MUST-READS

• Gordon Brothers seeks buyers for GCC steel production plant

  Gordon Brothers, the global asset experts with headquarters in Boston, US, has announced that they have been appointed as the exclusive selling agent for a never-utilised two million tonnes-per-annum (TPA) flat and long steel production plant. Originally purchased in 2007 from Posco to enhance the seller's manufacturing capacity, the plant assets include 10,200 cases weighing over 53,000 tonnes. Delayed by the 2008 financial crisis and further postponed due to the Covid-19 pandemic, the equipment has remained unused, crated and stored according to OEM recommendations, said Gordon Brothers in its statement.

• GCC trade set to grow 5.5% annually through 2033, with total trade volume reaching $2.3trln, BCG report finds

  Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West. The BCG report reveals a robust outlook for GCC trade, with total trade volume set to reach 2.3T USD by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at 88B USD (5.7% CAGR), followed by Japan at 46B USD (9.4% CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5% annually, highlighting the region's successful economic diversification efforts.

• Turkey Aims for $6 Billion Weapons Deal With Saudi Arabia

  Turkey’s government is hoping to reach a $6 billion defense deal with Saudi Arabia that could see the kingdom buy warships, tanks and missiles, according to Turkish officials familiar with the matter. The agreement, which would involve Saudi Arabia joining a Turkish jet-building project, could be finalized during a visit by President Recep Tayyip Erdogan to the kingdom around March, the officials said. Turkey is trying to grow its defense industry and sees Saudi Arabia, one of the world’s biggest importers of arms, as a key market. The two countries signed a deal in 2023 for the Saudis to buy high-flying drones from Turkish company Baykar. Now, Ankara wants to sell its main battle tank, called Altay, to Saudi Arabia along with missile-defense systems, the officials said.

• Commentary: The Elusive Saudi-Israeli Normalization Deal – Why an Agreement is Likely to Fall Short of Expectations

  The primary actors involved in a potential Saudi-Israeli normalization have strong incentives to portray a deal as a paradigm-shifting event with tremendous, transformative potential for the broader region. This normalization agreement is often described as an all-or-nothing opportunity that will emerge triumphantly within a game-changing grand bargain or else collapse spectacularly. There is good reason to consider another scenario more closely resembling the status quo: a Saudi-Israeli normalization that is considerably less encompassing and transformative than envisioned. Yet many foreign policy priorities of both Saudi Arabia and Israel now appear increasingly disconnected from normalization. The Saudi crown prince—and de facto ruler of the country—craves global recognition. Mohammed bin Salman wants to represent Saudi Arabia at G20 summits, court tech titans and financiers from the U.S. and Europe, and deepen relations with BRICS countries. As far as the Middle East region is concerned, Saudi officials have pursued a policy of de-escalation, which include reestablishing diplomatic relations with Iran and reducing economic pressure on the Houthis.

• 5-year jail and fine of SR30 million for exporting petroleum products without a license

  According to the new law, which replaced the Petroleum Products Trade Law, petroleum must be sold and purchased at the global price. It is stipulated in the law that anyone who exports a priced petroleum product outside the Kingdom without a license shall face imprisonment for a period not exceeding five years, and a fine not exceeding SR30 million or not exceeding twice the value of the petroleum product in question at the global price at the time of its seizure, whichever is higher, in addition to confiscating the seized items.

• Islamic Arts Biennale 2025 Opens in Jeddah, Saudi Arabia

  The second edition of the Islamic Arts Biennale, titled And All That Is In Between, has officially opened in Jeddah. Organized by the Diriyah Biennale Foundation, the Biennale takes place at the Western Hajj Terminal of King Abdulaziz International Airport, a site that holds profound significance for millions of Muslim pilgrims traveling for Hajj and Umrah. The exhibition scenography is designed by the international architecture firm OMA, enhancing the experience with a thoughtful spatial narrative. The exhibition, which runs until May 25, 2025, explores how faith is experienced, expressed, and celebrated through feeling, thinking, and making.

• Fifa rejects request for monitoring of migrant workers’ conditions in Saudi Arabia

  Football’s world governing body has been urged by the African Regional Organisation of the International Trade Union Confederation (ITUC-Africa), a trade union organisation that represents 18 million African workers, to increase protections afforded to migrant workers as the Gulf state embarks on the massive construction programme required to deliver the tournament. In response, however, Fifa has argued measures currently in place are sufficient, claiming it mandates hosts to “uphold their respective duties and responsibilities under international human rights standards in all activities associated with the tournament”.

• Saudi Moves Closer To 6th-Gen Fighter Aircraft. Italian PM Meloni Ready To Welcome Riyadh Into GCAP

  The GCAP, launched in 2022, is a collaborative initiative that seeks to design, manufacture, and deliver a next-generation crewed combat aircraft. The member states of the GCAP grouping seek to induct the first aircraft developed under this program by 2035. Japan’s Mitsubishi Heavy Industries, Italy’s Leonardo, and Britain’s BAE Systems are leading the project as system integrators. On the question of whether the grouping will welcome the entry of Saudi Arabia, Meloni said, “We are in favor of the Saudis entering, but clearly this… will not be immediate,” emphasizing that the details of the GCAP still need to be worked out between the three founding nations. The Italian Prime Minister further added that opening up the multibillion-euro scheme to a fourth country will take time, without giving a tentative deadline.

• Saudi Arabia Set to Hike Oil Prices to Asia to 14-Month High

  Refiners in Asia expect Saudi Arabia to hike its official selling prices (OSPs) to Asia for March to the highest against benchmarks since January 2024, a Reuters survey found on Monday, as Middle East’s key benchmarks are rallying on tightened Russian supply to China and India after the latest U.S. sanctions. Saudi Aramco, the world’s top crude oil exporter, is expected to raise the price of its flagship Arab Light grade to Asia loading in March by up to $2.50 per barrel over the Oman and Dubai benchmarks, three refiners in the Reuters poll said. Another refinery source expects Aramco to hike its OSPs for all grades by $3 per barrel.

• Turkey exploits post-9/11 counterterrorism model to target critics in exile

  The abductions were the latest of more than 118 “renditions” that Turkey’s intelligence service, MIT, has orchestrated over the past decade, according to the spy agency’s website, making it one of the most aggressive practitioners of such extralegal operations. In Nairobi, MIT relied on Kenyan government operatives to carry out the abductions and was able to bypass Kenyan courts, according to the Western security officials who, like others, spoke on the condition of anonymity to discuss a sensitive operation.

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