MUST-READS

• Zelensky hopes US-Ukraine talks next week will be ‘meaningful’

  Zelensky announced the US-Ukraine talks in Saudi Arabia in a series of posts on social media, after attending Thursday's crisis summit in Brussels where European Union leaders endorsed plans for a boost in defence spending. "Ukrainian and American teams have resumed work, and we hope that next week we will have a meaningful meeting," he wrote on X. "Ukraine has been seeking peace since the very first moment of the war, and we have always stated that the war continues solely because of Russia." Zelensky urged the global community to put more pressure on Moscow so it "accepts the need to end" the war. He also made an apparent reference to a truce plan outlined earlier this week by French President Emmanuel Macron, which proposed a ceasefire in the air and at sea, and an end to attacks on energy and other civilian infrastructure.

• Analysis: PwC’s Saudi ban is a warning sign

  The Gulf is one of the few remaining growth markets for global consultancy firms, and Saudi Arabia has been a particularly lucrative destination. The kingdom’s Vision 2030 transformation has relied heavily on firms like McKinsey & Co., Boston Consulting Group, PwC, and others to design and execute economic and regulatory overhauls. Entry-level compensation is higher than London “even without adjusting for taxes,” according to The Financial Times, and the region has become a bright spot in a declining industry. PwC’s temporary ban — reportedly affecting its advisory business but without clarification on the specific type of work impacted — has not been confirmed or explained by either the firm or the sovereign wealth fund. The lack of transparency has added to the mystery surrounding the situation. The suspension has reignited debates about the dominance of foreign consultancies, with many Saudis expressing frustration over what they see as a monopoly by these firms, arguing that such dominance stifles the development of local expertise and opportunities. This sentiment underscores a broader call for economic sovereignty and the cultivation of homegrown talent.

• Trump warns Hamas as US holds unprecedented talks for Gaza hostages
  The United States broke a longstanding diplomatic taboo by holding secret talks with Hamas on securing the release of U.S. hostages held in Gaza, sources told Reuters on Wednesday, while President Donald Trump warned of "hell to pay" should the Palestinian militant group not comply. U.S. hostage affairs envoy Adam Boehler has the authority to talk directly with Hamas, the White House said when asked about the discussions, which broke with a decades-old policy against negotiating with groups that the U.S. brands as terrorist organizations. Boehler and Hamas officials met in Doha in recent weeks, two sources briefed on the negotiations said. It was not clear who represented Hamas.

• New Trump travel ban could bar Afghans, Pakistanis soon, sources say
  A new travel ban by President Donald Trump could bar people from Afghanistan and Pakistan from entering the U.S. as soon as next week based on a government review of countries' security and vetting risks, three sources familiar with the matter said. The three sources, who requested anonymity, said other countries could also be on the list but did not know which ones. The move harkens back to the Republican president's first term ban on travelers from seven majority-Muslim nations, a policy that went through several iterations before it was upheld by the Supreme Court in 2018.

• Turkey moves to power Saudi Arabia’s defense-driven economic transformation

  Riyadh’s bold plans to localize 50% of its defense sector by 2030 are reshaping its approach to military-industrial development. In line with this vision, leading Turkish defense companies such as Baykar, ASFAT and ASELSAN are forging co-production agreements, paving the way for intensifying technology transfer, and expanding local manufacturing capabilities within the Kingdom. Saudi Arabia’s proposed 6B USD defense agreement with Turkey is a significant step forward for this vision. The deal is expected to include a diverse range of hardware—including warships, the  battle tank Altay, a variety of unmanned aerial vehicles (UAVs) and potential collaboration on fifth-generation KAAN stealth fighters. These moves signal broader geostrategic aims beyond a shift in military procurement. In this context, the looming deal has the potential to radically transform Riyadh’s economic and industrial landscape.

• Saudi Giga Projects Report 2025: 24 Giga Projects Transforming Saudi Arabia’s Economy & Infrastructure

  The report provides an in-depth analysis of 24 transformative mega-projects driving Saudi Arabia’s Vision 2030. Covering Neom, The Line, Oxagon, King Salman International Airport, Diriyah Project, and more, this report details project progress, contractor awards, and investment opportunities. These giga-projects are reshaping Saudi infrastructure, tourism, and technology, offering lucrative business and subcontractor opportunities.

• Warburg Pincus Partners With Hassana to Chase Saudi Arabia Deals

  Warburg Pincus LLC and Saudi Arabia’s $320 billion pension fund manager will jointly explore deals in the kingdom as the global private equity firm looks to boost its presence in the Middle East. The $86 billion firm’s peers like Ardian SAS, General Atlantic and CVC Capital Partners have either opened offices for deal-making in the region or boosted headcount.  Warburg currently has exposure to the Middle Eastern market through Gradiant, a clean-tech water projects solutions provider and developer. Its previous investments in the region include BPO solutions provider Mercator, which it combined it with Accelya and exited in 2019, and payments firm Network International.

• Saudi Energy Expansion: Lithium Production in Focus

  Lithium, often dubbed “white gold,” plays a critical role in the manufacture of electric vehicles (EVs), energy storage systems, and renewable energy infrastructure. Aramco, in collaboration with Ma’aden, aims to extract lithium from high-concentration deposits and introduce cost-effective direct lithium extraction (DLE) technologies. With concentrations exceeding 400 parts per million identified in existing operations, Aramco is leveraging its decades of subsurface geological data and advanced digital tools to establish a robust lithium supply chain. This initiative builds on Aramco’s strengths as one of the world’s leading integrated energy companies, while Ma’aden contributes deep mining expertise. Their partnership is a testament to Saudi Arabia’s focus on industrial diversification and leadership in the energy transition minerals market.

• New project focuses on restoring degraded lands in Saudi Arabia

  The National Center for Vegetation Cover Development and Combating Desertification has launched a project to study and assess degraded sites in Saudi Arabia’s western and southern regions.  Using advanced technology, the project will develop rehabilitation plans aligned with global standards as part of a broader national strategy, the Saudi Press Agency reported recently.  It focuses on identifying degraded areas and analyzing direct and indirect causes in Makkah, Madinah, Baha, Asir, Jazan, and Najran.

• Saudi Arabia’s General Entertainment Authority Chief Forges ‘Landmark’ Boxing Promotion Partnership With TKO and Saudi’s Sela

  Turki Alalshikh, the chairman of Saudi Arabia‘s General Entertainment Authority, has forged a multi-year boxing promotion partnership with U.S. sports and entertainment conglomerate TKO and Saudi sports marketing company Sela in what is being touted as a landmark deal. He is the mastermind behind the “Day of Reckoning” boxing matches held in Riyadh involving huge names such as Anthony Joshua and Deontay Wilder. Over the past few years Alalshikh has been behind Saudi Arabia’s large investments in many other sports as well, including soccer, golf, Formula 1 and, most recently, tennis.

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