MUST-READS

• Saudi Arabia, Lebanon Issue Joint Statement, Stress Taif Agreement and Regional Coordination

  The Kingdom of Saudi Arabia and the Lebanese Republic affirmed the importance of strengthening Arab action and coordinating positions on key issues in the regional and international arenas. They also emphasized the importance of the full implementation of the Taif Agreement, the application of relevant international resolutions, the extension of state sovereignty over all Lebanese territories, the exclusive possession of arms by the Lebanese state, reiterating the national role of the Lebanese army, the importance of supporting it, and the necessity of the withdrawal of the Israeli occupation forces from all Lebanese territories.

• Saudi Arabia to consider resuming Lebanon imports, lifting travel ban

  Saudi Arabia will review “obstacles” to resuming Lebanese imports and ending a ban on its nationals visiting Lebanon, the two governments said. The announcement was made in a joint statement released after Lebanese President Joseph Aoun met Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman (MBS) in Riyadh on Tuesday – Aoun’s first trip abroad since taking office in January. “The two sides agreed to start studying the obstacles facing the resumption of exports from the Lebanese Republic to the Kingdom of Saudi Arabia, and the measures necessary to allow Saudi citizens to travel to” Lebanon, the statement published by the official Saudi Press Agency said. In April 2021, the kingdom suspended fruit and vegetable imports from Lebanon, charging that shipments were being used for drug smuggling and accusing Beirut of inaction.

• Saudi, Lebanese leaders reaffirm commitment to Taif Agreement and Lebanon’s sovereignty

  Leaders of Saudi Arabia and Lebanon emphasized the importance of enhancing Arab cooperation and coordinating positions on regional and international issues, Saudi state news agency SPA reported on Tuesday. Both sides reaffirmed the necessity of fully implementing the Taif Agreement. This agreement, which ended Lebanon’s civil war, was negotiated in Saudi Arabia, in 1989. They also stressed the importance of ensuring Lebanon's sovereignty over all its territories, restricting weapons to the Lebanese state, and supporting the Lebanese army’s national role - calling for the withdrawal of the Israeli occupation forces from all Lebanese territories. These points were highlighted in a joint statement issued following the official visit of Lebanese President, Joseph Aoun, to Saudi Arabia.

• Lebanon appreciates Saudi support for its stability: Aoun

  Aoun, in his first trip abroad as president, expressed hope that discussions with the crown prince will further enhance cooperation between the two nations. The Lebanese president said that it was “an opportunity to express gratitude to the Kingdom for hosting Lebanese individuals who have come to it years ago and contributed to its urban and economic development.” Aoun arrived at King Khalid International Airport in Riyadh in the afternoon, accompanied by Foreign Minister Youssef Raji. Aoun and his delegation are scheduled to travel to Cairo on Tuesday to participate in the extraordinary Arab summit.

• Saudi SRC signs $907mln deal to acquire mortgage portfolio from Saudi National Bank

  The Saudi Real Estate Refinance Company (SRC) has signed a 3.4 billion riyals ($907 million) agreement with Saudi National Bank (SNB) to acquire a mortgage portfolio, in a deal in which the largest bank in the kingdom is able to free up its capital and the mortgage refinance provider drives forward its agenda to infuse liquidity into the system.  SRC, owned by the Public Investment Fund (PIF), the Saudi sovereign wealth fund, is mandated to increase the availability of affordable housing finance options for Saudis. In providing Shariah-compliant refinancing and balance sheet management solutions to primary mortgage financiers, it has been buying up mortgage books from banks and finance companies in recent years. Late last year, it acquired a SAR 1 billion mortgage portfolio from Bidaya Finance. In 2023, the kingdom’s biggest Islamic lender Al Rajhi Bank by mortgage assets and market capitalisation, sold a portfolio of real estate loans to SRC for over SAR 5 billion. For their part, Saudi banks are looking to offload mortgages off their books as liquidity tightens in the banking system with deposits lagging loan growth.

