MUST-READS

• US Air Force Partners with Saudi Arabia to Train Chiefs

  A mobile training team of U.S. Airmen assigned to Air Forces Central (AFCENT) led the Royal Saudi Air Force (RSAF) in completing its inaugural Chief Leadership Course (CLC) Jan. 23, 2025 at a training center in the Kingdom of Saudi Arabia (KSA). “This course is one of many efforts placing emphasis on the professional development of their enlisted force,” said Chief Master Sgt. Joshua Wiener, AFCENT command chief. The 17-day course was led by a team of two U.S. Air Force chief master sergeant instructors with support from 9th Air Force. The curriculum was modeled after the USAF’s own CLC, and incorporated lessons from the First Sergeants’ Academy and Noncommissioned Officer Academies. The material was then tailored to meet RSAF needs.

• MENA private equity hits $27.6bn as Saudi Arabia leads growth

  Saudi Arabia overtook the UAE in 2023, accounting for 41 percent of transactions, driven by Vision 2030 and increased sovereign wealth fund activity. Together, both markets made up 68 percent of regional private equity transactions, with the UAE securing $13.5bn in deal value and Saudi Arabia $11bn. In 2024, Saudi Arabia contributed more than half of total private equity investment. Private equity activity peaked at 97 deals in 2022 before declining in 2023 and 2024. Deal volume fell 24 percent last year as investors adjusted to rising interest rates and weaker debt markets. While global private equity rebounded in 2024, MENA investors remained cautious, prioritizing strategic growth investments over leveraged buyouts.

• New Saudi Doctrine of “Positive Neutrality” Pays Off

  Since the onset of the Russian invasion of Ukraine three years ago as of February 24, the Saudi crown prince has found himself under enormous pressure from both Washington and Moscow to take a side in everything from votes at the United Nations to the battlefield inside Ukraine. In the former, Saudi Arabia supported resolutions in the General Assembly in 2022 and 2023 condemning the Russian invasion of Ukraine, demanding withdrawal of its troops and upholding the principle of territorial integrity.  But Saudi Arabia abstained in a similar resolution February 24, while the United States joined Russia for the first time in opposing it. At the same time, MBS has refused to follow the United States in imposing economic and financial sanctions on Russia, or isolating it diplomatically, to pressure Putin into suing for peace. From almost the start of the Ukraine war, MBS began crafting a role of mediator for himself. His first phone calls offering his services to Putin and Ukrainian President Volodymyr Zelensky date back to March 3, 2022, just a week after its onset. Since then, he has held multiple meetings or phone calls with both leaders. At first, the main issue was about exchanges of Russian and Ukrainian prisoners of war, which the crown prince helped to arrange on several occasions. One in September 2022 included two American POWs fighting on the Ukrainian side.

• More than 1,000 Syrians died in airport prison under Assad, report says
  More than 1,000 Syrians died in detention at a military airport on the outskirts of Damascus, killed by execution, torture or maltreatment at a site that was widely feared, according to a report to be published Thursday tracing the deaths to seven suspected grave sites. In the report, shared exclusively with Reuters, the Syria Justice and Accountability Centre said it identified the grave sites by using a combination of witness testimony, satellite imagery and documents photographed at the military airport in the Damascus suburb of Mezzeh after the ouster of President Bashar al-Assad in December.

• Hamas says it’s ready for more ceasefire talks after releasing hostage remains
  Militant group Hamas said on Thursday it was ready to begin talks on the second phase of a ceasefire in Gaza after several hundred Palestinians were released from Israeli jails overnight in return for the bodies of four Israeli hostages. It was the final exchange of the six-week first phase of a ceasefire in Gaza that came into effect on January 19. Israel said on Thursday morning that three of the hostages whose bodies it had received overnight had been murdered in captivity and the fourth had been killed on the day of the October 2023 Hamas raid into Israel that precipitated the war.

