MUST-READS

• G20 energy ministers emphasise importance of stimulus packages

  G20 energy ministers reaffirmed a commitment to “ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19” and recognised actions by both producers and consumers to stabilise energy markets. “We emphasise the importance of stimulus packages to stimulate inclusive economic activities,” G20 energy ministers said in a joint statement on Tuesday.

• Saudi presenter Muna Abu Sulayman joins Gucci’s board for Global Equity

  Sulayman made the announcement on her LinkedIn account on Tuesday. The board is on a mission to define and measure the company’s priorities and targets in terms of diversity, equity and inclusion. She wrote that “their mission is create a sense of belonging where each individual is valued and able to contribute and thrive.”

• Silver Lake Launches New 25-Year Investment Strategy Backed by Mubadala

  Abu Dhabi sovereign-wealth fund Mubadala Investment Co. is making an investment in Silver Lake and contributing $2 billion to help the technology-focused private-equity firm launch a new long-term strategy, according to people familiar with the matter. Mubadala will take a stake of less than 5% in Silver Lake, buying roughly half of what Neuberger Berman Group LLC’s Dyal Capital Partners purchased in 2016, the people said.

• First shipment of Saudi-produced wheat arrives at Jeddah Port

  The General Grain Corporation announced that it had received the first ship carrying 60,000 tonnes of Ukrainian-origin wheat in Jeddah Islamic Port, representing the first shipment of imported wheat produced by the Saudi Agricultural and Livestock Investment Company (SALIC), local media reported. Chairman of SALIC, Engineer Ahmed bin Abdulaziz Al Faris, explained the shipment comes as part of the Kingdom’s efforts to benefit from Saudi agricultural investments abroad, and link these investments to the needs of the local market.

• Saudi Arabia confirms 27 COVID-19 deaths, 539 new cases

  Saudi Arabia recorded 27 new COVID-19 related deaths on Tuesday, raising the death toll to 4,739. The Ministry of Health also said 539 new confirmed cases were reported in the Kingdom in the past 24 hours, bringing the total number of people who have contracted the virus since the pandemic began to 334,187, of which 10,906 remain active cases, and 1,005 in critical condition.

• Egypt’s Mayar Sherif exits French Open knowing she belongs at Slams

  Mayar Sherif became the first Egyptian woman to appear in the main draw of a Grand Slam when she faced former world number one Karolina Pliskova on Tuesday but did not look intimidated and left the French Open sure that she belongs at this level. The battling 24-year-old took the opening set against the second-seeded Czech before losing 6-7(9) 6-2 6-4 in a contest lasting two hours and 15 minutes on Court Philippe Chatrier.

• Saudi Arabia strengthens position as world’s largest Islamic finance market

  Islamic financing in Saudi Arabia will reach around 80 percent of system-wide loans in the next 12-18 months according to a report from Moody’s. That compares to 78 percent of loans in the Kingdom in 2019 and 70 percent in 2013, the credit ratings agency said in a report on Tuesday. Moody’s anticipates a shift to more Shariah-compliant finance over the next 12-18 months as corporates and households increasingly use Islamic products, even as low oil prices and the coronavirus crisis cause economic challenges.

• Saudi Arabia extends coronavirus stimulus package but narrows scope

  Saudi Arabia has extended by three months a stimulus program to help businesses still struggling to recover from the effects of Covid-19 but has rolled back its scope. It's the first test of how the Saudi economy will respond as support measures introduced at the height of the pandemic wind down. The initiative, which was due to expire in October, will now continue until January and will support half of all Saudis working in an organization still affected by coronavirus, sectors including travel, sports and entertainment, the General Organisation for Social Insurance said in a statement on Tuesday. The program originally covered 70 percent of Saudi employees in firms with over five workers, and applied to a wider swath of activities across the private sector. While the extension will be welcome news for Saudi businesses struggling to make ends meet during a double crisis caused by the coronavirus and oil market turmoil, the new restrictions could cut off employees and firms from support at a time when any recovery is still fragile.

  • Arab News - Saudi General Organization for Social Insurance extends support for private sector in the Kingdom
• UN Says Yemen’s Warring Parties Must Face Justice

  A group of Eminent Experts on Yemen accuses Yemen’s warring parties of widespread violations, some amounting to war crimes and crimes against humanity.  They are calling for an end to impunity and for perpetrators of these crimes to be brought to justice.  The report has been submitted to the UN Human Rights Council. For the second consecutive year, the Yemeni government and its Saudi-led coalition partners have refused to grant the Group of Experts entry into their countries.  Nevertheless, the experts managed to gather a ream of evidence from more than 400 witnesses, victims and other sources through remote and secure channels.

• Interpol chief lauds Saudi efforts to fight graft

  The secretary-general of the International Criminal Police Organization (Interpol), Jurgen Stock, on Tuesday lauded Saudi Arabia for taking effective measures to fight corruption. He expressed these views during a virtual meeting with Mazen bin Ibrahim Al-Kahmous, president of the Oversight and Anti-Corruption Authority (Nazaha).

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