Gulf

1. Saudi spends on projects…
2. …trims on consultants…
3. …gets a credit upgrade
4. Safe stocks in a trade war
5. Gulf soccer costs plunge

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Diriyah 2.0 takes shape

A flurry of deals are injecting fresh momentum into Saudi Arabia’s $63 billion Diriyah megaproject as the kingdom looks to complete major construction in the capital before it hosts Expo 2030. The developer — backed by Public Investment Fund — secured $1.6 billion in financing for the Wadi Safar project, an upscale residential community being built alongside ultra-luxe resorts and a Greg Norman-designed golf course. Armani, the Italian fashion house that has hotels and residences in Milan and Dubai, said it would build 15 branded residences in Diriyah. And in a bid to lure technology and media companies — and the white collar workers who staff them — Diriyah announced a dedicated innovation economic zone.

PIF aims to generate around 178,000 jobs through the development of Diriyah, and contribute nearly $5 billion to the kingdom’s economy when the project is done. An influx of residents to Riyadh is putting pressure on housing, with prices surging 50% over the last four years, according to real estate consultancy Knight Frank.

Saudi’s consulting boom fades

Saudi Arabia’s decade-long reliance on foreign consultants is winding down as the kingdom reins in spending and shifts its focus from strategy to execution. The government brought in top firms to help draft plans to diversify the economy — hiring “armies of consultants to beef up their workforces” and accelerate projects, according to the Financial Times. The demand for advice is now slowing, leading to job cuts and idle staff, Bloomberg reported. Local, cheaper firms are increasingly taking over, and Saudi clients now prioritize implementation over planning.

Saudi earns credit upgrade

S&P Global Ratings upgraded Saudi Arabia’s sovereign credit rating to A+, citing progress in economic diversification and a strong balance sheet. The move places the kingdom on par with Japan, reflecting confidence that Saudi Arabia can sustain deficits and lower oil prices through 2030. “Government measures to spur investment and consumption will support strong non-oil growth prospects over the medium term,” S&P said, and prioritizing spending on major projects rather than across a raft of efforts will help it trim its deficit. Saudi Arabia is investing heavily in sectors such as tourism, mining, petrochemicals, and electric-vehicle manufacturing to diversify its economy.

UAE stocks to beat trade war

A London investment firm is turning to UAE-listed companies to insulate itself from the US tariffs selloff. Ninety One, which manages $11 billion in assets, has bought shares in firms including Talabat, Emaar Properties, and Abu Dhabi Commercial Bank, as it looks to “uncorrelated markets,” a portfolio manager told Bloomberg. “Is it sort of an escape trade, somewhere to hide? Yes, definitely. It has its own idiosyncratic drivers that will not be necessarily influenced by US policy.”

Gulf states are expected to avoid new US tariffs as the Trump administration seeks warm ties with Saudi Arabia and the UAE, according to analysts. The MSCI Emerging Markets index, which includes UAE stocks, is up around 4% so far this year, outperforming the S&P 500’s 4.1% loss.

Gulf soccer clubs slash spending

Soccer teams in the Gulf cut transfer spending in 2024, picking up younger talent instead of aging superstars. Qatar, Saudi Arabia, and the UAE spent $646 million on new players — nearly half the $1.2 billion shelled out a year earlier, according to an Asharq Business study. Saudi remains the biggest spender, led by bets on Bento, Nacho Fernandez, and Moussa Diaby: Cristiano Ronaldo’s 2022 move to Al-Nassr — on a $200-million-a-year contract — helped drive viewership and sponsorships.

Clubs remain heavily reliant on government backing, though. Al-Hilal, Saudi’s most decorated team which counts stars such as João Cancelo and Sergej Milinković-Savić among its players, earned $267 million in revenue last year, resulting in $9 million in profit, not nearly enough to sustain blockbuster salaries.

In a polarized world, where do people find their happiness? Semafor, in partnership with Gallup and in coordination with the World Happiness Report editorial team, will present the latest data and insights at The State of Happiness in 2025: A World Happiness Report Launch Event, exploring key themes around kindness, generosity, and policies that enhance well-being.

Join Costa Rican Ambassador to the US Dr. Catalina Crespo-Sancho, Finnish Ambassador to the US Leena-Kaisa Mikkola, Icelandic Ambassador to the US Svanhildur Hólm Valsdóttir, special guest Gurudev Sri Sri Ravi Shankar, and more to explore the report’s key themes around kindness, generosity, and happiness and policies that enhance well-being.

Mar. 20, 2025 | Washington, DC | RSVP

Transport

• A plan to manufacture Regent flying ferries in the UAE is expected to create more than 1,000 advanced manufacturing jobs. Once operational, the sea-and-air craft aim to cut travel times from Abu Dhabi to Dubai in half. — The National

Real Estate

• London-listed Dar Global is upgrading a Trump Organization golf course in Oman and has acquired more land to expand an adjacent $4 billion gated community. The Trump name “still has big pull,” according to Dar’s CEO. — AGBI

Labor

• More than 250 Kenyans, mostly women working as maids and nannies, have died in Saudi Arabia over the past five years. Many of the deaths were reportedly not thoroughly investigated by authorities in either country, and several Kenyan officials are linked to recruitment agencies. A spokesman for Saudi Arabia’s human resources ministry said the kingdom investigates all allegations of exploitation and has introduced measures to protect workers. — The New York Times

Dubai’s elite license plates and phone numbers — which are auctioned off for charitable causes — raked in nearly $23 million over the weekend.

A real estate developer won plate DD5 for $9.5 million, outbidding a 13-year-old boy. While spotting rare plates on Dubai’s roads is easy, phone numbers are more low key. One special number, 056 5000000, raised more than $400,000. The buyer? Unknown, but they won’t be hard to track down.

In the second Trump administration, conservative news site Breitbart News has become a kind of MAGA legacy media, Semafor’s Ben Smith writes.

It scores newsmaking interviews and competes with tech-savvy right-wing influencers with a shakier relationship with the truth. It’s a mandate Breitbart staff are taking seriously: the site’s editor-in-chief, Alex Marlow, said “there is a massive hole, in conservative media in particular, for people who are covering things with an eye on being comprehensive and entirely accurate.”