MUST-READS

• West Bank Palestinians fear Gaza-style clearance as Israel squeezes Jenin camp
  Israeli bulldozers have demolished large areas of the now virtually empty Jenin refugee camp and appear to be carving wide roadways through its once-crowded warren of alleyways, echoing tactics already employed in Gaza as troops prepare for a long-term stay. At least 40,000 Palestinians have left their homes in Jenin and the nearby city of Tulkarm in the northern West Bank since Israel began its operation just a day after reaching a ceasefire agreement in Gaza after 15 months of war. "Jenin is a repeat of what happened in Jabalia," said Basheer Matahen, spokesperson for the Jenin municipality, referring to the refugee camp in northern Gaza that was cleared out by the Israeli army after weeks of bitter fighting. "The camp has become uninhabitable."

• SoftBank’s Son Says He Hasn’t Given Saudi Prince Enough Return

  SoftBank Group Corp. Chief Executive Officer Masayoshi Son acknowledged that his company’s partnership with Mohammed Bin Salman’s Public Investment Fund has failed to fully deliver for the Saudi prince. SoftBank’s flagship Vision Fund has sold off or written down billions of dollars’ worth of its publicly listed holdings in recent years as founder Son shifted away from the venture-capital deals that were once an obsession and toward strategic investments in semiconductors and artificial intelligence. The fund has sold down stakes in companies such as Coupang Inc., DoorDash Inc. and Grab Holdings Ltd. Son said Friday that’s he’s often bet on the “wrong horse,” including WeWork Cos. In November, Rajeev Misra stepped down as co-CEO of SoftBank’s Vision Fund, bringing to a close a tumultuous tenure at the helm of what had been the largest-ever venture-capital fund. Misra was instrumental in helping Son set up the Vision Fund in 2017, helping him raise nearly $100 billion from Saudi Arabia, the United Arab Emirates, Apple Inc. and other backers. In late 2018, Saudi Arabia’s PIF made another $45 billion commitment to SoftBank’s second massive Vision Fund.

• Saudi Arabia vows full support to Lebanon’s actions to safeguard citizens’ security

  Saudi Arabia expressed on Sunday its full support for the measures taken by the Lebanese government to safeguard the security of its citizens and respond decisively to the attack on the United Nations Interim Force in Lebanon (UNIFIL). In a statement, the Ministry of Foreign Affairs reiterated its confidence in the actions taken by President Joseph Aoun and Prime Minister Nawaf Salam, as well as in the efforts of the Lebanese Army to ensure security and stability. The outgoing deputy force commander of the UNIFIL was injured on Friday after a convoy taking peacekeepers to Beirut airport was "violently attacked", UNIFIL said. It said in a statement that the convoy was taking peacekeepers to Beirut airport when it was targeted and one of its vehicles set on fire.

• Opinion: GCC banks will prosper under Trump’s presidency

  In terms of policy, Trump’s agenda is domestic rather than orientated to foreign policy. Bellicose statements on Greenland and Panama relate to the security of resources for the US economy and to the control of trade routes essential to the prosperity of US firms. The same is true of the flurry of announcements on trade tariffs. US dollar interest rates are a central concern for GCC banks, since five of the six states have their currencies pegged to the dollar, and the currency of the sixth, Kuwait, is heavily weighted to the dollar.

• Saudi Arabia moves to ban sale of tobacco in kiosks and grocery stores

  The Saudi Ministry of Municipalities and Housing has proposed a ban on the sale of tobacco products in kiosks, grocery stores and central markets. This is among the draft proposals, published by the ministry, on the public survey platform Istitlaa, seeking the opinions and viewpoints of the public before putting the draft into a final shape. The draft rules include several regulations with regard to the sale of tobacco products. According to this, the sale of tobacco products must comply with the standard specifications issued by the Saudi Food and Drug Authority (SFDA). Tobacco products must be 100 percent invisible to visitors at the commercial facility and must be placed inside closed drawers.

• SambaNova to invest $140 million in Saudi AI infrastructure & services

  Palo Alto-based AI company SambaNova Systems has announced $140 million in investments in Saudi Arabia's AI infrastructure, partnering with the Ministry of Communications and Information Technology (MCIT) and the RDIA’s National Semiconductor Hub. SambaNova CEO Rodrigo Liang announced that the company is also launching a Sovereign LLM-as-a-Service in collaboration with STC AI, offering the world's largest open source model LAMA 405B and running other capabilities such as STC’s Enterprise GPT. Lastly, Liang announced that SambaNova will soon offer the full DeepSeek 671 billion parameter R1 model on SambaNova Cloud. The model will be made available to select customers first, before being made more widely accessible.

• Botero, Banksy Win Big in Sotheby’s Debut Saudi Auction

  The historical mud-brick city of Diriyah in Saudi Arabia played host to an unusual crowd on Saturday night: art aficionados, new collectors and first-time paddle holders melding together to take part in Sotheby’s inaugural auction in the kingdom. The offerings were as diverse as the crowd, with everything from high-end collectible watches to handbags, paintings, jewelry and sports memorabilia on sale to the highest bidder. In the end, it may have been Saudi Arabian businessman Amr Zedan who struck the most luck. Zedan, who had participated in Sotheby’s auctions on the phone prior to the event, won bids for two pieces, including the oil painting Society Woman by Fernando Botero for $1 million. A new art collector, Zedan said he plans to add the piece to a portfolio started with his wife.

• Hajj 2025: Saudi Arabia bans children from accompanying pilgrims; registration opens for citizens, residents
  Saudi Arabia has banned children from accompanying pilgrims during the 2025 Hajj season, the Ministry of Hajj and Umrah has announced. The decision aims to protect children from the risks associated with the intense crowding that occurs every year, the ministry said. “This measure is taken to ensure the safety and well-being of children and to avoid exposing them to any harm during the pilgrimage,” the ministry stated. The ministry also added that priority for Hajj participation this year will be given as always to those who have not performed the pilgrimage before. Registration for the 2025 Hajj season has officially opened for Saudi citizens and residents through the Nusuk app and the official online portal. Pilgrims are required to verify their information, add companions, and submit any requests for exemptions, including those related to accompanying mahrams.

• Out With the Old, In With the New: Is There a New Hope for Lebanon?

  Politics in Lebanon has been based on sectarian power sharing that guarantees representation to all 18 sects, including through an informal arrangement that divides ministerial portfolios by sectarian identity and applies quotas to government posts. This system sustains a weak and patronage-based system through which competing bureaucratic fiefdoms vie for power. Quotas have been treated like entitlements, helping those in control channel state resources to their followers and allies. On top of this has been Hezbollah’s “blocking third’’ in the government that has given the group veto power over cabinet decisions and the ability to topple the government.

• Saudi Arabia Bans 1-Year Visit Visa for 14 Countries to Curb Illegal Hajj Pilgrims

  Saudi Arabia has introduced a new visa policy restricting travelers from 14 countries to single-entry visas. The decision, effective February 1, 2025, aims to curb unauthorized Hajj pilgrims entering through long-term visit visas. The affected countries include Algeria, Bangladesh, Egypt, Ethiopia, India, Indonesia, Iraq, Jordan, Morocco, Nigeria, Pakistan, Sudan, Tunisia, and Yemen. The move suspends the 1-year multiple-entry visa indefinitely for tourism, business, and family visits. Under the new rules, visitors from these 14 countries can only apply for single-entry visas. These visas will have a 30-day validity with a maximum stay of 30 days. The government has clarified that this policy does not affect Hajj, Umrah, diplomatic, or residency visas.

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