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?

• Rubio in Saudi Arabia for US-Ukraine talks, hopes to resolve Ukraine aid pause

  “The Ukrainians are already receiving all defensive intelligence information as we speak. I think all the notion of the pause in aid broadly is something I hope we can resolve. Obviously, I think what happens tomorrow will be key to that,” Rubio told reporters aboard a military plane before landing in Jeddah. “We're not going to be sitting in a room drawing lines on a map but just get a general sense of what concessions are in the realm of the possible for them [Ukrainians],” Rubio said, adding that there is no military solution to the war, and that both Russia and Ukraine need to “do difficult things.” On Tuesday, Rubio will join U.S. national security adviser Mike Waltz for the Jeddah talks with Ukrainian officials as President Donald Trump pushes to broker a swift end to the war.

• 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.

• Rubio heads to Saudi Arabia for US-Ukraine talks, then Canada for G7

  U.S. Secretary of State Marco Rubio will arrive in Jeddah, Saudi Arabia, on Monday for U.S.-Ukraine talks as President Donald Trump pushes to broker a swift end to the Russia-Ukraine war, despite Russia’s latest massive aerial attacks against Ukraine’s energy infrastructure. While in Jeddah, Rubio will also meet with Saudi Crown Prince Mohammed bin Salman Al Saud to discuss ways to advance shared interests in the region and strengthen the U.S.-Saudi relationship, said State Department spokesperson Tammy Bruce. According to the State Department, Rubio has “underscored President Trump's determination to end the war as soon as possible and emphasized that all sides must take steps to secure a sustainable peace” in a Friday call with Ukrainian Foreign Minister Andrii Sybiha.

• 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 Arabia arrests 20,749 for residency and labour violations, deports over 10,000 in a week
  A total of 20,749 people were arrested in Saudi Arabia during a nationwide inspection campaign targeting violations of residency, labour, and border security laws, the Ministry of Interior announced. The crackdown, conducted between February 27 and March 5, aimed to strengthen regulatory enforcement across the Kingdom.  Authorities recorded 13,871 violations related to residency, 3,517 involving border security, and 3,361 concerning labor regulations.

• 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.

• 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.

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