MUST-READS

• Arctic doomsday seed vault gets more than 14,000 new samples
  A "doomsday" vault storing food crop seeds from around the world in man-made caves on a remote Norwegian Arctic island will receive more than 14,000 new samples on Tuesday, a custodian of the facility said. The Svalbard Global Seed Vault, set deep inside a mountain to withstand disasters from nuclear war to global warming, was launched in 2008 as a backup for the world's gene banks that store the genetic code for thousands of plant species. Protected by permafrost, the vault has received samples from across the world, and played a leading role between 2015 and 2019 in rebuilding seed collections damaged during the war in Syria.

• Infographic: 10 reasons why you should move to Saudi Arabia

  Many expats overlook Saudi Arabia as an emerging digital hub and a fantastic place to build their career. However, aside from great career opportunities, there are many lifestyle reasons why digital professionals are opting for a career in Saudi Arabia. The economy has been rapidly liberalising which has unleashed huge potential, it sports a deep and varied history and a low cost of living combined with tax-free incomes. As Saudi Arabia is on a race to become the next big tech hub, many international companies also have offices in Saudi Arabia, including BlackRock,  Amazon, Morgan Stanley, and PwC. We support many international companies, national governments and local businesses as they digitize their operations, and find that professionals places in Saudi Arabia quickly fall in love with the country.

• DHL eCommerce enters Saudi Arabian market by acquiring equity stake in parcel logistics company AJEX

  DHL eCommerce and AJEX Logistics Services, have entered into an agreement in which DHL will acquire a minority stake in the Saudi Arabian parcel logistics company. For DHL eCommerce, whose core business is domestic parcel transport in selected European countries, the United States, and certain key Asian countries, this agreement represents an expansion into the rapidly growing Saudi Arabian e-commerce parcel market. Although AJEX only began its operations in 2021, it has already established itself as a leading parcel service provider in the rapidly evolving domestic market, with robust growth and an extensive distribution network.

• 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.

• Gloomy outlook for Saudi petrochemicals

  Saudi Arabia’s 10 listed petrochemical companies are likely to report lacklustre earnings for the fourth quarter of 2024 because of an ongoing downturn in the global chemicals industry, analysts predict. The sector’s prolonged malaise means they are likely to be of little interest to international institutional investors – although all enjoy significant cost advantages over competitors in Europe and Asia, excluding China, through access to cheap feedstock.  Trading in the likes of Saudi Basic Industries Corp (Sabic), the world’s sixth-largest petrochemical operation by market cap according to companiesmarketcap.com, is now largely the preserve of retail investors seeking to make a quick profit as stock prices fluctuate.

• Gulf CEOs urged to conquer fear of earnings call

  In the Gulf, only 10 earnings-call transcripts were available per quarter in 2015, according to Iridium. That number has since risen to more than 120 per quarter, but this still represents just one in seven of the region’s 877 listed companies. An Iridium study of 350 active emerging markets funds, which manage more than $400 billion, has found that only about 56 percent have invested in Saudi Arabia and the UAE – signalling the untapped potential. Companies that hold earnings calls tend to attract stronger research coverage, higher liquidity and better stock valuations, Schutzmann says, citing Iridium’s analysis of 10 million data points from more than 1,000 banks in 100 countries.

• Saudi Arabia may be expanding ballistic missile force, satellite images show

  Saudi Arabia may be quietly modernising and expanding its long-range missile capabilities, according to newly published satellite imagery. Fabian Hinz, a defence and military researcher at the International Institute for Strategic Studies (IISS), analysed the images in a report published on Thursday. Riyadh first established long-range surface-to-surface missiles in the 1980s in response to the Iran-Iraq war and the broader proliferation of missile capabilities in the region. Details about the development of its missile programme since then have been scarce, as the Gulf kingdom rarely displays its long-range weaponry openly. The IISS report found what appears to be the construction of an underground missile base near the town of al-Nabhaniyah in central Saudi Arabia. Construction began in 2019 and was mostly complete by early 2024, it added.

• Saudi Arabia amends labor law, extends maternity leave

  announced new amendments to its labor law, including implementing a longer maternity leave period. The new amendments, which came into effect on Thursday, allow female employees to take up to 12 weeks of maternity leave. Six weeks are mandatory after delivery, and the remaining six can be taken at their discretion, according to the ministry. Another update provision allows employees to have three days of leave upon the death of a sibling. Moreover, employers may now offer days off as compensation for overtime, subject to the employee’s consent. Termination notice periods for indefinite contracts have also been updates and now state that employees must provide at least 30 days’ notice, while employers must give 60 days’ notice. The probation period has also been standardized at 180 days, allowing either party to terminate the contract during this period.

• From Oil to Hydrogen: Saudi Arabia’s Journey to Net-Zero by 2060

  As of 2024, the NGHC has achieved an impressive 60% completion across key infrastructure elements, including a state-of-the-art hydrogen production plant, a wind farm, a solar energy facility, and an integrated transmission grid. These advancements position the project well on its path to producing up to 600 tonnes of green hydrogen daily. Among the critical milestones recently accomplished is the preparation of “Electrolyser 1,” a pivotal component expected to commence operations in 2025. The integration of cutting-edge technologies and innovative design is set to revolutionize green hydrogen production. The facility’s ability to generate clean hydrogen for applications such as powering buses, heavy trucks, and industrial processes underscores its potential to significantly decarbonize traditionally high-emission sectors.

• Frankly Speaking: How did Saudis become mediators for global conflicts?

  Appearing on the Arab News current affairs program “Frankly Speaking,” Dr. Abdulaziz Sager, founder and chairman of the Gulf Research Center, highlighted the significance of the US-Russia talks in Riyadh, noting that Saudi Arabia’s neutral stance had positioned it as an ideal convener. “Saudi Arabia has taken an important position that has led to this meeting, which means Saudi Arabia originally refused to take a side — neither with the Russians nor with the Ukrainians,” Sager said. Global media outlets have highlighted Saudi Arabia’s unique positioning, noting that it has maintained positive ties with both Russia and the West throughout the Ukraine conflict, which began on Feb. 24, 2022, when Russia launched what it called a “special military operation.”

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