MUST-READS

• US reliance on Saudi oil is nearing its endgame

  The US bought roughly 277,000 barrels a day of Saudi crude last year, down nearly 85% from a record high of 1.73 million barrels a day in 2003. To find lower imports, one must travel back to 1985, when flows briefly plunged as the kingdom cut output to try to push oil prices higher. To find several years of similarly low imports, one must go back all the way to the late 1960s. The collapse in Saudi-US oil flows will deepen further in 2025 as one of the five refineries that has been regularly importing the barrels closes, according to custom documents. Lyondellbasell NV is shuttering its Houston plant this quarter, leaving only four consistent clients for the kingdom’s oil in America. The remaining plants are the Motiva refinery near Houston, owned by the Saudis themselves via their state-owned oil company; a refinery run by Chevron Corp. near Los Angeles, and two plants owned by PBF Energy Inc. in New Jersey and Delaware. Motiva alone accounts for 40% of the Saudi crude the US imported last year. The reduced number of buyers compares with two decades ago, when 25 (and, at times, even more) refineries regularly processed Saudi crude.

• PIF announces completion of investment in Saudi Reinsurance Company

  PIF announced today that it has acquired a 23.08% stake in Saudi Reinsurance Company (Saudi Re) by way of a capital increase and subscription to new shares, with the suspension of preemptive rights in accordance with Capital Market Authority regulations. Saudi Re is a leading MENA reinsurance company and holds an A-minus rating from S&P Global and an A3 rating from Moody's. In the first nine months of 2024, Saudi Re's total written premiums reached SAR 1.94 billion ($520 million). It achieved a compound annual growth rate of 17% over the five years up to the end of the 2023 financial year.

• Ivanhoe Electric’s Typhoon Technology Quickly Proves its Power with Discovery in Saudi Arabia

  The Joint Venture's first Typhoon^TM survey covered 76 square kilometers near Ma'aden's Al Amar gold-copper-zinc mine. It was completed in March 2024. Subsequent Typhoon^TM surveys have covered an additional 162 square kilometers of the Al Amar exploration licenses. The Joint Venture's initial drill program focused on the Umm Ad Dabah prospect, near Ma'aden's existing Al Amar gold-copper-zinc mine. The Joint Venture is using Ivanhoe Electric's advanced Typhoon^TM geophysical surveying systems and Computational Geosciences Inc.'s ("CGI") industry-leading inversion software to guide exploration activities.

• Fundraising in Saudi Arabia and the GCC: What can we expect from 2025?

  Despite the challenges, the GCC's fundraising landscape in 2025 is poised for continued growth. The region's burgeoning startup ecosystem, coupled with supportive government initiatives and a growing appetite for risk among investors, creates a fertile ground for VC investment. However, navigating the evolving preferences of LPs and effectively addressing the challenges of competition and talent acquisition will be crucial for long-term success. The GCC fundraising landscape in 2025 presents a mixed picture. While the venture capital (VC) asset class exhibits strong tailwinds, driven by growing opportunities and an increasing number of exits facilitated by the Saudi stock market, several challenges persist.

• Biden says on ‘brink’ of hostage release/Gaza ceasefire deal

  President Biden, a week before he is due to hand over power, expressed optimism about prospects for at long last reaching a deal for the release of some of the 100 hostages held by Hamas in exchange for Palestinian prisoners held in Israeli prisons, and a phased ceasefire in Gaza. The basic structure of the three phase deal is one the administration has been pursuing for over eight months. “On the war between Israel and Hamas, we are on the brink of a proposal that I laid out in detail months ago, finally coming to fruition,” Biden said in a valedictory foreign policy speech at the State Department today.

• Saudi Arabia’s Golden Handshake: A Generous Farewell to Civil Servants.

  Saudi Arabia has rolled out a remarkable initiative called the “Golden Handshake” program, earmarking a hefty sum of 12.7 billion Saudi Riyals to encourage early retirement among its civil servants. This isn’t just any policy; it’s a strategic move designed to streamline government operations and inject new life into the workforce by making room for the younger generation. The essence of this program lies in its offer of financial incentives to those who’ve dedicated years to public service, providing them with an opportunity to step back gracefully. To qualify for this golden opportunity, there are specific criteria set by the program. You’ve got to have clocked in at least 15 years of service and be aged between 50 and 55.

  • Saudi Gazette - SR12.7 billion allocated for beneficiaries of Golden Handshake Program for 3 years
• Saudi Arabia plans cash pay-offs to cut public sector jobs

  Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it chose that name, it is clear that it wants to tempt idle Saudi civil servants to leave their jobs in return for attractive cash incentives. The Arabic language daily Aliqtisadiah and other publications said at the weekend that the plan aims to save funds, boost efficiency and encourage citizens to seek jobs in the private sector, which they have generally shunned.

• Saudi Arabia’s Industrial Production Sees Notable Growth: A Comprehensive Analysis

  The Kingdom of Saudi Arabia has reported a significant rise in its industrial production, with the general index of industrial production recording an increase of 3.4% in November 2024, compared to the same period in 2023. According to the data released by the General Authority for Statistics, the industrial production index surged to 103.78 points in November 2024, based on the 2021 base year, compared to 100.37 points in November 2023. This rise is reflective of the steady strides Saudi Arabia is making towards diversifying its economy, as outlined in the Vision 2030 plan, and is indicative of the health of various industrial sectors. The increase in the general index of industrial production can be attributed to growth across several key sectors. Notably, mining and quarrying, manufacturing activities, water supply and sanitation, and waste management and treatment activities have all contributed to this positive trend.

• Saudi Arabia unveils 15 new incentives to boost exports, logistics

  Saudi Arabia has rolled out 15 new incentives under the Authorized Economic Operator program, to boost export competitiveness, enhance supply chain security, and advance the Kingdom’s ambitions as a global logistics hub. The Ministry of Industry and Mineral Resources announced the incentives, which include key administrative benefits such as assigning liaison officers and account managers to streamline processes for investors and address challenges more efficiently. As part of the program, companies will also gain access to industrial land, with long-term leases of up to 30 years, and eligibility for the “Custom Factory on Demand” service. These measures are designed to support industrial expansion and strengthen the Kingdom's position in global trade.

• Newlab Expands to the Kingdom of Saudi Arabia to Catalyze Critical-Tech Ecosystem and Accelerate Startup-Led Economic Growth

  Newlab Riyadh will attract leading critical-tech startups to KSA and accelerate commercialization outcomes that will translate into measurable economic impact in the Kingdom and broader region. Newlab Riyadh joins Newlab’s growing network of hubs around the world, including Newlab Brooklyn, Newlab Detroit, and Newlab Montevideo. Newlab will establish an initial beta space in Riyadh in 2025 to serve as an anchorpoint for the founding startup ecosystem while commencing development of a larger hub which is slated to open in 2026.

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