MUST-READS

• Saudi leader parlays oil wealth into global diplomatic clout

  Saudi Arabia, a country that is largely made up of desert, has fewer than 40 million people, and boasts a middling military with no nuclear arms, may be emerging as the 21st century’s most improbable superpower. He has drawn closer to China, and to Russia, as a fellow oil producer. He has been welcomed into the BRICS economic coalition of countries in the Global South. And he is also a major player on two international policy fronts where his interests and Washington’s could clash. The first is artificial intelligence and technology, a centerpiece of Crown Prince Mohammed’s vision of a post-oil economy. He has earmarked billions of dollars to attract experts, researchers, and entrepreneurs in AI to visit, teach, invest, and set up shop in Saudi Arabia. U.S. officials are worried that this initiative could transform the kingdom into a sanctions-busting back door for China, as Beijing seeks top flight technology.

• The UAE’s $2 billion bet on a pro-crypto Trump

  Abu Dhabi is staking out its position in a more crypto-friendly world order. MGX — backed by state investment vehicle Mubadala and the Emirati AI firm G42 — this week invested $2 billion in cryptocurrency stored by Binance in exchange for a minority stake in the world’s largest crypto exchange by volume. The deal is the first time Binance has taken a corporate investment of this kind. The funds will be used to further develop blockchain technology as Binance looks to attract more business from institutional investors, the firms said in a statement.

• Saudi Arabia has highest penetration rate of women professional gamers globally: Saudi prince: Video
  HRH Prince Faisal bin Bandar Al-Saud, chairman of the Saudi Esports Federation, said on Thursday at CONVERGE LIVE that the country has had the opportunity to show that professional gaming is a “real career path with no baggage for women”.

• ‘Golden era’ for GCC capital markets as global investors cash in on $2.3 trillion powerhouse
  GCC capital markets have undergone an unprecedented transformation, soaring to a collective market capitalisation of $2.3 trillion by the end of 2024, with international investors increasingly viewing the region as a long-term structural investment opportunity rather than a tactical allocation. “The pace of reforms in this region has been phenomenal and stakeholders in each market have a powerful and persuasive story to tell global investors,” said Nabeel Albloushi, HSBC’s Regional Head of Markets & Securities Services for the Middle East North Africa & Türkiye (MENAT) region, speaking to Arabian Business at the HSBC MENAT Future Forum in Dubai this week. “We are living our golden era right now,” said Karim Tannir, Head of Banking for MENAT at HSBC Holdings. “If I have to pick one sector that demonstrates the growth and momentum in the region, I would have to say the capital markets, specifically the IPO markets…which has become world-leading, with issuances among the largest by volume.”

• Saudi Arabia opens applications for mining licences as it eyes $2.5tn minerals haul

  Saudi Arabia’s Ministry of Industry and Mineral Resources has opened pre-qualification applications for the ninth round of exploration licence competitions, covering three mineralised belts spanning 24,946sq km. The licensing round is part of a broader strategy to accelerate greenfield exploration and development in the Kingdom’s mining and mineral sector, maximise its mineral resources valued at $2.5tn and enhance value-added mineral supply chains. The ministry specified that the targeted belts include the Al Naqrah Belt and the Al Sukhaybirah “Al Safraa” Belt in the Madinah region, as well as the Al Duwaihi “Nabaitah” Belt in the Riyadh region.

• Saudi Arabia targets $2.9bn Red Sea tourism spend and 28,000 jobs as it becomes yachting hub

  In collaboration with its partners, SRSA has accelerated infrastructure development along the Red Sea, issuing 29 tourism licences that have strengthened the economic landscape for yacht tourism. Among these, three licences were granted to yacht chartering companies, 10 to marina operators, and five to technical service providers in leisure and tourism, fostering a thriving marine tourism ecosystem. The Red Sea region, spanning 1,800km of coastline, is home to more than 1,000 islands, 150 pristine beaches, and 3,200 cultural and tourism assets, including heritage villages, markets, and active maritime ports.

• Reimagining Syria: A Roadmap for Peace and Prosperity Beyond Assad

  For more than a decade, the conflict in Syria appeared too intense, too complex, and too intertwined in geopolitics to be resolved, with the international community choosing to prioritize managing and containing the symptoms rather than seeking to resolve their root causes. However, that all changed in late 2024, when armed opposition groups toppled the Assad regime in 10 days. Today, the country remains extraordinarily fragile and marked by the debilitating effects of a lengthy civil war. Despite a widespread national consensus on the need to reunify Syria, malign and destabilizing actors remain active, including ISIS, Iran, and pro-Assad loyalist insurgents. Nevertheless, there is now a historic opportunity to reshape Syria for the first time in more than half a century. And engagement by the international community will be critical to the country’s success.

• Arab states to keep talking with Trump envoy on Egypt’s Gaza plan
  Arab foreign ministers said on Wednesday they would continue consultations with U.S. President Donald Trump's special envoy over Egypt's plan for rebuilding the Gaza Strip, an alternative to Trump's proposed takeover of the Palestinian territory. Consultations and coordination on the plan would continue with the U.S. special envoy, Steve Witkoff, as a "basis for the reconstruction efforts" in Gaza, according to a joint statement following a meeting of the foreign ministers in Doha. Earlier this month, Arab leaders adopted a $53 billion Egyptian reconstruction plan for Gaza that would avoid displacing Palestinians from the enclave, in contrast to Trump's vision of a "Middle East Riviera".

• Oil, dollars, and debt: How safe is the Middle East from the global trade war?

  Direct impact from tariffs, like the U.S. levies on steel and aluminum imports, have just a minimal impact on the Middle East, economists say. The Gulf region, for instance, accounted for roughly 16% of U.S. aluminum imports in 2024, led by the United Arab Emirates and Bahrain, Standard Chartered MENA Economist Carla Slim told CNBC. While those sectors may be affected, analysts say, the hit will be minor. But the blow to growth from a trade war is likely to hurt the price of oil, the mainstay of the region’s economy. There are also immediate costs to countries whose currencies are pegged to the dollar, such as Saudi Arabia, the UAE, Qatar, Oman, and Bahrain. The U.S. dollar has been selling off since the start of the year, making imports for countries with dollar pegs more expensive – a challenge for a region highly dependent on goods from abroad.

• Navigating volatility: The impact on GCC economies

  The optimism is welcome – but it may be misplaced. This week the Riyad Bank Purchasing Managers’ Index in Saudi Arabia hit its highest level in more than 10 years – a significant vote of confidence in the Arab world’s largest economy. There was positive news too on jobs in the kingdom. Employment rose “solidly” last year, the survey found. Elsewhere, the local advisory house Jadwa Investment reported that consumer spending in Saudi Arabia rose by 7.5 percent last year – implying that ordinary people are happy to spend rather than save for the unforeseen. Government revenue and spending were also higher than budgeted, Jadwa said, using finance ministry figures. So far, so good.

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