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  • Former Eastern Province Emir Prince Mohammed bin Fahd passes away

    Born in Riyadh in 1950, Prince Mohammed bin Fahd is the second son of King Fahd. He received his school education from the Capital Model Institute. Prince Mohammed bin Fahd obtained a bachelor's degree in economics and political sciences from the University of California, Santa Barbara. After graduation, he worked in the private sector but was gradually introduced to multiple public assignments. During the early 1970s he was a major stakeholder of the Al Bilad conglomerate. Then he was appointed assistant deputy minister of interior. In 1985, he was named emir of the Eastern Province, and his tenure ended in 2013.

  • Saudi envoy to UK: No normalisation with Israel without Palestinian state

    Saudi Arabia will not normalise ties with the occupation state of Israel without a solution to the Palestinian issue, which involves the establishment of a Palestinian state, the Kingdom’s Ambassador to the UK, Khalid Bin Bandar Al Saud, has said. He added that Palestine has been fought over for 6,000 years, and that “it is not an easy thing to find, whether it’s during the Crusades […] I can’t think of anywhere that’s had that much done to it.” However, he stressed that “good things are never easy. And anyone who is objecting to what almost the whole world sees as the solution cannot be right. So, you know, again, that’s why I’m not optimistic, because we have a lot of problems along the way.”

  • UAE’s nuclear company seeks to capitalise on AI-induced energy demand in US

    The United Arab Emirates wants to build and consult on nuclear projects around the world, with the US as the fastest-growing market, the head of the country’s state-owned nuclear company has said.  Emirates Nuclear Energy Company has become a major player since it was established in 2009. It completed the four reactors of its Barakah nuclear power plant, the first in the Arab world, in under 12 years, and on budget. The project was developed in partnership with Korea Electric Power Corp. The company, known as Enec, has built up investment and research and development teams to explore opportunities beyond the UAE, chief executive Mohamed Al Hammadi told the Financial Times. AI is set to drive a surge in demand for electricity to power data centres.

  • DeepSeek impact: Experts advise calm, diversification as Middle East investors scramble to reshuffle portfolios

    Even as Middle East investors, including large institutional investors and family offices, are scrambling to quickly reshuffle their investment portfolios in the wake of the Chinese AI startup DeepSeek-triggered stock market bloodbath, market experts advised calm and diversification as the best strategies to tide over the current roller-coaster. They also suggested using ETFs (Exchange-Traded Funds)-route for broader exposure to mitigate risks in the current market scenario. Market participants said investors in the Middle East also resorted to panic selling in tech shares, especially in AI-focussed Nvidia, Microsoft, and Meta, in the wake of DeepSeek’s rise sending shockwaves through the AI investment landscape.

  • Saudi Arabia reaffirms support for Syria and Lebanon to regain their status

    The Council of Ministers on Tuesday reaffirmed Saudi Arabia’s support for Syria and Lebanon and their peoples. The Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh, pledged its backing for the efforts aimed at restoring the natural status of the two countries within their Arab and international communities. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said the Council reiterated this position while discussing the outcome of the recent visits of Minister of Foreign Affairs Prince Faisal bin Farhan to Lebanon and Syria.

  • Gordon Brothers seeks buyers for GCC steel production plant

    Gordon Brothers, the global asset experts with headquarters in Boston, US, has announced that they have been appointed as the exclusive selling agent for a never-utilised two million tonnes-per-annum (TPA) flat and long steel production plant. Originally purchased in 2007 from Posco to enhance the seller's manufacturing capacity, the plant assets include 10,200 cases weighing over 53,000 tonnes. Delayed by the 2008 financial crisis and further postponed due to the Covid-19 pandemic, the equipment has remained unused, crated and stored according to OEM recommendations, said Gordon Brothers in its statement.

  • GCC trade set to grow 5.5% annually through 2033, with total trade volume reaching $2.3trln, BCG report finds

    Global trade patterns are transforming significantly as new economic corridors emerge and traditional relationships evolve. According to new research from Boston Consulting Group (BCG), world trade in goods is projected to grow at an average of 2.9% annually through 2033, with the GCC region playing an increasingly pivotal role in connecting major trade routes between East and West. The BCG report reveals a robust outlook for GCC trade, with total trade volume set to reach 2.3T USD by 2033. This growth is supported by significant expansion across multiple trade corridors, with China emerging as the largest growth market at 88B USD (5.7% CAGR), followed by Japan at 46B USD (9.4% CAGR). The analysis shows GCC's non-hydrocarbon trade will grow by 3.5% annually, highlighting the region's successful economic diversification efforts.

  • Turkey Aims for $6 Billion Weapons Deal With Saudi Arabia

    Turkey’s government is hoping to reach a $6 billion defense deal with Saudi Arabia that could see the kingdom buy warships, tanks and missiles, according to Turkish officials familiar with the matter. The agreement, which would involve Saudi Arabia joining a Turkish jet-building project, could be finalized during a visit by President Recep Tayyip Erdogan to the kingdom around March, the officials said. Turkey is trying to grow its defense industry and sees Saudi Arabia, one of the world’s biggest importers of arms, as a key market. The two countries signed a deal in 2023 for the Saudis to buy high-flying drones from Turkish company Baykar. Now, Ankara wants to sell its main battle tank, called Altay, to Saudi Arabia along with missile-defense systems, the officials said.

  • Commentary: The Elusive Saudi-Israeli Normalization Deal – Why an Agreement is Likely to Fall Short of Expectations

    The primary actors involved in a potential Saudi-Israeli normalization have strong incentives to portray a deal as a paradigm-shifting event with tremendous, transformative potential for the broader region. This normalization agreement is often described as an all-or-nothing opportunity that will emerge triumphantly within a game-changing grand bargain or else collapse spectacularly. There is good reason to consider another scenario more closely resembling the status quo: a Saudi-Israeli normalization that is considerably less encompassing and transformative than envisioned. Yet many foreign policy priorities of both Saudi Arabia and Israel now appear increasingly disconnected from normalization. The Saudi crown prince—and de facto ruler of the country—craves global recognition. Mohammed bin Salman wants to represent Saudi Arabia at G20 summits, court tech titans and financiers from the U.S. and Europe, and deepen relations with BRICS countries. As far as the Middle East region is concerned, Saudi officials have pursued a policy of de-escalation, which include reestablishing diplomatic relations with Iran and reducing economic pressure on the Houthis.

  • 5-year jail and fine of SR30 million for exporting petroleum products without a license

    According to the new law, which replaced the Petroleum Products Trade Law, petroleum must be sold and purchased at the global price. It is stipulated in the law that anyone who exports a priced petroleum product outside the Kingdom without a license shall face imprisonment for a period not exceeding five years, and a fine not exceeding SR30 million or not exceeding twice the value of the petroleum product in question at the global price at the time of its seizure, whichever is higher, in addition to confiscating the seized items.