MUST-READS

• The No 1 problem in a family business? ‘Not business, but family’

  Family-run enterprises account for more than 85 percent of Gulf companies and contribute about 80 percent of non-oil GDP, according to consultancy PwC. In the UAE, these businesses contribute more than 40 percent of Dubai’s GDP and employ over 70 percent of the private-sector workforce, according to the Ministry of Economy. Last year a surge in initial public offerings on Mena stock exchanges was predominantly led by government entities, but IPO momentum is now shifting toward the private sector. Listing is seen as a way to professionalise family-run companies, but Kanoo argued that it does not fundamentally change family dynamics. If founders list 10 percent of their enterprise, they still own 90 percent, he pointed out.

• Could Trump’s re-election derail the Saudi-Iran rapprochement?

  Addressing the Organization of Islamic Countries (OIC) and the Arab League at the Riyadh Summit this month, Crown Prince Mohammed Bin Salman also underscored the international community’s responsibility to respect Iran’s sovereignty, a drastic shift from just eight years ago when both countries cut diplomatic relations. Riyadh and Tehran’s recent reconciliation is a product of both states’ pragmatic approach to realising their respective national and regional goals. Saudi Arabia’s ambitious Vision 2030 hinges on a stable and secure wider regional environment which would not be achieved under sustained tensions between Riyadh and Tehran.

• Will a New Trump Team Force a Recalibration in the Middle East?
  On the same day that Benjamin Netanyahu fired Yoav Gallant, Israel’s wartime defense minister and an emerging political rival, the prime minister scored what he undoubtedly views as another win: Donald Trump’s victory in the U.S. election. In the week since, the Israeli leader’s luck has gone from good to better with the president-elect’s decision to name a series of Iran hawks and Israel supporters to fill key posts in his administration.

• Could Saudi Arabia become the next global biotech hub?

  Since 2018, the Saudi healthcare sector has seen significant growth, with the overall workforce growing by 18% to 2022, according to the report. Most of those healthcare workers are nurses and midwives. A very large percentage of those healthcare workers are non-Saudis, given that the country has a vast workforce of foreign workers. That has changed somewhat since 2018, however, with the country pushing a gradual process of ‘Saudization’, which is designed to tip the scale back to a Saudi majority in the workforce. Part of the overall push in biotech and healthcare has been driven by the National Biotechnology Strategy, launched earlier this year, which focuses on attracting global investment, attracting top talent, and promoting research and development.

• What links have Trump and his allies maintained with Gulf states?
  Donald Trump, who won a second term in office with his victory in Tuesday's U.S. presidential election, and several of his allies continued to engage with the most powerful and wealthy Gulf countries after his first term ended in 2020. They have forged multi-million dollar business deals and engaged in quiet, behind-the-scenes diplomacy. Trump hosted Qatar's ruling emir and the UAE president separately at his Mar-a-Lago residence and private club in September on the sidelines of their official visits. *Several times since Trump left the White House, Jared Kushner, Trump's son-in-law, discussed U.S.-Saudi diplomacy with Saudi Arabia's crown prince and de-facto ruler Mohammed bin Salman, known as MBS. Kushner attended the 2022 soccer World Cup in Qatar.

• How are Saudi Arabia’s WTA Finals unfolding?

  "The venue looks amazing," world number two Iga Swiatek said. "It's my fourth WTA Finals so I can kind of compare. For now we didn't have any problems. It's all pretty smooth." Last year’s tournament in Cancun, Mexico was described as shambolic, with the venue only finished days before the tournament began. World number one Aryna Sabalenka felt "disrespected" 12 months ago but, asked for her initial impressions of this year's tournament, said: "I'm really happy to be here. "Such a beautiful place. Everything looks really good."

• Saudi Arabia water crisis: how do they handle sustainable agriculture and water management?

  Dutch technology and expertise are central to these efficiency improvements. "There’s a strong awareness in the region that the current situation is unsustainable," according to Landhuis. "Over recent years, particularly in the UAE and Saudi Arabia, we’ve seen the construction of large-scale closed greenhouse systems and a growing interest in vertical farming. To give you an idea, the water used for producing one kilogram of tomatoes in a high-tech greenhouse is about 5 liters, compared to over 200 liters in many traditional systems. Much of this technology and knowledge comes from the Netherlands, particularly from Wageningen University & Research (WUR).”

• Can Saudi Arabia build a thriving fintech hub by 2030?

  Let’s say an international fintech is looking to come to Saudi Arabia. First, Fintech Saudi will have a consultation with the company to understand its business model and determine if it needs to be regulated by the major financial bodies. If so, it brings in subject matter experts, law firms as well as other companies in the industry to give the relevant guidance, while involving the main regulators throughout the entire process. Next, Fintech Saudi will connect the company with the Ministry of Investment, which can provide support with setting up an entity in Saudi Arabia.⁸ Finally, Fintech Saudi can give the company links to private service providers in the country–such as office space or software businesses–that can help it get up and running quickly.

• How would a President Harris deal with Saudi Arabia?

  As president, Harris would have to accept that close ties with Riyadh are necessary. There is already a draft bilateral agreement with Saudi Arabia that includes security guarantees and cooperation on civilian nuclear power. While the vice president is campaigning, improbably, as the candidate of change, she should pick up the threads of Biden’s existing policy on Saudi Arabia.

• Is FIFA’s sponsorship deal with a Saudi-owned oil giant really ‘a middle finger’ to women’s soccer?

  It is easy to claim, as many have done, that this is purely an exercise in sportswashing. But that ignores that soccer is also helping to facilitate a fast-moving cultural shift in Saudi Arabia, and the region more broadly, while being careful not to attract the attention of some of the ultra-conservative religious leaders who remain committed to the region’s more traditional ways. One of the teams in the Saudi Women’s Premier League is the Eastern Flames. It was originally established in 2006 with players from the Aramco  community. Despite significant hurdles for women to play sport at all, the team survived and flourished and has been elevated into the professional league.

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