Landmarks in Urban Spaces: The Case of AL Khobar, Saudi Arabia

  The Mujassam Wattan competition, aligned with Saudi Vision 2030, has been a catalyst for integrating meaningful public art into cities across the Kingdom. By inviting artists and designers to create works inspired by Saudi heritage and aspirations, the initiative fosters cultural expression while enhancing urban spaces. In Alkhobar, the competition resulted in the creation of Alarda and Alkhobar Memory, two sculptures that transformed the city's sea front into a cultural and social hub. These works exemplify how public art can redefine spaces, connect communities, and highlight local identity.

• Assad’s final hours in Syria: Deception, despair and flight
  Bashar al-Assad confided in almost no one about his plans to flee Syria as his reign collapsed. Instead, aides, officials and even relatives were deceived or kept in the dark, more than a dozen people with knowledge of the events told Reuters. Hours before he escaped for Moscow, Assad assured a meeting of about 30 army and security chiefs at the defence ministry on Saturday that Russian military support was on its way and urged ground forces to hold out, according to a commander who was present and requested anonymity to speak about the briefing.

• Saudi minister meets Elon Musk to discuss collaboration in space and AI

  Saudi Minister of Communications and Information Technology Eng. Abdullah Al-Swaha met with American billionaire Elon Musk to discuss ongoing partnerships in space and artificial intelligence sectors. This meeting underscores Saudi Arabia's commitment to advancing its technological landscape through strategic collaborations. In recent developments, the Ministry of Communications and Information Technology organized a workshop with the United States, involving over 20 entities from both public and private sectors. The workshop aimed to enhance digital partnerships between the two nations, support innovation in the telecommunications sector, and foster collaboration between the public and private sectors.

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