Tom Fletcher might be best described as “the anti-diplomat.” Not in the sense that he sees no value in diplomacy, but in his steadfast refusal to live up to the stereotype expected of the ambassadorial profession.
While British ambassador in Beirut, he tweeted his way to acceptance by his hosts with an informal style and social accessibility that was in distinct contrast to the stuffy image of the traditional diplomatic circuit.
He told the BBC that there was not a single Ferrero Rocher in the embassy building — referring to the chocolates jokingly associated with the job after a 1990s TV commercial — and his “Dear Lebanon” farewell blog in 2015 after four years in the job boosted his broad international online appeal.
Now, Fletcher is running a portfolio of careers in the space where business, technology and public policy intersect. He is a visiting professor at New York University in Abu Dhabi, specializing in international relations, and is also involved with the Emirates Diplomatic Academy, the “ambassadors’ finishing school” in the UAE capital.
The former envoy is also chairman of the international board of the UK’s Creative Industries Federation and a member of the United Nations’ Global Tech Panel, as well as continuing a career as a successful author. His book “The Naked Diplomat” explored the interactions between governments, technology and big business, and became an international bestseller.
His experience and Internet renown make him a star attraction on the international forums circuit. He was on a panel in Dubai recently to discuss the findings of the 10th Arab Youth Survey, and afterwards went into some detail on the findings of the poll, which showed — alarmingly for some — that the US was waning in popularity in the region under President Trump and that Russia was increasingly regarded as a friend for young people in the Middle East.
Fletcher told Arab News that there was some reason to be worried about those findings, but also cause for optimism. “We have seen a striking fall in reputation among young people in the region since the US elections. But it was also worth noting the wider admiration for the American people as a whole, which looks quite resilient.
“The Russia results were interesting, because Russia has not always been a stabilizing force in the region. On Trump, they are further confirmation that the election of the leader of the free world created a vacuum. But the lights will eventually come back on in the shining city on a hill,” he said.
The survey seemed also to reveal a generational split in the Arab world, with many youngsters demonstrably not sharing their elders’ view of the US president. “I think that the region has access to the same information as the rest of us, and can take from it a pretty clear assessment of Donald Trump’s reliability. There are clearly some areas of alignment with some countries, such as the rejection of the Iran deal. But the survey shows that people across the region also hear the Trump administration’s wider messaging on the Middle East,” Fletcher said.
The Iranian situation was clearly on his mind, but he said there were alternatives to an escalating confrontation between the US and the Gulf states on the one hand, and the regime in Tehran on the other. “Wherever you stand on the Iran deal, its violation is a concern for regional security. The issue we have to ask ourselves is ‘what is the alternative for restraining Iran’s nuclear potential?’ Personally, I haven’t seen a better answer to that than the existing Iran agreement.
“Of course, the Iran deal in itself isn’t sufficient in reacting to Iran’s wider regional role, not least in Syria. But I worry that it is the hard-liners in Tel Aviv and Tehran who seem keenest to end the agreement,” he said.
A lot of his time in Beirut was spent dealing with the regional fallout from the Syrian crisis, which started just as he began the ambassador’s job. Surely, seven years on and with no solution in sight, that represents a failure of traditional diplomacy?
Fletcher’s response was, well, diplomatic. “Not all has failed. Huge effort has gone into keeping Lebanon relatively stable, despite the scale of the Syria crisis just across the border. Diplomacy has failed on Syria and on Palestine/Israel. But George Mitchell (the American politician credited with helping bring about an end to the Northern Ireland conflict in the 1990s) said that making peace was 700 days of failure and one of success. We have no choice but to keep trying, and to work harder than those who want to see diplomacy continue to stumble,” he said.
Fletcher’s work in the Gulf has enabled him to take a broad overview of developments in the region, and there is no more intriguing situation than in Saudi Arabia, which is going through a rapid transformation of the economy and society under the Vision 2030 strategy. “I think there has been a shift in international opinion on Vision 2030 over the last year. Initially many were curious, and conscious of the obstacles.
“But there is now a growing realization of how important a reform agenda is, especially if it succeeds in creating more opportunity for young people, including women. We all should hope it succeeds — I think it can, but will need maximum involvement of citizens themselves in shaping an open approach,” he said.
