MUST-READS

• Carbon Markets and Saudi Arabia: A Review of Options and Analysis of Carbon Crediting Potential
  The Kingdom of Saudi Arabia has been taking steps towards carbon market development to stimulate domestic and international climate action. In 2022, the government announced a domestic greenhouse gas (GHG) crediting mechanism – the Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) – which will be the first government-led carbon crediting mechanism to be set up in the Gulf region. In parallel, Saudi Arabia’s largest sovereign wealth fund, the Public Investment Fund (PIF), has established the Regional Voluntary Carbon Market Company (RVCMC) that is providing a marketplace for internationally traded carbon credits. 

• Clashes in Syria’s coastal region between government forces and Assad loyalists kill more than 70

  Clashes between Syrian security forces under the country’s new, Islamist authorities and gunmen loyal to ousted President Bashar Assad in Syria’s western coastal region have killed more than 70 people and left an area outside government control, a war monitor said Friday. The clashes, which erupted on Thursday and appear coordinated across the coastal region, were a major escalation and a challenge to the new government in Damascus, where the former insurgents now in power have pledged to unite Syria after 14 years of brutal civil war.

• Firms prepare bids for Saudi Arabia’s 2km tower

  Saudi Arabia’s Public Investment Fund (PIF) has invited firms to bid for the project management consultancy (PMC) on a new central business district (CBD) on the outskirts of Riyadh, which includes the proposed 2-kilometre megatall tower project. The PMC role covers both the tower and the surrounding district. The request for proposals (RFP) is understood to have been issued by a PIF subsidiary known as the Tower District Real Estate Development Company. The initial close date was 4 March, which has now been extended to 20 March. The prospective bidders include Aecom, Bechtel, Jacobs, Parsons and Turner, all US-based, and the UK’s Mace. UK-based Foster & Partners is working as the architect on the megatall tower after it won a design competition launched in late 2022.

• Saudi Arabia January 2025: Mazda (+70.8%), Chevrolet (+76.8%) stand out in solid market

  67,923 new vehicles found a buyer in Saudi Arabia in January, a solid 7.7% year-on-year increase. Toyota (+8%) matches the market and continues to be well ahead of its competitors at 28.5% share. The rest of the Top 6 all brilliantly lodge double-digit gains. Hyundai (+25.7%), Kia (+41.3%) and Nissan (+17.7%) camp on their FY24 ranking while Mazda (+70.8%) posts the largest gain in Top 13 and jumps to #5 with 5.5% share vs. #10 over FY24. Ford (+23.1%) is also strong at #6. However the next five carmakers are in deep trouble, with MG (-41.7%), Geely (-38.5%) and Changan (-35.5%) hit the hardest in a unusually mediocre month for Chinese brands. Chevrolet (+76.8%) and Jetour (+55.8%) shine below.

• Russian offer to mediate talks with Trump spurs expressions of mistrust in Iran

  In Iran, sentiments in the press and social media towards potential Russian mediation of talks with the US reflect deep mistrust of both Moscow and Washington. The skepticism is apparent across the political spectrum, with the general consensus being that Iran must be careful not to become a bargaining chip in Russian President Vladimir Putin’s dealings with his US counterpart Donald Trump.

• US officials planning to meet with Ukrainian counterparts in Saudi Arabia

  Senior Trump administration officials are planning a meeting with their Ukrainian counterparts in Saudi Arabia next week, to begin discussions about a cease-fire to end the country’s war with Russia. Special envoy Steve Witkoff, who confirmed Thursday that planning was underway, will be part of the U.S. delegation alongside Secretary of State Marco Rubio and national security adviser Mike Waltz.  “The idea is to get down a framework for a peace agreement and initial cease-fire,” Witkoff told reporters outside the White House.  Another administration official, granted anonymity to discuss plans that are not yet public, confirmed that the meeting has been under discussion and is “possible.” One aspect of the meeting that remains unsettled, Witkoff said, was the city in Saudi Arabia where the meeting could take place.

• Saudi Arabia Bans PwC: What Led To This Landmark Decision?

  PwC has had a significant presence in Saudi Arabia, employing over 2,600 people across various locations. In a memo to employees, PwC clarified that the suspension concerns a “client” matter rather than regulatory concerns. This decision underscores the complexities of the relationship between international firms and government entities, with potential implications for PwC’s ongoing operations in the Kingdom. However, the temporary suspension of PwC’s services by the Public Investment Fund (PIF) presents challenges and opportunities for the business landscape. The ban could slow the progress of key projects or even put some on hold, potentially disrupting the momentum of Vision 2030 initiatives. Despite PwC’s challenges, this situation opens the door for other local and international consulting firms to step in and fill the gap. This shift could lead to increased competition, potentially reshaping the consulting landscape in the region and driving innovation.

• Women’s pro tennis introduces paid maternity leave funded by Saudi sovereign wealth fund

  The Women’s Tennis Association and Saudi Arabian Public Investment Fund have launched a new program to provide players with maternity and child family planning benefits, the organizations said Thursday. Women’s tennis is one of the last professional sports to provide these benefits, and players have been asking. As part of the program, eligible players will receive up to 12 months of paid maternity leave. Players will also have access to grants to cover fertility conception and egg freezing treatments. The WTA said the new policy will benefit 320 eligible players. The PIF WTA maternity fund program is the first and only maternity program in women’s sports to be fully funded and supported by an external partner, the WTA said. PIF declined to comment on how much it is contributing to this program, but the organizations said players will be compensated equally.

• Sandstorm hits Riyadh, moderate to heavy rain forecast for parts of Saudi Arabia

  A sandstorm hit Riyadh and its outskirts on Thursday, enveloping the skyline in dust clouds and hampering visibility, while moderate to heavy rains were forecast for several regions of the Kingdom. The road safety authority and Saudi Highway Security warned motorists to exercise caution due to poor visibility caused by the dust storm. The General Directorate of Civil Defense advised residents to avoid going to sandy locations to avoid accidents during the sandstorm, and also called for caution and for people to follow instructions issued as a result of weather conditions in parts of the Kingdom.

• Mastercard research: Women in Saudi Arabia are driving the future of entrepreneurship

  Women in Saudi Arabia are increasingly stepping into the world of entrepreneurship, with 78% considering starting their own business, according to Mastercard’s latest research, released ahead of International Women’s Day 2025. As the country continues its economic transformation under Vision 2030, fostering an enabling environment for women entrepreneurs will further accelerate growth and innovation in the Kingdom. In Saudi Arabia, a significant proportion of men and women identify as entrepreneurs (42% men, 34% women), reflecting the Kingdom’s evolving business landscape. Among those who consider themselves entrepreneurs, 44% of female millennials identify with this role, demonstrating strong ambition among younger generations.

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