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 PIF rises to 4th among sovereign wealth funds as assets surpass $1tn

RIYADH: Saudi Arabia’s Public Investment Fund has rise one place to 4th globally among sovereign wealth bodies, with assets surpassing $1 trillion, according to Global SWF’s July rankings.
PIF now ranks behind only Norway’s Government Pension Fund Global and two Chinese entities — the State Administration of Foreign Exchange and the China Investment Corporation — and surpasses the Abu Dhabi Investment Authority and the Kuwait Investment Authority.
The new ranking underscores PIF’s growing influence in global capital markets.
Crown Prince Mohammed bin Salman has mandated the fund to grow its assets to $2 trillion by 2030, while generating long-term returns and supporting economic diversification.
PIF’s assets under management climbed to $1.15 trillion in 2024, up from approximately $925 billion the previous year. However, net profit declined during the period due to rising operational costs, interest expenses, and asset write-downs linked to project delays and revisions, according to Global SWF.
In response, the fund has shifted its strategy and is now prioritizing liquidity through short-term sukuk and commercial paper, while focusing on scalable, revenue-generating assets over high-cost mega-projects. This repositioning also includes increased investments in AI infrastructure, ETF platforms, and co-investments with global asset managers.
Underscoring its international ambitions, PIF has invested about $200 million in a prime Manhattan real estate project with Related Companies, Bloomberg reported in July.
The fund plans to acquire a two-thirds stake in the 625 Madison Avenue site, where a 1,200-foot tower is under consideration, just steps from Central Park.
The move builds on PIF’s earlier ties with Related, including a 2020 debt investment, and reflects its appetite for high-profile, long-horizon real estate in strategic global cities.
Internationally, the fund holds stakes in prominent companies such as Lucid Motors, Nintendo, Uber, and BlackRock, and remains active across sectors including technology, mobility, and renewable energy, as well as gaming and sports.
According to Global SWF, PIF is moving away from a strategy centered on rapid capital deployment, toward a more disciplined approach focused on financial sustainability, cost control, and delivering measurable returns.
Egypt approves largest economic support package for SMEs worth $100.8m

RIYADH: Entrepreneurs in Egypt’s priority sectors will soon gain access to affordable financing, as the 2025/2026 state budget earmarks 5 billion Egyptian pounds ($100.8 million) to support micro, small, and medium-sized enterprises.
This partnership between the North African country’s Ministry of Finance and the Micro, Small, and Medium Enterprises Development Agency, which accounts for the largest economic support in the new budget, represents a significant step in bolstering the private sector and productive industries, according to a statement.
This move supports financial policies that boost private sector activity and promote entrepreneurship, aiming for financial sustainability while enhancing MSMEDA’s contribution to business growth nationwide.
It also aligns with recent data showing that startups across the Middle East and North Africa raised $289 million through 44 deals in May, a 25 percent increase from April and a 2 percent rise year-on-year. Egypt led regional fundraising with $125 million, driven by Nawy’s $75 million round alongside seven other deals totaling $50 million.
The newly released ministry statement said the money “will contribute to providing easy financing for young entrepreneurs, targeting priority sectors more closely.”
It added: “This comes as part of a new phase of strong and effective cooperation with the agency, aiming to achieve financial sustainability for the agency to drive economic growth.”
The statement further revealed that Egypt’s Finance Minister Ahmed Kouchouk noted that an initial agreement with MSMEDA has been reached to fund initiatives that support tax relief beneficiaries, promote entrepreneurship, and boost local manufacturing, as well as empower low-income households and advance export-focused projects.
Kouchouk added that this fiscal year, the initial group of businesses enrolling in the simplified and unified tax system would receive access to preferential, low-cost financing.
Basel Rahmi, CEO of MSMEDA, commended the Ministry of Finance’s efforts to back emerging businesses and boost private-sector expansion.
Rahmi praised the minister’s proactive vision, noting it would open doors for empowering young entrepreneurs economically.
In June, a statement issued by the Ministerial Group for Entrepreneurship indicated that Egypt’s startup ecosystem saw notable progress in securing venture capital and debt financing in the first five months of the year, with tracked deals totaling $228 million since January.
The statement further revealed at the time that 16 deals were completed between January and May, with 11 of them publicly disclosing investments amounting to $156 million. These investments represented a 130 percent rise compared to the volume during the same period last year.
Oil Updates — prices edge up, investors eye Trump statement on Russia

