{"id":85569,"date":"2024-04-28T00:00:00","date_gmt":"2024-04-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/28\/blinken-due-in-town-as-world-economic-forums-special-riyadh-meeting-gets-underway\/"},"modified":"2024-04-28T00:00:00","modified_gmt":"2024-04-28T00:00:00","slug":"blinken-due-in-town-as-world-economic-forums-special-riyadh-meeting-gets-underway","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/04\/28\/blinken-due-in-town-as-world-economic-forums-special-riyadh-meeting-gets-underway\/","title":{"rendered":"Blinken due in town as World Economic Forum\u2019s special Riyadh meeting gets underway"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s shaping up to be a big news week driven in large part by a two-day special meeting of the World Economic Forum in Riyadh. Some 220 heads of state, government leaders, and other VIPs as well as more than 1k business leaders will be in town. <\/p>\n

Among them: US Secretary of State Antony Blinken<\/strong>, who will talk regional security with GCC ministers and attend the WEF, where he will \u201ccoordinate with [US] partners to ensure continued progress on climate change mitigation and the global energy transition,\u201d according to a State Department primer<\/a>.<\/p>\n

The talking points: <\/strong>Hamas is the real obstacle to a ceasefire in Gaza, he will say. Blinken will also emphasize the need to prevent the Israel-Hamas conflict from spreading and talk up \u201ca pathway to an independent Palestinian state.\u201d<\/p>\n

Behind the scenes: <\/strong>Expect Blinken to meet with Crown Prince and Prime Minister Mohamed bin Salman as part of ongoing talks on a pact that would see Saudi recognize Israel in return for US security and nuclear agreements and an irrevocable path to statehood for Palestine. <\/p>\n

AND- Blinken will be on stage at the WEF tomorrow <\/strong>at 12:45pm for a 30-minute session billed only as a \u201cconversation.\u201d<\/p>\n

Foreign Minister Prince Faisal bin Farhan led yesterday a warm-up for the <\/strong>meeting<\/strong>, convening talks between Jordan, Egypt, the Palestinian Liberation Organization, and top UAE and Qatari officials, state-run SPA reports<\/a>. <\/p>\n

We have plenty more on what you can expect <\/strong>from day one of the WEF meeting at the head of this morning\u2019s news well, below. <\/p>\n

WEATHER- Expect nasty traffic in the capital today between plenty of VIPs in town and a <\/strong>strong chance of scattered thunderstorms. <\/strong>Look for a daytime high of 33\u00b0C and an overnight low of 22\u00b0C. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Two prominent US law firms are <\/strong>setting shop<\/strong> in Saudi: <\/strong>Litigation outfit Quinn Emanuel and Morgan Lewis \u2014 which together boast a combined 2k lawyers and employees \u2014 are opening offices in Riyadh after changes to rules governing the practice for foreign lawyers, Reuters<\/a> reported. Quinn Emanuel Urquhart & Sullivan has obtained a license to operate in the Kingdom, while Morgan Lewis said it is set to open an office in the capital.<\/p>\n

Joining in others:<\/strong> More global law firms have been encouraged to open offices here after the government removed a requirement last year obliging the firms to work through affiliated law firms. At least six US and global law firms said they opened offices or obtained licenses to work here. <\/p>\n

\n

<\/a> #2- China-based food delivery outfit Meituan could be coming to town<\/strong>, with eight Riyadh-based job openings advertised online, Reuters<\/a> reported, citing ads it has seen on Linkedin and recruitment platform Bayt.com. The food delivery app is looking for individuals with experience in business development, user acquisition, and customer retention, according to posts seen by Reuters on Bayt.com and LinkedIn. The news came after Bloomberg<\/a> reported that Metuan plans to make its foray into the Middle East with Riyadh as its first stop.<\/p>\n

#3- A green finance fund for the Arab world? <\/strong>The UN Development Programme (UNDP) and the Islamic Development Bank (IsDB) are in talks to set up a fund focused on green finance in the Arab world, Assistant UN Secretary General Abdallah Al Dardari<\/a> told Aleqtisadiah<\/a> on the sidelines of the IsDB\u2019s annual meeting in Riyadh. He did not provide further details on the planned fund. Al Dardari, who also serves as director of the UNDP\u2019s regional bureau for Arab states, said failure to address climate change globally would require some USD 34 trn to address damages.<\/p>\n

