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QUOTED
“At the end of the day, every single country has their own flaws, but also positive sides, and we are not going to change the world at the end of the day as a sport, but we try to share positive values. It’s also up to the country to make positive changes. I do think that since we have been here already there have been some really nice positive changes and you have to respect that and sometimes you know it takes a bit longer in some countries. I think it’s very positive and it’s great to see and also great to meet a new culture as well for everyone to get educated on that as well, because everyone is a little bit different around the world wherever you go, and you have to respect that. But then, of course, also, wherever you’re from, your country, there are always things that can be done better, so it’s a work in progress in general.” Max Verstappen, F1 will not change the world with its values [Racing News]
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TOP STORY
Gautam Sashittal, CEO of King Abdullah Financial District Development and Management Company (KAFD DMC), sits with Imogene Lillywhite of Zawya for an extensive interview outlining what is next for the exciting city hub.
[more]
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MORE TOP STORYLINES
in arabnews.com: Saudi Arabia’s sovereign wealth fund has revised its asset size on its website, reaching $925.2 billion, after it climbed to the fifth spot in a ranking of state-owned investment organizations. The significant rise in the Public Investment Fund’s standing follows its procurement of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. This acquisition has significantly impacted PIF’s overall assets under management, exceeding $860 billion, a rise from $700 billion by the end of 2022.
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Via John Bambridge in meed.com: Riyadh-based Jadwa Investment has now estimated that disruption to commercial shipping in the Red Sea and Gulf of Aden has contributed to a 25-50% construction material price rise in recent weeks. This steep rise comes amid renewed escalation in the Red Sea following a start to the year characterised more by falling risk perceptions due to the heavy build-up of the US-led naval coalition in the area. All of this changed on 18 February with the holing of the UK-owned Rubymar, which sank on 3 March. That ship had been carrying Saudi fertiliser from Dammam to Bulgaria. However, perhaps a more direct concern for the Saudi construction sector is the strike on 6 March of the bulk carrier True Confidence, which came from China loaded with steel and commercial vehicles.
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Via Jon B. Alterman in csis.org: In fact, what is striking about Israel’s position now is how little vision it has. Netanyahu has promised to eliminate Hamas, but after five months of war he has been unable to articulate either a path toward doing so or a vision of a post-Hamas environment. He has shown no interest in winning over Palestinians to a more palatable set of political aspirations, seeming opting instead to pound them into submission. He has talked loudly about the unacceptability of the Palestinian Authority assuming power in Gaza, but he has put forward no alternative.
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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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More than halfway through its "Saudi Vision 2030" journey, Saudi Arabia has demonstrated notable progress, with 87% of the 1,064 initiatives either completed or advancing...[via saudigazette.com]
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Saudi Arabian sovereign wealth fund PIF's managed assets reached 2.81 trillion riyals ($749.2 billion) in 2023, state news agency SPA reported on Thursday.
The kingdom's non-oil...[By Jana Choukeir and Nayera Abdallah via zawya.com]
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Prominent Emirati businessman Saeed Juma Al Naboodah, Chairman of the Saeed and Mohammed Al Naboodah Group, and former Chairman of the Dubai Chamber of Commerce...[By Khitam Al Amir via gulfnews.com]
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