Tony Hallside, CEO of STP Partners, told Arab News that the immediate impact of the ongoing war is a geopolitical risk premium in crude, driven by tanker disruptions and the threat of a Strait of Hormuz choke point.
“The macro takeaway is simple: Higher energy feeds inflation expectations, squeezes consumer demand in importing economies, and complicates the path for interest rates,” said Hallside.
He added: “The early pattern is risk off; investors rotate into safe havens — gold, the US dollar, Swiss franc — and trim equities, especially in energy-importing regions. You can see it in the tape: oil and gold up, major equity futures and indices weaker, and FX rewarding perceived safety and energy self-sufficiency.”
Tony Hallside, CEO of STP Partners, told Arab News that Gulf equities have opened with volatility rather than panic, with sharp early drawdowns followed by partial rebounds as investors separate direct conflict risk from oil upside and government balance sheet strength.
“Local and regional investors are broadly de-risking around the edges, raising cash, shortening time horizons, and rotating toward defensives and energy-linked exposure, while foreign flows tend to get more selective until the Hormuz and escalation trajectory is clearer,” said Hallside.
He added: “The key tell is dispersion: energy strength alongside broader market weakness, and a premium placed on liquidity and balance sheet quality.”
Tony Hallside, chief executive of STP Partners, says investors must understand what they are purchasing. “Gold is both the safest and the riskiest asset in the world. Safe because it protects against systemic stress, policy mistakes and geopolitical shocks, risky because at recent levels, it’s no longer just a defensive investment, but crowded and momentum-driven.”
Tony Hallside, CEO of STP Partners, said Nomu is helping create a more inclusive capital landscape by giving SMEs access to equity financing.
“Nomu’s impact is multi-dimensional. By end-2025, over 125 companies were listed on the parallel market, reflecting a growing pipeline of domestic enterprises seeking scalable financing options through public markets,” said Hallside.
To facilitate foreign investment, CMA has introduced several changes, which include abolishing the QFI framework and asset requirements, eliminating swap agreements, and simplifying account opening for current and former Gulf Cooperation Council residents.
Tony Hallside, CEO of STP Partners, said the move marks a pivotal evolution in the Kingdom’s economic transformation.
He believes the CMA decision is a clear signal to the world that the Kingdom is now building the most accessible, liquid, and globally integrated financial markets in the region.
Hallside added: “This reform reflects Saudi Arabia’s deep commitment to unlocking new sources of capital, supporting innovation, and accelerating its Vision 2030 agenda.
