MUST-READS

• Arab leaders huddle in Saudi Arabia in pushback to Trump’s Gaza plans

  There was no final communique, press conference or details of when the meeting started or ended, in contrast to standard protocol when Arab leaders meet. Instead, a single photo was released on Friday, showing Arab leaders standing shoulder-to-shoulder in Saudi Arabia for what the kingdom called an "informal brotherly gathering", though with lofty discussion on Gaza's future. Arab countries, keen to maintain warm ties with Trump as president, have rejected the displacement of Palestinians from Gaza while not directly condemning Trump's idea. Egypt and Jordan view the plan as destabilizing to their security and the region. The UAE, which has close ties with Israel and opposes Hamas in Gaza, has emphasized that reconstruction of Gaza must be linked to the establishment of a Palestinian state. An assessment this week by the U.N., World Bank and European Union says Gaza and the occupied-West Bank need at least $53 billion for reconstruction and recovery over the next decade. The U.N. says 95% of Gaza's schools have been damaged or destroyed, as have more than 90% of homes and most hospitals, roads, water systems and agricultural land. Another U.N. estimate says more specifically that nearly 300,000 homes have been completely destroyed in Israeli airstrikes.  

• Saudi Arabia records over 21,000 residency, labor, and border violations in latest inspections

  The Ministry of Interior conducted nationwide inspection campaigns between February 13 and February 19 to enforce residency, labor, and border security laws, recording 21,222 violations across the Kingdom. The violations included 13,202 related to residency laws, 4,911 involving border security, and 3,109 labor law infractions. Authorities also apprehended 1,376 individuals attempting to enter the Kingdom illegally, of whom 40 percent were Yemeni nationals, 58 percent were Ethiopians, and 2 percent were of other nationalities. Additionally, 86 people were arrested for attempting to leave the Kingdom illegally. Law enforcement officials detained 22 individuals for transporting, sheltering, and employing violators, emphasizing the government’s strict measures against those facilitating illegal residency and border crossings. Currently, 40,519 expatriates—36,213 men and 4,306 women—are undergoing procedures to ensure compliance with regulations.

• Miami Chosen by Saudi Arabia for Second USA Investment Office

  Saudi Arabia will open an investment office in Miami, after the kingdom’s de-facto ruler pledged to boost US investment. In addition to US investments, Saudi Arabia will use Miami as a “gateway” to South America, Minister of Investment Khalid Bin Abdulaziz Al-Falih said Thursday at the Future Investment Initiative Institute’s summit in Miami Beach. The Invest Saudi outpost in the Florida city will be the second in the US after Washington. Miami has been raising its economic and political profile in recent years, as a string of investment and banking firms have boosted their presence there. Financial conglomerate Citadel is relocating to Miami while Goldman Sachs Group Inc. and Dan Sundheim’s D1 Capital Partners are among those that have expanded there.

• Saudi Arabia tops MENA for venture capital investment in 2024

  Saudi Arabia maintained for the second year its top position across MENA region in terms of the amount of venture capital (VC) funding. The Kingdom held more than 40% of VC investments in the region, or $750 million, in 2024, according to venture data platform MAGNiTT. The United Arab Emirates (UAE) came second with $613 million. The value of venture investments in Saudi Arabia was down 44% in 2024, driven by an 85% year-on-year (YoY) decline in the value of mega deals (deals exceeding $100 million). According to the Saudi VC Report for 2024, VC deals hit a record high during the period, reaching 178, up 16% YoY, driven by increased early-stage activity.

• Arab leaders meet in Saudi Arabia to hash out Gaza plan

  The official Saudi Press Agency said the "fraternal consultative" meeting saw an "exchange of views on various regional and international issues, especially joint efforts in support of the Palestinian cause, and developments in the situation in the Gaza Strip". Egyptian President Abdel Fattah al-Sisi's office said he had left the Saudi capital after the sit-down with the leaders of Bahrain, Jordan, Kuwait, Qatar, Saudi Arabia and the United Arab Emirates. The Saudi source had told AFP that the summit participants would discuss "a reconstruction plan to counter Trump's plan for Gaza". The Gaza Strip is largely in ruins after more than 15 months of war between Israel and Hamas, with the United Nations recently estimating that reconstruction will cost more than $53 billion.

