Saudi Arabia Diversifies Revenue Successfully, Al-Jadaan Confirms

Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
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Saudi Arabia Diversifies Revenue Successfully, Al-Jadaan Confirms

Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)
Saudi Arabia Finance Minister Mohammed Al-Jadaan. (Reuters/File Photo)

Saudi Finance Minister Mohammed Al-Jadaan and Qatari counterpart Ali Al-Kuwari stressed that Gulf countries are working hard to diversify their economies away from solely relying on oil and gas revenue.
They made these remarks during a panel discussion at the Qatar Economic Forum.
Al-Jadaan highlighted the need for readiness in the face of economic challenges, emphasizing the risks of depending solely on oil and gas income.
Gulf nations are moving towards building diverse and sustainable economies, focusing on empowering the private sector and nurturing tech-savvy youth to lead future businesses.
Al-Jadaan highlighted Saudi Arabia’s successful policies ensuring economic stability and diversifying income beyond oil and gas.
Despite the challenges of the coronavirus pandemic, the initiatives of Saudi Arabia’s national transformation plan “Vision 2030” have boosted Saudi GDP by 15%, with unemployment rates dropping.
Al-Jadaan emphasized the need to support private sector growth to meet Vision 2030 targets and create jobs.
He mentioned that oil revenues exceeded the 2023 budget expectations, despite oil prices dropping by around 20% and production decreasing by 17%.
Non-oil revenues, however, increased by 37%.
Regarding Gulf currencies pegged to the dollar, Al-Jadaan stated that despite drawbacks, like interest rate concerns, there are benefits such as investors facing no risks and Gulf countries gaining more influence when importing from outside the US.



Iran ‘Drafting Framework to Advance’ Future US Talks, Says FM

Iranian Foreign Minister Abbas Araghchi speaks during the Conference on Disarmament at the European headquarters of the United Nations in Geneva, Switzerland, 17 February 2026. (EPA)
Iranian Foreign Minister Abbas Araghchi speaks during the Conference on Disarmament at the European headquarters of the United Nations in Geneva, Switzerland, 17 February 2026. (EPA)
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Iran ‘Drafting Framework to Advance’ Future US Talks, Says FM

Iranian Foreign Minister Abbas Araghchi speaks during the Conference on Disarmament at the European headquarters of the United Nations in Geneva, Switzerland, 17 February 2026. (EPA)
Iranian Foreign Minister Abbas Araghchi speaks during the Conference on Disarmament at the European headquarters of the United Nations in Geneva, Switzerland, 17 February 2026. (EPA)

Iran's top diplomat Abbas Araghchi said on Wednesday that Tehran was "drafting" a framework for future talks with the United States, as the US energy secretary said Washington would stop Iran's nuclear ambitions "one way or another".

Diplomatic efforts are underway to avert the possibility of US military intervention in Iran, with Washington conducting a military build-up in the region.

Iran and the US held a second round of Oman-mediated negotiations on Tuesday in Geneva, after talks last year collapsed following Israel's attack on Iran in June, which started a 12-day war.

Araghchi said on Tuesday that Tehran had agreed with Washington on "guiding principles", but US Vice President JD Vance said Tehran had not yet acknowledged all of Washington's "red lines".

On Wednesday, Araghchi held a phone call with Rafael Grossi, the head of the UN nuclear watchdog, the International Atomic Energy Agency.

In the call, Araghchi "stressed Iran's focus on drafting an initial and coherent framework to advance future talks", according to a statement from the Iranian foreign ministry.

Also on Wednesday, US Energy Secretary Chris Wright warned that Washington would deter Tehran from acquiring nuclear weapons "one way or the other".

"They've been very clear about what they would do with nuclear weapons. It's entirely unacceptable," Wright told reporters in Paris on the sidelines of meetings of the International Energy Agency.

Earlier on Wednesday, Reza Najafi, Iran's permanent representative to the IAEA in Vienna, held a joint meeting with Grossi and the ambassadors of China and Russia "to exchange views" on the upcoming session of the agency's board of governors meetings and "developments related to Iran's nuclear program", Iran's mission in Vienna said on X.

Tehran has suspended some cooperation with the IAEA and restricted the watchdog's inspectors from accessing sites bombed by Israel and the United States, accusing the UN body of bias and of failing to condemn the strikes.

- Displays of military might -

The Omani-mediated talks were aimed at averting the possibility of US military action, while Tehran is demanding the lifting of US sanctions that are crippling its economy.

Iran has insisted that the discussions be limited to the nuclear issue, though Washington has previously pushed for Tehran's ballistic missiles program and support for armed groups in the region to be on the table.

