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Crown Prince Mohammed Bin Salman’s favoured Public Investment Fund has been among the most prominent clients of US lobbying and legal firms over the past year, as Saudi Arabia seeks to strengthen its relations with Washington and support its subsidiaries’ investments in the American market.

Abu Dhabi’s Mubadala Energy has announced a discovery from its first deep-water well, saying the find could ‘de-risk multi-trillion cubic feet’ of gas resources in the Indonesian permit.

In a reordering of some of UAE national security advisor Tahnoun Bin Zayed Al-Nahyan’s extensive commercial interests, the new 2PointZero holding company will take control of shares in firms including venture capital investor Chimera Investments, minerals investor International Resources Holding and cryptocurrency ‘miner’ Citadel Technologies.

Tehran has released Spanish football fan Santiago Sanchez after 15 months in custody, but at least ten other Europeans are thought to be held in Iran, including Swedish national Johan Floderus. Critics accuse Tehran of using them as leverage to secure the release of Iranian officials convicted in Europe.

The Saudi offer of long-term tax incentive comes just before new rules are introduced in January stipulating that international companies must base their regional headquarters in the kingdom if they want to compete for government contracts. Saudi Arabia has made the most high-profile recent moves to attract foreign investment, but even the more conservative Kuwait and ‘revolutionary’ Iran are easing terms for incomers.

Emir Meshaal Al-Ahmed’s appointee as prime minister is a former ambassador to the US, who served in government for a decade from 2001, before resigning over a corruption scandal.

Shortly after taking his oath of office on 20 December, new Kuwaiti Emir Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah used his speech to the National Assembly to complain that MPs and the government had “harmed the interests of the country”. Mishaal also criticised a series of pardons by this predecessor, the late Sheikh Nawaf Al-Ahmed Al-Sabah, pointing to a potentially significant shift in style at the top in Kuwait – if the new emir’s forthright words prove more than PR.

GSN looks at some of the main contenders to be nominated as the heir apparent by incoming Emir Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah. Selection of another older generation crown prince is the likely outcome.

The late Emir Sheikh Nawaf Al-Ahmed Al-Jaber Al-Sabah is unlikely to be remembered as one of Kuwait’s defining leaders, but he was an affable, honest man who was called upon to navigate a difficult political environment.

Oman’s Crown Prince Theyazin Bin Haitham had words of praise for President Vladimir Putin and one of Russia’s most senior bankers, Andrei Kostin, while in Moscow to attend an investment forum in early December. The visit to Russia, followed by a trip to Abu Dhabi a few days later to meet UAE President Sheikh Mohammed Bin Zayed Al-Nahyan, suggests the Omani crown prince may be seeking to build up his international profile.

A United States-led taskforce has been launched to protect commercial shipping in the Red Sea, after Houthi rebels launched more than 100 drone and ballistic missile attacks over the past month. However, most Gulf countries have declined to join, with just Bahrain signing up to date.

Sultan Haitham Bin Tariq Al-Said has returned from back-to-back state visits to Asian powerhouses Singapore and India, in which boosting business was very high on the agenda.

Dubai Ruler Sheikh Mohammed Bin Rashid Al-Maktoum has set up the Dubai Investment Fund, chaired by deputy ruler Sheikh Maktoum Bin Mohammed Al-Maktoum, to hold the emirate government’s stakes in operators including utility Dewa and road toll operator Salik. DIF will take its place alongside other Dubai Inc entities including Investment Corporation of Dubai, Dubai Holding and Dubai World.

Sheikh Mishaal Al-Ahmed Al-Jaber Al-Sabah is due to take his oath as emir at a special session of the National Assembly (parliament) in the coming days, following the death of his half-brother Emir Sheikh Nawaf Al-Ahmed Al-Sabah on 16 December. Given Mishaal has been the de facto ruler since November 2021, the handover should be seamless, while the more critical element will be his choice of crown prince.

King Salman Bin Abdelaziz has made changes to the leadership of six of Saudi Arabia’s 13 regions and one of its governorates. GSN analyses the new round of appointments and profiles those on the up.