• These countries could lose the most, if U.S. stops aid

  The U.S. Agency for International Development, Washington's primary humanitarian aid agency, has been a top target of a government reduction program spearheaded by billionaire and Trump ally Elon Musk since President Donald Trump took office on January 20. Hours after he was sworn in, Trump ordered a 90-day pause to all U.S. foreign assistance pending assessments of efficiencies and consistency with his foreign policy. Four days later, on January 24, the U.S. State Department issued a "stop-work" order for all existing foreign assistance and paused new aid with the exception of waivers for military financing for Israel and Egypt. While the government gave an exemption for emergency food assistance and issued waivers for certain life-saving aid, uncertainty around most other programs has put thousands of jobs and millions of dollars’ worth of aid material in jeopardy. The effects of shutting foreign aid down permanently could have impacts globally, especially for countries in Africa and the Middle East. The U.S. has contributed the largest foreign assistance among countries, according to the Organisation for Economic Cooperation and Development. The majority of USAID programs across the world are non-military in nature. Nearly one-third of all disbursements were for programs in the health sector. Aiding communities living with HIV or AIDS, providing sustainable access to drinking water and sanitation services, improving maternal and child health were among the top programs.

• Saudi Arabia’s PIF Eyes Stake in Leonardo’s Aerostructures Division

  Saudi Arabia’s Public Investment Fund is reportedly in preliminary discussions to acquire a stake in the aerostructures unit of Leonardo SpA, Italy’s prominent aerospace and defence company. This potential investment aligns with PIF’s strategic objective to diversify Saudi Arabia’s economy by expanding its footprint in the global aerospace sector. The aerostructures division of Leonardo is responsible for the design and manufacturing of critical components for both civil and military aircraft. By investing in this unit, PIF aims to bolster its domestic aerospace capabilities and foster technological advancements within the Kingdom. This move is consistent with Saudi Arabia’s Vision 2030 plan, which seeks to reduce the nation’s reliance on oil revenues by developing high-tech industries.

• Ramadan 2025: Saudi Arabia calls on Muslims to sight crescent moon on Feb. 28

  Saudi Arabia’s Supreme Court has called on Muslims to sight the crescent moon of Ramadan on the evening of Friday, February 28. The date corresponds with the 29th of Shaaban 1446 in the Islamic Hijri calendar. “The Supreme Court requests that anyone who sees it (the moon) with the naked eye or through binoculars informs the nearest court and registers their testimony, or contacts the nearest center to assist them in reaching the nearest court,” the authority said in its statement. If the moon is spotted on Friday evening after the Maghrib, or sunset, prayer, then Ramadan will commence on March 1. However, if the crescent moon is not spotted, then the holy month will begin on March 2.

• UFC, WWE owners ‘close’ to Saudi Arabia deal for new boxing league; report $2.8B in TKO revenue for 2024

  TKO, the parent company of the UFC and WWE, is nearing an agreement with the Saudi Arabian public wealth fund to create a new boxing league, TKO Group Holdings COO Mark Shapiro told investors on Wednesday’s earnings call. “Everybody knows we're in talks with the Saudis, but to give you a little more color, I will tell you that we are close on an agreement with the Saudis on the creation of a boxing league where we, TKO, would be the producer, the promoter and responsible for all day-to-day operations of the venture, whereby we would receive a fee of $10 million-plus,” Shapiro said during the question-and-answer portion of the call. Shapiro stressed TKO will not be putting any capital into the project and will not be absorbing any added financial risk. That will fall on the Saudi Arabia Public Investment fund, though Shapiro did say TKO will stand to earn equity in the venture over a five-year period, depending on certain benchmarks.

• GCC, Southeast Asian countries dominate global Islamic fintech landscape

  Saudi Arabia, Indonesia, Malaysia and the UAE have produced more than half of the 490 Islamic fintech firms present globally, a new report has revealed. A total of 248 Islamic fintech firms are based out of the four countries, constituting a shade over half of the global Islamic fintech pool, according to the Global Islamic Fintech Report (GIFT) 2024/25, co-produced by DinarStandard and Elipses.  The UK, with 52 firms, rounded off the top five. Meanwhile, the top ten countries, including Qatar (26), United States (21), Pakistan (19), Singapore (13), and Egypt (11), house 79% of the Islamic fintech enterprises globally. Saudi Arabia, Iran, Malaysia, the UAE, Indonesia and Türkiye were the largest markets in terms of estimated transaction volumes in 2023/24, comprising 83% of the global Islamic fintech market. Each country had an estimated market size of more than $7.5 billion during the same period, the report identified.

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