MUST-READS

• Saudi crown prince says kingdom intends to invest $600 billion in U.S. over next 4 years

  Saudi Arabia’s crown prince said Thursday the kingdom wants to invest $600 billion in the United States over the next four years, comments that came after President Donald Trump earlier put a price tag on returning to the kingdom as his first foreign trip. Trump’s 2017 trip to Saudi Arabia upended a tradition of U.S. presidents first heading to the United Kingdom as their first trip abroad. It also underscored his administration’s close ties to the rulers of the oil-rich Gulf states as his eponymous real estate company has pursued deals across the region as well. “The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,” the report said. The readout did not elaborate on where those investments and trade could be placed. The U.S. in recent years has increasingly pulled away from relying on Saudi oil exports, which once was the bedrock of their relationship for decades. Saudi sovereign wealth funds have taken large stakes in American businesses while also looking at sports as well. .

• Saudi crown prince says kingdom intends to invest $600 billion in US during call with Trump

  The comments from Crown Prince Mohammed bin Salman, reported early Thursday by the state-run Saudi Press Agency, came in a phone call with Trump. “The crown prince affirmed the kingdom’s intention to broaden its investments and trade with the United States over the next four years, in the amount of $600 billion, and potentially beyond that,” the report said. The readout did not elaborate on where those investments and trade could be placed. The U.S. in recent years has increasingly pulled away from relying on Saudi oil exports, which once was the bedrock of their relationship for decades. Saudi sovereign wealth funds have taken large stakes in American businesses while also looking at sports as well. “The first foreign trip typically has been with the U.K. but ... I did it with Saudi Arabia last time because they agreed to buy $450 billion worth of our products,” Trump told journalists in the Oval Office. “If Saudi Arabia wanted to buy another $450 billion or $500 — we’ll up it for all the inflation — I think I’d probably go.”

• Top Saudi diplomat says Trump administration is not looking for war with Iran

  The top Saudi diplomat on Tuesday played down fears that the incoming Trump administration was looking for war with Iran and called on Tehran to engage with the US to address the issue of its nuclear weapon program. “I don’t see the incoming US administration as contributory to the risk of war. On the contrary, I think President Trump has been quite clear that he does not favor conflict,” Prince Faisal bin Farhan said at the World Economic Forum (WEF) in Davos. Prince Faisal admitted that the Middle East was abundant in risk factors, but it also had huge potential. “I hope that the [Trump administration’s] approach will be met, also on the Iranian side, by addressing the issue of the nuclear program, by being willing to engage with the incoming administration in a way that can help us stay on track with this positive momentum,” he said.

• Saudi Arabia – Unlocking the future through industrial incentives?

  The Kingdom of Saudi Arabia (KSA) continues to develop and promote initiatives to modernize and accelerate its economy and attract international investment. Align with this goal, on 11 January 2025, government entities in the KSA announced funding of SAR10 billion (£2.19 billion) for the Standard Incentives Programme to activate and support the industrial sector. The Standard Incentives Programme offers funding of up to 35% of the initial project investment (capped at SAR50 million for each qualifying project). The support is divided evenly across the project lifecycle, granting 50% during the construction phase and 50% during the production phase. This programme is initially offered to investments in transformative chemical industries, automotive manufacturing and parts, and machinery and equipment. Further successive phases of funding will be announced throughout 2025. The focus of this programme is to develop the manufacturing of products not currently produced in the KSA and develop national resources and talent.

• Saudi economy minister gives insights on Kingdom’s role in global growth, innovation

  In this Special Interview with Saudi Arabia’s Minister of Economy and Planning Faisal Alibrahim on Al Arabiya News, the discussion focuses on the pivotal role of the Kingdom’s economic health in ensuring regional stability. The minister highlights Vision 2030’s transformative initiatives to diversify the economy, foster global partnerships, and strengthen the private sector.

• Saudi ambassador to US represents Kingdom at Trump inauguration ceremony

  The princess passed on the congratulations of King Salman and Crown Prince Mohammed bin Salman to Trump on the day of his second inauguration as US president. She also conveyed the hopes of the Saudi leadership that he will enjoy success in his duties, the Saudi Press Agency reported

• Newlab Expands to the Kingdom of Saudi Arabia to Catalyze Critical-Tech Ecosystem and Accelerate Startup-Led Economic Growth

  Newlab Riyadh will attract leading critical-tech startups to KSA and accelerate commercialization outcomes that will translate into measurable economic impact in the Kingdom and broader region. Newlab Riyadh joins Newlab’s growing network of hubs around the world, including Newlab Brooklyn, Newlab Detroit, and Newlab Montevideo. Newlab will establish an initial beta space in Riyadh in 2025 to serve as an anchorpoint for the founding startup ecosystem while commencing development of a larger hub which is slated to open in 2026.

• USCENTCOM Commander Visits the Kingdom of Saudi Arabia

  On 11-12 January, Gen. Michael Erik Kurilla, Commander, U.S. Central Command (CENTCOM), visited U.S. servicemembers and conducted key leader engagements in the Kingdom of Saudi Arabia. Gen. Kurilla met with Gen. Fayyadh bin Hamed Al-Ruwaili, Chief of General Staff of the Saudi Arabian Armed Forces and his key staff. The two generals discussed shared security concerns, their mutual commitment to addressing evolving threats in the region, and the importance of joint readiness through interoperability.

• Stable, if lacking excitement: the outlook for Gulf banks

  Gulf banks have not suffered as a result of the regionalisation of the Gaza war and their financial efficiency has enabled them to maintain earnings in the face of falling international interest rates.  Overseas operations have caused losses for some institutions in recent years: currency devaluation in Egypt, financial crisis and hyperinflation in Lebanon and economic difficulties and high levels of inflation in Turkey all had to be reflected in the profit and loss statements of banks that are active in those countries. However among the larger banks the financial write-downs were easily digested within full earnings statements. More importantly, as we look ahead, the economies of Egypt and Turkey appear to have stabilised and after more than five years of economic depression in Lebanon, the scope for further losses is small.

• Saudi king and crown prince congratulate Joseph Aoun on being elected president of Lebanon

  Saudi Arabia’s King Salman and Crown Prince Mohammed bin Salman congratulated Joseph Aoun on being elected president of Lebanon on Thursday. In a congratulatory cable, King Salman wished Aoun success and the Lebanese people further progress and prosperity.The crown prince sent a similar cable. Lebanon’s parliament voted Thursday to elect the country’s army commander, Joseph Aoun, as head of state, filling a more than two-year-long presidential vacuum. Thursday’s session was the 13th attempt to elect a successor to Michel Aoun, whose term ended in October 2022.

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