MUST-READS

• Why is Saudi Arabia cutting funding, reducing costs on ambitious projects?

  Over the last few months, employees working for state-backed Saudi companies have been startled by unforeseen cost cuts. It started during the first quarter of 2024 and affected those working in diverse sectors across the kingdom, from the media to the country's ambitious giga projects. Department spendings were significantly reduced, employees were made redundant and managements did everything big and small to save money, causing an atmosphere of tension and uncertainty.  

• How Saudi Arabia Outbound Travel Surging Tourism In 59 Country With Visa Free Access Including Turkey, Egypt, Kazakhstan And Georgia?

  The Saudi Arabian passport continues to enhance its global presence by granting its holders visa-free access to an impressive list of 59 countries and territories. Currently ranked as the 46th most powerful passport globally, it allows Saudi citizens to travel widely and effortlessly. Additionally, Saudis can visit GCC countries such as Bahrain, Kuwait, Oman, Qatar, and the UAE using just their national ID, streamlining travel within the region.

• Will buyback scheme convince Iraqis to offload AK-47s, RPGs?

  In a bid to stem widespread armed violence, Iraq’s Ministry of Interior is pushing ahead with a program to encourage Iraqis to register or sell privately-owned weapons. In the latest phase of the four-year program, the government is now offering a buyback mechanism for arms such as rocket-propelled grenades (RPGs) and mortars.

• Is Normalization between Saudi Arabia and Israel Still Possible?

  “The issue of Israel recognizing a two-state solution is in its own interest. I firmly believe that a two-state solution, that the establishment of a credible Palestinian state, serves not just the interests of the Palestinians and delivers their right to self-determination; it is also in the interest of Israel and delivers the security that Israel needs and deserves.” Unlike Iran and its allies, who explicitly call for Israel’s destruction, the Saudi position upholds the promise of the 2002 Arab Peace Initiative that acknowledges Israel’s right to exist within secure borders but asserts that this can only be achieved through the creation of a viable Palestinian state. This is a view that the Saudis believe reflects the majority position of most Arab and Sunni Muslims.

• What will it take to make the MENA region a renewable energy powerhouse?

  At a time of rapid growth in renewable energies such as solar and wind, it would be easy to write off the region (as some are doing) as a waning power, both in terms of energy and geopolitics. After all, how good can the outlook be for petrostates in a world focused on moving to net-zero emissions? In our view, the opposite is true: the region is well placed to become not just a major source of renewable energy, but also a central and indispensable player in the global energy transition, uniquely able to balance supply and demand for all types of energy, both hydrocarbons, and renewables.

• One year later, why haven’t the PGA Tour and Saudis completed a deal?

  One year later, the professional golf world is still bitterly divided. Television ratings many weeks are down. There has been no merger and no partnership. The two tours continue to operate independently. The best players on the planet get together just four times a year. And there’s been no infusion of Saudi oil money to help reshape or bolster the PGA Tour.

• Commentary: Are Iran and Bahrain about to restore diplomatic relations?

  In this discussion about improving ties with neighboring nations, the Bahraini king was not only referring to the Gulf Cooperation Council countries or Iraq, but also openly referring to his country’s eastern neighbor, the Islamic Republic of Iran. Relations with Iran have been strained in recent years, with security and political concerns causing a diplomatic rift. King Hamad told President Putin on May 23: “We have good relations with all countries. Iran is the only one with which we will work to resolve issues and, in fact, there are no significant problems to mention.” The ruler of Bahrain expressed his wish for “progress in development, trade and overall quality of life.”

• Saudi Aramco’s $12 Billion Share Sale Quickly Sells Out, but Who is Buying?

  Last week, Saudi Arabia’s energy giant Saudi Aramco (ARMCO) confirmed in a filing with the Saudi Exchange plans to sell shares in the state-owned oil company to help the kingdom fund plans to diversify the economy. Well, the sale took place on Sunday and was a resounding success with US$12 billion share sale sold out shortly after the deal opened. The deal offered ~1.545B Aramco shares, or ~0.64% of the company, within the price range of 26.70 riyals to 29 riyals. Buyers of the shares will be looking to cash in on an upcoming ~$124 billion annual payout that Bloomberg Intelligence estimates will give the shares a juicy dividend yield of 6.6%.

• Gulf IPO boom: Who’s next to go public in Saudi Arabia and UAE?
  Economic diversification strategies in the UAE and Saudi Arabia, coupled with increasing investor appetite are fuelling an enduring rush of stock market listings across sectors.
  After a tremendous year for the Gulf in 2022, which saw 48 IPOs raise a total of over $22 billion, another 47 companies went public last year though proceeds dropped to around $10 billion, experts said.

• Iran’s allies in Iraq are firing at Israel. Could that trigger a wider war?
  Iran-backed Shi'ite armed groups in Iraq have ramped up rocket and missile attacks on Israel in recent weeks, raising concerns in Washington and among some Iranian allies of potential Israeli retaliation and regional escalation should they draw blood.
  Though the attacks, often from hundreds of miles (kms) away, are not seen by western officials and Israeli experts as posing the same level of threat to Israel as point-blank strikes by Hamas and Hezbollah, they have increased in number and sophistication.

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