Fletcher also has a clear view of the kind of socioeconomic order that will emerge from the transformational policies of regional leaders.
“The Gulf has clearly realized that there is a need to move away from oil dependency well before the oil runs out. The answer has to lie in a knowledge economy. I’m heartened by the kinds of issues that my students at NYU AD want to work on and pioneer. And by the government focus on themes like wellbeing and education reform.
“Twenty-first century skills will need to be at the heart of the school curriculum, with learners encouraged to be curious, to seek out sources of knowledge and wonder, and to learn teamworking and innovation. This is happening increasingly in the larger cities, but there is still work to be done to mainstream knowledge, skills and character in education systems,” he said.
With the power of Big Data coming under scrutiny as never before in cases such as the controversy over Facebook’s role in the political process in the US and elsewhere, Fletcher’s work for the UN is more relevant than ever, and he believes there is a big role for the Gulf states to play in that debate.
“The Middle East needs to ensure it is better represented in the international architecture. It needs to be a key part of the debate about security and liberty online — the UAE Artificial Intelligence Minister (Omar Bin Sultan Al-Olama) is a great example of this. And it needs to help get everyone on to a free Internet,” he said.
Before entering the diplomatic service, Fletcher was an adviser on foreign policy to three British prime ministers, which gives him a unique perspective on the big current issue in the UK — the increasingly bitter process of leaving the EU, or Brexit.
The search for new trading partners has seen a succession of British ministers visiting the Gulf region in a bid to clinch new business. Fletcher does not share the view of some that the UK is destined for insularity and isolation in the post-Brexit world.
“The UK is going through a complex process, but it is always at its best when it has a worldview formed from having actually viewed the world. When it is open minded, outward looking. When it stands for more liberty — rights, trade, thought.
“The creative industries are already showing the way. And the royal wedding was a brilliant reminder of what the UK can be — diverse, modern, self-aware, creative. We all badly needed that reminder,” he said.
Fletcher was the youngest person ever to get a major ambassadorial post, and seems well set to pursue a handsomely paid career in virtually any sector, from international policy-making, to domestic UK politics or the private sector.
But he still regards himself as a diplomat with a creative twist. “I still write diplomat on the landing cards in planes.” And there is a second book in the works, he revealed: “I’ve just finished a murder novel, featuring an ambassador detective,” he said.
It is doubtful there will be a Ferrero Rocher mentioned in the book.
‘Naked Diplomat’ author Tom Fletcher bares all on life as UK ambassador to Lebanon
‘Naked Diplomat’ author Tom Fletcher bares all on life as UK ambassador to Lebanon
Saudi Arabia opens bidding for 7 mining licenses in Makkah and Riyadh regions
- Exploration licenses cover sites rich in valuable minerals such as gold, copper, zinc, lead, and silver
- Four of the sites are located in the Makkah region and the other three are in the Riyadh region
RIYADH: Saudi Arabia has invited local and international investors to compete for seven mining exploration licenses across the Makkah and Riyadh regions, covering a combined area of 1,070 sq. km.
The exploration licenses cover sites rich in valuable minerals such as gold, copper, zinc, lead, and silver. Four of the sites are located in the Makkah region, including Wadi Al-Lith, which spans 243 sq. km and holds deposits of copper, zinc, and gold.
Jabal Baydan, a 244-sq-km site, holds deposits of copper, gold, zinc, silver, and lead. Umm Ajlan, spanning 78 sq. km, contains copper, lead, and gold, while Jabal Al-Daamah, covering 210 sq. km, holds silver, lead, and zinc deposits.
The Ministry of Industry and Mineral Resources launched the initiative as part of its ongoing efforts to accelerate the exploration and development of the Kingdom’s $2.5 trillion mineral reserves. This move aligns with the Kingdom’s Vision 2030 goal to establish the mining sector as the third pillar of the economy.
In the Riyadh region, three additional sites are open for exploration, including Jabal Al-Khullah — North, spanning over 98 sq. km with deposits of zinc, silver, and lead; Jabal Al-Khullah — South, a 19-sq-km site containing zinc, lead, and silver; and Jabal Sabha, covering 171 sq. km, which holds silver, lead, zinc, and cobalt deposits.
The ministry said that the submission period for technical offers began in mid-October and will remain open until mid-November. The winners of the seventh round of exploration licenses are expected to be announced in December.
