Saudi foreign reserve assets decrease by 2% to $431bn in Feb

• On a yearly basis, the Kingdom’s foreign reserve assets plunged 5 percent, or SAR 78.2 billion, Argaam reported, citing Saudi Central Bank (SAMA) data.
• Foreign currency reserves, representing about 94 percent of total assets, fell by nearly 5 percent year-on-year (YoY) in February to SAR 1.526 trillion.

Madinah first Arab city to gain Gold Level in UN’s SDG Cities Initiative

• Madinah became the first Saudi and Arab city, and the third internationally, to receive this recognition of achievement.
• Last month, UNESCO announced that Madinah was one of the three Saudi cities --the others being King Abdullah Economic City and Al-Ahsa -- that joined the UNESCO Global Network.

AI in Saudi Arabia: Most companies have a plan, few are ready

• The Index assesses AI readiness across 6 pillars: strategy, infrastructure, data, talent, governance, and culture, surveying respondents from companies with 500 or more employees.
• Only 12 percent of organizations have networks equipped for AI workloads, and 70 percent lack sufficient cybersecurity for AI models.

SAR and Maersk to transport more containers between 2 Saudi ports

• The contract will also help increase operational efficiency, decrease the number of trucks between Dammam and Riyadh cities, reduce emissions, and maintain road infrastructure.
• It will contribute to elevating Dammam Port to a regional station for global trade routes from the east to the local markets and countries in the region, said CEO SAR.

Saudi Arabia’s IPI falls 8.8% in Jan on decrease in mining activity

• Compared to Dec 2023, IPI increased by 0.3 percent supported by mining and quarrying activity, manufacturing activity and water supply, sewerage, waste management and remediation.
• On the other hand, the sub-index for mining and quarrying activity increased by 0.1 percent compared to December 2023.

India, European EFTA bloc sign $100 billion free trade deal

• EFTA was established in 1960 to promote free trade and economic integration between its members. In 2021, it was the 10th largest trader in the world in terms of merchandise.
• In recent years, India has signed trade agreements with Australia and the United Arab Emirates. A long-talked-about trade deal with Britain is also said to be in the final stages.

Sharjah real estate transactions hit $844 million in February: Report

• The total number of transactions carried out during February had reached 4,458 transactions.
• The sales transactions reached 1,048 representing 23.5 percent of the total number of transactions.

Foreign banks in Dubai to pay 20% annual tax under new law

• It stipulates that the 9% tax that went into effect last year will be deduced from the 20% annual tax if the foreign bank pays the tax under the country's corporate tax law.
• Violators will be fined up to AED500,000 ($136,150) and AED1 million in case of repeat violations within two years.

LEAP 24 concludes with $13.4bn investments, record participation

Investments approach $13bn as LEAP 2024 hits halfway stage

• The world's most attended technology exhibition, unveiled another raft of investments totaling over US$888 million on Wednesday.
• Investcorp launched of a US$500 million growth stage fund, while Oasis Capital launched Fund II with capital of US$100 million.