SINGAPORE: Oil prices nudged higher on Monday, adding to gains of more than 2 percent from Friday, as investors eyed further US sanctions on Russia that may affect global supplies, but a ramp-up in Saudi output and ongoing tariff uncertainty limited gains.
Brent crude futures rose 21 cents, or 0.3 percent, to $70.57 a barrel by 09:51 a.m. Saudi time, extending a 2.51 percent gain on Friday. US West Texas Intermediate crude futures climbed 20 cents, 0.3 percent, to $68.65, after settling 2.82 percent higher in the previous session.
US President Donald Trump said on Sunday that he will send Patriot air defence missiles to Ukraine. He is due to make a “major statement” on Russia on Monday.
Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress in ending the war in Ukraine and Russia’s intensifying bombardment of Ukrainian cities.
In a bid to pressure Moscow into good-faith peace negotiations with Ukraine, a bipartisan US bill that would hit Russia with sanctions gained momentum last week in Congress, but it still awaits support from Trump.
EU envoys are on the verge of agreeing an 18th package of sanctions against Russia that would include a lower price cap on Russian oil, four EU sources said after a Sunday meeting.
Last week, Brent rose 3 percent, while WTI had a weekly gain of around 2.2 percent, after the International Energy Agency said the global oil market may be tighter than it appears, with demand supported by peak summer refinery runs to meet travel and power generation.
However, ANZ analysts said price gains were limited by data showing Saudi Arabia lifted oil output above its quota under the Organization of the Petroleum Exporting Countries and allies' supply agreement.
The IEA said Saudi Arabia exceeded its oil output target for June by 430,000 barrels per day to reach 9.8 million bpd, compared with the Kingdom’s implied OPEC+ target of 9.37 million bpd.
Saudi Arabia’s energy ministry said on Friday that it had been fully compliant with its voluntary OPEC+ output target, adding that Saudi-marketed crude supply in June was 9.352 million bpd, in line with the agreed quota.
China’s June oil imports increased 7.4 percent to 49.89 million tonnes from a year earlier, equivalent to 12.14 million barrels per day, reaching the highest daily rate since August in 2023, according to customs data released on Monday.
China is likely to continue stockpiling, but with storage at 95 percent of the peak inventory build from 2020, these inventories are likely to emerge in “visible” Western market locations that are crucial for price formation, exerting downward pressure on prices, JP Morgan’s research team said in a client note.
Investors are also eyeing the outcome of US tariff talks with key trading partners that could impact global economic growth and fuel demand.
Saudi financial ecosystem hits $267bn milestone in 2024 in line with Vision 2030

- FSDP annual report highlights booming fintech, capital market growth, and strengthened investor confidence
- Foreign investor holdings surge 501 percent since 2017, while financial literacy and inclusion gain ground
RIYADH: Saudi Arabia’s financial ecosystem reached a record SR1 trillion ($267 billion) in locally managed assets in 2024, marking a significant milestone in its transformation under Vision 2030.
This achievement, highlighted in the Financial Sector Development Program’s annual report, underscores the Kingdom’s accelerating shift toward a diversified, innovation-driven economy.
The Kingdom’s financial sector recorded exceptional growth in 2024, with fintech firms reaching 261, venture capital investment in the sector exceeding SR7.6 billion, and gross written premiums in insurance climbing to SR76.1 billion.
Saudi Finance Minister Mohammed Al-Jadaan, also chairman of the Financial Sector Development Program Committee, emphasized that the program continues to deliver on its promise of sustainable success.
He said the FSDP is building an economic future that solidifies Saudi Arabia’s regional and international standing while reflecting the rapid development across all sectors in this prosperous era.
The FSDP has implemented a wide range of reforms and initiatives to build a robust, diversified, and inclusive financial system. The program has helped to strengthen the Kingdom’s regional and global economic standing while enabling innovation, job creation, and investment growth.
Fintech emerged as a key success story in 2024, with the number of operating companies surpassing initial targets and contributing to the creation of over 11,000 direct jobs. The Saudi Central Bank licensed D360 Bank to begin operations, and electronic payments accounted for 79 percent of total retail transactions — underscoring the shift toward a cashless economy. The year also saw the launch of FinTech2024, the Kingdom’s first international fintech conference.
Capital markets continued their upward trajectory. With 44 new listings, the number of publicly traded companies reached 353. Locally managed assets grew 169 percent compared to 2017, reaching SR1 trillion, while foreign investor holdings jumped by 501 percent over the same period to SR420 billion.
Notable developments included the introduction of the TASI 50 index, single-stock options, Real Estate Investment Certificates, and the listing of Saudi ETFs in Tokyo, Shanghai, and Shenzhen. The Capital Market Authority also launched the Kingdom’s Green Finance Framework to encourage sustainable investment.
In the debt capital market, the CMA unveiled a strategic roadmap and issued the first license for an alternative trading system. The Kingdom successfully conducted its first international dollar bond issuance under the Government’s Global Bond Program, attracting approximately $30 billion in orders.
Meanwhile, the government introduced “Sah,” a savings product aimed at fostering a culture of personal saving. Credit rating agencies Moody’s, Fitch, and S&P issued upward revisions to Saudi Arabia’s sovereign credit ratings in response to the country’s fiscal discipline and financial reforms.
The insurance sector also posted strong performance. Gross written premiums rose 16.3 percent from 2023 to reach SR76.1 billion, while net profits increased by 12.5 percent to SR3.6 billion. The Insurance Authority mandated the Saudization of all insurance product sales roles and launched a Regulatory Sandbox to support startup innovation. The number of licensed InsurTech firms rose by 56 percent. New digital services included automated motor insurance, simplified claims processes, and TELEMATICS—a unified platform for tracking driver behavior.
The finance minister noted that the progress reflected in the report underscores the Kingdom’s broader development efforts under the leadership of King Salman and Crown Prince Mohammed bin Salman.
Support for small and medium enterprises remained a cornerstone of financial sector development. Saudi startups attracted SR2.8 billion ($750 million) in venture capital, maintaining the Kingdom’s lead in the MENA region. The share of bank credit to SMEs increased from 8.4 percent in late 2023 to 9.4 percent by the end of 2024.
The SME Bank disbursed over SR1.5 billion in financing to 1,029 enterprises, while the Kafalah program facilitated SR107.2 billion in financing guarantees—advancing the Vision 2030 target for SMEs to contribute 35 percent of GDP.
On the regulatory front, the FSDP advanced significant legislative reforms to enhance transparency, competitiveness, and investor protection. Updates included new principles for finance and real estate refinance companies, revisions to debt crowdfunding rules, and regulatory changes to real estate financing. The CMA also approved omnibus accounts and relaxed conditions for debt offerings, further liberalizing capital markets.
Financial literacy and capability development remained a key focus. The Financial Academy trained more than 59,000 participants through its programs since inception. The third edition of the Gulf Smart Investor Award continued to raise awareness of personal finance, while the “Malee” program began measuring and promoting financial literacy among children aged 8 to 12.
Looking ahead, the Financial Sector Development Program aims to build on this momentum in 2025 by aligning with global standards, expanding financing options, increasing financial inclusion, and deepening capital market participation. As outlined in its annual report, the FSDP remains committed to fostering innovation, enhancing regulatory efficiency, and driving sustainable growth to realize the full ambitions of Saudi Vision 2030.
Saudi Arabia issues over 1,300 new industrial licenses in 2024: Ministry report