• Iraq bans Saudi’s MBC over Ramadan series Muawiya due to sectarian concerns

  Iraq's media regulator has banned the broadcast of the historical drama "Muawiya" during the Muslim holy month of Ramadan on the Saudi Arabian television channel MBC Iraq, citing concerns that it could incite sectarian tensions. The Iraqi Media and Communications Commission (CMC) announced the decision on Saturday, stating that it was exercising its legal authority to regulate the country's media sector. "The broadcast of historically controversial content may provoke sectarian debates, which could threaten social harmony and disrupt the fabric of society, particularly during Ramadan," the commission said in a statement.  "Muawiya" explores the life of Umayyad Caliph Muawiya ibn Abi Sufyan, who played a central role in the "First Fitna"—the civil war that followed the assassination of Caliph Uthman ibn Affan in the 7th century. Despite the Iraqi ban, "Muawiya" is set to air during Ramadan on MBC's main channels, ensuring its availability to audiences across the region.

• Lebanese president hopes to mend ties with Saudi Arabia in first visit in years

  Lebanon’s president said Monday that he hopes to strengthen ties with Saudi Arabia during a visit to the kingdom following years of strained relations between the countries. Joseph Aoun became Lebanon’s first head of state to visit Riyadh in six years. Saudi Arabia has been vocal about its concerns over the Iran-backed militant Hezbollah group and Lebanon’s positions on some regional issues. In recent years, it imposed a travel and import ban on Lebanon. Aoun’s appointment as president as well as that of a diplomat and former head of the International Criminal Court, Nawaf Salam, as prime minister are both seen as major blows to Hezbollah. As relations slowly thaw, Lebanon hopes that Saudi Arabia will lift the travel ban on the cash-strapped country, restore trade and help its reconstruction efforts after the war between Hezbollah and Israel left southern and eastern Lebanon in ruins.

• Saudi banks banned from using WhatsApp for their communications with customers

  The Saudi Central Bank (SAMA) has decided to ban the use of instant messaging applications such as WhatsApp by the local banks for their communications with customers. SAMA noted that these applications are unreliable channels, according to Asharq Al-Awsat newspaper. SAMA's decision is based on the powers assigned to it and other related regulations, and out of its keenness to enhance the quality of practices and procedures followed by financial institutions subject to its supervision, in a way bringing the risks to the minimum. It is learnt that the Central Bank has asked financial institutions to examine the availability of alternative and secure channels such as benefiting from activating instant messaging services such as Live Chat or ChatBot, within the application, or the financial institution's website, taking into account compliance with the requirements for protecting personal data.

• Saudi Crown Prince congratulates Lebanese PM on forming new government

  Saudi Crown Prince Mohammed bin Salman congratulated Lebanese Prime Minister Nawaf Salam on forming a new government, the Saudi Press Agency (SPA) reported on Thursday. MBS sent a cable to Salam, expressing “sincere congratulations and wishing [Salam] goodluck and success and for the brotherly people of Lebanon further progress. ”The Crown Prince’s cable to the prime minister comes after the newly formed Lebanese government won the lawmakers’ vote of confidence on Wednesday. Salam was serving as president of the International Court of Justice before his designation as prime minister in January. It came after the country’s army commander, Joseph Aoun, was elected as a president.

• Saudi banks optimistic on loan growth; limited financial stress in 2025

  Most banks in Saudi Arabia expect low double-digit to mid-teens growth in 2025, driven by corporate and mortgage lending, according to Al Rajhi Capital. Banks believe that their net interest margin (NIM) sensitivity has now reduced and expect minimal impact from rate cuts.  At the same time, they remain optimistic on the quality of loans and forecast limited financial stress, as their cost-of-risk guidance stays broadly in line with 2024, the brokerage said. The Saudi banking sector’s net profits grew by 21% year-on-year (YoY) and were 4% above consensus in the fourth quarter of 2024. Retail banks such as Al Rajhi Bank, Saudi National Bank, Bank Albilad posted a beat of 8%, while corporate banks reported a miss of 2% on consensus.

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