MUST-READS

• Why Saudi cash hasn’t been able to turn Newcastle into a soccer superpower

  Unlike Abu Dhabi-backed Manchester City, which has dominated English soccer over the past decade, and Qatari-backed Paris Saint-Germain, which has done likewise in France, it has been a slower burn for Newcastle, which hopes to end its trophy drought on Sunday when it faces Liverpool in the English League Cup final at Wembley. That is largely because these are different times and having mega-wealthy owners today does not give teams the freedom to spend as exorbitantly as they once did. Financial Fair Play (FFP) regulations essentially ensure teams can spend only in relation to what they earn.

• ‘Golden era’ for GCC capital markets as global investors cash in on $2.3 trillion powerhouse
  GCC capital markets have undergone an unprecedented transformation, soaring to a collective market capitalisation of $2.3 trillion by the end of 2024, with international investors increasingly viewing the region as a long-term structural investment opportunity rather than a tactical allocation. “The pace of reforms in this region has been phenomenal and stakeholders in each market have a powerful and persuasive story to tell global investors,” said Nabeel Albloushi, HSBC’s Regional Head of Markets & Securities Services for the Middle East North Africa & Türkiye (MENAT) region, speaking to Arabian Business at the HSBC MENAT Future Forum in Dubai this week. “We are living our golden era right now,” said Karim Tannir, Head of Banking for MENAT at HSBC Holdings. “If I have to pick one sector that demonstrates the growth and momentum in the region, I would have to say the capital markets, specifically the IPO markets…which has become world-leading, with issuances among the largest by volume.”

• Siemens Energy awarded $1.6 billion Supply Contract for Rumah 2 and Nairyah 2 Power Plants

  Siemens Energy announces that it has been awarded a USD 1.6 billion project, with Harbin Electric International as the EPC contractor, to provide key technologies for the Rumah 2 and Nairyah 2 gas-fired power plants in Saudi Arabia. Located in the western and central regions, the plants will add 3.6 gigawatts of power to the national grid – enough to supply around 1.5 million homes. The project includes long-term maintenance agreements to support the plants’ operational reliability over the next 25 years. Core components for the power plants will be manufactured at the Siemens Energy Dammam Hub, which is currently expanding to increase local production capacity and support Saudi Arabia’s energy sector.

• The Thirst for Power: Water and Politics in the Middle East

  This new CSIS report provides a new perspective on an old topic. The Middle East has battled water insecurity for centuries, but today, the region is on a razor’s edge. Climate change and overuse have threatened water supplies like never before. In a region beset with wars, fragility, and political tensions, it is harder than ever to develop agreements and reforms that would alleviate water scarcity. The trends are clear: By 2050, every single country in the Middle East and North Africa (MENA) will live under extremely high water stress.1

• Saudi Arabia spends $724 million to implement 1,072 projects to empower women in 79 countries

  Saudi Arabia, represented by the King Salman Humanitarian Aid and Relief Center (KSrelief), has implemented as many as 1,072 projects dedicated for the most needy women in 79 countries around the world. Implementation of these projects, which are valued at nearly $724 million, coincide with International Women's Day, which falls on March 8 each year. The projects implemented by KSrelief included provision of assistance to Yemeni women and empowering them economically, building their capacities by providing training programs in the professional and commercial fields, and providing them with the necessary tools that help them find income-generating opportunities that contribute to improving the livelihoods of the beneficiaries and their families.

• 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 Arabia – Rise of a global diplomatic power?: Video

  Saudi Arabia is increasingly positioning itself at the center of various high-stakes diplomatic processes. In recent months, it has taken on key roles as backer, mediator, or host to ongoing negotiations, including on a Gaza settlement, Russian-US normalization and a cease-fire in Ukraine, support for Lebanon and Syria, as well as efforts to end the Sudanese civil war. How do such Saudi diplomatic interventions fit into the kingdom’s broader political-economic transformation efforts? This on-the-record briefing featured Middle East Institute (MEI) Associate Fellow Norman T. Roule, a 34-year veteran of the CIA whose current work focuses on issues concerning the Gulf states and Iran. The briefing also featured F. Gregory Gause III, Visiting Scholar at MEI and author of three books focused on the Persian Gulf.

• Middle East Balance of Power Continues to Shift

  The setbacks suffered by Iran and its Axis of Resistance partners in their post-October 7 battles against Israel have set the stage for a realignment of the Middle East balance of power. The leading beneficiary of the power shift is the Kingdom of Saudi Arabia, which has sparred with Iran for regional influence since Iran’s 1979 Islamic revolution. Another competitor of both Saudi Arabia and Iran, Türkiye, has benefitted from the overthrow of the regime of President Bashar al-Assad of Syria by Turkish-backed Sunni Islamist armed dissidents. At the same time, the Kingdom by no means regards Iran as eliminated from the region’s power structure. Iran’s Supreme Leader, Grand Ayatollah Ali Khamenei, has stated an intent to rebuild Iran’s resistance axis gradually, including in Syria. In March 2023, under pressure from the Iran-led Axis and doubtful the U.S. would continue to protect the Arab Gulf monarchies, Saudi leaders, using China’s mediation, finalized a restoration of relations with Tehran in March 2023.

• Saudi Prince Steps In as Power Broker in Trump’s New World Order

  MBS, as the oil-rich kingdom’s de facto ruler is known, is one of the few global power brokers to enjoy a close relationship with Trump and Russian President Vladimir Putin, while most Arab heads of state see him as critical to tackling a more erratic Washington. That has positioned Riyadh as the most likely venue for a Trump-Putin summit on Ukraine, and puts Prince Mohammed at the heart of the regional response to Trump’s controversial proposals for war-ravaged Gaza. Saudi officials believe that positioning MBS as a peacemaker furthers the kingdom’s goal of becoming a middle-ranked global power that’s friends with everyone and pursues a foreign policy that’s mainly in the service of its economic interests and aspirations.

• Saudi Arabia aims to become mining powerhouse

  Saudi Arabia is making significant investments in exploration to discover new mineral deposits. Al-Mudaifer noted the increase in exploration companies operating in the country: "The number of companies on exploration has increased in Saudi Arabia from 23 in 2023 to 132, 4 times in just one year because the potential is there and the enablement is here." To support exploration efforts, the Kingdom has launched a regional geological survey and established exploration incentives. "We have completed most of it," Al-Mudaifer said about the survey. "65% of the data that we acquired is in our national geoscience database." The country also provides financial support to exploration companies, covering up to 25% of their initial costs.

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