MUST-READS

• Saudi Arabia builds first road using recycled construction waste

  Saudi Arabia's Roads General Authority (RGA) has achieved a significant milestone in sustainable infrastructure development by completing the kingdom’s first road built with recycled construction and demolition (C&D) waste in its asphalt mixture. The innovative project carried out in collaboration with Al Ahsa Municipality and the National Centre for Waste Management (MWAN), saw recycled C&D materials incorporated into the asphalt paving layers of a road in the Al Ahsa Governorate. This initiative aligns with Saudi Arabia’s ambitious Vision 2030 goals, emphasizing the transition to a circular economy. The kingdom aims to achieve a 60% recycling rate of C&D waste by 2035, significantly reducing environmental impact while promoting resource efficiency.

• Saudi Aramco Sees Oil Demand Growth at 1.3 Million Bpd in 2025

  Saudi Aramco, the world’s largest oil exporter, expects global oil demand to grow by a steady 1.3 million barrels per day (bpd) this year compared to 2024, the chief executive of the biggest oil firm in the world told Reuters. Oil demand is set to hit nearly 106 million bpd this year, up from about 104.6 million bpd last year, Saudi Aramco’s chief executive officer Amin Nasser told Reuters on the sidelines of the World Economic Forum in Davos. “We still think the market is healthy ... last year we averaged around 104.6 million barrels (per day), this year, we're expecting an additional demand of about 1.3 million barrels ... so there is growth in the market,” Nasser told Reuters

• Top Saudi diplomat says Trump administration is not looking for war with Iran

  The top Saudi diplomat on Tuesday played down fears that the incoming Trump administration was looking for war with Iran and called on Tehran to engage with the US to address the issue of its nuclear weapon program. “I don’t see the incoming US administration as contributory to the risk of war. On the contrary, I think President Trump has been quite clear that he does not favor conflict,” Prince Faisal bin Farhan said at the World Economic Forum (WEF) in Davos. Prince Faisal admitted that the Middle East was abundant in risk factors, but it also had huge potential. “I hope that the [Trump administration’s] approach will be met, also on the Iranian side, by addressing the issue of the nuclear program, by being willing to engage with the incoming administration in a way that can help us stay on track with this positive momentum,” he said.

• Trump wants an Israel-Saudi normalisation deal. Will he get one?

  Now that US President Donald Trump’s second term has begun, officials in his administration optimistically see the recently implemented Gaza ceasefire as paving the way for a normalisation deal between Israel and the Kingdom of Saudi Arabia. The new US national security advisor Mike Waltz said he has high hopes for the “next phase of the Abraham Accords”, with Israeli-Saudi normalisation a “huge priority” for Trump’s administration. A diplomatic accord between Tel Aviv and Riyadh would be a “tremendous historic region-changing agreement,” he added. One of the main foreign policy legacies of the first Trump administration was the Abraham Accords, which brought four Arab states - the United Arab Emirates (UAE), Bahrain, Sudan, and Morocco - into normalisation deals with Israel.

• Cristiano Ronaldo nets 2 and leads Saudi league in scoring

  Cristiano Ronaldo scored twice for Al-Nassr in a 3-1 victory over Al-Khaleej on Tuesday to move atop the Saudi Pro League goalscoring standings above Aleksandar Mitrovic and Karim Benzema. The five-time Ballon D’Or winner fired Al-Nassr into the lead after 65 minutes, finding the net with a low shot from the edge of the area for his 100th goal contribution since joining the Riyadh club in December 2022.

• Saudi Arabia FM Prince Faisal says he plans to visit Lebanon’s Beirut this week

  Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan said Tuesday that he plans to visit Beirut this week. “We will need to see a commitment to a Lebanon that is looking to the future, not to the past, in order for us to raise our engagement,” he said at the World Economic Forum (WEF) in Davos.

• Hamas’ tight grip on Gaza complicates plan for lasting peace
  In neighbourhoods levelled by 15 months of war with Israel, Hamas officials are overseeing the clearance of rubble in the wake of Sunday's ceasefire. The group's gunmen are guarding aid convoys on Gaza's dusty roads, and its blue-uniformed police once again patrol city streets, sending a clear message: Hamas remains in charge. Israeli officials have described a parade of jubilant Hamas fighters that celebrated the ceasefire on Sunday in front of cheering crowds as a carefully orchestrated attempt to exaggerate the Palestinian militant group's strength.

• Israel and Hamas Reach a Ceasefire
  The politics on both sides are fraught. It’s not clear who can speak for Hamas. Israel killed much of the Hamas leadership, and there seems to be a split between what remains of the Hamas leadership in Gaza and the remaining Hamas leadership that is negotiating in Qatar. It is also unclear how many of the Israeli hostages Hamas took on October 7 Hamas actually controls. On the Israeli side, the prime minister’s coalition is divided. Itamar Ben-Gvir, the security minister, resigned over the hostage deal, and other politicians have expressed their deep concerns. Hamas seems bent on reinforcing those concerns. It made a show of force by having fighters parading in the streets with guns, and its police force is very visible. Hamas is clearly more in control of Gaza now than it was a week ago.

• 90% of GCC CEOs confident of revenue growth in 2025: PwC’s 28th Annual CEO Survey

  CEOs in the Middle East are among the most confident globally about revenue growth in 2025, as revealed in PwC’s 28th Annual CEO Survey. Yet the survey also finds that regional chief executives are acutely aware of the huge wave of disruptive change, primarily driven by AI, climate challenges and an intensifying competition over new domains of growth as industry lines blur. In summary, the survey reveals that our region’s CEOs are striking a difficult balance - capturing the significant market opportunities today while also reinventing their businesses for tomorrow.

• GCC bond issuances hit record $103bln in 2024

  The GCC countries recorded a landmark year for fixed income issuances in 2024, with total bond issuance in the region rising to a record high of $103.4bn. This marks a 71% jump from $60.5bn worth of bond issuances in 2023, according to the GCC Fixed Income Market 2024 report published by Kuwait-based Kamco Investment. Corporate issuances led the way, with companies in the GCC raising a total of $70.1bn, reflecting a remarkable growth of 74% compared to 2023. Meanwhile, government bond issuances in the region also saw a strong year-on-year increase, totalling $33.3bn, a 65% rise from the previous year. At the country level, the UAE saw the most significant increase in issuances, with bonds totalling $49.7bn in 2024, compared to $31.2bn in 2023. Qatar followed closely, posting a rise of $13.4bn. The UAE also emerged as the region’s largest bond issuer, followed by Saudi Arabia with $30.8bn, and Qatar with $16.8bn.

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