MUST-READS

• Saudi Arabia Cuts Oil Prices for Asia for Second Straight Month

  Top oil exporter Saudi Arabia cut prices for all crude grades it sells to Asian customers for a second month in a row in August amid robust supply from countries outside OPEC and uncertainties over the demand outlook. State-owned oil giant Saudi Arabian Oil Co., known as Aramco, set its official selling price for August loadings of its flagship Arab Light crude to Asia--its main market--at $1.80 a barrel over the Oman/Dubai average, from $2.40 a barrel in July. Prices for other lighter and heavier crude grades were also lowered.

• Saudi private sector workforce surges above 11.4m – official figures

  Private sector employment in Saudi Arabia reached 11.4 million by the end of June, marking a 1.24 percent increase from April. The National Labor Observatory has released a detailed report on the state of the Kingdom’s labor market, highlighting the robust nature of the private sector and its ability to generate employment opportunities, making it a significant contributor to the national economy.

• Saudi Arabia Chases Gaming Dream With More Prize Money Than PGA

  The kingdom hopes the event, featuring 21 games from developers including Microsoft Corp.’s Activision Blizzard, Electronics Arts Inc. and Tencent Holdings Ltd.’s Riot Games, will be the biggest triumph yet in its mission to become a global epicenter for esports.

• Burak Cukmak, Saudi Fashion Commission: ‘Saudi market opens up to contemporary men’s fashion’

  This country is always full of surprises and this is what is happening with the emergence of Saudi menswear ready-to-wear. The number one clientele in Saudi Arabia remains women, but there is a big appetite for menswear and potential market openings. Historically, Saudis dressed in a traditional way, but local life has changed a lot and there are more and more occasions to dress fashionably: festivals, events, concerts, exhibitions, etc.

• Gaza ceasefire hopes rise as Israel says it will resume stalled negotiations
  Efforts to secure a ceasefire and hostage release in Gaza were gathering momentum on Friday after Hamas made a revised proposal on the terms of a deal and Israel said it would resume stalled negotiations. Israeli Prime Minister Benjamin Netanyahu told U.S. President Joe Biden on Thursday he would send a delegation to resume negotiations, and an Israeli official said his country's team would be led by the head of the Mossad intelligence agency.

• Iranians vote in run-off presidential race amid widespread apathy
  Polls opened in Iran on Friday for a run-off presidential election that will test the clerical rulers' popularity amid voter apathy at a time of regional tensions and a standoff with the West over Tehran's nuclear programme. State TV said polling stations opened their doors to voters at 8 a.m. local time (0430 GMT). Polling will end at 6 p.m. (1430 GMT), but are usually extended until as late as midnight. The final result will be announced on Saturday, although initial figures may come out sooner.

• Saudi citizenship granted to selection of researchers, innovators, and specialists

  Saudi citizenship has been granted to a number of scientists, doctors, researchers, innovators, entrepreneurs, and people who have unique capabilities, expertise, and specializations, Saudi Press Agency reported on Thursday. The granting of citizenship was issued as part of a royal order granting Saudi citizenship to people with distinguished legal, medical, scientific, cultural, sports and technical expertise for the benefit of the nation in various fields.

• Saudi’s PIF to invest US$500 million in Hong Kong Chaoshang

  SAUDI Arabia’s sovereign wealth fund Public Investment Fund (PIF) intends to invest US$500 million in Hong Kong Chaoshang Group, the investment holding company said on Thursday (Jul 4). The investment comprises US$100 million worth of convertible debentures, giving PIF the option to trade the investment for stocks in the company, and US$400 million in a five-year loan.

• Esports World Cup: Everything you need to know as Saudi Arabia gaming extravaganza begins

  Starting tonight in Riyadh, the event will run for nearly eight weeks until August 25 and replaces the Gamers8 festival with a grander vision and bigger ambitions. It has a combined prize pool of more than $60 million, setting a new benchmark for esports. The Esports World Cup will feature 22 competitions across 21 different video game titles. It begins in Riyadh's Boulevard City with an opening show which will be streamed live on the official website.

• Prince Khalid bin Salman, Erdogan discuss ways to enhance bilateral ties

  Prince Khalid bin Salman and his accompanying delegation arrived in the Turkish capital of Ankara on Tuesday for an official visit, following the directives of the Saudi leadership. Upon the arrival at Ankara’s Esenboga Airport, the Saudi minister was accorded a warm welcome by President of the Turkish Defense Industry Agency Prof. Haluk Gorgun, along with several high-ranking officials.

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