MUST-READS

• Lebanon and Syria agree on ceasefire after deadly cross-border clashes
  Lebanon's Defence Minister Michel Menassa and his Syrian counterpart Murhaf Abu Qasra agreed on a ceasefire, the Lebanese and Syrian defence ministries said in statements on Monday, as cross-border clashes in the last two days left 10 dead. Three soldiers in Syria's new army and seven Lebanese were killed in border clashes during the past two days, the Syrian defence ministry and Lebanese health ministry said. On the Lebanese side, 52 people were wounded, the health ministry said. The Lebanese and Syrian defence ministers also agreed on continuing contacts between the army intelligence directorates to prevent more deterioration on the border.

• Will Gulf States Invest in Lebanon Again Amid Hezbollah’s Decline?

  Lebanon and the Gulf Cooperation Council (GCC) states have a rich history of mutually beneficial ties. Since the 1950s, highly skilled and educated Lebanese professionals migrated to the Persian Gulf, working in sectors such as business, health, hospitality, media, construction, and tourism. By sending back remittances to Lebanon, these Lebanese expatriates significantly contributed to the Gulf’s development. Before the Lebanese civil war erupted in 1975, Lebanon was also a regional banking center where Gulf Arabs kept their money. Many bought vacation homes in Lebanon and spent summers there. Once a beacon of free speech in the Arab world, Lebanon was home to popular newspapers that gave platforms to influential Arab journalists and intellectuals who did not have the same opportunities in their own countries. The Gulf states, along with Libya and Iraq, invested in Beirut-based publishing houses and print media.

• Saudi Arabia still needs consultants despite PwC ban

  “They can’t do this without a lot of people and a lot of expertise,” said Dane Albertelli, a senior analyst at Source Global Research, which analyses global consultancies. “At the moment, they’re kind of maxed out.”  Neither PIF, the $925 billion sovereign wealth fund at the forefront of the kingdom’s investment drive, nor PwC have commented publicly but it seems that a fight over expertise was the most immediate cause of the spat. The UK’s Financial Times has reported that PIF was irked by an attempt by PwC to poach a top auditor from one of its subsidiaries, Neom. These giga projects and others need specialised skills that are in relative short supply in the kingdom of 19 million Saudi citizens, almost half of whom are under the age of 30. Mohammad Al Qahtani, a former senior official in the Saudi royal household, and now CEO of Riyadh-based investment management company Saudi Arabia Holding Co, told his 308,000 followers on LinkedIn last week: “The PIF-PwC decision isn’t just a headline – it’s a wake-up call.”

• Saudi banks to see stronger performance in Q1 2025: Fitch

  Saudi banks are set for a stronger start to 2025, with their asset-quality metrics expected to “remain strong” throughout the year, Fitch Ratings said in its latest report. The agency noted that lower interest rates helped boost Saudi bank’s net interest margins (NIMs) in Q4 2024, supported by strong lending growth. Fitch further stated, “We expect [Saudi banks’ lending growth] to continue outpacing Gulf peers' in 2025.” In Q4 2024, Saudi banks’ combined net income rose to SAR 21.5 billion, from SAR 20 billion in the previous quarter. This was driven by the rapid lending growth and lower cost of risk, “both underpinned by the healthy operating environment,” the agency added. Saudi banks’ total lending, according to Fitch, is estimated to grow by 12% in 2025. “Further interest rate cuts and stronger liquidity conditions should underpin banks’ growth appetite,” it wrote.

• PwC’s Consulting Ban From Saudi Fund Has Rivals Hunting for Work

  Managers at Deloitte and Ernst & Young have instructed staffers to prepare for more work in the kingdom, according to people familiar with their thinking. Some firms have already been invited to bid for contracts tied to some of the kingdom’s most prestigious and lucrative projects, including Neom and AlUla, according to one of the people, who asked not to be identified as the information is confidential. The Middle East region generated £1.97 billion ($2.5 billion) in revenue for PwC UK, the corporate entity that includes the region, in the 12 months to June 30. Saudi Arabia is the biggest and fastest-growing market for consulting within the Gulf, making up more than half of the $6 billion in regional revenue, according to the research firm Insights.

• Why did Iran ban the Saudi Ramadan TV series Muawiya?

  Iran’s media regulator (SATRA) has joined Iraq and scholars from Egypt’s Al-Azhar in banning Muawiya, a Ramadan TV series aired by Saudi Arabia’s MBC channel. MBC began airing Muawiya—widely regarded as the most expensive series ever produced in the Arab world—a few days ago. Although completed in 2023, its release was postponed until now due to anticipated controversies. The historical drama focuses on the life of Muawiya, recognized as the first caliph of the Umayyad Caliphate, an early Islamic empire. His reign began after the Prophet’s son-in-law Ali was assassinated in 661 AD, an event that profoundly impacted the political and religious landscape of the Muslim world.

• 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.

• Analysis: PwC’s Saudi ban is a warning sign

  The Gulf is one of the few remaining growth markets for global consultancy firms, and Saudi Arabia has been a particularly lucrative destination. The kingdom’s Vision 2030 transformation has relied heavily on firms like McKinsey & Co., Boston Consulting Group, PwC, and others to design and execute economic and regulatory overhauls. Entry-level compensation is higher than London “even without adjusting for taxes,” according to The Financial Times, and the region has become a bright spot in a declining industry. PwC’s temporary ban — reportedly affecting its advisory business but without clarification on the specific type of work impacted — has not been confirmed or explained by either the firm or the sovereign wealth fund. The lack of transparency has added to the mystery surrounding the situation. The suspension has reignited debates about the dominance of foreign consultancies, with many Saudis expressing frustration over what they see as a monopoly by these firms, arguing that such dominance stifles the development of local expertise and opportunities. This sentiment underscores a broader call for economic sovereignty and the cultivation of homegrown talent.

• New Trump travel ban could bar Afghans, Pakistanis soon, sources say
  A new travel ban by President Donald Trump could bar people from Afghanistan and Pakistan from entering the U.S. as soon as next week based on a government review of countries' security and vetting risks, three sources familiar with the matter said. The three sources, who requested anonymity, said other countries could also be on the list but did not know which ones. The move harkens back to the Republican president's first term ban on travelers from seven majority-Muslim nations, a policy that went through several iterations before it was upheld by the Supreme Court in 2018.

• ‘New phase of Lebanese-Saudi ties’ after Riyadh talks: Aoun

  The talks “fell within the framework of enhancing bilateral relations between the two countries and paving the way for the signing of several agreements in various fields,” a statement said. Aoun and the crown prince held a 45-minute private meeting, “during which they continued discussions on issues of mutual interest to both countries and their brotherly peoples.” In a joint statement issued after the talks, Saudi Arabia and Lebanon “emphasized the importance of strengthening Arab cooperation and coordinating positions on key regional and international issues.”

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