MUST-READS

• Saudi Arabia says focused on all kinds of energy, not just oil

  Saudi Arabia is taking climate change issues seriously and has shifted its focus to all kinds of energy, not just oil, Energy Minister Prince Abdulaziz Bin Salman told an industry event on Wednesday. Saudi Arabia, the world's largest oil exporter, supported a deal at the U.N. climate summit in December to transition the global economy to cleaner forms of energy. But the Saudi-led oil producer group the Organization of the Petroleum Exporting Countries (OPEC) had opposed a group of some 100 countries that lobbied for stronger language to "phase out" oil, gas and coal use in the final agreement.

• Saudi Arabia’s new civil laws aim to boost investment, but caution lingers

  For private equity investor Imad Ghandour changes in Saudi Arabia's laws are prompting a rethink and his firm may buy, for the first time, minority stakes in the kingdom's companies. It is exactly an effect the country's leaders are aiming for as they seek to woo billions of dollars in new capital to wean its economy off fossil fuels. On Dec. 16, the kingdom's first written civil code came into effect, replacing a system where judges would have full discretion in ruling on commercial disputes using Islamic law, sharia, as guidance. That created uncertainty for investors like Ghandour, who until now would only invest in majority stakes in Saudi companies.

• Saudi Arabia Overtakes the UAE in Middle East VC Fund Raising

  Saudi Arabia secured more venture capital investments than its main regional competitor, the United Arab Emirates, for the first time last year as government-backed funds boosted spending in the sector. Startups in the kingdom raised $1.4 billion, a 33% increase from a year earlier and just over half of all venture capital funding raised in the Middle East and North Africa in 2023, according to Dubai-based venture capital data platform Magnitt.

• Austin leaves intensive care amid growing scrutiny of Pentagon secrecy

  Defense Secretary Lloyd Austin, whose failure to disclose his need for emergency hospitalization has ignited a firestorm, was moved out of intensive care on Monday, as Democrats and Republicans intensified their calls for accountability, and senior officials at the White House and Pentagon struggled to defuse the uproar.

• Blinken brings Arab message to Israel: keep hope of Palestinian state alive

  U.S. Secretary of State Antony Blinken, on his latest mission to rein in the Gaza war, told Israeli leaders on Tuesday there was still a chance of winning acceptance from their Arab neighbours, if they create a path to a viable Palestinian state.

  On his fourth trip to the region since October in a so far largely fruitless quest to tamp down the violence, Blinken said he would share what he had heard in two days of talks with Jordan, Qatar, the United Arab Emirates and Saudi Arabia.

• The Biden administration is seeing its Middle East policies collapsing

  Repeated entreaties by the Biden administration on Israel's largely Jewish supremacist cabinet, particularly ministers in charge of the West Bank like Finance Minister Bezalel Smotrich, have gone unheeded, and both the Israeli military and the radical and violent settler allies of these extremist politicians have been conducting themselves with reckless and indefensible brutality against Palestinians in the West Bank, who have been relatively quiet despite the provocation of Israel's appalling war of vengeance in Gaza.

• Expo 2030: An Opportunity to Define Riyadh’s Future

  On November 29, Riyadh was chosen to host the 2030 World Expo beating out Rome and the South Korean port city of Busan for an event expected to draw millions of visitors. Members of the Paris-based Bureau International des Expositions chose Riyadh with a majority of 119 out of 165 votes during a closed-door meeting. Focused on shaping a prosperous and sustainable future, under the theme “The Era of Change: Together for a Foresighted Tomorrow,” the expo will run from October 1, 2030 to March 31, 2031.

• ISIL’s Attack Will Not Weaken the Regime in Tehran

  The Islamic State in Iraq and the Levant resurfaced in the spotlight as it claimed responsibility for conducting twin bombings January 3 in Kerman in southeastern Iran. In doing so, ISIL proved it still is a force to be reckoned with, which may have been the motive behind the attack. The impact of the attack on the Islamic Republic, on the other hand, is more debatable: Did the attack undermine public confidence in the capabilities of security agencies, perhaps emboldening the internal opposition to rise against the regime; or contrariwise, did it rally Iranians around the flag against a terrorist enemy? If history is any indication, the latest ISIL attack, rather than weakening the regime in Tehran, may perhaps even strengthen it.

• Stronger Growth Expected in Saudi Arabia in 2024 Amid High Uncertainty

  As forecasters make their projections for the Saudi economy in 2024, they will have to assess whether the slowdown in non-oil growth and investment spending is temporary or longer lasting. They will also have to weigh the potential impact of several global, regional, and domestic uncertainties that could significantly affect the economy; the biggest relate to the global oil market, the ongoing conflict in Gaza, U.S. monetary policy, and the impact of domestic reforms.

• Emirates’ Clark Says Blowout Illustrates Boeing’s Quality Lapses

  Emirates President Tim Clark, a powerful voice in the aviation community as the biggest buyer of widebody aircraft, said the accident on a Boeing Co. 737 Max aircraft on Jan. 5 marks a setback for the manufacturer just as it seeks to improve operations.

  “They’ve had quality control problems for a long time now, and this is just another manifestation of that,” Clark said in an exclusive interview at his office in Dubai. “I think they’re getting their act together now, but this doesn’t help.”

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