- Private sector investments in industrial cities and zones totaled SR1.9 trillion
- Ministry developed 454 investment opportunities worth SR143 billion
RIYADH: Saudi Arabia has issued 1,346 new industrial licenses in 2024, attracting over SR50 billion ($13.3 billion) in new investments, a recent report revealed.
Private sector investments in industrial cities and zones totaled SR1.9 trillion, and the number of licensed workers in the field was 1.09 million, with a 36 percent Saudization rate, the analysis by the Kingdom’s Ministry of Industry and Mineral Resources said.
The new figures are consistent with the nation’s efforts to transform its industrial sector to boost the number of factories to 36,000 by 2035, of which 4,000 will be fully automated. The goal is part of the Kingdom’s strategy to foster a dynamic, innovation-driven industrial sector.
They also align with data from January, when the country’s industrial production index rose by 1.3 percent year-on-year, driven by ongoing growth in manufacturing and waste management, according to the General Authority for Statistics. Monthly, the index remained stable at 103.9, unchanged from December.
“We have all the capabilities to achieve a competitive and sustainable industrial economy, including ambitious young talent, a distinguished geographical location, rich natural resources, and leading national industrial companies,” the report said, citing Crown Prince Mohammed bin Salman.
“Through the National Industrial Strategy and in partnership with the private sector, the Kingdom will become a leading industrial power, contributing to securing global supply chains and exporting high-tech products to the world,” he added.
The ministry has also developed 454 investment opportunities worth SR143 billion, which are linked to the industrial sectors targeted in the National Industrial Strategy.
The report shed light on how Saudi Arabia has achieved a global ranking of 33 in the Competitive Industrial Production Index.
“This progress reflects the Kingdom’s significant efforts to strengthen its industrial sector as part of Saudi Vision 2030, which aims to diversify the economy and reduce dependence on oil. This achievement also represents an advance of two places from the target, which is 35th place globally,” the Minister of Industry and Mineral Resources, Bandar Alkhorayef, said.
“These visions and objectives set forth major ambitions to align with the Kingdom’s position as an influential regional power within the G20 group and achieve Saudi Arabia 2030, which envisions the Kingdom as a leading industrial nation in which the mining sector is the third pillar of the national economy,” Alkhorayef added.
In June, Saudi Arabia launched the second phase of its standardized industrial incentives program to enhance competitiveness and strengthen the Kingdom’s trade balance.
Speaking at the Saudi Industry Forum in Dhahran at the time, Khalil Ibn Salamah, deputy minister of industry and mineral resources for industrial affairs, said the initiative supports the government’s efforts to drive high-value investments in priority sectors.
This comes as the nation works to position itself as a regional and global industrial hub. Since its initial launch, the program has drawn more than 1,000. Of the 118 applications received, 12 have reached the final qualification stage.