MUST-READS

• Barclays Considers Re-Entering Saudi Arabia a Decade After Exit

  “We’re looking at how best to re-enter the country,” Venkatakrishnan said. “We will consider corporate banking work, but investment banking and trading will be the focus.” The move to re-enter Saudi Arabia would come a decade after Barclays pulled out of the country under then CEO Antony Jenkins. Venkatakrishnan’s comments come as banks around the world beef up their operations in the oil-rich kingdom, which is in the midst of a trillion-dollar economic transformation plan.

• Hezbollah elects Naim Qassem as head to succeed Nasrallah
  Lebanese armed group Hezbollah said on Tuesday it had elected deputy head Naim Qassem to succeed Secretary General Hassan Nasrallah, who was killed in an Israeli air attack on Beirut's southern suburb over a month ago. The group said in a written statement that its Shura Council had elected Qassem, 71, in accordance with its established mechanism for choosing a secretary general. He was appointed as Hezbollah's deputy chief in 1991 by the armed group's then-secretary general Abbas al-Musawi, who was killed by an Israeli helicopter attack the following year.

• UN COP16 nature talks gridlocked as conservation funding trickles in
  Countries were at an impasse over how to fund conservation and other key decisions as the U.N. COP16 biodiversity summit entered its second week on Monday, with nations pledging millions of dollars rather than the billions needed. Seven countries and one provincial government pledged an additional $163 million to the Global Biodiversity Framework Fund on Monday, dubbed the summit's "finance day." The fund was established to help realize the goals laid out in the landmark 2022 Kunming-Montreal Global Biodiversity Framework, aimed at ending nature loss by 2030. COP16 in the Colombian mountain town of Cali is tasked with implementing that agreement.

• Saudi Arabia’s Vision 2030 is transforming women’s lives, says Princess Reema
  Speaking at the HERizon Summit, held alongside the eighth Future Investment Initiative, she emphasized that the right policies are crucial for accelerating women’s progress in business and entrepreneurship. The event, themed “Invest in Women,” aims to bridge the gender gap and empower women in the global workforce. A recent report by the World Bank confirmed Saudi Arabia’s progress in gender parity, noting a substantial increase in female labor participation from 22% in 2016 to 34% in 2023.

• Ryan Serhant on Dubai’s Real Estate Boom, Netflix Fame, and how to become a “real estate machine”

  In the eyes of the celebrity property mogul, Dubai has become an international real estate hotspot that now ranks among the top global investment destinations. “Dubai today is a top 10 global real estate investment play,” Ryan Serhant tells Arabian Business. “We’re now seeing buyers in New York, Los Angeles, Miami, Hong Kong, Paris and London who are thinking of Dubai first.” This international attraction marks a significant change from previous decades, positioning Dubai alongside iconic cities as a premier choice for investment he believes.

• Saudi wealth fund to cut overseas investments
  Saudi Arabia's sovereign wealth fund plans to cut its overseas investments by about a third, its governor told a conference in Riyadh on Tuesday, as the Kingdom taps into its resources to fund plans to wean the economy off oil. Speaking on a panel of business, technology and finance leaders, Public Investment Fund Governor Yasir Al-Rumayyan said the sovereign wealth fund was more focused on the domestic economy and aiming to bring the fund's international investments down to between 18% and 20% of the total from 30%.

• Finance minister expects Saudi investments in Africa’s private sector to reach $25 billion

  Saudi Finance Minister Mohammed Al-Jadaan forecasted on Monday that Saudi investments in the private sector across Africa will amount to $25 billion over the next ten years. During the Future Investment Initiative New Africa Summit in Riyadh, Al-Jadaan mentioned that $5 billion of these investments are currently being implemented. He emphasized Africa's pivotal role in addressing global challenges and highlighted the accelerating partnership between the Kingdom and the continent.

• Inside Saudi Arabia’s Sindalah: All you need to know about NEOM’s luxury island

  The first guests can now step foot on the luxury island in the Red Sea , where they see a world-class yachting destination, mega luxury hotels, a golf course, a beach club, an array of restaurants and an international luxury retail offering dubbed ‘The Village’ - home to some 51 luxury retail outlets. Transforming Sindalah from idea to reality has been the result of an extensive two-year effort, from a 30,000-strong workforce at its peak across four local contracting partners and up to 60 subcontractors.

• Saudi Arabia cleared to buy over 1,000 TOW missiles by US State Department

  Saudi Arabia has requested to buy 507 TOW 2A radio frequency (RF) (BGM-71E-4B-RF) missiles (including seven ‘fly-to-buy’ missiles) and 507 TOW 2B RF (BGM-71F-3-RF) missiles (including seven ‘fly-to-buy’ missiles). The following non-Major Defense Equipment is also included in the deal: support and test equipment; simulators; generators; integration and test support; spare and repair parts; communications equipment; software; facilities and construction support; publications and technical documentation; and various aspects of engineering, logistics, technical, training and programme support.

• Saudi Arabia’s Neom Welcomes First Guests to Sindalah Island

  Situated to Saudi Arabia’s northwest, five kilometers off the coast, the luxury resort of Sindalah spreads itself out across over 9 million sqft. Its position at the top of The Red Sea ensures this new destination is only 17 hours by sea from key Mediterranean ports. Vital given that Sindalah will be looking to capture some of the yachting crowd that has traditionally headed to the Caribbean during winter.

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