MUST-READS

• Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

  Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever paid in crypto. In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the “largest investment ever” paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors.

• Iran, US issue warnings as Yemen emerges as battleground

  The US is escalating its military campaign against Yemen’s Ansarullah movement, also known as the Houthis. In parallel, President Donald Trump has suggested that Washington may retaliate against Iran over any Houthi attack on US forces. Iran has dismissed the threat, saying that Trump has no power over its foreign policy priorities. The Islamic Republic also insists that the Houthis are autonomous in their decision making and do not take orders from Tehran.

• SMEs struggle as skills shortages drive up Saudi salaries

  Saudi Arabia‘s non-oil economy is expanding at more than four times the rate of the oil sector, with the capital enjoying the lion’s share of that growth.  What this means for Elaify is that his 12-person team does not have the manpower to manage all the requests from would-be clients for auditing, certification and bookkeeping. Ideally, the company would bring in new workers to meet this rising demand, but a growing skills shortage, made worse by strict policies about employing more Saudi nationals, makes that easier said than done.  “There is so much work with everything that’s happening,” Elaify says. “Finding people to do it – experienced people – that’s the hard bit.”

• Saudi pours billions into Diriyah as megaproject nears completion

  Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential community being built alongside ultra-luxury resorts the Six Senses, Aman, and an Oberoi, in view of a Greg Norman-designed golf course. Armani, the Italian fashion house that has hotels and residences in Milan and Dubai, said it would build 15 branded residences in Diriyah. Saudi Arabia’s $63 billion Diriyah megaproject is taking shape with a flurry of new deals as the kingdom looks to complete major construction works in the capital before it hosts Expo 2030.

• Saudi Arabia launches loan guarantees for SMEs to stimulate investment in environmental projects

  Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and Medium Enterprises Loan Guarantee Program (Kafalah) to launch a loan guarantee product to support environmental projects in the Kingdom. The agreement seeks to provide guarantees for credit facilities provided to small and medium-sized enterprises (SMEs), contributing to stimulating investment in the environmental sector. This agreement coincides with the launch of the Incentives and Grants Program Platform to support environmental projects in the Kingdom.

• Experts react: Trump just ordered major strikes against the Houthis. What does this mean for Yemen, Iran, and beyond?

  “We will use overwhelming lethal force.” That’s how US President Donald Trump described a campaign of airstrikes he launched Saturday in Yemen against the Houthis. The Iran-backed militia has been disrupting international shipping in the Red Sea since October 2023, and has continued to operate despite previous rounds of US and allied airstrikes. How exactly is the second Trump administration executing its largest military campaign yet? What will the impact be on the region? And what does this signal about Trump’s approach to Iran? Our experts responded in force with the answers.

• Saudi Arabia unveils plans for Global T20 League with $500M investment

  Saudi Arabia is set to launch a groundbreaking global Twenty20 league, backed by its $1 trillion sovereign wealth fund. Spearheaded by Australian cricket figure Neil Maxwell, the ambitious project aims to transform the sport by introducing a traveling eight-team league modeled after tennis’s Grand Slams. Financed by Saudi Arabia’s SRJ Sports Investments, the league is expected to host matches in four different locations throughout the year. Discussions with the International Cricket Council (ICC) are already underway, with sources indicating that Saudi Arabia is prepared to invest $500 million in the venture.

• Saudi Arabia, Indonesia to ink MoU to resume hiring domestic workers
  Saudi Arabia and Indonesia are set to sign a memorandum of understanding (MoU) to facilitate the recruitment of domestic workers from Indonesia to Saudi Arabia, Bloomberg reported. “The MoU will be signed between the two countries later this month in Jeddah,” said Abdul Qadir Karding, Indonesia’s Minister for the Protection of Migrant Workers. Saudi Arabia is offering a total of 600,000 job opportunities, including 400,000 positions for domestic workers and 200,000 jobs in the formal sectors, added Karding.

• Present without impact? How the Middle East perceives China’s diplomatic engagement

  In a new Scowcroft Middle East Security Initiative issue brief, “Present without impact? How the Middle East perceives China’s diplomatic engagement,” Jonathan Fulton argues that despite economic advancements and high-profile diplomatic engagements, China’s influence remains largely economic rather than political. Middle Eastern perceptions of China vary; it is seen as a cautious, transactional actor with limited capacity for addressing key regional conflicts and security concerns. Fulton adds that while Iran views China as a crucial partner, Gulf states leverage their ties with Beijing to maintain strategic flexibility.

• Grand Mufti rules against posting prayers and preaching in mosques on social media

  Saudi Grand Mufti and Chairman of the Council of Senior Scholars Sheikh Abdul Aziz Al-Sheikh called on imams and preachers to be sincere and avoid hypocrisy and showing off. He cited filming and posting prayers and preaching in mosques during the holy month of Ramadan on social media and channels as an example of incompatibility with sincerity. The Grand Mufti said this in a religious edict (fatwa) in response to a question about the decision taken by the Ministry of Islamic Affairs, Call and Guidance to ban filming and posting prayers and lectures on social media. “This issue was a serious one before the decision of the ministry to ban filming and posting prayers and lectures on social media as part of the measures to ensure avoiding errors that may occur,” he said while noting that there is the issue of sincerity, which is a condition for the acceptance of any act of worship. “There are two conditions to accept any work. They are sincerity to God, and that the work is in accordance with the spirit of the Holy Qur’an and the Prophet’s Sunnah,” he said.

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