Happy hump day, friends. We have an unnaturally uneventful Tuesday morning, as much of the world’s attention is split between Davos, where the World Economic Forum is on its second day in the Swiss town, and the latest trade war drama from Washington. We have more on both in this morning’s Big Story Abroad, below.

Saudi’s new mantra is “delivery at the right cost,” turning the page on the “delivery at any cost” phase of Vision 2030 as it pivots from rapid rollout to more disciplined capital allocation, Economy and Planning Minister Faisal Al Ibrahim told Arab News. However, he warned that global stagnation, inflation, and trade barriers are creating a “progress deficit,” which Saudi Arabia is looking to address through pragmatic partnerships.

Reforms, fiscal discipline, and policy flexibility will sustain national growth, Finance Minister Mohammed Al Jadaan said, stressing that reforms must be institutionalized and fiscal space prioritized toward high-impact sectors, Alsharq Business reports.

Why this matters: Lower oil prices, rising borrowing, and a widening deficit have forced policymakers to reassess the pace of spending and gigaprojects. Al Jadaan reiterated from Davos what he said earlier in May that the government is handing some Vision 2030 projects to the private sector and adjusting timelines to “take stock” to avoid the economy “overheating.”

ALSO- Saudi domestic spending won’t fund US investments: Al Ibrahim dismissed speculation that domestic spending would be diverted to fund potential USD 1 tn US investments, adding that overseas prospects align with existing plans.

Happening tomorrow

Alwasail Industrial Company and Nofoth Food Products will begin trading on the main market tomorrow, having secured the Capital Market Authority’s approval to transfer from the parallel market Nomu late last year, according to two separate Tadawul disclosures. Both companies’ shares will be subject to a 10% daily price fluctuation limit.

PSA

Private-sector marketing and sales jobs are going to see their Saudization rates rise to 60%, the Human Resources and Social Development Ministry said in a statement yesterday. The rules apply to establishments with three or more employees and will take effect three months from the announcement date, with a minimum wage requirement of SAR 5.5k.

MEANWHILE- The ministry also set new Saudization targets for engineering and procurement jobs earlier this month, requiring a 30% localization rate and a minimum salary of SAR 8k for engineering roles, while targeting a 70% rate for procurement positions. Both measures will take effect six months from the announcement date.

Watch this space

YEMEN — Yemeni politicians are deliberating the country’s future in Riyadh ahead of the upcoming Saudi-sponsored conference, the Associated Press reports, citing a statement issued by the politicians. They said their Sunday meeting — the first public gathering since the Southern Transitional Council (STC) was disbanded earlier this month — reflected a “unified southern will” seeking a “just, safe and guaranteed solution” to their case.

SHIPPING — Greece joins KSA + US in anti-NZF push: The Greek government is working with Saudi Arabia and the US against the International Maritime Organization’s (IMO) Net-Zero Framework (NZF). Athens and Riyadh agreed to submit a joint proposal on this issue, Greek Energy Minister Stavros Papastavrou reportedly said.

SYRIA — Riyadh Cables is spending SAR 60 mn to revive and operate a factory owned by the Syrian Sovereign Fund. The 18-year agreement sees the cable manufacturer taking management control of Syrian Modern Cables Company, with an eye on generating SAR 750 mn in annual revenue at full capacity, it said in a Tadawul disclosure on Sunday.

The strategy: Instead of building from scratch, Riyadh Cables is leveraging distressed state assets to capture immediate market share. By partnering with the Syrian Sovereign Fund (splitting income 60/40), they position themselves as a primary supplier for the massive construction push.

Acwa Power has more global expansion on its agenda: After securing its first non-Gulf projects in Senegal and Azerbaijan, Acwa Power is targeting China, Malaysia, and the Philippines, while assessing entry into the US, CEO Marco Arcelli told Asharq Business. Any investment in Syria remains conditional on a secure, financeable framework.

Why it matters: Saudi Arabia is positioning itself as a key infrastructure partner for emerging markets such as Uzbekistan, Azerbaijan, and Senegal, increasingly competing with — or complementing — China’s Belt and Road Initiative. With Chinese firms long dominant in EPC contracts across these markets, Acwa Power’s move into China, particularly in renewables, signals confidence that its development model is now competitive enough to land projects on Beijing’s home turf.

Data point

SAR 217.9 bn — that’s the value of local and foreign investment fund assets in the Saudi financial market by 3Q 2025, jumping 36.1% y-o-y from SAR 160.1 bn in 3Q 2024, according to the Capital Market Authority’s latest quarterly statistical bulletin (pdf). The growth was driven by a 39% annual increase in domestic investment assets, totaling SAR 186.9 bn (86% of total assets), while foreign investment assets accounted for the remaining SAR 31.1 bn.

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The big story abroad

It’s a mixed bag in the foreign business press this morning, as Davos, Trump, and the EU’s potential retaliation against the US continue to dominate headlines.

Trump’s “Board of Peace” plans are still causing havoc, as he plans to sign off on its constitution and remit in Davos on Thursday. Invitations to the Board of Peace — which some are criticizing as being Trump’s answer to the UN — have been extended to dozens of countries, including the UAE, Egypt, and Saudi Arabia, but France has openly declined the invitation and Israel’s Prime Minister Benjamin Netanyahu is pushing back due to the make-up of the Board of Peace for Gaza, which includes Qatar and Turkey.

^^The must-read on the topic: Trump Wants His Peace Board Signed in Davos. Macron Declines

Meanwhile, the chatter around the EU’s potential reaction to the US’ threats over its opposition to his claims over Greenland has extended to markets, with analysts looking at whether European countries might go as far as selling off tns of USD in US bonds and stocks, potentially driving borrowing costs up and equities down, Bloomberg reports. Analysts say this is an unlikely scenario given a lot of these assets are held by private funds, but the fact that Deutsche Bank’s chief global currency strategist is even discussing the “weaponization of capital” signals the current risks to markets amid ongoing geopolitical tensions and uncertainty courtesy of Trump.

Speaking of markets, the New York Stock Exchange’s parent, the Intercontinental Exchange, is launching a 24/7 platform for trading of tokenized assets, Reuters reports.

ALSO MAKING HEADLINES- Italian fashion designer Valentino died yesterday at his home in Rome at 93, leaving behind a storied legacy both on the Red Carpet and across Paris’ haute couture catwalks.