MUST-READS

• IMF projects Saudi Arabia’s oil output to hit 11M bpd by 2029

  Saudi Arabia's oil production is expected to reach 11 million barrels per day (bpd) by 2029, according to Amine Mati, the International Monetary Fund’s (IMF) Mission Chief for Saudi Arabia.   In an interview with Asharq TV, Mati added that the IMF expects the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) to completely reverse its production cuts by 2025.   “Considering the announcements made by OPEC+ and the voluntary production cuts by Saudi Arabia, the cuts will be extended until June 2024,” he said.

• Commentary: Gulf states’ response to Iran-Israel conflict may decide outcome of crisis

  Dana Stroul, who until December was the most senior civilian official at the Pentagon with responsibility for the Middle East, insisted: “Whatever regional politicians may say, the military, security and intelligence establishments of both the Arab states and Israel are quite clear – that Iran is the centre of gravity for instability, the export of terrorism and its illicit nuclear weapons programme.”

• Saudi PIF-backed Savvy Games to invest more in mobile after ‘Monopoly Go’ success

  After seeing the major success of its mobile game Monopoly Go, Saudi Arabia’s Savvy Games Group plans to invest more in mobile game development and acquisitions, according to the company’s chief executive officer.

  Savvy, wholly owned by Saudia Arabia’s Public Investment Fund (PIF), agreed to buy mobile game maker Scopely for $4.9 billion last April, the same month the Monopoly title was released. Since then, the online iteration of the famous board game has grossed $2 billion in revenue.

• Saudi Arabia is making a high-risk $1 trillion bet on tourism

  On a clear day in March, tourists in golf carts and jeeps bounce amid dunes and cliffs at Desert X AlUla, a biannual open-air exhibition affiliated with Coachella, the famed California desert arts festival. They gaze at a giant hollow sphere with reflective glass set against a line of rock fragments by Saudi artist Faisal Samra and terra cotta pots scattered on the sand courtesy of Ghanaian Ibrahim Mahama. “We are trying to give them the time of their lives,” says Abdulaziz Alsulami, 18, who recently graduated from an international school in Riyadh and works at the exhibition.

• House passes long-awaited aid for Ukraine, Israel, Indo-Pacific

  By large margins on Saturday, the House passed a package of three linked bills advancing $60 billion in military aid for Ukraine, $26 billion in military aid for Israel, and $8 billion for “countering China” in the Pacific.

  The measures come at “a moment of grave urgency, with Israel facing unprecedented attacks from Iran, and Ukraine under continued bombardment from Russia,” U.S. President Joe Biden said in a statement. “I urge the Senate to quickly send this package to my desk so that I can sign it into law and we can quickly send weapons and equipment to Ukraine to meet their urgent battlefield needs.”

• UK Launches Saudi Investment Drive to Grab Share of MBS’s Vision

  The UK and Saudi Arabia will hold a trade expo in Riyadh next month as Rishi Sunak launches an investment drive aimed at taking advantage of Crown Prince Mohammed bin Salman’s Vision 2030 project. A delegation of more than 300 British business executives will join Deputy Prime Minister Oliver Dowden at the Saudi Great Futures event on May 14-15, according to a statement from Dowden’s office. The event will mark the start of a year-long campaign to showcase UK firms to Saudi investors with a focus on sectors that support the country’s Vision 2030, which was established by bin Salman eight years ago to diversify the economy away from oil.

• Iran says nuclear weapons have no place in its nuclear doctrine
  Nuclear weapons have no place in Iran's nuclear doctrine, the country's foreign ministry said on Monday, days after a Revolutionary Guards commander warned that Tehran might change its nuclear policy if pressured by Israeli threats.
  "Iran has repeatedly said its nuclear programme only serves peaceful purposes. Nuclear weapons have no place in our nuclear doctrine," ministry spokesperson Nasser Kanaani said during a press conference in Tehran.

• Egypt reclaims 3,400-year-old stolen statue of King Ramses II
  Egypt welcomed home a 3,400-year-old statue depicting the head of King Ramses II after it was stolen and smuggled out of the country more than three decades ago, the country's antiquities ministry said on Sunday.
  The statue is now in the Egyptian Museum in Cairo but not on display. The artefact will be restored, the ministry said in a statement.
  The statue was stolen from the Ramses II temple in the ancient city of Abydos in Southern Egypt more than three decades ago. The exact date is not known, but Shaaban Abdel Gawad, who heads Egypt's antiquities repatriation department, said the piece is estimated to have been stolen in the late 1980s or early 1990s.

• Global defense spending jumped in 2023

  Total global defense spending grew at its fastest pace in the last decade from 2022 to 2023, as governments respond to security crises unfolding around the world. Combined military outlays jumped 10.4 percent in 2023 on strong growth from nearly all of the top spenders, bringing the global total above $2 trillion for the first time, according to a new report from Forecast International, a sister brand of Defense One.

• Saudi Arabia aims to double local honey production

  Saudi Arabia has invested SAR140 million ($37 million) to support its nascent rural honey industry, the government said this week. The country has raised subsidised production by 41 percent since 2021 and wants to double output by 2026. The Sustainable Agricultural Rural Development Program, known as Reef Saudi, said its funding supported over 10,500 people in the industry.

• 10 of 60970 results<< 1 … 353 354 355 … 6,097 >>