MUST-READS

• Labor
  Saudi Government Supports Nationalization of Workforce in Private Sector

  The government is set to provide allowance amounting to 50 percent of the Saudi employees’ monthly salaries, in addition to raising the subsidized ceiling wage value to SAR15,000 ($4,000). The Kingdom’s Saudi Human Resources Development Fund (Hadaf) launched on Sunday a campaign directed to private sector establishments. It aims at supporting the employm

• UAE
  Commentary: Manufacturing New Loyalties in the UAE

  Emiratis are believed to form just 11.5 percent of the United Arab Emirates’ (UAE) total population of 9 million, the vast majority of which is made up of migrant workers. With such a large foreign population, the government has recently launched a broad drive to foster national identity among the Emirati population.

• Aramco IPO
  Commentary: Why Saudi Aramco’s IPO Is No Ordinary Share Sale

  Investors were able to purchase just 1.5% of the world’s most profitable company -- about half what was previously considered. Even so, Aramco’s IPO became the biggest in history.

  • New York Post - Saudi Aramco’s IPO balloons to record $29.4B
• Al-Asad Attack
  U.S. commanders at al-Asad base believe Iranian missile barrage was designed to kill

  The attack lasted more than an hour and a half, commanders said, with explosions illuminating the landscape for miles. In interviews, more than a dozen troops described feeling the air turn warm as light filled the night sky and shock waves ripped through the air. Lt. Col. Staci Coleman, who oversees airfield operations, described the absence of serious injuries as "miraculous."

• GCC Economies
  U.S.-Iranian Tensions Offer Stress Test for Gulf Arab Economies

  The World Bank slashed growth forecasts for Gulf economies, owing to geopolitical tensions and lower oil demand, and Moody’s issued a negative outlook for Gulf sovereign creditworthiness.

• Ukraine International Airlines
  Iran announces arrests over downing of plane that killed 176

  The announcement came amid an upswell of anger and protests by Iranians in recent days over the downing of the jetliner last Wednesday and apparent attempts by senior officials in Iran to cover up the cause of the crash.

  • Washington Post - Canada to get access to recorders from downed plane in Iran
• Algosaibi Dispute
  BNP, Citigroup Among Most Exposed in Mideast’s Biggest Default

  BNP Paribas SA and Citigroup Inc. are among global banks with the most exposure to about $14 billion of accepted claims related to the collapse of two Saudi business empires more than a decade ago. The French bank is owed about $750 million by Maan al-Sanea’s Saad Group and Ahmad Hamad Algosaibi & Brothers Co. -- two family holding companies that defaulted on roughly $16 billion in 2009 -- after a Saudi court accepted its claims, according to documents seen by Bloomberg. The U.S. bank is owed about $270 million by Saad Group, the documents show.

• Banking and Finance
  Saudi, U.A.E. Banks to See Jump in Loan Demand as Profit Lags

  While banks in Saudi Arabia and the United Arab Emirates can look forward to burgeoning loan growth in 2020, higher earnings could be slow to follow as lower interest rates pressure profit margins. Lending in the U.A.E. is expected to get a lift from Dubai’s hosting of a six-month exhibition involving more than 190 countries. In addition, economic growth is forecast to rise to 2.5% from 1.6% last year, according to estimates compiled by Bloomberg. A regional expansion by U.A.E. banks may also add to revenue, as a government-backed mortgages program in Saudi Arabia fuels demand for home loans. You've reached your free article limit. Limited time offer: $105$12 for 3 months.

• BlackRock
  BlackRock Puts Climate at Center of $7 Trillion Strategy

  The BlackRock Inc. chief executive officer issued his strongest warning yet to business leaders on the climate crisis, and said his firm will take steps to address the issue across the thousands of companies in which it invests.

• China
  China’s 2019 annual crude imports set record for 17th year

  China’s crude oil imports in 2019 surged 9.5% from a year earlier, setting a record for a 17th straight year, as demand growth from new refineries built last year propelled purchases by the world’s biggest importer, data showed on Tuesday.

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