Argaam Weekend | Protectionist

Protectionist

10^thJanuary 2026

● Analyzing the EU’s Carbon Tariffs and Their Impact on Saudi Metal Exports
● Understanding the Interplay between Tobacco Tax Policies and Firm Strategies in Saudi Arabia
● ETFs review in Saudi Arabia: A Reform That Delivered, but Structural Work Remains

Topics of the Week

Analyzing the EU’s Carbon Tariffs and Their Impact on Saudi Metal Exports

The European Union's Carbon Border Adjustment Mechanism (CBAM), entering full implementation on January 1, 2026, imposes carbon levies on imports of iron, steel, and aluminum that do fundamentally alter Saudi Arabia's €475 million ($515 million) annual metals trade with the block.

Understanding the Interplay between Tobacco Tax Policies and Firm Strategies in Saudi Arabia

Despite one of the highest tobacco tax burdens globally, Saudi Arabia continues to observe sustained profitability among multinational tobacco companies. This apparent policy paradox raises a critical question: why has aggressive taxation failed to function as an effective deterrent to tobacco profitability?

ETFs review in Saudi Arabia: A Reform That Delivered, but Structural Work Remains

Saudi Arabia's 2021 short selling extension fundamentally transformed ETF pricing efficiency. Premiums-discounts that spanned up to 38 percentage points are now contained within 1–3%, arbitrage works faster, and investor confidence—measured by a tenfold AUM surge—has rebounded decisively.