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QUOTED
With inflation cooling and economies better placed to absorb a tighter fiscal stance, the time has come for a renewed focus to rebuild buffers against future shocks, curb the rise of public debt, and create space for new spending priorities. Waiting could force a painful adjustment later. But, for the benefits to be durable, tightening should proceed at a carefully calibrated pace. Kristalina Georgieva, How the G20 Can Build on the World Economy’s Recent Resilience [IMF]
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TOP STORY
Lucid Motors CEO said at the Geneva International Motor Show today that the struggling EV maker and its Saudi backers are “in this together for the long run” and the relationship is like a “marriage,” according to a report in Bloomberg. [more]
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MORE TOP STORYLINES
in com.sa: An official Saudi source refuted claims circulating on social media about a supposed meeting between the Saudi Minister of Commerce Dr. Majid Al-Qasabi and an official from the Israeli occupation. The source clarified that the video in question was taken while Al-Qasabi was with the Nigerian Minister of Commerce, just before the commencement of the 13th Ministerial Conference of the World Trade Organization in Abu Dhabi. During this time, an individual approached to greet him and only revealed his identity as the Minister of Economy in the Israeli occupation government after the fact, with Al-Qasabi having had no previous knowledge of who the individual was.
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in bloomberg.com: Saudi Arabia’s top chemicals maker warned of “considerable uncertainty” for the industry after reporting a surprise full-year loss. Saudi Basic Industries Corp., also known as Sabic, posted a net loss of 2.77 billion riyals ($739 million) for 2023, missing analyst expectations for a profit. The result underscores the depth of the challenge chemicals companies face as they grapple with a weak market, slower economic growth and a drop in prices.
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in alarabiya.net: Coach Jorge Jesus’ team have achieved 14 consecutive victories in the league, ending Al Nassr’s previous record of winning 13 matches from November 2013 until February 2014. Sergej Milinkovic-Savic gave Al Hilal the lead in the 40th minute with a header after a corner. Salem Al Dawsari added the second goal from close range in first half added time.
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MORE ON THE KINGDOM AND BEYOND
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More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who ...[By Adam Satariano and Paul Mozur via nytimes.com]
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Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027.
The opening of the project’s...[By Andrew Hammond via agbi.com]
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His comment is significant because, like LIV Golf’s team competition and shotgun starts, the...[By Cindy Boren via washingtonpost.com]
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The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts...[By Christopher Phillips via thecipherbrief.com]
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A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse...[By Larry Elliott via theguardian.com]
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The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest...[By Issac John via khaleejtimes.com]
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Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to...[via arabnews.com]
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From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry....[By Pooja Chandak via solarquarter.com]
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Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical...[By Nour Fakharany via archdaily.com]
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One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.
...[By Daniel Bardsley via thenationalnews.com]
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The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was...[via mof.gov]
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The month-on-month decline in imports from Russia comes amid lower discounts offered by Russia. Russia has been the largest source of crude for...[By Rituraj Baruah via livemint.com]
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Two major U.S. law firms are opening offices in Saudi Arabia following a change last year in...[By David Thomas via reuters.com]
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Spending on the information and communication technology (ICT) market in Saudi Arabia is expected to reach about $37.4 billion by the end of 2024, showing...[via argaam.com]
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Set within the landmark Mediateca Santa Teresa library in Milan’s Brera district, Design Space AlUla presented a smattering of projects...[By Ryan Waddoups via surfacemag.com]
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Today marks the eight-year anniversary of Saudi Arabia’s Vision 2030, an ambitious blueprint aimed at transforming the Kingdom into a...[via arabianbusiness.com]
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Iran reduced its stockpile of near-weapons-grade nuclear material even as it continued expanding its overall nuclear program, the United Nations’ atomic watchdog said Monday, marking...[By Laurence Norman via wsj.com]
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Israel, Hamas and Qatari mediators all expressed caution on Tuesday about progress towards a truce in Gaza, after U.S. President Joe Biden said he believed...[By Samia Nakhoul, Jeff Mason and Nidal Al-Mughrabi via reuters.com]
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Amid the war in Gaza, a major crisis has been brewing, largely behind the scenes, between the United States and Israel over the need for...[By Hussein Ibish via theatlantic.com]
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After several years of shocks, we expect global growth to reach 3.1 percent this year, with inflation falling and job markets holding up. This resilience...[By Kristalina Georgieva via imf.org]
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Iranian leaders projected an image of confidence as the Islamic Republic commemorated its 45th anniversary on February 11. But despite their bombastic Revolution Day speeches,...[By Ali Alfoneh via agsiw.org]
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Barely two months into 2024, there are strong indications that Iran will face major challenges in sustaining a reasonable economic development path this year. The...[By Bijan Khajehpour via amwaj.media]
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