• Saudi Arabia hosts ‘informal’ Arab summit on post-war Gaza

  Saudi Arabia hosted an “informal” summit of Arab states in its capital Riyadh on 21 February to discuss regional efforts to propose an alternative to US President Donald Trump’s controversial expulsion and reconstruction plan for Gaza. It was hosted by Saudi Crown Prince Mohammed bin Salman (MbS) and attended by Jordanian King Abdullah II, Qatari Emir Tamim bin Hamad Al Thani, Egyptian President Abdel Fattah el-Sisi, UAE President Mohammed bin Zayed (MbZ), Kuwaiti Emir Mishal Al-Ahmad Al-Jaber Al-Sabah, and Bahrain’s Crown Prince Salman bin Hamad Al Khalifa. The summit began and ended on Friday, and no final statement was issued. A Saudi source told AFP that the “discussion was confidential.”

• Saudi Arabia Boosts Travel Industry and Non-Oil Economy

  In a historic turn for Saudi Arabia’s economic diversification, the kingdom’s non-oil private sector economy recorded its strongest growth in over a decade in January 2025. Buoyed by a significant surge in new orders and accelerating business output, the Saudi Arabia Kingdom’s economy continues to reap the benefits of its strategic push to reduce reliance on oil, positioning Boosts itself as a global leader in non-oil industries. One of the primary drivers behind this impressive growth has been the uptick in new orders within the kingdom’s non-oil private sector. According to Riyad Bank’s Chief Economist Naif Al-Ghaith, nearly 45% of businesses across the sector reported higher sales volumes, which they attribute to improved economic conditions and the rapid acceleration of key infrastructure projects. These projects, part of the broader Vision 2030 transformation, continue to be a cornerstone of Saudi Arabia’s diversification strategy.

• Saudi Arabia unveils new Saudi riyal symbol, design derived from Arabic calligraphy

  Saudi Arabia on Thursday unveiled a symbol for the Saudi riyal approved by King Salman bin Abdulaziz, the Saudi Press Agency (SPA) reported, citing the Saudi Central Bank (SAMA). The reveal of the Saudi riyal symbol is a historic move that is set to reinforce the Saudi currency’s identity, according to the report. The Saudi riyal symbol “embodies the Kingdom’s rich cultural heritage, carrying the name of the national currency ‘Riyal’ in a design derived from Arabic calligraphy,” SPA said. The implementation of the new symbol will be gradual for financial and commercial transactions, with coordination across all relevant entities, al-Sayari added. The initiative aims to promote national identity and cultural belonging, highlight the role of the national currency, and showcase the Kingdom among major global economies and G20 members, SPA reported. The governor acknowledged all departments involved in the symbol's development project led by SAMA, including the Ministry of Culture, the Ministry of Media, and the Saudi Standards, Metrology and Quality Organization.

• Normalization and Displacement: Saudi Arabia and Trump’s Gaza Proposal

  For Saudi Arabia, Palestinian displacement significantly stymies the prospects of normalization. Thus, the two projects are not merely intersecting but fundamentally incompatible. This incompatibility represents one of the potential sources of disagreement with Trump in his second term, alongside his demands for lower oil prices, which conflict with Saudi Arabia’s interest in maintaining high oil prices to fund its domestic needs and Vision 2030 projects. The kingdom is beginning to realize that dealing with Trump in a second term will be more challenging than during his first. Nevertheless, the overall atmosphere between the two sides remains positive. Trump chose Saudi Arabia to host a February 18 US-Russian summit, and Saudi Arabia has avoided any negative remarks about Trump in the current crisis, focusing its criticism on Israel.

• Syria’s rebuilding is bringing US partners Turkey and Saudi Arabia closer together

  Since Turkey ended a period of sharp tensions with several Gulf countries in 2021, Ankara has improved relations with all the countries in the region, and ties between Turkey and Saudi Arabia in particular have significantly improved. Ankara and Riyadh have put aside their past disputes and deepened their strategic relations. Now, the rebuilding of post-Assad Syria offers an opportunity for Turkey and Saudi Arabia to deepen their relations further. After becoming Syria’s new de facto leader, Ahmad al-Sharaa visited Saudi Arabia and Turkey for his first two visits abroad. This is a testament to the important role both countries are expected to play in the new Syria. Sharaa is likely attempting to show the new Syrian leadership’s intent to distance itself from Iran and attract the Saudi financial investment that Syria desperately needs.

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