MUST-READS

• ‘A stupid game of chicken’: Inside the PGA Tour/Saudi PIF negotiation breakdown and the state of a potential deal
  For a time just last month, professional golf seemed to be on the brink of a historic reconciliation. PGA Tour commissioner Jay Monahan and Tiger Woods conveyed unmistakable optimism at Torrey Pines in mid-February, generating conviction throughout the golf world that an upcoming White House summit—bringing together Saudi Arabia's Public Investment Fund and President Donald Trump—would deliver the long-awaited formal announcement. Yet two weeks after that high-stakes meeting, with the sport poised to converge on PGA Tour headquarters for the tour’s flagship event, any semblance of an agreement appears to have evaporated.

• Zelensky hopes US-Ukraine talks next week will be ‘meaningful’

  Zelensky announced the US-Ukraine talks in Saudi Arabia in a series of posts on social media, after attending Thursday's crisis summit in Brussels where European Union leaders endorsed plans for a boost in defence spending. "Ukrainian and American teams have resumed work, and we hope that next week we will have a meaningful meeting," he wrote on X. "Ukraine has been seeking peace since the very first moment of the war, and we have always stated that the war continues solely because of Russia." Zelensky urged the global community to put more pressure on Moscow so it "accepts the need to end" the war. He also made an apparent reference to a truce plan outlined earlier this week by French President Emmanuel Macron, which proposed a ceasefire in the air and at sea, and an end to attacks on energy and other civilian infrastructure.

• Saudi Arabia’s General Entertainment Authority Chief Forges ‘Landmark’ Boxing Promotion Partnership With TKO and Saudi’s Sela

  Turki Alalshikh, the chairman of Saudi Arabia‘s General Entertainment Authority, has forged a multi-year boxing promotion partnership with U.S. sports and entertainment conglomerate TKO and Saudi sports marketing company Sela in what is being touted as a landmark deal. He is the mastermind behind the “Day of Reckoning” boxing matches held in Riyadh involving huge names such as Anthony Joshua and Deontay Wilder. Over the past few years Alalshikh has been behind Saudi Arabia’s large investments in many other sports as well, including soccer, golf, Formula 1 and, most recently, tennis.

• Saudi Arabia’s Renewed Commitment to Palestinian Cause: A Legacy Laid Out by King Abdulaziz

  At the Arab Summit in Beirut in March 2002, the Kingdom reaffirmed its commitment to the Palestinian cause by presenting a practical framework for achieving a comprehensive and just resolution to the Middle East conflict. This proposal, later known as the Arab Peace Initiative, was adopted by Arab leaders and officially approved during the summit. In line with the continued commitment to the Palestinian cause, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud named the 29th Arab Summit, held in Dhahran in April 2018, the Al-Quds Summit. He also announced that Saudi Arabia was donating $150 million to support Islamic institutions in Jerusalem and $50 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Saudi Arabia continues its efforts to support the Palestinian cause as part of its Arab and Islamic responsibilities.

• Diriyah Art Futures Reflects Growing Saudi Investment in Digital Art

  Located prominently on King Faisal Road in Al Bujairi, Diriyah, just northwest of Riyadh, is the vast new 129,000 square foot Diriyah Art Futures institute. Inaugurated in December 2024, the new media arts center is dedicated to the rapidly expanding genre of digital art and is among the first institute of its kind in the Middle East and North Africa. Developed by Saudi Arabia’s Ministry of Culture, Diriyah Art Futures highlights the kingdom’s growing interest and investment in art and culture involving new technology and artificial intelligence. Haytham Nawar, director of Diriyah Art Futures and former chair of the arts department at the American University in Cairo, said the exhibition is significant because “it provides a historical overview” of digital art. “In Saudi, there is knowledge of the history of computational art, especially the usage of AI and generative art,” added Nawar. “What it does is connect international artists in the field with those working in Saudi.”

• Saudi consumer spending surges ahead of Ramadan

  Consumer spending in Saudi Arabia jumped 34.7% to SAR 17.5 billion (USD 4.6 billion) in the week leading up to Ramadan, from February 23 to March 1, Arab News reported. The latest point-of-sale transaction data from the Saudi Central Bank, also known as SAMA, revealed 231.3 million transactions reflecting a seasonal spike in demand as Saudis prepare for Ramadan, a holy month characterized by large daily fast and collective meals at sunset. The food and beverage sector led the surge, with spending soaring 74.9% week on week to SAR 3.3 billion (USD 879 million). Spending on public utilities followed closely, with a 55.9% rise, amounting to SAR 81.5 million (USD 21.7 million). Expenditure on furniture also recorded a notable surge at 46% to SAR 524.5 million (USD 139.7 million).

• 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.

• PwC working to mend ties with Saudi Arabia

  Global consulting firm PwC is working with Saudi Arabia and its sovereign wealth fund to address issues that have led to a suspension of new consulting projects, reported Reuters.  The Public Investment Fund (PIF), with assets worth $925bn (SR3.5trn) and more than 100 subsidiaries, has instructed its companies to halt project assignments to PwC until February 2026.  This comes two years after PwC received a licence to establish its regional headquarters in Riyadh.  The firm currently employs more than 2,000 individuals across various cities in Saudi Arabia.

• Cracking the Saudi consumer code: what global brands get wrong

  For years, global brands have entered Saudi Arabia with a simple playbook: translate the tagline, swap in local imagery, and assume what works elsewhere will work here. But as Saudi Arabia undergoes a seismic transformation under Vision 2030, this outdated approach is no longer enough. The Saudi consumer is evolving fast, and brands that fail to adapt risk being left behind. One of the biggest misconceptions is treating Saudi Arabia as a single, huge market. The reality? The kingdom is a complex mix of regions, dialects and generational attitudes. What resonates in Riyadh may not land the same way in Jeddah or Dammam. Adding to this complexity is the growing expat population. As Saudi Arabia continues to open up, its workforce is diversifying, and with it, consumer expectations are shifting. The traditional Saudi audience remains vital, but brands must also recognise the needs of a rising expat community that influences market trends.

• PIF and Goldman Sachs Asset Management sign an MoU to partner on investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Asset management is part of PIF’s wider efforts to diversify the Saudi economy and enhance local capital markets.

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