MUST-READS

• President Macron’s Saudi visit signals a perfect alignment of ambitions and visions

  French President Emmanuel Macron heads to Saudi Arabia on Monday to begin a historic three-day state visit, marking the most substantial high-level engagement between the two nations in decades. He comes on the personal invitation of Crown Prince Mohammed bin Salman. The exceptional nature of this diplomatic mission is underscored by its formal state visit status and an unusually large delegation accompanying President Macron. The visit gains special significance against the backdrop of an extraordinary period in the Saudi-French strategic partnership and friendship. Bilateral relations have seen steady progress in recent years, bolstered by a series of high-level summits between the two nations’ leaders. The momentum began with the crown prince’s pivotal visit to France in April 2018, which laid the foundation for a new era in bilateral relations based on sustainability and the development of strategic ties founded on friendship, understanding and partnerships driven by mutual interests.

• Tawaref series: Exploring Saudi premium residency system

  The Saudi Premium Residency is a residential permit granted to any non-GCC citizen allowing them to work, live, own property, and operate a business independently. Before this system, any individual who wished to work in the country must be sponsored, where a Saudi citizen would recruit the worker and be responsible for their migration. In the new program, this is no longer required, and interested parties can apply for the visa on the government’s website directly.

• Israel and Hezbollah trade accusations of ceasefire violations
  The Israeli military said its air force struck a facility used by Hezbollah to store mid-range rockets in southern Lebanon on Thursday, after both sides accused each other of breaching a ceasefire that aims to halt over a year of fighting. Israel said it also opened fire on Thursday towards what it called "suspects" with vehicles arriving at several areas in the southern zone, saying it was a breach of the truce with Iran-backed armed group Hezbollah, which came into effect on Wednesday.

• Rise in major US law firms setting up in Saudi Arabia

  Saudi authorities have implemented many legal reforms in recent years.  Crucially, say sources, those include a new framework that since last year has supported foreign law firms’ creation of joint ventures with local counterparts, including through full-blown acquisitions, or wholly-owned Saudi subsidiaries. Foreign lawyers have been cleared to practice in Saudi Arabia in 2021 if they secure a license from the Saudi Bar Association. “These reforms, along with the modernisation of the legal and dispute resolution systems, ensure that foreign law firms can operate independently,” says Nassar. Saudi Arabia has upgraded its framework for cross-border bankruptcy proceedings, arbitration, investments, domestic commercial disputes and is looking to reform labour-related regulation, according to sources.

• Saudi, Russia, Kazakhstan hold talks ahead of weekend OPEC+ meeting
  Top OPEC+ ministers have held talks ahead of the oil producer group's weekend meeting to set output policy, which OPEC+ sources say will discuss a further delay to a planned oil output increase that is due to start in January. Saudi Energy Minister Prince Abdulaziz bin Salman held a meeting by phone with Kazakh Energy Minister Almasadam Satkaliyev and Russian Deputy Prime Minister Alexander Novak, who is on an official visit to Kazakhstan, the Saudi state news agency reported.

• Saudi budget foresees $27 billion fiscal deficit as project spending continues

  Saudi Arabia approved its state budget on Tuesday for 2025 forecasting a fiscal deficit of 101 billion riyals ($26.88 billion), as its finance minister said the kingdom will continue to spend on massive gigaprojects designed to wean the economy off oil. The deficit is in line with a preliminary government projection made in September and would equate to about 2.3 percent of gross domestic product. The kingdom’s finance minister, Mohammed al-Jadaan, said Saudi Arabia will continue strategic spending on projects linked to Vision 2030, the kingdom’s ambitious plan to overhaul its economy. Declining oil prices and extended voluntary production cuts by the world’s largest oil exporter have weighed on Saudi Arabia’s revenue in recent years but Riyadh is pushing ahead with a spending plan to boost growth and deliver on its economic transformation plan. Total expenditure for 2025 is projected at 1.285 trillion riyals, which is the same as projected in September and likely to equate to about 30 percent of GDP over the next three years.

• First phase of Riyadh Metro opens to public on Sunday

  The Riyadh Metro's six lines will open in phases, beginning with the Blue, Yellow and Purple lines, combining for more than 104km and which are all expected to be operational by December 1, the commission said. “In line with Vision 2030, the Riyadh Metro enhances the public transportation system and contributes significantly to the development of the services and logistics sector, confirming the city’s commitment to smart and sustainable urban development,” it added. Saudi Arabia, the Arab world's biggest economy, continues to introduce mega projects to support its ambitious goals as it prepares for the economy of the future, underpinned by massive infrastructure backed by technology.

• Car-centric Saudi to open first part of Riyadh Metro

  All six lines are expected to be operating by January 5, the statement said. "The network has been developed to transport over 3.6 million passengers at maximum capacity and operates on a fully automated (driverless) metro system," the statement said. Services will be provided by 183 trains with 448 carriages manufactured by Siemens of Germany, Bombardier of Canada and Alstom of France, the statement said, adding that they feature "a modern and unified design" by French firm Avant Premiere.

• Sport Minister: Saudi Arabia Attracts 2.5 Million Tourists to 80 Global Sporting Events

  Over the past four years, 80 international events have attracted 2.5 million tourists. For instance, Formula 1 in Jeddah welcomed attendees from 160 nationalities, created 20,000 jobs, and generated a SAR 900 million economic impact on the city. Over the past four years, 80 international events have attracted 2.5 million tourists. For instance, Formula 1 in Jeddah welcomed attendees from 160 nationalities, created 20,000 jobs, and generated a SAR 900 million economic impact on the city.

• Saudi Arabia targets 127M tourists in 2025

  Saudi Arabia's 2025 budget targets receiving 127 million tourists, with SAR 346.6 billion in tourism spending. The Saudi Cabinet approved on Nov. 26 the state’s general budget for 2025, which includes SAR 1.285 trillion expenditures and SAR 1.184 trillion revenues, with an expected deficit of SAR 101 billion. According to data available with Argaam, Saudi Arabia received 60 million tourists in H1 2024, who spent about SAR 150 billion, a 10% annual growth. Tourism income reached 5% of the Kingdom's economy in H1 2024.

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