“Over the next 10 years, climate change and its consequences will pose the greatest risk to the world. That’s according to more than 900 global experts from academia, business and politics, who were asked to evaluate 33 global risks over a two-year and a 10-year horizon for the World Economic Forum’s annual Global Risks Report.” The Largest Risks Faced by the World [Statista]
“Saudi Arabia alone is home to the world’s cheapest solar electricity at Shuaiba—almost 1 cent per kilowatt-hour. Four of the ten most cost-effective solar projects are here.” How the Middle East can assume the mantle of green energy leadership [Finance Middle East]
“One of the things I believe strongly, from my own experience over the last thirty years and looking at the sweep of history, is that there’s no such thing as a hereditary enemy; that we are not fated to conflict or animosity; and even what seemed to be the most virulent and violent hatreds can go away, can change.” Secretary of State Antony Blinken, Blinken’s audacious final message for the Middle East [Atlantic Council]
“Italy could be an energy hub on the Middle East to Europe route, thanks to its location in the Mediterranean and its interconnections with the rest of Europe. We know well Saudi Arabia’s capability in the production of renewable hydrogen and low-carbon derivatives such as ammonia,” Italian Energy and Environment Minister, Gilberto Pichetto Fratin, Saudi Arabia and Italy Sign Energy Cooperation Deal [Oilprice.com]
“In 2024, Saudi Arabia’s global ranking in container handling improved markedly, as reported by Lloyd’s List. The Kingdom ranked 15th globally, with three of its ports listed among the world’s top 100 ports. Jeddah Islamic Port climbed from 41st to 32nd place, King Abdullah Port advanced from 71st to 70th, and King Abdulaziz Port in Dammam rose from 90th to 82nd.” Saudi ports sector achieves key milestones in 2024 [Hellenic Shipping News Worldwide]
“Estimates suggest the global airport industry will be worth $194 billion in 2024. The Airports Council International projects that airport investment worldwide is likely to reach $2.4 billion by 2040. “The increasing interest from the Middle East is partly sparked by a desire to show their global credibility as much as the pure investment side.” John Grant, partner at the UK consultancy Midas Aviation and an AGBI columnist, Middle East investors turn to airports for safe returns [Arabian Gulf Business Insight]
“Lebanon’s parliament has elected the country’s army chief as president, ending a power vacuum that has lasted more than two years. Joseph Aoun’s candidacy for the mainly ceremonial role – which is reserved for a Maronite Christian under a sectarian power-sharing system – was backed by several key political parties, as well as the US, France and Saudi Arabia. A rival preferred by Hezbollah, the powerful Shia Muslim militia and political party supported by Iran, withdrew on Wednesday and endorsed the commander.” Army chief elected Lebanon’s president after years of deadlock [BBC]
“Within the GCC, we see increasing concentration, with the large banks accounting for a significant proportion of domestic activity. In Bahrain, Kuwait, Saudi Arabia and the UAE, two banks account for at least half of aggregate shareholders’ equity of all commercial banks in those countries. QNB alone has half the Qatari market and Bank Muscat about 40 percent.” Stable, if lacking excitement: the outlook for Gulf banks [Arabian Gulf Business Insight]
“The kingdom’s higher number of listings was partly driven by its Nomu parallel market platform, which allows smaller companies to list with reduced regulatory requirements. Its 57 IPOs in 2024 included diverse sectors from healthcare leaders like Dr. Soliman Abdul Kader Fakeeh Hospital to tech firms like WSM Digitalization & Transformation Company.” UAE, Saudi markets eye fresh wave of blockbuster IPOs after record 2024 [Arabian Business]
“The impact of Jeddah Tower will extend far beyond its architectural grandeur. The construction of such an iconic structure will be a catalyst for transformative change within the Kingdom’s real estate and broader economic sectors.” Sankey Prasad, Chairman and MD, Middle East and India, Colliers, Saudi Arabia’s Jeddah Tower to serve as magnet for surge in global investment in the Kingdom, say experts [Arabian Business]
