MUST-READS

• Gulf investors must look out for the American ‘bubble’

  The American economy constitutes about 25 percent of global GDP, but US stock markets account for a disproportionately large amount of global capitalisation – more than 60 percent by some reckonings. The rest of the world cannot get enough American assets, it seems. You can see why. Over the past two years the S&P 500 Index is almost 50 percent higher in one of the best-ever runs for US markets. Investors shrewd enough – like many Gulf financial players – to have bought into the Magnificent Seven technology stocks have enjoyed a significantly higher return. The re-election of Donald Trump as president has turbocharged US equities, and other assets like crypto and real estate thought to be beneficiaries of his tax and regulation-cutting style.

• Saudi Arabia drives MENA e-commerce growth during festive season: Report

  A joint study by Flowwow and Admitad found that during the 2024 holiday season, Saudi Arabia was a major factor in the 44% increase in e-commerce orders throughout the Middle East and North Africa (MENA) region. Gifting, cultural celebrations, and mobile shopping trends all contributed to the spike. Around 62% of online purchases in Saudi Arabia were made on mobile devices, making it the country with the highest adoption rate of mobile commerce. The MENA e-commerce market is predicted to grow significantly and reach USD 50 billion by 2025, according to the report. Activity in this market significantly increased over the holiday season.

• Saudi Arabia to provide $500m in new economic support for Yemen

  Saudi Arabia announced on Friday a new economic support package for Yemen worth $500 million and aimed at bolstering the government’s budget, stabilizing the Central Bank of Yemen, and fostering the development and stability of the Yemeni people. The latest assistance includes a $300 million deposit into the Central Bank of Yemen to improve economic and financial conditions, alongside $200 million to address the Yemeni budget deficit, the Saudi Press Agency reported.

• ‘Year of the Camel’: A Celebration of Saudi Heritage and Identity

  The Ministry of Culture declared 2024 the "Year of the Camel", an initiative that celebrated the unique bond between men and camels, and showcased the enduring legacy of these magnificent creatures.  In the Holy Quran, the camel is described as a marvel of creation. Islamic tradition highlights the significance of camels to the lives of prophets, notably the she-camel of Prophet Saleh, a divine miracle, and Al-Qaswa, the Prophet Muhammad's companion. King Abdulaziz bin Abdulrahman Al Faisal Al Saud, the founder of modern Saudi Arabia, acknowledged the significance of camels; his own journey of unification was inextricably linked to his she-camel, "Masiha", which was not merely a means of transportation but also a symbol of his unwavering determination and resilience.

• Saudi Arabia publishes camel vocabulary guide

  The King Salman Academy of Arabic (KSGAAL) has unveiled a comprehensive linguistic resource that includes terms and expressions related to camels, their breeds, colors, life stages, and diseases. In addition to the scientific section, the dictionary features a chapter on idioms, proverbs, stories, fairy tales, and poems dedicated to these iconic animals, Azernews reports. KSGAAL Secretary General Abdullah Al-Vashmi emphasized that the guide is a vital tool for preserving and understanding the central role of camels in Arab culture. Historically, these animals were the primary means of transportation, traversing mountains, valleys, and deserts like ships crossing the sea.

• Rock art in Saudi Arabia’s Harrat is testament to ancient life, cultural exchange

  The Harrat region, south of Tabuk, is a treasure trove of ancient history, boasting a remarkable collection of rock art that provides a fascinating glimpse into past civilizations, according to the Saudi Press Agency report. The rugged volcanic landscape served as a canvas for ancient inhabitants, who expressed their beliefs, experiences, and social interactions through intricate engravings and paintings. Depictions of hunting scenes, made using simple tools, offer a window into the daily lives of the early inhabitants of these areas, the SPA report noted. Rock art also provides a record of the fauna that once lived in the region, including oryx, gazelles, and even tigers.

• Saudi Arabia’s $800B investment to build human connections

  During an interview at The Phocuswright Conference, Hazim Al-Hazmi, president of Americas & Europe markets for the Saudi Tourism Authority, discussed the importance of authentic experiences and Saudi's ambitious plans with Siew Hoon Yeoh, founder of WIT and editorial director, Northstar Travel Group Asia. Key projects include infrastructural developments, new airports and hotels and focusing on the Red Sea as a top sun and sea destination. “This year, we launched four resorts that were announced, two, three years ago. Next year, we have 16 more that will be operational and bookable,” he said. Al-Hazmi highlighted the importance of “authenticity and personalization” in creating unique travel experiences and the need to improve storytelling.

• Saudi: Al Battal Factory to commence trading on Nomu year-end

  Al Battal Factory for Chemical Industries Company is set to begin the listing and trading of its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) on Tuesday, 31 December 2024. The Saudi firm will float 20.09% of its shares under the symbol 9623, according to a bourse disclosure. Tadawul highlighted that the stock will be trading at daily and static price fluctuation limits of +/- 30% and +/- 10%, respectively.

• Assad’s Fall Prompts Initial Gulf Unity but Differences and Concerns Are Emerging

  The rapid downfall of the Assad dynasty in Syria has caught the Gulf Arab monarchies by surprise, much as everyone else. Understandably, their initial reaction was somewhat guarded and holding to general principles. All of the Gulf Arab states issued brief statements supporting the preservation of Syria’s government institutions and stability and unity of its people. The Gulf states, like states bordering Syria, are unlikely to escape the consequences of these seismic changes in the heart of the diverse Arab east. There are concerns about the potential for renewed civil strife or terrorism in Syria and the possibility of it spreading to neighboring states Iraq and Jordan. There are already calls for greater Gulf engagement to balance Turkey’s advances and moderate the emerging Syrian leadership. The foreign ministers of Qatar, the UAE, and Bahrain joined Saudi Arabia and the other states of the Arab Ministerial Contact Committee on Syria in Aqaba, where they issued a statement pledging more robust aid and support for the transitioning Syrian government while emphasizing the need for a comprehensive and inclusive national dialogue.

• Saudi Arabia leave it late to down Yemen in Gulf Cup

  Saudi Arabia came back in dramatic fashion to defeat Yemen 3-2 on Wednesday to keep their hopes of advancing to the semifinals of the 26th edition of the Arabian Gulf Cup very much alive. After losing to Bahrain in the opening match of Group B, the Green Falcons needed the victory and got it — but only just. Amazingly, Yemen, ranked 99 places below their neighbors at 158 in the world, were two goals ahead by the half hour at the Sulaibikhat Stadium in Kuwait. The first came in the eighth minute. Abdulwasea Al-Matari was given plenty of space to cross from the left for Harwan Al-Zubaidi to arrive at the middle of the six yard box just before Ali Al-Bulaihi to send a header into the net. It was Yemen’s first goal against Saudi Arabia in eight Gulf Cup games

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