As part of the bidding process, 70 percent of the evaluation will focus on the work program and technical capabilities of the competitors, while 30 percent will be based on community contributions and innovation support activities.
This is in line with the ministry’s commitment to governance, transparency, sustainability, and environmental and social responsibility.
To support the bidding process, the ministry has made available a data platform containing detailed geological and technical information about the sites. Interested parties are encouraged to visit the Ta’adeen platform to review the competition procedures and access all technical reports.
In partnership with the Ministry of Investment, Saudi Arabia has also launched a program to incentivize mineral exploration.
The program offers a set of incentives to reduce risks for mining companies in the early stages of their projects, in addition to the benefits provided by the Mining Investment Law.
These include allowing 100 percent foreign ownership of exploration companies and access to financing that covers up to 75 percent of capital costs, further enhancing Saudi Arabia’s attractiveness as a destination for mining investments.
Saudi economy to record highest growth rate among GCC nations in 2025: IMF
RIYADH: Saudi Arabia’s economy is set to expand by 1.5 percent and 4.6 percent in 2024 and 2025, respectively, according to an analysis by the International Monetary Fund.
It latest report shows the Kingdom’s projected economic growth for the year ending Dec. 31 2025 is the highest among countries in the Gulf Cooperation Council.
The forecast comes just two days after the World Bank projected the Saudi economy to grow by 1.6 percent this year, accelerating to 4.9 percent in 2025.
The estimates from the IMF and World Bank surpass the projection made in the Saudi pre-budget statement on Sept. 30, which forecasted the Kingdom’s GDP to grow by 0.8 percent in 2024, supported by the growth of non-oil activities, estimated to expand by 3.7 percent.
In September, a report released by credit rating agency S&P Global also underscored Saudi Arabia’s economic resilience and projected that the Kingdom’s GDP will experience a growth of 1.4 percent in 2024, with an acceleration to 5.3 percent in 2025.
According to the US-based agency, the Kingdom’s economic growth will be supported by its diversification strategy to strengthen the non-oil private sector and reduce dependence on crude revenues.
S&P Global added that anticipated rate cuts by the US Federal Reserve will likely benefit emerging markets like Saudi Arabia, which has strong growth fundamentals and increased capital inflows.
Regional outlook
According to the IMF, the GDP of countries in the Middle East and North Africa region is expected to expand by 2.1 percent this year, before accelerating to 4 percent in 2025.
The IMF added that the Kingdom’s Gulf neighbor UAE’s economy is expected to grow 3.7 percent and 3.1 percent in 2024 and 2025, respectively.
Qatar’s economy is projected to expand by 1.5 percent in 2024 and 1.9 percent in 2025.
According to the UN financial agency, Kuwait’s economy is expected to shrink by 2.7 percent in 2024, before accelerating to 3.3 percent in the following 12 months.
Oman is expected to witness an economic growth of 1 percent and 3.1 percent in 2024, and 2025, respectively, while Bahrain’s GDP will expand by 3 percent and 3.2 percent during the same period.
“In emerging market and developing economies, disruptions to production and shipping of commodities — especially oil — conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the Middle East and Central Asia and that for sub-Saharan Africa,” said IMF.
Global outlook
According to the IMF, global growth has improved but still faces medium-term challenges.
The report projected that the global economy is expected to expand by 3.2 percent in 2024 and 2025.
“The global economy has been quite resilient and we are expecting growth rate to be 3.2 both this year and next. The not so good news, however, is that in the medium term, we’re still expecting lackluster growth of a little bit over three,” said the IMF Deputy Director of Research, Petya Koeva-Brooks, ahead of the release of the report.
The UN financial agency added that India is one of the emerging nations that is expected to grow significantly in the coming years.
According to the report, India’s GDP is set to expand by 7 percent in 2024 before marginally decelerating to 6.5 percent next year.
China’s economy is expected to expand by 4.8 percent and 4.5 percent in 2024 and 2025, respectively.
Overall, emerging markets and development economies will witness a GDP growth rate of 4.2 percent in 2024 and 2025.
According to the IMF, the economic growth of advanced economies will register a marginal growth of 1.8 percent each in 2024 and 2025, from 1.7 percent in 2023.
The US economy is projected to grow by 2.8 percent this year before decelerating to 2.2 percent in 2025.
