MUST-READS

• Saudi Arabia strengthens ties with US and Iran before Trump takes office

  Saudi Arabia is still keen to capitalize on work that went into a defense and strategic agreement with the U.S. that was put on hold after the Oct. 7 attack last year by Iran-backed Hamas on Israel. Prince Mohammed sent national security adviser Musaad Al-Aiban to Washington last month to revive the talks, according to three people with knowledge of the matter. Yet, time is tight. The aim was to secure commitments before President Joe Biden leaves office in January. The Saudis see the dual-channel approach of closer ties with Washington and Tehran as vital geopolitically, though it could leave the kingdom in an awkward spot. Prince Mohammed’s top priority is his trillion-dollar plan to diversify the kingdom’s economy away from oil. The agenda, known as Vision 2030, relies on peace as well as foreign investment to help fund its ambitious mega-projects.

• FIFA report praises Saudi Arabia 2034 World Cup bid

  FIFA, the world's governing football body, released a report Saturday on Saudi Arabia's bid to host the 2034 World Cup. Saudi Arabia is the only nation seeking to host the tournament in 2034, and one whose de facto leader, Crown Prince Mohammed bin Salman, is chummy with FIFA President Gianni Infantino.  FIFA's report gave Saudi Arabia high marks, while assessing the kingdom's bid as presenting "low" environmental and "medium" human rights risks. Late last year, Saudi Arabia submitted its bid to host the 2034 tournament (which was only open to Asia and Oceania nations) — while Morocco, Spain and Portugal submitted a joint bid for 2030, with Argentina, Paraguay and Uruguay also each slated to host one game during the centenary edition of the tournament.

• FIFA should pay workers harmed in building World Cup venues, its committee report says

  After years of outcry over the human rights abuses against migrant workers during the 2022 World Cup in Qatar, a FIFA-commissioned report concluded that FIFA, soccer's world governing body, "has a responsibility" to compensate those who suffered. Billions of people watched the World Cup in Qatar, where Argentina's soccer team triumphed and Lionel Messi claimed his first World Cup title. But the competition was also marred by allegations of mistreatment and exploitation — including wage theft and thousands of unexplained worker deaths.

• Saudi Arabia unveils program for 4th Saudi Green Initiative Forum

  Saudi Arabia revealed on Saturday the program for the fourth edition of the Saudi Green Initiative (SGI) Forum. The two-day event, which will begin on Tuesday, Dec. 3 in Riyadh, will reemphasize Saudi Arabia’s commitment to holistic, collaborative and pragmatic solutions towards a greener future. Taking place alongside the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16), the forum will convene global leaders, climate experts, senior government officials, and industry CEOs to advance discussions and action on global climate challenges under the theme “Action is in Our Nature.”

• Fifa issues glowing Saudi 2034 World Cup report despite human rights fears

  Saudi Arabia’s 2034 World Cup bid received a higher technical score from Fifa than the 2026 joint bid by the United States, Canada and Mexico, even though the Middle Eastern nation has yet to construct a number of stadiums proposed for the tournament. Fifa released its bid evaluation report in the early hours of Saturday morning and said the 2034 bid received an overall average score of 4.2 out of 5, though eight stadiums are still to be built. All venues – including the planned 92,760-seater King Salman International Stadium in Riyadh – will not be completed until 2032, but three new stadiums are expected to be finished for the Asian Cup which kicks off in January 2027.

• 2034 World Cup can improve Saudi human rights – Fifa

  Fifa has released its evaluation report for Saudi Arabia's unopposed bid to host the men's World Cup in 2034, paving the way for the kingdom to be formally awarded the finals next month. Despite long-standing concerns over the country's human rights record, the governing body has awarded the bid "an average score of 4.2 out of 5" - the highest ever. Fifa says staging the tournament in the kingdom represented a ‘medium’ human rights risk, claiming it had "good potential to act as a catalyst" for reforms. Campaign groups immediately condemned the bid evaluation.

• Saudi Fund’s Shifting Focus Hits Budgets on Some Projects

  The Public Investment Fund has asked some portfolio companies to cut their proposed budgets for next year by as much as 20% while some other developments may be accelerated, according to people familiar with the matter, who asked not to be identified discussing private information. The PIF is also reviewing budgets for projects yet to be announced, the people said. Spending plans for 2025 are due to be presented next month to the fund’s board, when final decisions on its total outlays and budgets for individual projects are expected to be made, the people said. Some PIF projects are looking to raise external financing to compensate for any budget cuts, the people said.

• Charting Saudi Arabia’s Rise as an SMEs Hub

  Earlier this year, the Kingdom ranked third in the 2023-2024 Global Entrepreneurship Monitor report. Meanwhile, its National Entrepreneurship Context Index score has increased from 5.0 in 2019 to 6.3 in 2023, reflecting its progress in fostering a vibrant entrepreneurial ecosystem that drives economic growth. Crucially, the National Investment Strategy (NIS) has been established, as part of the Kingdom’s transformation plan, to drive the growth and diversification of the national economy. NIS aims to increase the private sector's contribution to GDP to 65%, raising the contribution of Foreign Direct Investment (FDI) to GDP to 5.7%, by 2030.

• Saudi Arabia Leads Pushback Against Global Plastic Treaty

  Delegates from more than 170 nations have been engaged in tense negotiations in Busan, South Korea, to draft a global plastic treaty that addresses the growing problem of plastic waste. Saudi Arabia, Russia and other producers of petroleum, which is used to make most of the world’s plastic, have pushed back against measures that would address plastic pollution by placing curbs on excessive plastic production. The Saudis and their allies have also said they oppose any treaty that would start to list and phase out chemicals present in plastic that are thought to be harmful to health.

• Saudi Arabia’s Almoosa plans to list 30% stake on local bourse

  Saudi Arabia’s Almoosa said on Thursday that it plans to sell a 30 per cent stake through an initial public offering (IPO) on the Saudi Exchange (Tadawul), the latest in a series of healthcare listings in the kingdom. The healthcare operator is offering 13.3 million shares to investors – equivalent to 30 per cent of the company’s paid-up capital. Almoosa said the offering price will be determined at the end of a book-building process. It is offering the shares in two tranches — institutional investors and retail investors— between December 5 and December 24, with final allocations due on December 29.

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