“We’ve been clear with our public statements, and we’ve been clear with our American friends that a pathway toward recognition [of Israel] requires two things: It requires an end to the fighting in Gaza and a withdrawal of all Israeli forces, and a Palestinian state. Without that, we’re not even able to consider this issue.” Faisal bin Farhan, Saudi Foreign Minister, speaking at the Munich Security Conference on February 19, 2024 [Jerusalem Center for Public Affairs]
“The longer the conflict in Gaza goes on, the more danger there is for miscalculation, the more danger there is for escalation… We have said from the beginning that we need a ceasefire, and we need a ceasefire now more than ever.” Prince Faisal bin Farhan, Saudi Foreign Minister [Saudi Gazette]
“Today’s announcement [of Alat’s partnership with SoftBank] marks a historic milestone for how future manufacturing will take place.”
-Masayoshi Son, SoftBank Chairman. [Bloomberg]
“Saudi Arabia’s holdings in US treasuries increased for the fifth consecutive month, rising by 2.96 percent to $131.9 billion in December from November. Data released by the US Treasury Department placed Saudi Arabia at the 16th spot among the largest investors in such financial instruments in December. The report disclosed that in November, the Kingdom held bonds valued at $128.1 billion, compared to $117.5 billion and $117.1 billion in October and September, respectively.”
“At least 30 multinational law firms have opened branches in Saudi Arabia in the past nine months or have applied for the right to do so, racing to establish a foothold in the oil-rich kingdom now allowing outside legal work. Several had affiliations with Saudi-based firms since the early 2000s, but for the first time were allowed to create their own practices in the country without the constraints of a local partner. Others are entering the marketplace for the first time.”
“The Saudi Business Center provides, in one place, more than 750 services pertaining to 65 government agencies concerned with the business sector. This is through the center’s 17 branches spread over 14 cities throughout the Kingdom. The center’s digital business platform provides services of qualitative value, enabling investors and business owners to complete their economic business procedures.” Saudi Business Center to issue two instant commercial licenses for investors [Saudi Gazette]
“It’s like you’re trying to complete a Rubik’s Cube while running 100 miles an hour and sinking in quicksand. The degree of difficulty on that is just through the roof.” Frank Lowenstein, who served as a U.S. special envoy for Israeli-Palestinian negotiations during the Obama administration, Biden’s Grand Bargain to Remake the Middle East [Foreign Policy]
“Aramco is heavily investing in a trio of oil megaprojects at Zuluf, Marjan and Berri, along with infill drilling at its legacy fields to slow production declines. To increase capacity to 13 million b/d, other expansion projects such as Safaniyah and Manifa as well as the commercialisation of new discoveries are more than required. But costs have substantially increased since the pandemic and it makes less sense now for Aramco to go after projects that are getting more expensive when it doesn’t see opportunities to significantly increase production while prices are under pressure.”
Alexandre Araman, principal analyst, Upstream for Wood Mackenzie, Saudi Aramco’s shift to abandon its 13 million b/d capacity target likely to be absorbed by the market [Hellenic Shipping News]
“More than 20,000 participants from 125 countries, including a record 60% Saudi nationals, took part in the third edition of the Riyadh Marathon on February 10.”
Saudi Sports for All Federation Welcomes More Than 20,000 Participants for 2024 Riyadh Marathon
[Antara]
“This national security memorandum will give the Biden administration much more leverage to ensure that every recipient of U.S. military assistance, including the Netanyahu government, has to make the commitment to use those weapons in compliance with international humanitarian law.” Sen. Chris Van Hollen (Democrat, Maryland) praised a new National Security Memorandum issued by the President on Thursday that requires for the first time that countries receiving U.S. military aid provide written assurances in advance of receiving it that they will comply with international humanitarian law, and facilitate and not impede efforts to provide U.S.-supported humanitarian assistance to populations in conflict zones. National Security Memorandum on Safeguards and Accountability With Respect to Transferred Defense Articles and Defense Services [White House]
