MUST-READS

• Saudi Arabia cracks down on employers over health insurance violations
  The Saudi Arabia Council of Health Insurance (CHI) has announced penalties against several employers for failing to meet mandatory health insurance obligations for their employees and their eligible family members. These actions follow previous warnings urging compliance with Saudi Arabia’s Health Insurance Law. Under Article 14 of the law, employers who fail to provide health coverage or neglect to pay insurance premiums must settle any outstanding amounts and may face additional fines. The penalties can reach up to the equivalent of an annual premium per insured individual. In certain cases, noncompliant employers may also be restricted from hiring new workers on a temporary or permanent basis.

• Gulf sovereign wealth funds drive $36bn+ mega-deal boom as UAE, Saudi buck global M&A slowdown

  Strategic inbound and domestic M&A activity in the region surged 88 per cent year-on-year to reach $36 billion during the first 10 months of 2024, according to new research from Bain & Company, contrasting sharply with more modest global deal growth of 7 per cent. “The Middle East’s exceptional M&A growth underscores the region’s transformation into a global investment powerhouse,” Grégory Garnier, Middle East Head of Bain’s Private Equity and Sovereign Wealth Fund practices, told Arabian Business. The surge was particularly pronounced in key sectors throughout 2024, with energy and natural resources seeing a 140 per cent increase, technology investments rising 90 per cent, and advanced manufacturing services recording a remarkable 300 per cent growth compared to 2023.

• Will GCC get caught in a global trade war crossfire?
  A recent analysis by Capital Economics highlights the consequences of these tariffs and their broader implications for global trade dynamics. The administration's agenda to safeguard American jobs and reduce the trade deficit has led to these tariffs, which could increase the costs of essential materials like steel and aluminum. For GCC countries, particularly Saudi Arabia and the UAE, this could slow down key infrastructure projects aimed at economic diversification. The immediate concern for GCC nations is not only the direct impact of US tariffs but also potential retaliatory measures from affected countries, especially China and the European Union. Such tit-for-tat escalations could further complicate global trade dynamics. Sectors most vulnerable to this trade war include construction, real estate, and manufacturing. Many GCC nations are investing heavily in infrastructure projects as part of their Vision 2030 initiatives. Rising material costs could hinder progress; Saudi Arabia's ambitious NEOM project, for instance, may face delays or budget overruns due to increased raw material costs driven by US tariffs.

• GCC should target tariff-free food deals with Trump

  Since China is the US’s third-biggest export destination for food and agricultural products after Canada and Mexico, Beijing may retaliate by imposing tariffs on US imports. This would hit the US farming industry hard, as it needs export markets for soy, corn, wheat and cotton. It would also come at a time when China has already significantly decreased food imports from the US. In parallel, many observers think that the second Trump administration is likely to strengthen the US dollar. A strong dollar will make US grains more expensive, resulting in a supply shock in the Midwest, a Republican stronghold.

• GAFT Leads Saudi Negotiating Team in GCC-Indonesia Free Trade Agreement Talks

  The delegation consists of nine technical teams covering various sectors, including goods, services, investment, general provisions, e-commerce, intellectual property, government procurement, rules of origin, and economic evaluation. These teams, comprising representatives from approximately 46 government agencies, are tasked with shaping Saudi Arabia's stance in international trade negotiations, formulating proposals, and submitting reports on trade agreements and World Trade Organization (WTO) initiatives.

• Film and beyond: Leapfrogging into the global screen industry

  Ongoing transformation in the global screen industry has created an opportunity for GCC countries to establish themselves as prominent players. As the industry grapples with the future of content creation and the demands of a global audience, the combination of an appetite for investment in state-of-the-art technologies and media hubs, a focus on attracting investors and producers, a young and digitally-savvy workforce, and a culture rich with stories and landscapes could enable the GCC region to become a center of cinematic innovation. Success in this endeavor will require a collaborative effort between governments and the private sector to bridge the silos of geography, technology, and media industry verticals.

• US to announce progress in Saudi-Israel normalisation talks: report

  US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu are expected to announce progress in talks aimed at normalising relations between Saudi Arabia and Israel during their meeting in Washington on Tuesday, according to a report by the Israeli daily Haaretz on Sunday. The report came after US envoy to the Middle East, Steve Witkoff, was reportedly working to finalise the exact wording of the agreement between the two countries. Last week, Witkoff visited Riyadh on a trip that was followed by a stop Tel Aviv to reportedly finalise the details. The US envoy also report Palestinian Authority Minister of Civil Affairs Hussein Al-Sheikh, as well as another Palestinian figure described by the newspaper as "acceptable to the West".

• 10,295 illegal residents deported in a week

  The Saudi security forces have arrested a total of 21,564 illegal residents from various regions of the Kingdom during the last week. The arrests were made during the joint field security campaigns that were carried out in collaboration with the relevant government agencies during the period between Jan. 23 and 29, the Ministry of Interior revealed on Saturday. Those who were arrested included 13,883 violators of the Residency Law, 4,668 violators of the Border Security Law, and 3,013 violators of the Labor Law. A total of 27,127 violators were referred to their diplomatic missions to obtain travel documents while 2317 violators were referred to complete their travel reservations whereas 10,295 violators were deported.

• 55 Saudi companies take part in Baghdad International Fair

  The Saudi Export Development Authority (Saudi Exports), in partnership with the Saudi-Iraqi Coordination Council, is participating in the 48th edition of the Baghdad International Fair. The Saudi pavilion features 55 national companies representing various export sectors. The exhibition, which kicked off on Saturday and will run through until Feb. 7 in the Iraqi capital Baghdad, presents a valuable opportunity to strengthen trade ties between Saudi Arabia and Iraq while showcasing the Kingdom’s leading products and services. Saudi non-oil exports to Iraq have reached nearly SR20 billion over the past five years (2020–October 2024), with metals and their products, food industries, and electrical machinery and equipment ranking as the top export sectors during this period

• WhatsApp calls reportedly activated in Saudi Arabia: Permanent change or temporary test?
  Many WhatsApp users in Saudi Arabia reported on Saturday that voice and video calling features had been activated after years of restrictions. However, there has been no official confirmation on whether this is a permanent change or a temporary test. The sudden activation has raised questions, particularly in the absence of an announcement from authorities. Technology expert Abdullah Al Subaie noted that this move aligns with Saudi Arabia’s efforts to enhance telecommunications and digital infrastructure, potentially improving communication for users.

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