MUST-READS

• Russia President, Saudi Crown Prince discuss Palestine-Israel conflict, situation with oil markets

  Russian President, Vladimir Putin, discussed the Palestinian-Israeli conflict and the situation with the global oil market with Saudi Crown Prince, Mohammed Bin Salman (MBS), over the telephone, the Kremlin said Wednesday. The talk was initiated by the Saudi side and two leaders marked their positions on a possible settlement between the Palestinians and Israelis, according to a statement, Anadolu Agency reports. “The importance of continuing close coordination in OPEC Plus was emphasized. The effectiveness and timeliness of the steps taken in this format to ensure balance in the global energy market were noted,” it added.

• Saudi Arabia Solar Photovoltaic Industry Research Report 2024-2029: Saudi Vision 2030 – A Catalyst for Booming Solar PV Industry Amidst Oil Dependency Reduction

  The Saudi Arabia Solar Photovoltaic Market was valued at USD 3.92 Billion in 2023, and is expected to reach USD 44.89 Billion by 2029, rising at a CAGR of 49.87%. The Saudi government has implemented various incentives, such as subsidies, tax benefits, and funding programs, to encourage the adoption of solar energy. These measures reduce the financial burden on businesses and households, making solar PV installations more attractive. Additionally, the decreasing cost of solar technology, driven by advances in manufacturing and economies of scale, is making solar PV systems more affordable. This trend is further supported by ongoing research and development in solar technologies, which enhances efficiency and reduces costs.

• Saudi Arabia’s transport authority suspends 3 apps for violations

  The three applications used within the online hail and ride and delivery services sectors lacked licenses from the relevant authorities and failed to follow regulations, the Saudi Press Agency reported on Wednesday. The transport authority said that two of the suspended applications provided transportation services for passengers while the third was active in the delivery sector. It added that digital applications should obtain licenses to run on the country’s cyber network.

• Saudi wealth fund ramps up stock sales to support spending plans

  The Public Investment Fund sold 100 million shares in Saudi Telecom Co., or a 2% stake, at 38.6 ($10.27) riyals apiece. That’s a 6% discount to the stock’s Wednesday closing price of 41.1 riyals. Apart from Saudi Telecom, the wealth fund has investments in companies across a range of industries from Saudi Electricity and utility Acwa Power to bourse operator Saudi Tadawul Group Holding. It also owns majority stake in the $52 billion commodities firm Saudi Arabian Mining as well as holdings in lenders including Saudi National Bank, Riyad Bank and Alinma.

• Opinion: Netanyahu chose ICC over GCC, and is likely to get what he wished for

  For Netanyahu, the situation could not be clearer. His long-standing strategy of appealing to Western allies while ignoring the Arab and Muslim world is now facing a stern test. He may be counting on the support of a sympathetic administration in Washington, but there are limits to what that can shield him from. The days when the US could unconditionally veto international action against Israel are fading. A new American leadership will take office with a united Arab and Islamic world, along with a substantial portion of the international community, all pushing for accountability and a concrete two-state solution.

• GCC banks to remain resilient in 2025 despite anticipated rate cuts: S&P Global

  GCC banks maintain strong capitalization levels, which continue to underpin their overall creditworthiness, according to the report. Shareholder support has been a key factor, with dividend payouts generally below 50 percent, allowing banks to retain profits and stabilize their capital positions.  The quality of capital remains robust, with limited reliance on hybrid instruments. However, S&P Global anticipates an increase in hybrid issuance by GCC banks over 2025-2026, as institutions seek to take advantage of lower interest rates and address the first call dates of previously issued instruments.

• Aramco’s Latest Financial Results Suggest That Its Dividend Policy Is Unsustainable

  Aramco’s third quarter financial results show that while the company remains a cash generating machine, lower oil prices and weaker downstream margins have hurt its net income in 2024. The company’s net income was $84 billion in the first three quarters of 2024 compared to $95 billion during the same period in 2023.  Despite this drop in net income, Aramco has upped its dividend payout and increased its capital spending. The company will pay $124 billion of dividends in 2024 compared to $98 billion in 2023 and $75 billion in 2022. This reflects Aramco’s decision since the third quarter of 2023 to pay a performance-linked dividend in addition to its base dividend. The performance-related dividend is set at 70% of free cash flow in 2022 and 2023 (cash flow less capital spending and the base dividend). Guidance provided by Aramco executives during their recent earnings call with investors was that capital spending in 2024 would be in the range of $51 billion to $54 billion compared to $50 billion in 2023 and $39 billion in 2022. 

• Saudi Finance Firm Gets $35 Billion in Orders for $264 Million IPO

  Investors put in 131 billion riyals ($34.8 billion) of orders for the initial public offering of a Saudi Arabian financial services firm, in the latest example of strong demand for share sales in the kingdom. United International Holding Co.’s Riyadh IPO was covered 132 times, according to a statement on Tuesday. Its parent United Electronics Co. — known as Extra – is set to raise 990 million riyals by selling a 30% stake in the deal. The final price was set at 132 riyals per share, the top end of a marketed range, implying a market capitalization of 3.3 billion riyals. The offering had sold out minutes after books opened last month.

• Saudi Arabia and Iran explore prospect of strengthening defense ties

  Saudi Chief of the General Staff Gen. Fayyadh Al-Ruwaili discussed on Sunday with his Iranian counterpart Maj. Gen. Mohammad Bagheri opportunities to strengthen bilateral relations between the two countries in the military and defense fields, in a way that contributes to enhancing security and stability in the region. The meeting was held during Al-Ruwaili's visit to Tehran based on the directives of the Saudi leadership. This was also within the framework of the "Beijing Agreement" that aims to bring the two countries closer and raise the level of coordination and cooperation, in a way that fulfills their common interests.

• Mobilizing for Sustainability

  In a new report, Will Todman argues that international actors should view environmental civil society as a strategic partner in their efforts to stabilize the MENA region. Too often, donor support skews the civil society ecosystem and undermines its ability to drive change. Unlocking citizen groups’ potential would not require more money, but a narrower focus on sustainability. Based on over 130 interviews with government officials, international donor representatives, and civil society actors, Will assesses the potential of civil society to accelerate environmental action in Iraq, Oman, and Tunisia, while Martin Pimentel assesses Morocco.

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