“Throughout his trip, the Secretary will underscore the importance of protecting civilian lives in Israel and the West Bank and Gaza; securing the release of all remaining hostages; our shared commitment to facilitating the increased, sustained delivery of life-saving humanitarian assistance to civilians in Gaza and the resumption of essential services; and ensuring that Palestinians are not forcibly displaced from Gaza. He will also discuss urgent mechanisms to stem violence, calm rhetoric, and reduce regional tensions, including deterring Houthi attacks on commercial shipping in the Red Sea and avoiding escalation in Lebanon. The Secretary will reaffirm the U.S. commitment to working with partners to set the conditions necessary for peace in the Middle East, which includes comprehensive, tangible steps toward the realization of a future Palestinian state alongside the State of Israel, with both living in peace and security.”
Secretary Blinken’s Travel to Türkiye, Greece, Jordan, Qatar, U.A.E., Saudi Arabia, Israel, the West Bank, and Egypt [U.S. Department of State]
“The price rises are part of domestic fuel price reforms initiated by Saudi Arabia’s government. The reforms began in 2016 in response to lower oil prices at the time and saw gasoline, diesel and electricity prices jump by up to 80% as the kingdom sought to gradually eliminate energy subsidies.”
Saudi Arabian companies warn Aramco fuel price hike may curb earnings [Reuters]
“The law has the potential to benefit every sector including real estate, financial services, tourism and communications, and establish Saudi Arabia as a regional powerhouse with established industries that provide employment opportunities to the locals and result in an all-round development of the economy.”
Junaid Ansari, director of the investment strategy and research, Kamco Invest, said. Saudi Arabia’s new regional headquarters regulation takes effect: What will be its impact? [The National]
“The influx, primarily between 2021 and 2023, has been encouraged by the Saudi government’s attractive incentives. These include a 30-year exemption from corporate income tax, withholding tax on headquarters activities, exclusive discounts, and comprehensive support services covering relocation, concierge, facilitation, and professional advice.”
Riyadh draws over 200 companies seeking government contracts in Saudi Arabia [Gulf News]
“For them, this is going to deliver increased profitability that they didn’t expect to have. The longer they have to divert, the higher their freight rates. They are definitely winners.”
Michelle Wiese Bockmann, senior shipping analyst at Lloyd’s List Intelligence, Stock prices of shipping companies are soaring because of Houthi attacks [Middle East Eye]
“Late last month, I found myself on the outskirts of Riyadh, Saudi Arabia, in the town of Diriyah, standing in front of the recently opened Museum of Contemporary Art (SAMOCA) and looking out at a vista that, as one local arts professional observed, captures what the Kingdom of Saudi Arabia (KSA) is all about. Before me, I could see the tranquil Wadi Hanifah valley where the locals of Diriyah gather for leisure activities, all the way to the distant towers of the $10 billion King Abdullah Financial District (KAFD) development in central Riyadh.”
Sarah Douglas, In Saudi Arabia, A Rush of Art Projects Open Amid the Noor Riyadh Light and Art Festival [Art News]
“According to the 2022 land transport bulletin issued on Wednesday by the General Authority for Statistics (GASTAT), there has been a notable 6.8% decrease in serious traffic accidents compared to 2021. GASTAT also highlighted a substantial increase in public bus transportation usage, with the number of passengers within and between cities reaching over 43.5 million in 2022. This marks a striking 233.9% rise from the previous year. Additionally, the total volume of domestic land freight saw an uptick, reaching 209 million tons in 2022, a 6.1% increase from 2021.”
Saudi Arabia reports decrease in serious traffic accidents in 2022 [Saudi Gazette]
“Is there a revolution? Yeah, there’s a revolution like when people went to Vegas. When Vegas opened, people asked who on Earth is going to go to the middle of the desert, but this is a game-changer. Saudi is the destination for big-time boxing.”
Frank Warren, veteran boxing promoter, Saudi Arabia eyes boxing in continued push for more professional sports [Sports Business Journal]
“According to official data, the number of subscribers in public and private investment funds in Saudi Arabia has surpassed one million for the first time. At the end of the third quarter of 2023, there were over 1.126 million subscribers, marking a significant increase compared to the same period last year when the number stood at 677,400. This represents a remarkable 66 percent growth. The real estate sector, encompassing both public and private funds, accounted for the largest number of subscribers, SPA reported.”
Saudi investment funds surpass one million participants milestone in Q3 [Economy Middle East]
“Venice is very important for any artist in their career. But it’s about bringing our Saudi art. The cultural scene in this country is very strong, it always was, but it wasn’t seen. There is a transformation taking place.”
Manal AlDowayan, Saudi art blooms with the kingdom’s transformation [Arab Gulf Business Insight]
