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QUOTED
“We are living our golden era right now. If I have to pick one sector that demonstrates the growth and momentum in the region, I would have to say the capital markets, specifically the IPO markets…which has become world-leading, with issuances among the largest by volume.” Karim Tannir, Head of Banking for MENAT at HSBC Holdings, ‘Golden era’ for GCC capital markets as global investors cash in on $2.3 trillion powerhouse [Arabian Business]
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TOP STORY
Scopely Inc., which was purchased by Saudi Arabia’s Public Investment Fund’s subsidiary Savvy Games in 2023, has agreed to acquire the gaming division of developer Niantic which includes Pokémon Go and Monster Hunter for $3.5 billion. [more]
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MORE TOP STORYLINES
Via Natasha Turak in cnbc.com: Direct impact from tariffs, like the U.S. levies on steel and aluminum imports, have just a minimal impact on the Middle East, economists say. The Gulf region, for instance, accounted for roughly 16% of U.S. aluminum imports in 2024, led by the United Arab Emirates and Bahrain, Standard Chartered MENA Economist Carla Slim told CNBC. While those sectors may be affected, analysts say, the hit will be minor. But the blow to growth from a trade war is likely to hurt the price of oil, the mainstay of the region’s economy. There are also immediate costs to countries whose currencies are pegged to the dollar, such as Saudi Arabia, the UAE, Qatar, Oman, and Bahrain. The U.S. dollar has been selling off since the start of the year, making imports for countries with dollar pegs more expensive – a challenge for a region highly dependent on goods from abroad.
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Via Edmund Bower in agbi.com: “They can’t do this without a lot of people and a lot of expertise,” said Dane Albertelli, a senior analyst at Source Global Research, which analyses global consultancies. “At the moment, they’re kind of maxed out.” Neither PIF, the $925 billion sovereign wealth fund at the forefront of the kingdom’s investment drive, nor PwC have commented publicly but it seems that a fight over expertise was the most immediate cause of the spat. The UK’s Financial Times has reported that PIF was irked by an attempt by PwC to poach a top auditor from one of its subsidiaries, Neom. These giga projects and others need specialised skills that are in relative short supply in the kingdom of 19 million Saudi citizens, almost half of whom are under the age of 30. Mohammad Al Qahtani, a former senior official in the Saudi royal household, and now CEO of Riyadh-based investment management company Saudi Arabia Holding Co, told his 308,000 followers on LinkedIn last week: “The PIF-PwC decision isn’t just a headline – it’s a wake-up call.”
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Via Alex Kimani in oilprice.com: With the CERAWeek 2025 conference in Houston drawing to a close, C-Suite executives, ministers and top officials have weighed in on the trajectory of the global oil and gas sector with experts debating whether tariffs, trade, and competition will replace security, affordability, and sustainability in shaping energy markets and policy. However, one of the biggest highlights of the conference has been the showdown between Saudi Aramco’s CEO Amin Nasser and IEA Executive Director Fatih Birol and their highly divergent views on the future of the global oil industry. Once again, the Aramco CEO was adamant that there were “inherent flaws” in the energy transition away from conventional fuels, saying, “So I pay little attention to forecasts claiming that next year will be peak this, or peak that,” in a thinly-veiled dig at the IEA which has predicted a peak in oil demand by the end of the current decade.
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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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The Ministry of Interior conducted inspection campaigns across Saudi Arabia between March 6 and March 12 to ensure compliance with residency, labor, and border security...[via saudigazette.com]
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Saudi Arabia is set to launch a groundbreaking global Twenty20 league, backed by its $1 trillion sovereign wealth fund. Spearheaded by Australian cricket figure Neil Maxwell,...[via geosuper.tv]
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The Saudi Architecture Characters Map highlights 19 architectural styles inspired by geographical, natural and cultural characteristics, derived...[via saudigazette.com]
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Minister of Environment, Water and Agriculture Eng. Abdulrahman Al-Fadley witnessed on Sunday the signing of an agreement between the Environment Fund and the Small and...[via saudigazette.com]
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Developer Diriyah Company — backed by Public Investment Fund — secured $1.6 billion in financing to develop the Wadi Safar project, an upscale residential...[By Kelsey Warner via semafor.com]
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The United States will keep attacking Yemen's Houthis until they end...[By Phil Stewart, Mohammed Ghobari and Gabriella Borter via reuters.com]
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Improvements in the availability and quality of digital infrastructure and services have yet to impact productivity growth in the Gulf economies...[By Valentina Pasquali via agbi.com]
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CERAWeek, the annual gathering of the energy elite in Houston, Texas, is an intense crash course in the state of world...[By Frank Kane via agbi.com]
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For Iran's clerical leaders, engaging with the "Great Satan" to hammer out a nuclear deal and ease...[By Parisa Hafezi via reuters.com]
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Abu Dhabi is staking out its position in a more crypto-friendly world order. MGX — backed by state investment vehicle Mubadala and the Emirati AI...[By Kelsey Warner via semafor.com]
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For more than a decade, the conflict in Syria appeared too intense, too complex, and too intertwined in geopolitics to be resolved, with the international...[By Qutaiba Idlbi, Charles Lister, Marie Forestier via mei.edu]
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