MUST-READS

• Saudi Denies Providing Oil Supplies For U.S Military Targeting Houthis

  A Saudi official has denied reports that Riyadh is providing logistical support for the U.S. air strikes targeting Yemen’s Houthis, Reuters reports. Speaking to the Saudi news network Al-Arabiya, the official denied allegations that Riyadh is providing oil supplies for the ongoing military operations in Yemen. U.S. President Donald Trump ordered military operations in Yemen targeting Houthi sites, whom he described as “terrorists”. U.S. officials expect the American strikes to continue for days, or possibly weeks. The Red Sea is one of the world’s most densely packed shipping channels and the most significant waterway connecting Europe to Asia and East Africa. About 12% of global trade, including 30% of global container traffic, passes through the Red Sea, meaning that delays there can potentially affect fuel prices as well as the availability of various commodities and electronics.

• Dougie Freedman leaves Crystal Palace role for move to Saudi Arabia second tier

  Crystal Palace have confirmed that Dougie Freedman has left his role as sporting director, with the former Scotland forward expected to join a club that has just been promoted from Saudi Arabia’s third tier. In a surprise turn of events, Palace announced on Monday evening that Freedman would be leaving with immediate effect “to take up a role overseas”. It is understood that he is poised to become sporting director of Al-Diriyah, who have been playing in Saudi Arabia’s second division but have been promoted as champions after the season finished at the weekend. Their ownership was transferred to Diriyah Company, owned by the Public Investment Fund (PIF) in July, with Crown Prince Mohammed bin Salman named as chair.

• Saudi Re reports 282% rise in net profit for 2024

  Saudi Re has reported net profit after zakat (a religious obligation for all Muslims who meet the necessary wealth criteria) of SAR 475 million for 2024, reflecting a 282% increase from 2023, driven by improved underwriting results. During the year, the reinsurer’s underwriting results improved significantly, with net reinsurance results increasing by 19% year on year. Further, gross written premiums (GWP) increased by 48% to SAR 2.36 billion, driven by growth across all lines, locally, and internationally.

• What does Saudi Arabia’s credit upgrade signal?

  Standard & Poor's upgraded Saudi Arabia's credit rating to “A+” from “A”, with a “Stable” outlook. The three global rating agencies (Moody's, Standard & Poor's and Fitch) have reiterated the creditworthiness of the Kingdom's sovereign debt. Moody's earlier assigned the Kingdom an “Aa3” rating, while S&P and Fitch rated “A+”, which reflects the improved confidence in the Saudi economy, especially in light of the success of the Kingdom's strategy to diversify sources of income and enhance fiscal sustainability. A higher credit rating is especially important for determining the interest an issuer must pay, as the higher the rating, the lower the interest rate, and vice versa.

• Saudi market performance since 2020 COVID-19 bottom

  Five years have passed since the Tadawul All-Share Index (TASI) reached the bottom in March 2020. The benchmark hit its lowest level since 2016, falling 5.2% to 5,960 points, as several stocks declined to their daily limit. The market decline during that session was driven by the impact of the COVID-19 pandemic, as Saudi Arabia decided to intensify precautionary measures to curb the spread of the virus. Closing at 11,854 points, the index has leapt 99%, or 5,894 points, compared to its bottom on March 16, 2020.

• At least 274 Kenyan workers dead in Saudi Arabia over past five years

  At least 274 Kenyan workers, most of whom are women, have died in Saudi Arabia over the past five years despite being a young workforce in non-dangerous jobs, according to a New York Times report published on Sunday. Large numbers of Ugandan workers also died in the Gulf kingdom, but Uganda's government does not release official figures. Thousands of Ugandan and Kenyan women travel to Saudi Arabia each year to take up domestic jobs such as housekeepers and nannies. But many are returning with stories of unpaid wages, detention, beatings, starvation and sexual assault. Others have returned in coffins. Among those who died, autopsies often revealed evidence of trauma such as burns and electric shocks - but Saudi authorities labelled the deaths as natural causes. A Saudi labour ministry spokesperson said: "Any form of exploitation or abuse of domestic workers is entirely unacceptable, and allegations of such behaviour are thoroughly investigated."

• S&P raises Saudi Arabia’s rating 0ver ongoing reforms

  S&P Global Ratings has upgraded Saudi Arabia’s rating to “A+” from “A” with a stable outlook, citing socioeconomic and capital market reforms. Strong non-oil growth and rising oil volumes from 2025 will support medium-term growth prospects, it said. Saudi Arabia’s National Debt Management Centre welcomed the upgrade, saying it would allow the kingdom to issue international bonds and sukuks at more favourable rates. The Saudi finance ministry had previously indicated that Saudi Arabia needed to borrow SAR139 billion ($37 billion) in 2025 to cover its budget deficit.

• Binance secures ‘largest investment ever’ in crypto as Abu Dhabi’s MGX pledges $2 billion

  Emirati state-owned investment firm MGX announced a $2 billion investment into Binance, in what marks the cryptocurrency exchange’s first institutional investment and the “single largest investment” ever paid in crypto. In a joint press release, the firms said the minority stake would be paid for in stablecoins, making it the “largest investment ever” paid in cryptocurrency. Stablecoins are a type of digital asset designed to hold a constant value, typically with a peg to a fiat currency. Abu Dhabi launched the MGX investment firm last year with a focus on AI technology. In September, MGX partnered with the likes of BlackRock and Microsoft to launch a more than $30 billion AI fund, but it had yet to invest in the cryptocurrency industry and blockchain sectors.

• ‘Iran on notice,’ says Pentagon spox of ongoing strikes against Houthis

  U.S. forces are continuing strikes on Houthi sites in Yemen that began over the weekend, Pentagon officials told reporters on Monday, and the strikes will continue until the terrorist group agrees to stop shooting at ships in the Red Sea. The Houthis had apparently not attacked a ship since January, when Israel and Hamas agreed a ceasefire, but said last week that they would respond to Israel's airstrikes and food blockade in Gaza by resuming attacks on "Israeli ships"—whose loose definition has in the past included a broad swath of vessels. Saturday’s initial wave of U.S. airstrikes struck 30 targets, including weapons plants and depots, training sites, and drone-launching sites, said Air Force Lt. Gen. Alexus Grynkewich, the Joint Staff’s operations director.

• Israeli strikes kill over 400 in Gaza, say Palestinians, ceasefire on brink
  Israeli airstrikes pounded Gaza, killing more than 400 people, Palestinian health authorities said on Tuesday, threatening the complete collapse of a two-month ceasefire as Israel vowed to use more force to free hostages held by Hamas. The Palestinian militant group, which still holds 59 of the 250 or so hostages seized in its October 7, 2023 attack on Israel, accused Israel of breaching the ceasefire and jeopardising efforts by mediators to secure a permanent truce. Israel's prime minister, Benjamin Netanyahu, said he had told the military to take "strong action" against Hamas in response to the group's refusal to release the remaining hostages and because of their rejection of ceasefire proposals.

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