Among advanced economies, the UK is expected to witness a GDP growth of 1.1 percent and 1.5 percent in 2024 and 2025, respectively.
IMF added that continued war in Ukraine and conflict in the Middle East are negatively affecting future economic growth.
“Well, unlike last time, we think the risks are tilted to the downside. The main downside risks that we see are that we see an escalation of geopolitical conflict or we see a ratcheting up of trade protectionism, or that we see more weakening in labor markets than what we expect in the baseline, or that we see a renewed bout of financial market turbulence,” added Koeva-Brooks.
The analysis said that global headline inflation is expected to fall from an annual average of 6.7 percent in 2023 to 5.8 percent in 2024 and 4.3 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies.
The report added that goods prices have stabilized globally, but services price inflation remains elevated in many regions.
“Cyclical imbalances have eased since the beginning of the year, leading to a better alignment of economic activity with potential output in major economies. This adjustment is bringing inflation rates across countries closer together and, on balance, has contributed to lower global inflation,” said the IMF.
The report also highlighted the vitality of bringing in productive structural reforms, which are necessary to lift medium-term growth prospects.
With cyclical imbalances in the global economy waning, the IMF added that near-term policy priorities should be carefully calibrated to ensure a smooth landing.
The report also underscored that mitigating the risks of geoeconomic fragmentation and strengthening rules-based multilateral frameworks are essential to ensure that all economies can reap the benefits of future growth.
“We have three main policy recommendations. One relates to monetary policy for central banks to pivot toward providing more support to activity where inflation is under control,” said Koeva-Brooks.
She added: “The second one is about fiscal policy that we see the need for consolidation that is credible and that is done in a growth-preserving manner. And the third one is related to boosting that medium-term growth by implementing structural reforms to increase productivity and labor supply.”
Closing Bell: Saudi bourses edge down
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Tuesday, shedding 51.32 points to close at 11,956.99.
The total trading turnover of the benchmark index was SR5.44 billion ($1.45 billion), with 56 of the listed stocks advancing and 165 declining.
The Kingdom’s parallel market Nomu also witnessed a drop of 313.85 points to close at 26,405.18.
The MSCI Tadawul Index shed 5.79 points to 1,501.20.
The best-performing stock on the main market was Methanol Chemicals Co., with its share price surging by 7.77 percent to SR18.04.
Other top performers were Al-Baha Investment and Development Co. and Sustained Infrastructure Holding Co., whose share prices increased by 7.41 percent and 6.13 percent to SR0.29 and SR32.05, respectively.
The worst performer of the day was Development Works Food Co., as its share price inched down by 4.90 percent to SR136.
On the announcements front, the Saudi National Bank said that its net profit witnessed a 4 percent year-on-year rise in the first nine months of this year to reach SR15.63 billion.
In a Tadawul statement, the financial institution said that this rise in net profit was driven by an 18.7 percent year-on-year growth in special commission income and a 4.2 percent increase in operating revenue.
The bank added that its net profit in the third quarter reached SR5.36 billion, representing an increase of 7.10 percent compared to the same period of the previous year.
Despite witnessing a rise in profits, the share price of SNB marginally went down by 0.14 percent to SR34.85.
Aldrees Petroleum and Transport Services Co. announced that its net profit in the first nine months of this year witnessed a 17.37 percent year-on-year surge to reach SR244.5 million.
The company attributed this increase in profit to higher sales due to a rise in the number of operating service stations and improved transportation rates.
In the third quarter, Aldrees reported a net profit of SR84.6 million, marking a rise of 25.14 percent compared to the same period in 2023.
Despite this, the share price of of the firm went down by 1.53 percent to SR141.80.
Tamkeen Human Resources Co., which is gearing up for an initial public offering in Saudi Arabia’s main market, has set the final offer price at SR50 per share at the top end of the price range.
According to a statement, the institutional book building process generated an order book of SR55 billion.
Established in 2018 and headquartered in Riyadh, the company offers staffing solutions to businesses and individual clients in the Kingdom.
Saudi Arabia, UAE lead GCC IPO activity with $1.7bn raised in Q3: Markaz
- UAE dominated the quarter’s activity, leading the region with $1.1 billion in IPO proceeds
- Saudi Arabia followed with $512 million from its IPOs, contributing 31% to the overall regional total
RIYADH: Saudi Arabia and the UAE led the initial public offering activity in the Gulf Cooperation Council in the third quarter of the year, raising $1.7 billion, a 6 percent increase from the previous year, an analysis showed.
