MUST-READS

• Saudi Arabia Buys Stake in Blavatnik’s Streaming Service Dazn

  The sports investment arm of Saudi Arabia’s sovereign wealth fund is buying a minority stake in billionaire Len Blavatnik’s streaming service Dazn Group, which holds the broadcasting rights of some of Europe’s top-tier football leagues. SURJ Sports Investment, a unit of the $1 trillion Public Investment Fund, and Dazn will set up a regional joint venture to help broaden fans’ access to live and on-demand sports content, according to a statement Monday. Financial terms of the deal weren’t disclosed, though Bloomberg News has previously reported SURJ would invest at least $1 billion.

• Saudi Arabia’s Red Sea Residences draw early buyers at $1.5mn starting price
  Red Sea Global has sold more than 12 per cent of its ultra-luxury homes on Saudi Arabia’s western coast before the official market launch, with prices starting from SAR5.5 million ($1.47 million) for a one-bedroom property, as the developer taps into growing regional demand for premium coastal real estate. The pre-sales success of the multi-billion riyal development on Shura Island signals a strong appetite from wealthy Gulf investors for Saudi Arabia’s emerging luxury tourism destinations, with the developer primarily targeting buyers from the kingdom and neighbouring Gulf countries.

• ‘Positive feeling’ in Iran amid talk of Saudi mediation with Trump

  Saudi Arabia is apparently floating the notion of mediating between Iran and the United States. First reported by CNN, Tehran has dismissed the idea as “speculation”—but that has not stopped the Iranian press from discussing what Saudi intervention could entail, and what Riyadh may gain by brokering talks. Speaking to Amwaj.media on condition of anonymity, a high-ranking Iranian political source expressed “a positive feeling” about the Kingdom potentially playing a constructive role in enabling engagement with the Donald Trump administration. Addressing the reasons for his positivity towards such a scenario—mindful of how other Gulf Arab states have more established records of facilitating dialogue with Washington—the source indicated Trump’s close relationship with Riyadh.

• Israel will begin negotiations on next phase of Gaza ceasefire this week, minister says
  Israel will begin indirect negotiations with the Palestinian militant group Hamas on the second phase of the Gaza ceasefire deal this week and it demands a complete demilitarisation of the enclave, Foreign Minister Gideon Saar said on Tuesday. Negotiations for the second phase of the deal were supposed to start on February 2 but Qatar, who together with Egypt and the United States is mediating between the sides, said the talks have not officially started yet.

• US-Russia hold talks in Riyadh without Ukraine

  Top United States and Russian diplomats met in Saudi Arabia on Tuesday, February 18, for talks on resetting their fractured relations, the first such discussions since the Russian invasion of Ukraine. Both sides downplayed expectations of a breakthrough in this first high-level meeting between the countries since US President Donald Trump took office. Still, the very fact the encounter is taking place has triggered concern in Ukraine and Europe following the US' recent overtures towards the Kremlin. At Diriyah Palace in Riyadh, the talks began without visible handshakes, and no statements were made. A stern-faced US Secretary of State Marco Rubio sat across from Russia's Foreign Minister Sergei Lavrov, with US National Security Advisor Mike Waltz and Middle East envoy Steve Witkoff by his side. Lavrov was accompanied by senior Russian presidential aide Yuri Ushakov. Saudi Foreign Minister Prince Faisal bin Farhan and National Security Adviser Musaad bin Mohammad al-Aiban also attended.

• Top Russian and US officials discuss improving ties and ending the Ukraine war — without Kyiv

  The top diplomats from Russia and the U.S. met Tuesday in Saudi Arabia to discuss improving ties and negotiating an end to the war in Ukraine — talks that represented a rapid and major change in American foreign policy under President Donald Trump. No Ukrainian officials were present at the meeting, which came as the beleaguered country is slowly but steadily losing ground against more numerous Russian troops in a grinding war that began nearly three years ago. President Volodymyr Zelenskyy said his country won’t accept any outcome from this week’s talks if Kyiv doesn’t take part. European allies have also expressed concerns they are being sidelined. Beyond Ukraine, the meeting — attended by U.S. Secretary of State Marco Rubio, Russian Foreign Minister Sergey Lavrov and other senior officials — had been expected to focus on thawing relations between the two countries, whose ties have fallen to their lowest level in decades.

• Saudi Arabia’s SURJ takes ‘US$1bn’ stake in DAZN

  Saudi Arabia’s SURJ Sports Investment, a subsidiary of the country’s Public Investment Fund (PIF), has acquired a minority stake in sports streaming service DAZN. PIF has been linked with an investment in the broadcaster for several months, with reports earlier this year suggesting it was seeking a ten per cent share in the company for US$1 billion. Financial terms have not been confirmed, but the two parties have also committed to establishing DAZN Middle East and North Africa (MENA), a joint venture which will create broadcasting opportunities for Saudi Arabia’s expanding sports portfolio. Acquiring a stake in DAZN will allow Saudi Arabia to amplify its sporting ambitions. Saudi Pro League clubs have invested significantly in playing talent, while PIF has bankrolled the LIV Golf tour, acquired Premier League soccer club Newcastle United and become a sponsor of the ATP and WTA tennis tours.

• Zelensky to visit Saudi Arabia amid US-Russia talks in Riyadh

  Ukrainian President Volodymyr Zelensky is set to arrive in Saudi Arabia on Wednesday, February 19, for an official visit, his spokesperson Sergiy Nykyforov confirmed to AFP on Monday. Nykyforov described the trip as a "long-planned" engagement, which Zelensky himself previewed last week without specifying exact dates. The Ukrainian president made it clear that he will not be meeting with any Russian or US officials who are scheduled to hold separate discussions in the kingdom on Tuesday, February 18.

• Rubio discusses Gaza deal with Saudi crown prince

  Rubio, who arrived from Israel accompanied by National Security Advisor Mike Waltz and special Middle East envoy Steve Witkoff, met the de facto ruler ahead of talks expected on Tuesday with a Russian delegation in the Saudi capital. But the 500-day-old Israel-Hamas war dominated discussions, according to a State Department statement. Rubio and the crown prince "reaffirmed their commitment to implementing the ceasefire in Gaza and ensuring that Hamas releases all hostages, including American citizens", the statement said. "The secretary underscored the importance of an arrangement for Gaza that contributes to regional security," it added. The two "discussed ways to advance shared interests in Syria, Lebanon, and across the region, to include Red Sea security and freedom of navigation", said the statement, which made no reference to President Donald Trump's widely criticised plan for the United States to take over the Gaza Strip and move away the Palestinian population.

• Why Is Saudi Arabia Hosting U.S.-Russia Talks? And Why Now?

  Experts see the talks as a sign that Saudi Arabia is seeking to assume a central role in international diplomacy while deepening its ties with longtime ally Washington. The discussions will be an opportunity for the oil-rich Arab nation to assert its political clout after it rejected U.S. President Donald Trump’s plan to relocate Gaza’s residents while resisting any normalization of relations with Israel. “Riyadh wanted to have a bigger diplomatic footprint,” said Amin Tarzi, an adjunct professor of International Relations at the University of Southern California’s Washington, D.C. Program. He says that Riyadh is seeking to “revive the relationship” that Crown Prince Muhammad bin Salman built with U.S. President Donald Trump during his first administration. In May 2017, Trump made his first foreign visit to Saudi Arabia. “Both Riyadh and Washington would like to expand relations under the current U.S. administration,” said Tarzi.

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