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  • Saudi crown prince MBS’ harshest remarks on Gaza conflict and a warning to Israel since the war began

    Saudi Crown Prince Mohammed Bin Salman has hit out at Israel and condemned its actions in Gaza as " collective genocide", in some of the harshest public criticism of the country by a Saudi official since the start of the war. MBS was speaking at a summit of Muslim and Arab leaders where the prince also criticised Israeli attacks on Lebanon and Iran. During a gathering of leaders of Islamic nations hosted by Saudi Arabia in Riyadh on Monday, the country’s de facto leader said: “The Kingdom reiterates its condemnation and absolute refusal of the collective genocide committed by Israel against the brotherly Palestinian people.”

  • Where Saudi’s MBS Beats China’s Deng Xiaoping

    In just eight years, MBS has put the $930 billion Public Investment Fund on the map, starting from a $45 billion commitment to SoftBank Group Corp.’s Vision Fund in 2016. Last year, PIF became the world’s most active sovereign wealth fund in terms of fresh capital deployed, surpassing long-time champion Singapore’s GIC. The fund continues to be active in 2024, buying 40% in the UK department-store chain Selfridges and injecting $2 billion capital into Chinese PC maker Lenovo Group Ltd., to name a few. But the Saudi crown prince is also becoming more assertive. Foreigners that take his money are expected to contribute immediately to the local economy. As part of the $2 billion deal, Lenovo has pledged to open a manufacturing facility and establish a regional headquarters in Saudi Arabia, leading to the creation of 15,000 local jobs.

  • Saudi Arabia enlists BlackRock to improve MBS market: Report

    According to data available on Argaam, the Saudi Real Estate Refinance Co. (SRC) signed an agreement with BlackRock to develop the real estate finance sector, expand the local and international investor base, and ensure market stability and diverse financing options.

  • Blinken urges halt to Middle East conflict as Israel bombs historic Lebanese port

     U.S. Secretary of State Antony Blinken pushed on Wednesday for a halt to fighting between Israel and militant groups Hamas and Hezbollah, but heavy Israeli air strikes on a large historic Lebanese port city demonstrated that there was no respite. Israel began to bomb the UNESCO-listed port of Tyre in south Lebanon roughly three hours after issuing an order online for residents to flee central areas. Huge clouds of thick smoke billowed above residential buildings.

  • Saudi’s MbS will not attend Russia’s BRICS summit

    Saudi Crown Prince Mohammed bin Salman is not expected to attend a Russian-hosted BRICS summit later this month, according to the Kremlin, which said the world's biggest oil exporter would be represented by the kingdom's foreign minister. The BRICS group originally consisted of Brazil, Russia, India, China and South Africa, and has expanded to include Ethiopia, Iran, Egypt and the United Arab Emirates and others. Two sources with direct knowledge of the matter told Reuters in January that Riyadh was still considering the invitation to join BRICS.

  • Saudi Perfume Maker Climbs 30% on Debut as IPO Rush Continues

    Saudi Arabia-based perfume maker Al Majed for Oud Co. jumped by the maximum allowed in its Riyadh trading debut in a sign that demand for Middle Eastern listings remains robust. The shares jumped to 122.2 riyals ($32.53), up 30% from the offer price of 94 riyals apiece. The initial public offering — where the company sold a 30% stake for $188 million — had been 156.5 times oversubscribed.

  • MBS: No Saudi-Israel normalization until Palestinians get a state

    Although the Biden administration had previously signaled that they might be willing to move forward with the U.S.-Saudi defense agreement even in the absence of normalization with Israel, MBS’ announcement appears to finally kill the possibility of the so-called “Grand Bargain” that Presidential advisors Brett McGurk, Jake Sullivan, and other senior Biden officials had hoped would offer a means of countering China, resolving the Gaza crisis, and topping Trump’s Abraham Accords all in one.

  • MBS reaffirms support for Palestinians in Riyadh meeting with Mahmoud Abbas

    During the meeting, the Crown Prince reaffirmed Saudi Arabia’s commitment to engaging with international and regional parties to help de-escalate the situation, SPA added. He also emphasized the Kingdom’s support for the Palestinian people in their pursuit of legitimate rights, a dignified life, and a just and lasting peace.

  • A trove of artifacts from Egypt’s last dynasty has been found in 63 tombs

    A trove of artifacts from Egypt’s last dynasty has been discovered in 63 tombs in the Nile Delta area and experts are working to restore and classify the finds, an official with the country’s antiquities authority said Monday. The artifacts include gold pieces and jewelry dating to Egypt’s Late and Ptolemaic periods, and some items could be displayed at one of the country’s museums, said Neveine el-Arif, spokeswoman for the Ministry of Tourism and Antiquities.

  • Saudi Aramco stock climbs on Q2 results, dividends

    Shares of Saudi Aramco (2223.SR) are trading higher after the company met second quarter net income expectations and will pay a quarterly dividend totaling $31.1 billion. Yahoo Finance reporter Ines Ferré breaks down the details, analyzing the company's financials and providing insights into the broader oil industry landscape.