MUST-READS

• Oman imposes 15% tax on multinationals

  Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency. The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency. Last month the UAE’s finance ministry said it would increase corporate tax on large multi-national enterprises to 15 percent from January 1, from the current 9 percent of their profits in the Emirates.

• Retail orders for IPO of Saudi’s Nice One hit $242m

  The retail tranche of Nice One Beauty Digital Marketing’s initial public offering on the Saudi stock exchange was 7.9 times oversubscribed, with the order book reaching SAR908 million ($242 million). SNB Capital Company, the lead manager for the IPO, said the two-day subscription included 3.47 million shares, representing 10 percent of the IPO, at SAR35 per share. Individual investors will receive a minimum of eight shares each. The remaining will be allocated pro-rata based on the size of the individual investor’s request.

• An ambitious year ahead for Gulf aviation

  Saudi Arabia’s Riyadh Air is a “big bang” new airline development and its arrival halfway through the decade is symbolic since there will be no more significant launch in the foreseeable future. Its aircraft orders are now in place, the carrier has secured national airport slots for summer 2025, recruitment is well advanced and uniforms are ready. While the airline has yet to reveal its network and schedules, it is possible to decipher its plans by identifying routes from Riyadh that operated during the summer of 2024 but that are significantly reduced for next year.  Not surprisingly, Saudi Arabia’s second city, Jeddah, is top of the list, followed by Dubai, Cairo, Kuwait, Istanbul, Bahrain, Milan and Nice, along with a selection of other domestic points.

• Elon Musk and GCC: A partnership shaping the Gulf’s tech future

  In recent years, Gulf countries such as Saudi Arabia, the Sultanate of Oman, and Qatar have emerged as key partners in Musk’s ventures. The most recent example is Oman Investment Authority’s (OIA) acquisition of a stake in xAI, announced in December 2024. The company specialises in developing artificial general intelligence (AGI), aimed at solving complex global challenges while prioritising ethical and safe development. This investment aligns with the Gulf’s broader strategies to leverage advanced technologies, enhance economic diversification, and develop robust digital infrastructure. Initiatives such as Oman Vision 2040 and Saudi Vision 2030 reflect an ambition to move beyond oil-dependent economies by embracing knowledge-based industries.

• GCC tourism revenues soar to $110.4bln in 2023

  International tourism revenues earned by the Gulf Cooperation Council (GCC) states amounted to $110.4 billion in 2023, according to recent data published by the GCC Statistical Centre. This figure represents a 28.2 per cent increase compared to 2019, when revenues were $86.1 billion. GCC earnings constituted 7.2 per cent of the global market share, emphasising the GCC's role as an attractive tourism destination. n terms of revenue, the United Arab Emirates ranked first with $51.9 billion, followed by Saudi Arabia with $40.6 billion, Qatar with $8.8 billion, Bahrain with $5.1 billion, Oman with $2.3 billion, and Kuwait with $1.7 billion.

• FIFA World Cup 2034 to bring positive momentum to Saudi stock market: Report

  A recent report predicts that stock market performance will improve as Saudi Arabia gets ready to host the FIFA World Cup in 2034. According to SNB Capital’s most recent analysis, the Kingdom’s non-oil GDP would rise by 4 to 5% over the medium term, which is estimated to be four to eight years, if the major event were held. Following a comparison of the development of the stock markets in South Africa, Russia, and Qatar during their respective hosting of the mega football event in 2010, 2018, and 2022, the firm came to this conclusion.

• Gulf cooperation council chief affirms support for Syria during visit

  Jasem Al-Budaiwi, Secretary General of the Gulf Cooperation Council (GCC), met on Monday with Syria’s new leader Ahmed Al-Sharaa in the capital Damascus, the Saudi Press Agency said. Al-Budaiwi said the visit affirms the GCC’s support for Syria’s unity and stability to achieve security, prosperity, and development for the Syrian people. The secretary-general, who was accompanied by Kuwait’s FM Abdullah Al-Yahya, said that the Gulf countries have always stressed the need to respect Syria’s sovereignty, independence and territorial integrity, reject foreign interventions, and combat terrorism and extremism, while respecting religious and cultural diversity in the country.

• The year ahead in the Middle East: A weakened Iran has big implications for China

  For a significant period of time, Iran’s status as a rising power within the region has been regarded as a consistent reality in assessing Middle Eastern geopolitics. But events since the Oct. 7, 2023 attack by Hamas on Israel have seen Iran’s position in the region erode substantially. The balance of power in the Middle East has consequently been irreversibly altered. A key pillar supporting Iran’s previously powerful status in the Middle East has been its cultivation of the “Axis of Resistance,” a group of Iranian allies across the region that acted together against Israeli and American interests. The members of the axis, in addition to Iran itself, include Hamas, Hezbollah, Iraqi Shiite militias, the Houthis and Bashar al-Assad’s regime in Syria.

• British Explorer to Cross Saudi Arabia on Foot on January 1 in Historic Expedition

  British explorer and TV presenter Alice Morrison is gearing up for a one-of-a-kind adventure, set to make history as the first person to traverse Saudi Arabia on foot from the far north to the far south in an ambitious five-month journey that kicks off on January 1, 2025. Covering an impressive 2,500 kilometers and involving local guides and camels, Morrison will navigate the Kingdom’s vast deserts, lush oases, and towering mountains. Her journey is anchored by three key objectives: to discover new landmarks and delve into the depths of history, to highlight the vital role of Saudi women in society, and to showcase the beauty of the natural landscape and the Kingdom’s efforts to conserve nature.

• Syria’s top diplomat to visit Saudi Arabia for first foreign trip

  The announcement came as a string of Arab delegations have made their way to Damascus in recent days to meet with Syria’s de facto leader, Ahmed al-Sharaa, as he looks to shore up support in the region and normalise relations that collapsed in the wake of former president Bashar al-Assad’s crackdown on the Arab Spring uprisings in 2011. On Monday, Kuwaiti Foreign Minister Abdullah al-Yahya was in the Syrian capital, following visits last week by Qatari, Bahraini, and Jordanian officials. The new Syrian leadership is, in particular, seeking investment from the oil-rich Gulf countries to help rebuild a battered economy and infrastructure after 13 years of war.

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