MUST-READS

• Big Oil in no rush to ‘drill baby drill’ this year despite Trump agenda
  Wall Street expects U.S. oil and gas companies to keep a lid on spending in 2025 and keep their focus on generating shareholder returns, despite calls by President Donald Trump to "drill, baby, drill." Big Oil begins reporting fourth-quarter results this week, and outlooks for the coming year should reflect the dissonance between Trump's oil and gas-maximizing agenda and investor expectations. The industry has pushed in recent years to drive down costs and increase production by using more efficient technology rather than drilling many new wells. Producers also must contend with lower global oil prices as the post-pandemic demand rebound runs its course and as China's economy struggles. Benchmark Brent crude oil prices are projected to average $74 per barrel in 2025, down from $81 in 2024, according to the U.S. Energy Information Administration. Overall, for the U.S. exploration and production sector, analysts at Scotiabank expect companies to target up to 5% production growth this year, and flat to slightly lower year-over-year capital expenditures.

• Saudi Arabia opens up holy cities to foreign property investors

  Saudi Arabia’s Capital Markets Authority (CMA) has announced that foreigners will be allowed to invest in companies that own real estate in the holy cities of Mecca and Medina. The CMA said the decision would “stimulate investment” and “enhance the attractiveness and efficiency of the capital market”. It added that the reform would help the economy by “attracting foreign capital and providing the necessary liquidity for current and future projects” in Mecca and Medina. The change in the law makes it easier for non-Saudis to invest in the real estate market of the two holy cities. At present they are forbidden by law from buying property in the holy cities, although it is possible to lease property for a maximum of 99 years.

• Kuwait awards railway contract to Turkish company

  Kuwait has awarded the tender for the first phase of its plan to build 111 kilometres of railway.  The Central Agency for Public Tenders awarded the contract to Turkish engineering and consulting company Proyapi to carry out a study and detailed design to prepare tender documents for the railway. The first phase is expected to take 12 months, after which the tenders for the construction phase will be issued, the tenders agency said. The railway is scheduled to be completed by 2030. It will connect Kuwait to Saudi Arabia in the northern area of the GCC railway project.

• Saudi Arabia invests over $500bln in developing environmentally friendly tourist destinations: minister

  Al-Khateeb highlighted the remarkable achievements of Saudi Arabia's tourism sector and its dedication to environmental sustainability under the framework of Vision 2030. He cited projects such as AlUla and The Red Sea, showcasing how sustainability is integrated at every stage, from design to implementation. He also referred to the Saudi Green Initiative and Green Riyadh launched by Crown Prince and Prime Minister Mohammed bin Salman, reaffirming the Kingdom's commitment to planting millions of trees by 2030

• Saudi Arabia must punch its weight on global stage: minister

  "We are a key player in the world, the world economy, and we need to punch at our weight", Finance Minister Mohammed al-Jadaan said on the sidelines of the annual World Economic Forum in Davos. "We need to make sure that emerging economies and low income countries' voice is heard," al-Jadaan said. "This is why we are really protecting, in every possible way, their interests in these multilateral institutions," he said, stressing that emerging economies were "becoming actually larger than advanced economies in total population and size of economy." "Collectively, they need to be represented in the table."

• 500 Global Launches New Fund Led by Amjad Ahmad to Fuel MENA’s Next Wave of Tech Champions

  500 Global, a leading global venture capital firm, today announced the launch of 500 MENA, L.P. (the “Fund”), a new fund dedicated to investing in high-growth technology startups across the Middle East and North Africa (MENA) region both from outside and inside the current 500 Global portfolio. This strategic move positions 500 Global to support startups beyond the seed stage and aims to catalyze further the growth of the MENA region's burgeoning tech ecosystem. The Fund will invest primarily in startups with proven product-market fit and significant growth potential, addressing the critical funding gap MENA founders face, particularly in the expansion stage. 500 Global aims to actively support these companies through their extended international network and comprehensive platform, empowering them to build and scale innovative solutions regionally and globally.

• Trump turns vs hawkish ex aides as he hopes for deal with Iran

  Trump on Wednesday said he hoped that his administration could reach a deal with Iran that would avoid the prospect of potential military action by Israel or others. “Iran, hopefully, will make a deal,” Trump told reporters at the White House on Wednesday. “And if they don’t make a deal, I guess that’s okay too.” Trump confirmed that he had ordered the removal of U.S. government security details for his former National Security Advisor John Bolton, former Secretary of State Mike Pompeo, and his former Iran envoy Brian Hook, as well as for former top U.S. infectious diseases expert Dr. Anthony Fauci, who advised the Trump administration during the covid-19 pandemic, and became the target of wrath from some on the far-right upset about covid lockdowns. Trump said today that he would feel no sense of responsibility were any of them to be targeted by violence as a result of his actions.

• The impacts of the 2034 FIFA World Cup to Saudi Arabia’s economy

  The World Cup is expected to act as a catalyst for economic growth across multiple sectors. Based on estimates from previous World Cups, host nations experience a GDP boost ranging from $3 billion to $14 billion. In Saudi Arabia’s case, the financial impact could be even more significant, given the Kingdom’s ambitious plans to position itself as a global hub for sports and entertainment. The World Cup will put Saudi Arabia on the map as a premier tourist destination. Qatar’s hosting of the 2022 FIFA World Cup attracted 1.4 million visitors and generated over $17 billion in tourism revenue. Saudi Arabia, with its rich cultural heritage and mega-projects like NEOM, Diriyah, and the Red Sea Project, aims to exceed these benchmarks. The World Cup is expected to create thousands of jobs in construction, hospitality, event management, and retail. Saudi nationals will benefit directly, contributing to Saudization goals under Vision 2030. Training initiatives focused on sustainability, human rights, and event management will ensure that the workforce meets global standards.

• Rick Shiels partnering with LIV Golf as ambassador

  YouTube star Rick Shiels, who has nearly three million subscribers on his main channel, announced on Friday that he has signed a partnership with LIV Golf, the Saudi-backed golf league, and will now serve as an ambassador for the league. To be clear, Shiels, who was a teaching pro in England before his golf instruction and equipment review videos exploded on YouTube, will not be competing in LIV Golf events. Instead, he will be filming content at every LIV Golf venue ahead of the league's tournaments that will promote and show off the courses, players and atmosphere.

• Behind Saudi Aramco’s Pivot Toward Sustainable Manufacturing

  The soaring demand for lithium, which has tripled over the past five years and is expected to surge exponentially with the rise in EV production and renewable energy deployments, Aramco positions at the forefront of the critical minerals market. Through its partnership with Ma'aden, the largest mining company in the Middle East and North Africa, Aramco is not just participating but potentially leading the lithium supply chain development. By joining forces with Ma'aden, Aramco is significantly enhancing its capabilities in the lithium sector. This partnership merges Aramco's technological prowess and geological knowledge with Ma'aden's mining expertise, setting the stage for a robust lithium production base in Saudi Arabia.

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