US President Donald Trump has repeatedly threatened to intervene militarily against Iran, first over a deadly crackdown on protesters last month and then more recently over its nuclear program.

On Wednesday, Israeli President Isaac Herzog sent a message to Iranians, saying "I want to send the people of Iran best wishes for the month of Ramadan, and I truly hope and pray that this reign of terror will end and that we will see a different era in the Middle East," according to a statement from his office.

Washington has ordered two aircraft carriers to the region, with the first, the USS Abraham Lincoln with nearly 80 aircraft, positioned about 700 kilometers (435 miles) from the Iranian coast as of Sunday, satellite images showed.

Iran has also sought to display its own military might, with its Islamic Revolutionary Guard Corps beginning a series of war games on Monday in the Strait of Hormuz.

Iranian politicians have repeatedly threatened to block the strait, a major global conduit for oil and gas.

On Tuesday, state TV reported that Tehran would close parts of the waterway for safety measures during the drills.

Iran's supreme leader warned on Tuesday that the country had the ability to sink a US warship deployed to the region.


How Gaza Armed Gangs Recruit New Members

Security personnel guard trucks carrying aid as they arrive in Rafah, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in the southern Gaza Strip January 17, 2024. (Reuters)
Security personnel guard trucks carrying aid as they arrive in Rafah, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in the southern Gaza Strip January 17, 2024. (Reuters)
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How Gaza Armed Gangs Recruit New Members

Security personnel guard trucks carrying aid as they arrive in Rafah, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in the southern Gaza Strip January 17, 2024. (Reuters)
Security personnel guard trucks carrying aid as they arrive in Rafah, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in the southern Gaza Strip January 17, 2024. (Reuters)

As Hamas moves to strike armed gangs operating in areas of the Gaza Strip under Israeli army control, the groups are responding with defiance, stepping up efforts to recruit young men and expand their ranks.

Videos posted on social media show training exercises and other activities, signaling that the gangs remain active despite pressure from Hamas security services.

Platforms affiliated with Hamas security say some members have recently turned themselves in following mediation by families, clans and community leaders. The gangs have not responded to those statements. Instead, they occasionally broadcast footage announcing new recruits.

Among the most prominent was Hamza Mahra, a Hamas activist who appeared weeks ago in a video released by the Shawqi Abu Nasira gang, which operates north of Khan Younis and east of Deir al-Balah.

Mahra’s appearance has raised questions about how these groups recruit members inside the enclave.

Field sources and others within the security apparatus of a Palestinian armed faction in Gaza told Asharq Al-Awsat that Mahra’s case may be an exception. They described him as a Hamas activist with no major role, despite his grandfather being among the founders of Hamas in Jabalia.

His decision to join the gang was driven by personal reasons linked to a family dispute, they said, not by organizational considerations.

The sources said the gangs exploit severe economic hardship, luring some young men with money, cigarettes and other incentives. Some recruits were heavily indebted and fled to gang-controlled areas to avoid repaying creditors.

Others joined in search of narcotic pills, the sources said, noting that some had previously been detained by Hamas-run security forces on similar charges. Economic hardship and the need for cigarettes and drugs were among the main drivers of recruitment, they added, saying the gangs, with Israeli backing, provide such supplies.

Resentment toward Hamas has also played a role, particularly among those previously arrested on criminal or security grounds and subjected to what the sources described as limited torture during interrogations under established procedures.

According to the sources, some founders or current leaders of the gangs previously served in the Palestinian Authority security services.

They cited Shawqi Abu Nasira, a senior police officer; Hussam al-Astal, an officer in the Preventive Security Service; and Rami Helles and Ashraf al-Mansi, both former officers in the Palestinian Presidential Guard.

These figures, the sources said, approach young men in need and at times succeed in recruiting them by promising help in settling debts and providing cigarettes. They also tell recruits that joining will secure them a future role in security forces that would later govern Gaza.

The sources described the case of a young man who surrendered to Gaza security services last week. He said he had been pressured after a phone call with a woman who threatened to publish the recording unless he joined one of the gangs.

He later received assurances from another contact that he would help repay some of his debts and ultimately agreed to enlist.

During questioning, he said the leader of the gang he joined east of Gaza City repeatedly assured recruits they would be “part of the structure of any Palestinian security force that will rule the sector.”

The young man told investigators he was unconvinced by those assurances, as were dozens of others in the same group.

Investigations of several individuals who surrendered, along with field data, indicate the gangs have carried out armed missions on behalf of the Israeli army, including locating tunnels. That has led to ambushes by Palestinian factions.

