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QUOTED
“Saudi Arabia’s transition to a knowledge-based economy depends on trust in financial reporting. Ethical, transparent accounting practices are essential for attracting investment and ensuring long-term economic resilience.” ICAEW Middle East head Hanadi Khalife, Saudi finance leaders discuss accounting reforms at ICAEW event [The Accountant]
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TOP STORY
The second Islamic Arts Biennale entitled And All That Is In Between (Wama Bainahuma) is being held in Jeddah at King Abdulaziz International Airport’s Western Hajj Terminal from January 25 to May 15. [more]
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MORE TOP STORYLINES
Via Patrick Tucker in defenseone.com: Ukrainian President Volodymyr Zelenskyy said in his own statement that the day’s discussions began with Ukraine’s key priorities: stopping Russia’s missile and drone attacks, releasing prisoners of war, the return of Ukrainian children taken to Russia, and building confidence in the overall diplomatic process. “The American side understands our arguments and considers our proposals,” Zelenskyy said. “The U.S. side proposed taking an even bigger first step—a 30-day full interim ceasefire, not only stopping missile, drone, and bomb attacks, not only in the Black Sea, but also along the entire front line. Ukraine is ready to accept this proposal.”
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Via Jennifer Holleis and Majda Bouazza in dw.com: Saudi Arabia’s Crown Prince Mohammed bin Salman is increasingly busy hosting state leaders who fly in to discuss pressing global conflicts. This Monday, Ukrainian President Volodymyr Zelenskyy met the Saudi Crown Prince to speak about Russias war in Ukraine. This is ahead of a Tuesday meeting between Ukrainian and a US teams set to negotiate a potential end to Russias war of aggression, as well as a security deal that would include US access to Ukraines valuable mineral and metal deposits. It will be the first time that Ukrainian and US delegates talk face-to-face after the public spat between US President Donald Trump and President Zelenskyy in the White House in late February. The fact that the two countries have agreed to meet in Saudi Arabia — and not, say, in Europe — highlights the emerging key position of the oil-rich kingdom in the Middle East. Saudi Arabia has indeed established itself as a platform for dialog in the last two to three years, Sebastian Sons, a senior researcher for the German think tank CARPO, told DW. In Saudi Arabias foreign policy strategy, it currently plays a very important role to talk to everyone, he added.
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Via Matt Smith in agbi.com: Project finance is a funding model often used for infrastructure, in which repayment comes from revenue generated by the completed facility rather than being guaranteed by the owners. “Repayment depends on the project succeeding,” says Rahul Bajaj, director of Mena equity research at Citi in Dubai. As such, banks expect a premium for accepting the higher risk. “These are usually not low-margin products,” adds Bajaj. The project finance model is expected to play a bigger role in supporting the Gulf’s economic development. As governments push ahead with mega-projects, especially in Saudi Arabia and the UAE, the need for alternative financing mechanisms has grown, bankers say.
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MORE ON THE KINGDOM AND BEYOND
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Saudi Arabia‘s Red Sea Global’s newest ultra-luxury offering, Desert Rock Resort, has quickly established itself as a global draw since...[By Tala Michel Issa via arabianbusiness.com]
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The report sheds light on financial performance during the fourth quarter of last year, including revenues, expenditures, and public debt indicators. It highlighted a 21...[via com.sa]
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Unlike Abu Dhabi-backed Manchester City, which has dominated English soccer over the past decade, and Qatari-backed Paris Saint-Germain, which has done likewise in France, it...[By James Robson via apnews.com]
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Trump’s renewal of the maximum pressure campaign could lead to rising tensions in the Gulf after a brief period of relative stability. The Saudis remember...[By Sultan al-Amer via newlinesinstitute.org]
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Saudi Arabia's Crown Prince Mohammed bin Salman congratulated Mark Carney on Friday, on the occasion of the formation of the new government headed by him...[via arabnews.com]
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Saudi Arabia has arrested more than 50 people, including 11 women on prostitution charges, in a new crackdown on “immoral acts” amid ongoing social and...[via middleeastmonitor.com]
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Saudi Arabia and Indonesia are set to sign a memorandum of understanding (MoU) to facilitate the recruitment of domestic workers from Indonesia to Saudi...[via argaam.com]
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This new CSIS report provides a new perspective on an old topic. The Middle East has battled water insecurity for centuries, but today, the region...[via efaidnbmnnnibpcajpcglclefindmkaj]
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Syria’s interim government signed a deal Monday with the Kurdish-led authority that controls the country’s northeast, including a ceasefire and the merging of the main...[via arabnews.com]
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The joint drills, called the Maritime Security Belt 2025, took place in the Gulf of Oman near the strategic Strait of Hormuz, the narrow mouth...[via arabnews.com]
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Regarded as one of Iraq’s most skilled—if controversial—modern political operators, Sunni politician Mohammed Al-Halbousi has faced challenging times since his removal as...[By Mohanad Faris via amwaj.media]
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Mohanad Hage Ali is the deputy director...[By Ghida Tayara and Jasmine Khelil via carnegieendowment.org]
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The Jaffar Express was heading to the city of Peshawar in Khyber Pakhtunkhwa province from Quetta, the...[By Sakshi Dayal via reuters.com]
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