#4- Jeddah-based IsDB has approved USD 418 mn in financing for <\/strong>sustainable development projects<\/strong> in Central Asia, Africa and Turkey, it said in a post on X<\/a>. Tajikistan will get USD 160 mn for clean energy, while Turkey is set to secure USD 120 mn in funding for infrastructure development. Some USD 70.5 mn in funds will be channeled to support Cote d\u2019Ivoire\u2019s agricultural transformation, while Benin will get USD 60.6 mn to boost food security.<\/p>\n

BRIEFLY NOTED- <\/strong>Saudis can now visit<\/a> Honduras without a visa | Direct flights between Dammam and Iraq\u2019s Najaf<\/a> start on 1 June 2024.<\/p>\n

PSAs- <\/p>\n

#1- <\/strong>Property owners in 10 more Riyadh neighborhoods can register assets<\/strong> starting <\/strong>Sunday, 26 <\/strong>May <\/strong>through Thursday, 29 August, according to a statement<\/a> from the Real Estate General Authority. <\/p>\n

Where? <\/strong>Owners of properties in Al Mahdiyah, Al Khuzama, Irqah, Dhahrat Laban, Al Safarat, Namar, Al Marwah, Shubra, Badr, and Al Shifa can register assets with the real estate registry (RER)<\/a> or through service centers, the statement added.<\/p>\n

The RER is wholly owned by the Public Investment Fund<\/strong> and aims to establish a real estate registry across the Kingdom to make it easier for individuals and corporations to know who has a clear title to a property when buying or selling.<\/p>\n

\n

<\/a> #2- Local burger joint Hamburgini was forced to indefinitely shut down all of its <\/strong>Riyadh <\/strong>branches and central facilities on Thursday<\/strong> in response to reported cases of food poisoning, the company\u2019s CEO, Nawaf Al Fouzan, said in video-statement (watch, runtime: 1:45<\/a>). The statement came after a Riyadh Municipality post on X<\/a> stopped short of explicitly naming the restaurant. Authorities also suspended all delivery services from the fast-food chain, the statement added.<\/p>\n

#3- The next round of e-invoicing: <\/strong>Companies with VAT-liable revenues of SAR 15 mn or more in 2022 or 2023 will have to \u201cintegrate their e-invoicing solutions with Zatca\u2019s Fatoora platform from 1 November 2024,\u201d Zatca said in a post on X<\/a>. It\u2019s the latest phase of a e-invoicing rollout that began in late 2021.<\/p>\n

#4- A say on policy: <\/strong>The Istitlaa platform<\/a> is now accepting feedback on proposed changes to rules on how authorities investigate alleged violations of rules governing the distribution of dry gas and liquefied petroleum gas<\/strong> to homes and businesses. Interested parties have until tomorrow<\/a> to comment on changes to how labor disputes<\/strong> are handled and until Friday<\/a> to offer input on amendments to rules on land transport<\/strong>.<\/p>\n

SPORTS-<\/p>\n

#1- Oil giant Aramco signed a four-year global <\/strong>partnership with Fifa<\/strong>to become a worldwide partner for the world soccer governing body, including the Fifa World Cup 2025 and Fifa Women\u2019s World Cup 2027, according to a statement<\/a>.<\/p>\n

#2- Canadian b\u2019naire Lawrence Stroll might be selling a 25% stake in the Aston Martin <\/strong>Aramco Formula One Team<\/strong> to capitalize on the growing popularity of the sport, Bloomberg<\/a>, citing sources it says are close to the matter. Aramco and the Aston Martin F1 team signed a five-year title partnership<\/a> back in December.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- 87% of the government\u2019s Vision 2030 targets for last year were either met or <\/strong>are on <\/strong>track<\/strong>, the annual Vision 2030 report (pdf)<\/a> showed. Here are some of the key highlights:<\/p>\n