In the past week, clashes in the Zaytoun neighborhood south of Gaza City and near al-Masdar east of Deir al-Balah left gang members dead and wounded.

Some investigations also found that the gangs recruited young men previously involved in looting humanitarian aid.


Lockheed Martin: Saudi Arabia Is Strategic Choice for Global Defense Hub

Lockheed Martin took part in the recent World Defense Show in Riyadh. (Asharq Al-Awsat)
Lockheed Martin took part in the recent World Defense Show in Riyadh. (Asharq Al-Awsat)
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Lockheed Martin: Saudi Arabia Is Strategic Choice for Global Defense Hub

Lockheed Martin took part in the recent World Defense Show in Riyadh. (Asharq Al-Awsat)
Lockheed Martin took part in the recent World Defense Show in Riyadh. (Asharq Al-Awsat)

Saudi Arabia’s push to localize half of its defense spending under Vision 2030 is drawing deeper commitments from US defense giant Lockheed Martin, which says it will expand local manufacturing, transfer advanced technologies, and further integrate the Kingdom into its global aerospace and defense supply chains.

Building Saudi partnerships

Steve Sheehy, vice president for international business development at Lockheed Martin’s aeronautics division, said the company is stepping up efforts to partner with both established and emerging Saudi aerospace firms.

Lockheed Martin is looking to build partnerships across maintenance, repair and overhaul, as well as component manufacturing and repair, particularly in advanced avionics, Sheehy told Asharq Al-Awsat.

Speaking after the company’s participation in the World Defense Show in Riyadh, he said Lockheed Martin is also targeting emerging fields such as additive manufacturing, from plastics to metals, and advanced composite materials.

The goal, he said, is twofold: plug gaps in the company’s global supply chain while transferring know-how and strengthening local capabilities in a mutually beneficial model.

Sheehy described the Saudi aerospace sector as established and growing. He also noted that it has a solid base in maintenance and manufacturing, as well as a clear shift toward advanced technologies, creating room for deeper collaboration between national firms and global industry leaders.

Alignment with Vision 2030

Retired Brigadier General Joseph Rank, chief executive of Lockheed Martin in Saudi Arabia and Africa, said the company’s strategy in the Kingdom is rooted in a long-term partnership aligned with Vision 2030, especially the target of localizing 50 percent of defense spending.

Lockheed Martin, he said, is focused on transferring knowledge and advanced technologies, developing local industrial capabilities and building an integrated defense ecosystem that positions Saudi Arabia firmly within global supply chains.

Rank said the company is working closely with government entities and national companies to strengthen local manufacturing, empower Saudi talent and establish a sustainable industrial base that supports innovation and creates high-quality jobs.

Lockheed Martin is advancing manufacturing and repair work on defense equipment, including components of the THAAD air defense system, missile launch platforms, and interceptor missile canisters, in cooperation with Saudi partners, Rank said.

The company has also opened a maintenance center in Riyadh for the Sniper Advanced Targeting Pod system, the first of its kind in the Middle East, to enhance maintenance and technical support capabilities.

Beyond hardware, Lockheed Martin is investing in transferring and localizing advanced technologies in air defense, command and control, and digital manufacturing. It is also supporting science, technology, engineering and mathematics programs and hands-on training in cooperation with national universities.

Broad local network

Rank said the company relies on a wide network of partners in the Kingdom. At the forefront are the General Authority for Military Industries, the main government partner in localization agreements, and Saudi Arabian Military Industries, a key manufacturing and technology transfer partner.

Other collaborators include the Advanced Electronics Company for advanced systems maintenance, the Middle East Propulsion Company and AIC Steel for producing THAAD components and platforms, and the National Company for Mechanical Systems for advanced manufacturing technologies.

Academic partnerships extend to King Abdullah University of Science and Technology, King Saud University, King Fahd University of Petroleum and Minerals, and Princess Nourah bint Abdulrahman University, supporting research and developing national talent.

Localizing aerospace manufacturing

Rank said localizing aerospace manufacturing is a strategic priority. Lockheed Martin has launched projects to produce interceptor missile launch platforms and canisters inside the Kingdom and awarded contracts for key components to Saudi companies, qualifying them to join its global supply network beyond the US.

The company is evaluating and qualifying hundreds of Saudi firms to produce defense equipment to international standards, focusing on technology transfer and building local expertise as a step toward manufacturing more integrated systems in the future.

Company officials said the approach goes beyond supplying systems. It centers on technology transfer, digital manufacturing, and command-and-control systems, laying the groundwork for the production of integrated systems in the Kingdom and strengthening Saudi Arabia’s position as a regional hub for aerospace and defense.