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Saudi Arabia celebrated its recently created Founding Day on 22 February – the second year it has been officially marked. It marks what is referred to as the creation of the ‘First Saudi State’, on the day ancestor Mohammed Ibn Saud took control of Diriyah in 1727.  It is different from National Day, which marks “the unification” of Saudi Arabia on 23 September 1932.

The Saudi Fund for Development has agreed to inject $320m into a joint project to build the infrastructure to support a new special economic zone (SEZ) in Oman’s Al-Dhahirah governorate.

Following threats to refer firms to the General Authority for Competition, the Public Investment Fund has acquired shareholdings in four major contracting companies, giving PIF chair Saudi Crown Prince Mohammed Bin Salman an equity stake he has long had his eye.

Gulf countries have despatched search and rescue teams, medical equipment, temporary housing and other relief supplies to Turkey and Syria in the wake of the devastating earthquake that hit in the early hours of 6 February. Qatar and the UAE were among the first to respond; flights left from Kuwait the following day. Aid has also been forthcoming from Saudi Arabia and Iran.

In a pair of royal orders issued early February, Saudi Arabia's King Salman Bin Abdulaziz removed Fahd Bin Abdullah Bin Abdullatif Al-Mubarak from his position as governor of the Saudi Central Bank (Sama), replacing him with Ayman Bin Mohammed Bin Saud Al-Sayari.

A joint venture between Saudi Prince Sultan Bin Abdullah Bin Abdelaziz’s Arkal company and Spain’s Urbas Grupo Financiero (Urbas) is bidding for a government contract to construct homes in Riyadh.

Saudi Prince Salman Bin Sultan Bin Salman, a grandson of King Salman Bin Abdelaziz, filed a claim in the Delaware Chancery Court against Delaware's Cave Cay LP. Prince Salman claimed Cave Cay was in breach of an agreement.

The Industrialisation and Energy Service Company ("TAQA") announced the closure of its 100% acquisition of Al Mansoori Petroleum Services ("AMPS"), expanding TAQA's Well Solutions business internationally.

Ever more for Aramco trading: Saudi Aramco announced on 18 January that its Aramco Trading Company (ATC) arm had acquired United States-based Motiva Trading and launched a new subsidiary, Aramco Trading Americas (ATA). The latter will be the sole supplier and offtaker for Motiva Enterprises, which owns the 630,000 b/d Port Arthur refinery, the largest refinery in North America. Aramco had taken full control of the refinery in 2017, buying out its partner Royal Dutch Shell.

A summit of regional leaders, held in Abu Dhabi on 18 January, appeared to be hastily arranged and did not include representatives from Saudi Arabia or Kuwait. It has nevertheless prompted widespread speculation about what may have been discussed and the meeting’s wider meaning. Such interest reflects its host’s apparently ever increasing prominence in international affairs.

The Royal Saudi Naval Force (RSNF) handed over the command of the Combined Task Force 150 (CTF-150) to the United Kingdom's Royal Navy (RN) in January, in a ceremony at the US naval base in Bahrain. RN Captain James Byron has taken over from the RSNF's Rear Admiral Abdullah Bin Miteb Al-Mutairi.

Saudi Arabia’s Public Investment Fund (PIF) has taken control of the Diriyah mixed-use development on the outskirts of Riyadh, adding to the sovereign fund’s list of 'giga-projects'.

Oman's state energy company OQ signed an agreement with Saudi giant Sabic and Kuwait Petroleum International (KPI) in late December to develop a jointly-owned petrochemicals complex in the special economic zone at Duqm (Sezad).

The United Kingdom government said in December that it was hosting some 21 military personnel from the Gulf for liaison and engagement purposes.

Prince Sultan Bin Khalid Bin Faisal was appointed chief executive of the Saudi Industrial Development Fund (SIDF) early January. At the SIDF, which was set up in 1974, Sultan takes over from Ibrahim Al-Mojel, who had held the role since 2018.