MUST-READS

• Activist tells Saudi-hosted UN forum of ‘silencing’ of dissent

  The Saudi monarchy does not tolerate political opposition and restricts the activities of local and foreign human rights groups. However as part of Prince Mohammed's bid to raise the kingdom's global profile, Riyadh has now hosted two large-scale UN gatherings in quick succession that saw civil society involvement. Earlier this month negotiators gathered for a meeting of the UN Convention to Combat Desertification, which brings together 196 countries and the European Union. Like this week's Internet Governance Forum, the UNCCD drew the participation of activists who might not otherwise have travelled to Saudi Arabia.

• Saudi Arabia’s localization plan is reshaping consultancy sector – and more beyond

  As Saudi Arabia embarks on a journey aimed at boosting job opportunities for citizens, the localization plan for consultancy professions and businesses plays a crucial role. In October 2022, the Kingdom’s Ministry of Human Resources and Social Development issued a decision mandating that from the end of March 2024, 40 percent of workers in firms in this sector must be Saudi nationals.  The decision targeted all professions in the sector, most notably financial advisory specialists, business advisers, and cybersecurity advisory specialists, as well as project management managers, engineers, and specialists. This targeted localization, or Saudization, is part of the cooperation between the Ministry of Human Resources and Social Development and supervising bodies, represented by the Ministry of Finance, the Local Content and Government Procurement Authority, the Expenditure and Project Efficiency Authority, and the Human Resources Development Fund.

• UBS not reliant on ‘blue sky’ scenarios as it expects to double growth in Middle East, CEO says

  UBS, one of the world’s largest wealth managers, is invested in the economic fundamentals of the Middle East and does not rely on “blue sky” or best-case scenarios to grow its business in the region, its group chief executive has said.Switzerland’s largest bank, which completed its merger with former rival Credit Suisse in May, is “working on optimising and integrating what we have on the table” to continue its expansion, regardless of spending policy changes in Saudi Arabia or elsewhere in the region, Sergio Ermotti told The National in an interview. “We are not counting on blue sky scenarios for our growth in this region. We think that there are strong fundamentals supporting growth,” Mr Ermotti said on the sidelines of the Abu Dhabi Finance Week. UBS is convinced of the region’s ability to continue growth momentum rather than expecting a “spectacular shaping up” driven by steep investments.

• Why Bahrain is considering future in BRICS+

  The foreign policy of Bahrain frequently follows in the footsteps of Abu Dhabi’s leadership. As the United Arab Emirates (UAE) has become the first Gulf Arab state to accede to the BRICS+ group of countries, it is therefore worth considering what Bahrain’s possible entry into the bloc could mean for Manama—even if it may not necessarily materialize any time soon. Bahrain’s expression of interest in BRICS+ is part of a wider trend in the region. Countries in West Asia and North Africa such as Algeria, Kuwait, Tunisia and Turkey have all recently considered joining the bloc, which they see as a balancing force. Many governments understand membership to be beneficial in the sense that it could empower them internationally amid a global transition toward a more multipolar order.

• Saudi Arabia Taps Aramco Oil Field Brine in Lithium Battery Push

  Saudi Arabia is exploring projects that can produce lithium for batteries in an effort to ramp up production in the Middle Eastern oil exporter. The country, in the midst of revamping its economy to prepare for a post-oil world, is running two projects to test lithium production methods as part of a plan to develop materials for electric car batteries, Khalid Al-Mudaifer, the vice-minister for mining, said in an interview this week. The country is planning additional ventures, he said. Separately, Saudi Aramco is working on a joint project to extract lithium from brine taken from oil fields, the state energy giant said in an e-mailed response to questions. The presence of lithium and its concentrations and the prospects for extraction are being evaluated, the company said. Aramco is working with the King Abdullah University of Science and Technology.

• 8 Global Trends to Follow in 2025

  If you thought 2024 was a tough year, buckle up for 2025. The “say no to the status quo” year of elections is over. Voters in more than 60 countries, including 10 of the world’s most populous nations, went to the polls. The results were often disastrous for incumbent parties; if they didn’t lose outright, like in the U.S. and the United Kingdom, they won with less support than expected. The challenge for the winners, now, will be to govern. Far from over are the conflicts that raged throughout 2024. Although the fall of the Assad regime in December brought an abrupt end to Syria’s long civil war, there are still more active conflicts now than at any point since World War II. The Israel-Hezbollah ceasefire is holding for now -- and Israel and Hamas may be inching toward one -- but peace prospects for Ukraine and Russia are dim.

• Israel keeps up Gaza bombardment as ceasefire talks intensify
  U.S. and Arab mediators are working round-the-clock to hammer out a ceasefire deal between Israel and Hamas, sources close to the talks said, while in the Gaza Strip medics said Israeli strikes had killed 26 Palestinians on Thursday. The mediators, at talks in Egypt and Qatar, seek to forge a deal to pause the 14-month-old war in the Hamas-ruled enclave that would include a release of hostages seized from Israel on Oct. 7, 2023, along with Palestinian prisoners held by Israel.

• SAL Saudi Logistics Services Prepares for $678 Million IPO Amid Saudi Arabia’s Market Revival

  Saudi Arabia’s logistics sector is at the forefront of a transformative era as SAL Saudi Logistics Services Co., the Kingdom’s leading cargo handling company, gears up for a highly anticipated initial public offering (IPO). The move is expected to raise up to 2.54 billion riyals (approximately $678 million), underscoring the resurgence of Saudi Arabia’s public listings market after a period of slowed activity. The IPO involves 24 million shares, representing a 30% stake in SAL, priced between 98 and 106 riyals per share, which values the company at up to 8.48 billion riyals ($2.26 billion). Saudi Arabian Airlines Corp. (Saudia), the company’s parent, and Tarabot Air Cargo Services Ltd. currently own 70% and 30% stakes, respectively. Institutional investors have until October 1 to participate in the bookbuilding process, with retail investors following from October 11 to October 13. This IPO is not just a significant financial event—it signals a broader shift in Saudi Arabia's economic ambitions and its commitment to redefining its role on the global logistics stage.

• Just Back From… Saudi Arabia

  It is best to travel without preconceptions, but as so much has been written about Saudi it’s difficult not to have some put upon you by the media, others’ opinions, or hearsay. When walking around the capital, Riyadh’s streets felt clean and safe with locals sitting outside enjoying cafes and shisha bars, while western females had their hair down and shoulders on display. It was clear that Saudi is certainly no more oppressive or strict than Dubai is, and it didn’t feel any more religious either; we didn’t hear the atmospheric call to prayer until day four when we were much further south in the holy city of Medina. Just like how the UAE has developed over the last 20 years into a certified holiday destination, Saudi offers more of the same with reliable sun and warmth just a relatively short, direct flight away. But what Saudi can offer that Dubai and Abu Dhabi can’t, is the centuries of history that came before it, with fantastic museums, cultural experiences and UNESCO World Heritage sites to explore. Now is the perfect time to visit for everyone but especially those who are more adventurous and like to have been somewhere that others haven’t yet.

• Saudi crown prince receives Iraqi PM in AlUla

  Saudi Crown Prince Mohammed bin Salman recieved Iraqi Prime Minister Mohammed Shia Al-Sudani at his winter camp in AlUla on Wednesday. The two leaders reviewed aspects of relations between their countries and ways to enhance them. Prince Mohammed and Al-Sudani also discussed regional developments and efforts made toward them to achieve security and stability

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