MUST-READS

• Saudi banks banned from using WhatsApp for their communications with customers

  The Saudi Central Bank (SAMA) has decided to ban the use of instant messaging applications such as WhatsApp by the local banks for their communications with customers. SAMA noted that these applications are unreliable channels, according to Asharq Al-Awsat newspaper. SAMA's decision is based on the powers assigned to it and other related regulations, and out of its keenness to enhance the quality of practices and procedures followed by financial institutions subject to its supervision, in a way bringing the risks to the minimum. It is learnt that the Central Bank has asked financial institutions to examine the availability of alternative and secure channels such as benefiting from activating instant messaging services such as Live Chat or ChatBot, within the application, or the financial institution's website, taking into account compliance with the requirements for protecting personal data.

• Former Saudi ambassador weighs in on Trump’s approach to Gaza and the Middle East: Video
  Israel is blocking humanitarian aid from reaching Gaza until Hamas agrees to a proposal to extend phase one of the ceasefire, which expired Saturday. John Yang speaks with Prince Turki Al-Faisal, a former Saudi ambassador to the U.S. and U.K., about the latest developments and the Trump administration’s involvement in Gaza.

• Saudi real GDP grows 4.4% in Q4, highest in two years

  Saudi Arabia’s real GDP grew by 4.4% y-o-y in Q4 2024, the highest growth rate in two years, driven by a 4.6% rise in non-oil GDP, while oil GDP also increased by 3.4%, according to estimates by GSTAT. Saudi Arabia recorded SAR57.7 billion ($15.38 billion) budget deficit in Q4 2024, widening from SAR30.2 billion ($8.05 billion) in Q3. Total government revenues fell 15.4% y-o-y to SAR302.9 billion, while expenditure declined 8.7% y-o-y to SAR360.5 billion, noted an Al Rajhi Capital research report. Non-oil exports rose 18.1% y-o-y in December, compared to 20.4% y-o-y growth in November. The increase was led by Chemical Products (+13.8% y-o-y).

• Will Trump strike gold with wealthy Arabs through new residency program?

  US President Donald Trump’s $5 million “gold card” visa is expected to draw wealthy Arab investors seeking economic stability, US market access, and residency prestige, experts say. With Gulf nations, including Saudi Arabia, successfully running their own golden visa programs, Trump’s initiative positions the US as a competitive destination for high-net-worth individuals from the region, offering them a gateway to business expansion, real estate investment, and financial security.  “Saudi investors have always been keen on expanding into the US market, particularly in sectors like technology, real estate, and energy. A more accessible visa process could encourage even greater collaboration and economic integration between both countries,” Al-Ansari said. The new initiative will replace the existing EB-5 visa program, which was established in 1990, and is expected to help reduce the national deficit. The EB-5 program grants foreign investors a green card for investing around $1 million in a US business that creates or sustains at least 10 full-time jobs for local workers.

• Saudi Arabia denounces Israel’s blocking of aid into Gaza; calling it ‘blackmail and collective punishment’

  Saudi Arabia condemned on Sunday the decision of the Israeli occupation government to block the entry of humanitarian aid into the Gaza Strip. In a statement, the Ministry of Foreign Affairs expressed Saudi Arabia's condemnation and denunciation of the decision of the Israeli government to stop the entry of humanitarian aid into the Gaza Strip, and its use as a tool of blackmail and collective punishment. The ministry stated that it is a flagrant violation of international law and a direct violation of the rules of international humanitarian law, in light of the humanitarian catastrophe that the Palestinian people are facing. Saudi Arabia reiterated its call to the international community to stop these serious Israeli violations, in addition to activating international accountability mechanisms, and ensuring sustainable access to aid.

• Saudi Arabia to partner with US company to manufacture and export “flying taxis”

  The American Doroni Aerospace company announced that it has decided, in partnership with Saudi entities, to manufacture H1-X ‘flying car.’ Designed for personal use, the HX-1 is a two-seater aircraft that can be parked in a two-car garage, charged at home, and can take off vertically from a driveway. Doroni Aerospace, a company based in Pompano Beach in Florida, said it has secured a $30 million strategic investment from Innovation Wings Industries (IWI), operating as Kingdom Aero Industries (KAI) in Saudi Arabia.

• Saudi Tadawul profit surges 60% on higher trading value

  Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, reported a 59 percent jump in 2024 profit, as annual trading value and listing services revenues rose by 38 percent and 27 percent, respectively. Net profit was SAR622 million ($166 million) compared to SAR390 million in 2023, the company said in a bourse filing on Sunday. The average daily traded value reached SAR7.5 billion last year and 58 new securities were listed, taking the total to 353, the company said. The Saudi’s bourse capitalisation reached $10 trillion in 2024, the company said. Operating revenue rose 35 percent year on year to SAR1.5 billion in 2024, driven by increased trading services and post-trade services revenues.

• Trump trade threats compound global ocean shipping uncertainty
  The global ocean shipping industry that handles 80% of world trade is navigating a sea of unknowns as U.S. President Donald Trump stokes trade and geopolitical tensions with historical foes as well as neighbors and allies. That is the backdrop for this week's S&P Global (SPGI.N), opens new tab TPM container shipping and supply chain conference in Long Beach, California, an annual event that marks the start of container shipping contract negotiating season. Trump has already slapped an additional 10% tariff on goods from China, the world's largest exporter, and has proposed million-dollar port entry fees for Chinese-built ships. As early as Tuesday, the U.S. could impose 25% tariffs on familiar goods like avocados and tequila from Mexico, and beef, lumber and oil from Canada.

• Saudi dissidents welcome to return to Kingdom: Head of state security

  Saudi dissidents who have been exploited by external entities to attack Saudi Arabia are welcome to return to the Kingdom, the Head of the Presidency of State Security Abdulaziz al-Howairini said. Speaking on MBC’s Hikayat Waad program, al-Howairini said that dissidents are welcome to return without facing any consequences if their opposition remained at the level of ideological influence and they were not implicated in criminal cases within the country. Saudi Arabia will not expose or publicize their names, he said, adding that the Kingdom focuses on rehabilitation rather than punishment. Dissidents wishing to return to Saudi Arabia can contact the designated number (990) to provide their identity and location for assistance, al-Howairini said. Alternatively, they can also delegate a family member to coordinate with the relevant authorities.

• Commentary: Saudi Arabia’s rise signals decline of Europe’s geopolitical centrality This article was published in thejakartapost.com with the title “”. Click to read: https://www.thejakartapost.com/opinion/2025/03/03/saudi-arabias-rise-signals-decline-of-europes-geopolitical-centrality

  It signals a shift away from Europe’s centrality in diplomacy and fits well with Trump’s broader policy of bilateral, pragmatic diplomacy that prioritizes economic and geopolitical gains. The US-Russia discussions in Saudi Arabia also indicate Trump’s strategic use of Saudi Arabia to secure swift diplomatic wins, furthering his domestic and international standing. Trump’s choice of Riyadh for the Ukraine peace talks also shows that Saudi Arabia has strategically positioned itself as a neutral intermediary, leveraging its strong relations with global powers including the US, Russia, China and European nations.

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