According to a new report from the Kuwait Financial Center, also known as Markaz, the UAE dominated the quarter’s activity, leading the region with $1.1 billion in IPO proceeds from a single listing, accounting for 69 percent of the total raised across the GCC.
Saudi Arabia followed with $512 million from its IPOs in the third quarter, contributing 31 percent to the overall regional total.
This comes as the GCC region has emerged as a hotspot for IPOs in recent years, fueled by robust economic reforms, diversification efforts away from oil dependence, and growing interest from both regional and international investors. In the first nine months of 2024, GCC issuers raised $5.2 billion from 30 offerings, compared to $6.8 billion from 29 offerings during the same period the previous year.
Saudi Arabia, in particular, has intensified its privatization and diversification initiatives in sectors such as health care, technology, and renewable energy, making its market increasingly attractive.
“Saudi Arabia’s Tadawul (stock exchange) saw a total of $459 million and $53 million listed (in the third quarter) on its main market and Nomu-parallel market, respectively, together constituting 31 percent of the total GCC IPO proceeds. Other exchanges in the GCC have not seen any listings during the quarter,” said Markaz.
The report follows an announcement by Lulu Retail Holdings, which runs one of the Middle East’s biggest hypermarket chains, to float 2.58 billion shares, representing 25 percent of the company’s capital, on the Abu Dhabi Securities Exchange.
Sector allocation
Sector-wise, the energy industry led the way, with Abu Dhabi-based construction company NMDC Energy’s $1.1 billion IPO on the ADX representing 69 percent of the region’s total proceeds for the third quarter.
In Saudi Arabia, the food and beverage sector saw wheat milling company Arabian Mills for Food Products raise $271 million, accounting for 16 percent of the quarter’s proceeds.
Meanwhile, perfume maker Al Majed for Oud, a key player in the consumer cyclical sector, raised $188 million, contributing 11 percent.
The materials sector had a smaller presence, with ASG Plastic Factory Co. raising $8.8 million on Tadawul’s parallel Nomu market.
The commercial and professional services sector witnessed three IPOs, including First Avenue Real Estate Development Co., Altharwah Albashariyyah Co., and Al Ashghal Almoysra Co., which collectively raised $44.4 million.
In May, a report from PwC projected that IPOs in the Middle East are expected to maintain momentum in 2024, with the Saudi Exchange emerging as a dominant force in the GCC equity market.
That same month, Mohammed Al-Rumaih, CEO of the Saudi bourse, said that the introduction of market-making and the launch of single stock options have enhanced Tadawul’s appeal to international investors.
Saudi Arabia hosts key meetings aimed at improving aviation sector
- Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment
JEDDAH: Saudi Arabia is hosting two important international aviation meetings to improve air traffic management, further establishing its role in the global air travel sector.
Starting on Oct. 20, the Saudi Air Navigation Services Co. is conducting the 13th meeting of the International Civil Aviation Organization Middle East Communications, Navigation, and Surveillance Sub-Group, alongside the 10th meeting of ICAO’s Air Traffic Management Working Group in Jeddah.
This is the first time both meetings are held simultaneously, with sessions running until Oct. 23, the Saudi Press Agency reported.
The Kingdom has approved a strategy to develop its civil aviation industry and create a favorable investment environment. The initiative seeks to position Saudi Arabia as a leading player in the Middle East aviation sector, enhance its contribution to the gross domestic product, and support the goals of Vision 2030.
The strategy focuses on transforming the Kingdom into a logistical hub connecting three continents and facilitating air transport and freight.
Around 80 participants from 18 countries attended the meetings, including representatives from the International Air Transport Association, ICAO, and PCCW Global, with oversight from Saudi Arabia’s General Authority of Civil Aviation.
The inaugural meeting of the Flight and Flow Information for a Collaborative Environment working group is taking place under the Secretariat General of the Gulf Cooperation Council, to discuss developments and practical solutions in the aviation sector.
The meetings also coincide with International Air Traffic Controllers Day, which recognizes the crucial role of air traffic controllers in maintaining safe airspace.
