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QUOTED
“Saudi contemporary art often weaves traditional motifs, cultural heritage, and Islamic aesthetics with modern techniques and global themes. This blending creates a distinctive style that honors our roots while embracing the future. It’s a reflection of Saudi Arabia’s transformation—a dynamic interplay of preservation and innovation.” Saudi Arabian collector Basma Al Sulaiman, Collector Basma Al Sulaiman on the Future of the Saudi Art Market: ‘We Are Not Just Consumers’ [artnet]
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TOP STORY
In its recently released GCC Projects Market Update, KAMCO Invest found that the total value of contracts awarded in the Gulf Cooperation Council (GCC) reached a new high of $273.2 billion in 2024. [more]
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MORE TOP STORYLINES
Via Rachna Uppal in reuters.com: Saudi Arabia’s economy returned to growth in 2024, with real gross domestic product increasing 1.3% compared to the previous year, preliminary government data released on Thursday showed, with non-oil sector activities lifting overall GDP. GDP growth surged 4.4% in the fourth quarter versus the same period a year earlier, estimates from the General Authority for Statistics showed, the highest quarterly growth rate in two years, with non-oil activity increasing 4.6%. Non-oil growth vastly outperformed overall GDP in 2024 as well, increasing 4.3% while oil activities declined 4.5% and government activities grew 2.6%. The Saudi economy contracted 0.8% in 2023 as oil production cuts and lower oil prices hit growth in the worlds biggest crude exporter.
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Via Maayan Lubell in reuters.com: U.S. Middle East envoy Steve Witkoff visited Gaza on Wednesday, then met with Israeli Prime Minister Benjamin Netanyahu amid the Gaza ceasefire and a regional diplomatic push. Witkoff, whose visit to Gaza was confirmed by a White House official, is in the region to oversee the implementation of the Gaza ceasefire. U.S. President Donald Trump hopes to leverage that deal into a broader regional accord that would include Saudi Arabia and Israel formalising diplomatic ties. Witkoff visited Saudi Arabia on Tuesday. The U.S. envoy met with Netanyahu alone for more than two hours, an Israeli official said, before they were joined by other ministers.
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Via Abdel Aziz Aluwaisheg in arabnews.com: Several high-level Gulf Cooperation Council officials have visited Lebanon recently to show support for newly elected President Joseph Aoun and Nawaf Salam, his pick for prime minister. Last Thursday, Prince Faisal bin Farhan visited Beirut, becoming the first Saudi foreign minister to do so in some 15 years. Kuwaiti Foreign Minister Abdullah Al-Yahya and GCC Secretary-General Jasem Albudaiwi were in Beirut last Friday. They delivered similar messages to Lebanon’s new leadership. Kuwait holds the current rotating presidency of the GCC and has been keenly interested in restoring Lebanon’s close relations with the Gulf countries. Over the past two decades, Lebanon and the GCC countries became estranged as Hezbollah came to dominate Lebanon’s political, security and economic systems, including its foreign policy, which became aligned with Iran’s. It also dominated law enforcement and parts of the judiciary, frustrating investigations into its members and shielding them from accountability.
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MORE ON THE KINGDOM AND BEYOND
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Ongoing transformation in the global screen industry has created an opportunity for GCC countries to establish themselves as prominent players. As the industry grapples with...[By Tarek Matar, Karim Sarkis and Maansi Sagar via strategyand.pwc]
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The delegation consists of nine technical teams covering various sectors, including goods, services, investment, general provisions, e-commerce, intellectual property, government procurement, rules of origin, and...[via spa.gov]
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After years of regulatory uncertainty under both Democratic and Republican administrations, Trump has pledged to protect bitcoin ownership and encourage blockchain...[By Carla Sertin via agbi.com]
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68.1m international tourists visited the Gulf Cooperation Council (GCC) countries by the end of 2023, according to data issued by the Statistical...[via arabianbusiness.com]
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Since China is the US’s third-biggest export destination for food and agricultural products after Canada and Mexico, Beijing may retaliate by...[By Martin Keulertz via agbi.com]
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A recent analysis by Capital Economics highlights the consequences of these tariffs and their broader implications for global trade dynamics. The administration's agenda to...[By Issac John via khaleejtimes.com]
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Saudi Arabia’s non-oil economy started 2025 on a high as business conditions improved substantially. This improvement was largely due to the fastest increase in total...[By Yara Abi Farraj via economymiddleeast.com]
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Some of the Kingdom’s prominent military branches are participating in the drills, including forces from the Presidency of State Security and the Saudi Arabian National...[via arabnews.com]
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Strategic inbound and domestic M&A activity in the region surged 88 per cent year-on-year to reach $36 billion during the first 10 months...[By Tala Michel Issa via arabianbusiness.com]
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The Saudi Arabia Council of Health Insurance (CHI) has announced penalties against several employers for failing to meet mandatory health insurance...[By Roxanne Libatique via insurancebusinessmag.com]
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Saudi Arabia’s Crown Prince Mohammed bin Salman received Germany’s President Frank-Walter Steinmeier at Al-Yamamah Palace in Riyadh on Monday. The two leaders held an official session...[via arabnews.com]
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"Ultimately, we're going to see the seasonal dance: Gas prices are going to go up this spring regardless of tariffs or not, they're going to...[By Julie Hyman and Josh Lipton via yahoo.com]
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The IPO proceeds are to be deployed for funding the infrastructure, land settlements, and development of the MASAR Destination, a major Makkah redevelopment project valued...[via arabianbusiness.com]
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Figures from the General Authority for Statistics released in 2023 show that 63 percent of the Kingdom’s population is under 30 years old, and the government...[By Nadin Hassan via arabnews.com]
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Iran experienced significant military setbacks in 2024, as did many of its allies (including armed groups and groups proscribed as terrorist groups by the UK)....[By Philip Loft via parliament.uk]
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Hamas handed over three Israelis and five Thai hostages in ...[By Nidal Al-Mughrabi, Emily Rose and Maayan Lubell via reuters.com]
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President Donald Trump has made energy a clear focus for his second term in the White House. Having campaigned on an “America First” platform that...[By Matt Bowen, Anne-Sophie Corbeau, Erica Downs, Jonathan Elkind, Gautam Jain, Robert (RJ) Johnston, Noah Kaufman, Tatiana Mitrova, Richard Nephew, Luisa Palacios, Diego Rivera Rivota, Sagatom Saha, Shayak Sengupta, Vivek Shastry, Trevor Sutton & Karen E. Young via energypolicy.columbia]
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