MUST-READS

• Saudi GDP grows by 2.8% in Q3 2024

  Saudi Arabia’s real GDP increased by 2.8% in the third quarter of 2024 compared to the same period in 2023, according to the General Authority for Statistics (GASTAT). Oil activities slightly rose by 0.05% year-on-year (YoY), while non-oil activities improved by 4% YoY. Additionally, government activities grew by 3.1% YoY. GASTAT noted that it adopted a chain-linking methodology for national accounts for calculating real GDP, replacing the previous fixed-base year method. This new approach was used for the Q4 2023 and 2023 annual reports.

• Saudi Arabia’s mangroves take center stage on second day of SGI Talks

  Dr. Hilmi emphasized the role of marine and coastal habitats as carbon sinks – capable of sequestering up to ten times more carbon than forests – adding that they also provide added services to humanity in the form of natural resources, protection from coastal erosion, water filtration, and cultural value in the form of education and eco-tourism. Dr. Hilmi also elaborated on her work with King Abdullah University of Science and Technology (KAUST) where she works with Dr. Carlos Duarte to evaluate the value of Saudi Arabia’s mangroves. “I work with KAUST to evaluate the mangroves in Saudi Arabia, their carbon sequestration but also their co-benefits, these other ecosystem benefits I told you about” she added.

• Saudi Arabia ranks 3rd globally by growth in int’l tourists in 9M 2024

  Saudi Arabia ranked third globally in terms of the highest growth rate in the number of international tourists during the first eight to nine months of 2024, with a 61% increase compared to the same period in 2019, according to a report by the United Nations World Tourism Organization (UNWTO) published this month. The Kingdom also moved up 15 places in the global ranking for international tourist spending, achieving the 12th position globally in 2023 compared to 2019, making the largest leap among the top 50 countries, the state-run SPA reported.

• Prince Faisal joins Astana track discussions on Syria at Doha forum

  Saudi Arabia’s Minister of Foreign Affairs Prince Faisal bin Farhan took part on Saturday in a high-level meeting on Syria involving regional and international stakeholders in Qatar. The meeting, held on the sidelines of the 22nd Doha Forum, brought together foreign ministers from Jordan, Iraq, Qatar, and Egypt, alongside representatives from the Astana track countries — Iran, Turkiye, and Russia, Saudi Press Agency reported. The session also included the UN Special Envoy to Syria, Geir Pedersen, underscoring the collaborative international effort to address the ongoing crisis in Syria, SPA added.

• Saudi official says kingdom is in contact with all Syria stakeholders
  Saudi Arabia has been communicating with all regional actors on Syria and is determined to do what is possible to avoid chaos following the ouster of President Bashar al-Assad, a Saudi official said on Sunday. "We are in constant communication with Turkey and every stakeholder involved," the official told Reuters, adding that the kingdom was not aware of Assad's whereabouts. His failure to re-engage several regional actors and the opposition was to blame for his downfall, the official said

• Oil Steadies as Traders Weigh Saudi Price Cuts, Syrian Upheaval

  Oil was steady after a second weekly loss as traders weighed bigger-than-expected cuts by Saudi Arabia to its crude prices for Asia and any fallout from the toppling of the Syrian regime. Brent futures traded near $71 a barrel and West Texas Intermediate was above $67. Saudi Aramco cut its oil prices for January after OPEC+ further delayed a resumption of idled production, underscoring the weak market outlook. The fall of the Syrian government, meanwhile, is sending shockwaves through the Middle East and will be a blow to longtime backers Russia and Iran.

• Iran signals desire to maintain ties with Syria after Assad’s fall

  The longtime rule of the Assad dynasty has come to an end after Syrian rebels seized Damascus. The collapse of the Islamic Republic’s only state ally has stunned many in Iran. Some attribute Bashar Al-Assad’s downfall to him allegedly turning his back on the ‘Axis of Resistance’ while others argue he paid the price of ignoring his people’s demands. With Syria now in the hands of rebels that Iran helped Assad previously defeat, Tehran is now signaling that it wants to maintain its relations with Damascus—regardless of who is in power.

• With Assad gone, new era starts in Syria as the world watches
  Damascus stirred back to life on Monday at the start of a hopeful but uncertain era after rebels seized the capital and President Bashar al-Assad fled to Russia, following 13 years of civil war and more than 50 years of his family's brutal rule. Heavy traffic returned to the streets and people ventured out after a nighttime curfew, but most shops remained shut. Rebels milled about in the centre. Firdous Omar, from Idlib in the northwest, among fighters in central Umayyad Square, said he had been battling the Assad government since 2011 and was now looking forward to laying down his weapon and returning to his job as a farmer.

• Mergers and acquisitions to fuel Saudi education growth

  There has been a flurry of M&A activity in education in recent weeks. Maarif, one of the largest education companies in the country, has bought Ibn Khaldoun. Ibn Khaldoun has 13,000 students across four schools and the deal will increase Maarif’s student total to more than 36,000. Also in November, GFH Financial Group of Bahrain entered into an agreement with the Saudi Education Fund to buy Britus Education. Britus has four schools in Saudi Arabia, two in the UAE and one in Bahrain, and a market value of more than $200 million. PwC Middle East has acquired Emkan Education, a Saudi specialist consultancy.

• Syrian rebels topple Bashar al-Assad: How the world reacted

  Anwar Gargash, a diplomatic adviser to United Arab Emirates President Mohammed bin Zayed, said that non-state actors should not be allowed to exploit political vacuums. Speaking at the Manama Dialogue forum in Bahrain, he called events in Syria "a clear indication of political failure and the destructive nature of conflict and chaos". He added: "Assad did not really use the sort of, you know, lifeline, that was thrown to him by various Arab countries, including the UAE, and did not really use that to open up, to move on to constitutional discussions that were taking place." "We're very worried about chaos. We're very worried about extremism. We remain worried about the territorial integrity of Syria," he said.

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