MUST-READS

• The changing face of project finance around the Gulf

  Project finance is a funding model often used for infrastructure, in which repayment comes from revenue generated by the completed facility rather than being guaranteed by the owners. “Repayment depends on the project succeeding,” says Rahul Bajaj, director of Mena equity research at Citi in Dubai. As such, banks expect a premium for accepting the higher risk. “These are usually not low-margin products,” adds Bajaj. The project finance model is expected to play a bigger role in supporting the Gulf’s economic development. As governments push ahead with mega-projects, especially in Saudi Arabia and the UAE, the need for alternative financing mechanisms has grown, bankers say.

• Ukraine agrees to U.S. ceasefire plan. ‘Hopefully Russia agrees to it,’ Trump

  The United States will resume military and intelligence assistance to Ukraine after Ukrainian negotiators today agreed to a U.S. proposal for a 30-day interim ceasefire, which the US will now discuss with Moscow, Secretary of State Marco Rubio said. “We’ll take this offer now to the Russians, and we hope that they’ll say yes,” Rubio told journalists after the conclusion of talks with the Ukrainians in Jeddah, Saudi Arabia, tonight. “The ball is now in their court.” President Trump “wants the war to end,” Rubio said. “Today, Ukraine has taken a concrete step in that regard. We hope the Russians will reciprocate.” “The Ukrainian delegation today made something very clear: that they share President Trump’s vision for peace,” US National Security Advisor Michael Waltz said. “They share his determination to end the fighting.”

• Will regional geopolitical shifts shake up Sunni politics in Iraq?

  Regarded as one of Iraq’s most skilled—if controversial—modern political operators, Sunni politician Mohammed Al-Halbousi has faced challenging times since his removal as parliament speaker in late 2023. Despite setbacks, he has managed to remain a key political figure, leveraging deft strategic maneuvering and carefully cultivated alliances to maintain influence. When Sunni blocs were up in arms over a legal challenge last month to block the Sunni-sponsored General Amnesty Law, Halbousi again emerged as the dominant rallying figure. This centrality in Iraq’s Sunni political establishment has been lasting despite renewed attempts from opponents to sideline the Anbari politician, and potentially secure his permanent ouster from the political stage.

• Saudi finance leaders discuss accounting reforms at ICAEW event

  Finance leaders in Saudi Arabia discussed the need for accounting reforms to augment investor trust and financial transparency at an event hosted by the Institute of Chartered Accountants in England and Wales (ICAEW).  The conversation centred on how enhanced accounting standards, ethical frameworks, and technological adaptation could keep the profession aligned with the country’s progress.

• Positive Energy and Pragmatic Actions Needed to Drive Global Growth and Rise of AI: Dr. Sultan Al Jaber

  Speaking at CERAWeek in Houston, Texas, Dr. Al Jaber called for durable, stable policies to meet the growing demand for energy. “The world is finally waking up to the fact that energy is the solution. Energy is the beating heart of economies, a key driver of prosperity and is fundamental to every aspect of human development. If we want a pro-growth world, we need pragmatic actions and policies that are pro-growth, pro-investment, pro-energy and pro-people.”

• How separatist militants hijacked a train in Pakistan
  The Jaffar Express was heading to the city of Peshawar in Khyber Pakhtunkhwa province from Quetta, the capital of Balochistan province, with 425 people on board when it was attacked. Militants blew up the railway tracks and opened fire on the train, killing the driver and trapping the locomotive inside a tunnel before taking control of it. Some of those rescued said they crouched low when the firing started, while others spoke of passengers who had been injured or killed.

• US resumes sending aid, intel to Ukraine; seeks ‘yes’ from Russia on ceasefire

  Ukrainian President Volodymyr Zelenskyy said in his own statement that the day’s discussions began with Ukraine’s key priorities: stopping Russia’s missile and drone attacks, releasing prisoners of war, the return of Ukrainian children taken to Russia, and building confidence in the overall diplomatic process. “The American side understands our arguments and considers our proposals,” Zelenskyy said. “The U.S. side proposed taking an even bigger first step—a 30-day full interim ceasefire, not only stopping missile, drone, and bomb attacks, not only in the Black Sea, but also along the entire front line. Ukraine is ready to accept this proposal.”

• Saudi-owned Sela strikes deal with Olympics hero Mills

  Sky News has learnt that Sela, which has gained international prominence in recent years as the shirt sponsor of Saudi-owned Premier League side Newcastle United, will announce later on Tuesday the formation of a partnership with Origin Sports Group. The alliance will come soon after Sela agreed a collaboration with The Ring and TKO to form a new international boxing promotion company. Sela's joint venture with Origin will include the establishment of an international headquarters in London, with a board including Sela's head of international business, Ibrahim Mohtaseb.

• The Thirst for Power: Water and Politics in the Middle East

  This new CSIS report provides a new perspective on an old topic. The Middle East has battled water insecurity for centuries, but today, the region is on a razor’s edge. Climate change and overuse have threatened water supplies like never before. In a region beset with wars, fragility, and political tensions, it is harder than ever to develop agreements and reforms that would alleviate water scarcity. The trends are clear: By 2050, every single country in the Middle East and North Africa (MENA) will live under extremely high water stress.1

• Eid Al-Fitr holiday announced for private, non-profit sectors

  The Ministry of Human Resources and Social Development (HRSD) announced that the four-day Eid Al-Fitr holiday for the private and non-profit sectors will start on March 29. Meanwhile, the Saudi Exchange (Tadawul) will close for the holiday at the end of March 27 session. Trading will resume on April 3.

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