MUST-READS

• Careem Pay launches fee-free remittance service, undercuts traditional exchanges
  Careem has launched a new remittance feature through Careem Pay that offers zero-fee international transfers and better-than-market exchange rates, challenging traditional exchange houses in the UAE’s remittance market. The move comes as conventional exchange houses increased their fees by 15 per cent last year, according to the company. The new service, which primarily benefits Careem Plus members, enables customers to save up to AED 400 per transaction when sending money abroad.

• White House envoy met senior Palestinian official in Saudi Arabia

  President Trump's Middle East envoy Steve Witkoff met on Tuesday in Riyadh with a senior adviser to Palestinian president Mahmoud Abbas, according to two sources with knowledge of the meeting. This was the first meeting between a Trump administration official and a Palestinian official since November's election. The sources said the meeting was the result of several weeks of back-channel talks between Trump administration officials and Palestinian leadership. According to one source, Saudi Arabia helped broker the meeting, which took place in its capital.

• Saudi Telecom Company signs $9bn deal to build telecom infrastructure

  Saudi Telecom Company, the kingdom's biggest mobile operator, has signed a contract worth Saudi riyals 32.64 billion ($8.7 billion) with a government entity to build, operate and provide telecoms infrastructure services. STC, which offers digital products and services across the Middle East and North Africa region, did not disclose the name of the government entity. The agreement includes an 18-month preparation and execution phase, followed by a 15-year operational period for the project, STC said in a statement on Tadawul, where its shares are traded. STC shares rose more than 2.24 per cent on Tuesday after the announcement as this deal marks a significant step in enhancing the kingdom's telecom infrastructure.

• Minister AlRajhi: increased Saudi-ILO cooperation fosters decent work, social justice and inclusive development

  As we continue to build a labour market that serves all who live and work in the Kingdom, we are acutely focused on eradicating abuse and exploitation in all its forms. Effective global collaboration is imperative to achieve this goal, and the Kingdom is aligned with key international labour standards, including through the ratification of the International Labour Organization (ILO) Convention on the Protection of Wages No. 95 and the Protocol of 2014 to the Forced Labour Convention No. 29. Building on these commitments, the Kingdom has now introduced a National Policy for the Elimination of Forced Labour – the first of its kind in Arab countries.

• Former Eastern Province Emir Prince Mohammed bin Fahd passes away

  Born in Riyadh in 1950, Prince Mohammed bin Fahd is the second son of King Fahd. He received his school education from the Capital Model Institute. Prince Mohammed bin Fahd obtained a bachelor's degree in economics and political sciences from the University of California, Santa Barbara. After graduation, he worked in the private sector but was gradually introduced to multiple public assignments. During the early 1970s he was a major stakeholder of the Al Bilad conglomerate. Then he was appointed assistant deputy minister of interior. In 1985, he was named emir of the Eastern Province, and his tenure ended in 2013.

• Saudi envoy to UK: No normalisation with Israel without Palestinian state

  Saudi Arabia will not normalise ties with the occupation state of Israel without a solution to the Palestinian issue, which involves the establishment of a Palestinian state, the Kingdom’s Ambassador to the UK, Khalid Bin Bandar Al Saud, has said. He added that Palestine has been fought over for 6,000 years, and that “it is not an easy thing to find, whether it’s during the Crusades […] I can’t think of anywhere that’s had that much done to it.” However, he stressed that “good things are never easy. And anyone who is objecting to what almost the whole world sees as the solution cannot be right. So, you know, again, that’s why I’m not optimistic, because we have a lot of problems along the way.”

• UAE’s nuclear company seeks to capitalise on AI-induced energy demand in US

  The United Arab Emirates wants to build and consult on nuclear projects around the world, with the US as the fastest-growing market, the head of the country’s state-owned nuclear company has said.  Emirates Nuclear Energy Company has become a major player since it was established in 2009. It completed the four reactors of its Barakah nuclear power plant, the first in the Arab world, in under 12 years, and on budget. The project was developed in partnership with Korea Electric Power Corp. The company, known as Enec, has built up investment and research and development teams to explore opportunities beyond the UAE, chief executive Mohamed Al Hammadi told the Financial Times. AI is set to drive a surge in demand for electricity to power data centres.

• DeepSeek impact: Experts advise calm, diversification as Middle East investors scramble to reshuffle portfolios

  Even as Middle East investors, including large institutional investors and family offices, are scrambling to quickly reshuffle their investment portfolios in the wake of the Chinese AI startup DeepSeek-triggered stock market bloodbath, market experts advised calm and diversification as the best strategies to tide over the current roller-coaster. They also suggested using ETFs (Exchange-Traded Funds)-route for broader exposure to mitigate risks in the current market scenario. Market participants said investors in the Middle East also resorted to panic selling in tech shares, especially in AI-focussed Nvidia, Microsoft, and Meta, in the wake of DeepSeek’s rise sending shockwaves through the AI investment landscape.

• Saudi Arabia reaffirms support for Syria and Lebanon to regain their status

  The Council of Ministers on Tuesday reaffirmed Saudi Arabia’s support for Syria and Lebanon and their peoples. The Cabinet session, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh, pledged its backing for the efforts aimed at restoring the natural status of the two countries within their Arab and international communities. In a statement to the Saudi Press Agency following the session, Minister of Media Salman Al-Dossary said the Council reiterated this position while discussing the outcome of the recent visits of Minister of Foreign Affairs Prince Faisal bin Farhan to Lebanon and Syria.

• The case for a GCC Common Sustainable Finance Framework
  The GCC is at a pivotal moment in shaping its sustainable finance landscape. Our latest report, "The case for sustainable finance" series, explores the opportunities of establishing a common framework for the region. As the world moves toward inclusive and resilient financial systems, the GCC can set a powerful example through collective action and a unified approach to sustainability.

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