MUST-READS

• Saudi Arabia January 2025: Mazda (+70.8%), Chevrolet (+76.8%) stand out in solid market

  67,923 new vehicles found a buyer in Saudi Arabia in January, a solid 7.7% year-on-year increase. Toyota (+8%) matches the market and continues to be well ahead of its competitors at 28.5% share. The rest of the Top 6 all brilliantly lodge double-digit gains. Hyundai (+25.7%), Kia (+41.3%) and Nissan (+17.7%) camp on their FY24 ranking while Mazda (+70.8%) posts the largest gain in Top 13 and jumps to #5 with 5.5% share vs. #10 over FY24. Ford (+23.1%) is also strong at #6. However the next five carmakers are in deep trouble, with MG (-41.7%), Geely (-38.5%) and Changan (-35.5%) hit the hardest in a unusually mediocre month for Chinese brands. Chevrolet (+76.8%) and Jetour (+55.8%) shine below.

• US officials planning to meet with Ukrainian counterparts in Saudi Arabia

  Senior Trump administration officials are planning a meeting with their Ukrainian counterparts in Saudi Arabia next week, to begin discussions about a cease-fire to end the country’s war with Russia. Special envoy Steve Witkoff, who confirmed Thursday that planning was underway, will be part of the U.S. delegation alongside Secretary of State Marco Rubio and national security adviser Mike Waltz.  “The idea is to get down a framework for a peace agreement and initial cease-fire,” Witkoff told reporters outside the White House.  Another administration official, granted anonymity to discuss plans that are not yet public, confirmed that the meeting has been under discussion and is “possible.” One aspect of the meeting that remains unsettled, Witkoff said, was the city in Saudi Arabia where the meeting could take place.

• Saudi Arabia Bans PwC: What Led To This Landmark Decision?

  PwC has had a significant presence in Saudi Arabia, employing over 2,600 people across various locations. In a memo to employees, PwC clarified that the suspension concerns a “client” matter rather than regulatory concerns. This decision underscores the complexities of the relationship between international firms and government entities, with potential implications for PwC’s ongoing operations in the Kingdom. However, the temporary suspension of PwC’s services by the Public Investment Fund (PIF) presents challenges and opportunities for the business landscape. The ban could slow the progress of key projects or even put some on hold, potentially disrupting the momentum of Vision 2030 initiatives. Despite PwC’s challenges, this situation opens the door for other local and international consulting firms to step in and fill the gap. This shift could lead to increased competition, potentially reshaping the consulting landscape in the region and driving innovation.

• Sandstorm hits Riyadh, moderate to heavy rain forecast for parts of Saudi Arabia

  A sandstorm hit Riyadh and its outskirts on Thursday, enveloping the skyline in dust clouds and hampering visibility, while moderate to heavy rains were forecast for several regions of the Kingdom. The road safety authority and Saudi Highway Security warned motorists to exercise caution due to poor visibility caused by the dust storm. The General Directorate of Civil Defense advised residents to avoid going to sandy locations to avoid accidents during the sandstorm, and also called for caution and for people to follow instructions issued as a result of weather conditions in parts of the Kingdom.

• Mastercard research: Women in Saudi Arabia are driving the future of entrepreneurship

  Women in Saudi Arabia are increasingly stepping into the world of entrepreneurship, with 78% considering starting their own business, according to Mastercard’s latest research, released ahead of International Women’s Day 2025. As the country continues its economic transformation under Vision 2030, fostering an enabling environment for women entrepreneurs will further accelerate growth and innovation in the Kingdom. In Saudi Arabia, a significant proportion of men and women identify as entrepreneurs (42% men, 34% women), reflecting the Kingdom’s evolving business landscape. Among those who consider themselves entrepreneurs, 44% of female millennials identify with this role, demonstrating strong ambition among younger generations.

• Is Saudi Arabia the next China or India? See for yourself

  For decades, Saudi Arabia has been viewed through an increasingly outdated lens—an oil-rich kingdom dependent on energy exports and held back by regional politics and what some describe as a fundamentalist Islamist past. That perception is so 20th century. Saudi Arabia is not the next China or the next India. With a population of just more than 33 million, this kingdom on the move is evolving into something entirely its own. Ranked as the world’s 19th-largest economy and the seventh largest in Asia, according to International Monetary Fund (IMF) data, with a GDP of approximately $1.14 trillion, Saudi Arabia is leveraging its oil wealth to transition beyond dependence on fossil fuels.

• Zelensky says US and Ukraine will hold talks next week in Saudi Arabia on ending the war

  Ukrainian President Volodymyr Zelensky says talks between Ukraine and the US on ending the war will take place in Saudi Arabia next week. In his nightly address on Thursday, March 6, Zelensky said he would travel to Saudi Arabia on Monday and his team would stay on to hold talks with US officials. "I am scheduled to visit Saudi Arabia to meet with the Crown Prince. After that, my team will stay in Saudi Arabia to work with American partners. Ukraine is most interested in peace," Zelensky said. The EU's 27 leaders on Thursday greenlit a plan drawn up by the European Commission that aims to mobilize €800 billion to "rearm Europe" against the perceived threat from Russia. At the summit, Zelensky told EU leaders that Ukrainian and American negotiators had "resumed work," and that "we hope that next week we will have a meaningful meeting." He thanked EU leaders for standing by Kyiv, with America's outreach to Russia raising fears Ukraine could be forced into an unfavorable deal. "We are very thankful that we are not alone," said the Ukrainian leader.

• Turkey moves to power Saudi Arabia’s defense-driven economic transformation

  Riyadh’s bold plans to localize 50% of its defense sector by 2030 are reshaping its approach to military-industrial development. In line with this vision, leading Turkish defense companies such as Baykar, ASFAT and ASELSAN are forging co-production agreements, paving the way for intensifying technology transfer, and expanding local manufacturing capabilities within the Kingdom. Saudi Arabia’s proposed 6B USD defense agreement with Turkey is a significant step forward for this vision. The deal is expected to include a diverse range of hardware—including warships, the  battle tank Altay, a variety of unmanned aerial vehicles (UAVs) and potential collaboration on fifth-generation KAAN stealth fighters. These moves signal broader geostrategic aims beyond a shift in military procurement. In this context, the looming deal has the potential to radically transform Riyadh’s economic and industrial landscape.

• Saudi Giga Projects Report 2025: 24 Giga Projects Transforming Saudi Arabia’s Economy & Infrastructure

  The report provides an in-depth analysis of 24 transformative mega-projects driving Saudi Arabia’s Vision 2030. Covering Neom, The Line, Oxagon, King Salman International Airport, Diriyah Project, and more, this report details project progress, contractor awards, and investment opportunities. These giga-projects are reshaping Saudi infrastructure, tourism, and technology, offering lucrative business and subcontractor opportunities.

• Warburg Pincus Partners With Hassana to Chase Saudi Arabia Deals

  Warburg Pincus LLC and Saudi Arabia’s $320 billion pension fund manager will jointly explore deals in the kingdom as the global private equity firm looks to boost its presence in the Middle East. The $86 billion firm’s peers like Ardian SAS, General Atlantic and CVC Capital Partners have either opened offices for deal-making in the region or boosted headcount.  Warburg currently has exposure to the Middle Eastern market through Gradiant, a clean-tech water projects solutions provider and developer. Its previous investments in the region include BPO solutions provider Mercator, which it combined it with Accelya and exited in 2019, and payments firm Network International.

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