MUST-READS

• How global brands can tap GCC’s luxury market

  Luxury in the GCC is no longer just about status; it’s about storytelling that connects to a culture that is deeply proud of its heritage. The CXG report highlights how global luxury brands have recognised the importance of aligning their offerings with local traditions and sensibilities. Take, for instance, Dior’s Ramadan capsule collection, Dior Or, or Chanel’s Dubai Funfair, which celebrated a classic watch model. These events exemplify how global brands are weaving their identity into the cultural fabric of the region. Dolce & Gabbana’s fashion show at AlUla further demonstrates how aligning with iconic GCC locations can elevate a brand’s relevance. Localisation, as a trend, is also reflected in the rise of homegrown brands like L’Afshar and The Giving Movement, which merge cultural pride with innovative and stylish design. Global brands must adapt their collections, marketing, and even store designs to reflect regional values and create a stronger emotional connection.

• The Gaza war has not distanced Morocco from Israel, quite the opposite

  "The war in Gaza and the disastrous situation in the Middle East have led to a freeze in cooperation between Arab countries and Israel," Youssef Amrani, Morocco's ambassador to the United States, told Al Hurra television on 13 February. This situation seems to be true for some countries, such as Saudi Arabia, but certainly not for Morocco, which has deepened its ties with Israel without even hiding it. The latest example is the purchase, announced in early February, of 36 Atmos 2000 self-propelled artillery systems from the Israeli manufacturer Elbit Systems. Morocco is once again turning away from one of its traditional suppliers, France, from which it had purchased in 2020 the Caesar system, which is manufactured by KNDS and is similar to its Israeli competitor. These are cannons that are especially useful in the desert thanks to their mobility. Last July, Morocco's Royal Armed Forces had already given up replacing their Mohammed VI-A and Mohammed VI-B spy satellites, manufactured by European companies Airbus and Thales, with "made in France" models.

• Saudi joins rarefied league of nations with a currency symbol

  Saudi Arabia has joined the short list of countries with a dedicated symbol for their currencies, and possibly the first that launched with a glitzy video. The new design, a stylised version of the Arabic letters in “riyal,” will take its place alongside the $ and £, and less well-known ones like ₺ (the Turkish lira symbol, introduced in 2012) and ₾ (the Georgian lari, since 2014). Officials say the symbol will reinforce Saudi financial and national identity. For most, it will only really have arrived when it starts to show up on price tags, banknotes, and keyboards. It remains to be seen if other countries using riyals try to adopt it too, just as the $ is used for non-US dollars.

• 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.

• Saudi Arabia pledges $500 million to support global polio eradication efforts

  An agreement was signed to help the Global Polio Eradication Initiative, and its partners vaccinate 370 million children against polio each year and stop transmission of the virus for good. Funding was initially pledged in April 2024 at the first special meeting of the World Economic Forum (WEF), hosted in Riyadh. “The world is on track to eradicate polio once and for all, and Saudi Arabia is proud to be part of this global initiative,” said Dr. Al Rabeeah. “Saudi Arabia’s contribution will go toward the important work of protecting today’s most vulnerable children so that tomorrow’s generations can live free from this preventable disease.”

• Saudi Arabia poised to lead in AI, aims for double returns: PIF Governor

  Al-Rumayyan said that the fund worked to develop the Saudi economy by establishing 103 diverse companies operating in 13 different sectors, both locally and internationally. Since its 2017 strategy launch, the fund has generated over 1.1 million direct and indirect jobs globally, prioritizing quality over quantity of jobs, to promote sustainable development.  He went on to say that the PIF invests heavily in new projects, injecting between $40 and $50 billion annually. This substantial investment demonstrates the fund's dedication to economic diversification.

• Saudi Arabia Fashion Market Report 2025: Cultural Shifts, Changing Attitudes, & Rise of Modest Fashion Influence on the $5.7 Billion Industry

  The Saudi Arabia Fashion Market was valued at USD 4.25 Billion in 2024, and is expected to reach USD 5.70 Billion by 2030, rising at a CAGR of 5.07%. The Saudi Arabian fashion market is witnessing significant growth, fueled by changing consumer preferences and a younger, fashion-conscious population. As the country diversifies its economy through Vision 2030, fashion and retail sectors have become pivotal to its development. International brands are increasingly entering the market, while local designers are gaining recognition. E-commerce is rapidly expanding, offering consumers more convenience and a broader range of choices.

• Inside Saudi Arabia’s THE LINE: First look reveals the NEOM city rising from desert

  In an exclusive first-ever media tour of Saudi Arabia’s ambitious THE LINE project, Al Arabiya English witnessed firsthand the massive construction underway at one of the world’s most revolutionary urban developments. It’s at the heart of the NEOM project – backed by the Kingdom’s Public Investment Fund (PIF) – where senior officials addressed speculation about scaling back the project, emphasizing that it remains on track. At the Phase 1 construction site – due for completion by 2034 – there is a hive of activity – and noise – as hundreds of cranes and about a 10,000-strong workforce – including thousands of construction workers – lay the groundwork for what will eventually become a 170-kilometer linear city. The scene marks the first tangible evidence of Saudi Arabia’s ambitious vision taking shape. To date, more than 130 million cubic meters of soil have been moved – enough to fill New York’s Central Park to a depth of 30 meters. At peak activity, the site has utilized up to 4,000 trucks and more than 500 excavators working simultaneously.]

• Hegseth Welcomes Saudi Defense Minister to Pentagon, Underscores Partnership

  Defense Secretary Pete Hegseth today highlighted the importance of the partnership between the U.S. and Saudi Arabia while hosting that country's defense minister during a bilateral engagement at the Pentagon. Referencing the cooperation that took place between the countries during Trump's first administration, Hegseth pointed out that both nations worked together to pursue security and stability in the Middle East, as well as to combat terrorism in the region and increase mutual prosperity. "Today, our relationship is a critical center of gravity in a very turbulent world," he added.  Stating that ending the war in Ukraine is one of the president's top priorities, Hegseth said he wanted to thank the Saudi Kingdom for hosting conversations between top U.S. and Russian officials in Riyadh, Feb. 18, 2025.  "And I also want to continue deepening and strengthening our partnership to pursue security and prosperity for both Americans and Saudis. So, I'm very much looking forward to a great discussion," Hegseth said.

• Saudi Arabia’s new family law: Key marriage, custody and privacy reforms explained

  The 41-article regulation, which took effect on Friday, marks a significant step in the kingdom’s ongoing legal reforms, reinforcing women’s rights, marital laws, and child custody provisions in line with broader judicial modernisation efforts. Under the new rules, unapproved marriage contracts will now be subject to a structured review, led by the Minister of Justice and other authorities. The ministry has also been granted authority to introduce additional regulations as needed based on evolving judicial applications. The Personal Status Law is one of four key legal frameworks announced by the Crown Prince in February 2021, alongside the Civil Transactions Law, Penal Code for Discretionary Sanctions, and Law of Evidence. Together, these reforms enhance judicial transparency, expand individual rights, and bring Saudi Arabia's legal system closer to international standards.

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