MUST-READS

• Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on healthier oil market outlook

  The eight OPEC+ countries, which previously announced additional voluntary adjustments in April and November 2023, namely Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman met virtually on March 3, 2025, to review global market conditions and the future outlook. Taking into account the healthy market fundamentals and the positive market outlook, they re-affirmed their decision agreed upon on December 5, 2024, to proceed with a gradual and flexible return of the 2.2 mbd voluntary adjustments starting on 1st April, 2025, while remaining adaptable to evolving conditions. Accordingly, this gradual increase may be paused or reversed subject to market conditions. This flexibility will allow the group to continue to support oil market stability.

• Saudi, Lebanese leaders reaffirm commitment to Taif Agreement and Lebanon’s sovereignty

  Leaders of Saudi Arabia and Lebanon emphasized the importance of enhancing Arab cooperation and coordinating positions on regional and international issues, Saudi state news agency SPA reported on Tuesday. Both sides reaffirmed the necessity of fully implementing the Taif Agreement. This agreement, which ended Lebanon’s civil war, was negotiated in Saudi Arabia, in 1989. They also stressed the importance of ensuring Lebanon's sovereignty over all its territories, restricting weapons to the Lebanese state, and supporting the Lebanese army’s national role - calling for the withdrawal of the Israeli occupation forces from all Lebanese territories. These points were highlighted in a joint statement issued following the official visit of Lebanese President, Joseph Aoun, to Saudi Arabia.

• Iranians outraged as Turkey warns action in Syria will boomerang for Iran

  Turkish Foreign Minister Hakan Fidan’s warning that Iran will face instability if it makes any destabilizing move in Syria has sparked widespread condemnation in Tehran. As Iran’s longtime Syrian ally Bashar Al-Assad has been toppled by Turkish-backed Sunni Islamists, some Iranians say Ankara now believes that Tehran is too weak to stand up to Turkey.

• PIF and Goldman Sachs Asset Management Sign MoU to Partner on Investment in Saudi Arabia, GCC

  PIF and Goldman Sachs Asset Management today announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia.

• PwC seeks to mend relations with Saudi Arabia, sources say
  PwC is working with Saudi Arabia and its sovereign wealth fund to mend relations with the kingdom, two people familiar with the matter told Reuters.
  Saudi Arabia's Public Investment Fund (PIF) and the kingdom as a whole are major clients for PwC, with over 2,600 of the consulting firm's global workforce dedicated to projects in the country. The kingdom has suspended activities between the $925 billion fund's holding company and PwC, while its portfolio companies can still engage the consultant, one of the people said. PwC told its employees in a memo on Friday, that the situation with Saudi Arabia related to a "client" matter, and not a regulatory issue, one of the sources told Reuters. Reuters could not establish how much business is at stake. PwC's Middle East activities generated 1.97 billion pounds ($2.5 billion) of revenue in its last set of full-year accounts to 30 June 2024. It did not provide a breakdown for Saudi Arabia.

• Saudi Monshaat: 67% increase in commercial registrations during Q4 2024

  There has been a 67 percent increase in commercial registrations, bringing the total number to 1.6 million during the fourth quarter of 2024. According to the quarterly SME Monitor Report released by the Small and Medium Enterprises General Authority (Monshaat), the majority of these registrations were concentrated in Riyadh, accounting for 39 percent, followed by Makkah with 17 percent, the Eastern Province 16 percent, Qassim 6 percent, and Asir 5 percent. The remaining 17 percent were distributed across other regions. More than 51,000 individuals have benefited from the Monshaat Academy, 41,076 SMEs accessed the authority’s support centers, and nearly 6,100 beneficiaries used the Mazaya platform

• Saudi Arabia’s commitment to spending efficiency is driving growth and building resilience

  Saudi Arabia’s 2025 budget will see the Kingdom continue to invest in the transformation of strategic sectors – including healthcare, tourism and logistics – under Vision 2030. Technologies such as artificial intelligence (AI) have emerged as key enablers in the transformation journey of these industries, with digitisation helping to streamline processes and increase operational and financial transparency. Of course, there are obstacles to unlocking spending efficiencies. Implementation of advanced tech like AI and data analytics often require substantial short-term investment. Spending on emerging technologies should be done as part of a long-term strategy, which needs the buy-in of all stakeholders – including employees, who may be resistant to change or supply chain partners whose systems and processes may not yet be compatible.

• Lebanese president hopes to mend ties with Saudi Arabia in first visit in years

  Lebanon’s president said Monday that he hopes to strengthen ties with Saudi Arabia during a visit to the kingdom following years of strained relations between the countries. Joseph Aoun became Lebanon’s first head of state to visit Riyadh in six years. Saudi Arabia has been vocal about its concerns over the Iran-backed militant Hezbollah group and Lebanon’s positions on some regional issues. In recent years, it imposed a travel and import ban on Lebanon. Aoun’s appointment as president as well as that of a diplomat and former head of the International Criminal Court, Nawaf Salam, as prime minister are both seen as major blows to Hezbollah. As relations slowly thaw, Lebanon hopes that Saudi Arabia will lift the travel ban on the cash-strapped country, restore trade and help its reconstruction efforts after the war between Hezbollah and Israel left southern and eastern Lebanon in ruins.

• Photos: Saudi Arabia welcomes Ramadan with festive spirit
  Riyadh: Saudi Arabia has embraced the arrival of Ramadan with festive decorations, as streets and public spaces glow with illuminated crescents and lanterns, symbolising the joy and anticipation of the holy month. Meanwhile, regulatory teams continue to monitor commercial activities and implement preventive health measures to ensure public safety throughout the Kingdom. According to the Saudi Press Agency (SPA), residents across the Kingdom are upholding cherished traditions by decorating their homes, exchanging greetings, and organising family gatherings.

• Sabalenka praises WTA’s new mission, welcomes Saudi investment

  World number one Aryna Sabalenka praised on Friday the WTA's mission to highlight the personalities of its athletes and called Saudi Arabia's investment in the women's tennis tour an important part of growing the game. The WTA rebranding, complete with a new logo and "Rally the world" tagline, comes amid a rise in global viewership and a record $4.8 million prize awarded last year to Coco Gauff for winning the WTA Finals in Riyadh, a tournament sponsored by Saudi's Public Investment Fund (PIF).

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