MUST-READS

• Israel conducted strike on Iran, senior U.S. official says

  Fars news agency, which is affiliated with Iran's Islamic Revolutionary Guard Corps (IRGC), reported explosions were heard in the city of Isfahan in central Iran near an Iranian air force base.

• Tehran plays down reported Israeli attacks, signals no retaliation
  Explosions echoed over an Iranian city on Friday in what sources described as an Israeli attack, but Tehran played down the incident and indicated it had no plans for retaliation - a response that appeared gauged towards averting region-wide war.
  The limited scale of the attack and Iran's muted response both appeared to signal a successful effort by diplomats who have been working round the clock to avert all-out war since an Iranian drone and missile attack on Israel last Saturday.

• Iran vs Israel: A look at their air forces amid fears of extended conflict

  The Iranian air force has 37,000 personnel, but decades of international sanctions have largely cut the country off from the latest high-tech military equipment, according to the International Institute for Strategic Studies in London (IISS).

• US aid to Ukraine moves closer to possible passage

  The U.S. Congress moved closer on Thursday to ending a months-long stalemate and voting on legislation to provide billions of dollars in security assistance to Ukraine, Israel and Taiwan, despite bitter debate over the measure ahead of a weekend vote. Members of the Republican-led House of Representatives Rules Committee spent hours debating the package of four bills: three providing the security aid and a fourth with measures including sanctions, a threat to ban the social media app TikTok and the potential transfer of seized Russian assets to Ukraine.

• US stops UN from recognizing a Palestinian state through membership
  The United States on Thursday effectively stopped the United Nations from recognizing a Palestinian state by casting a veto in the Security Council to deny Palestinians full membership of the world body.
  It vetoed a draft resolution that recommended to the 193-member U.N. General Assembly that "the State of Palestine be admitted to membership" of the U.N. Britain and Switzerland abstained, while the remaining 12 council members voted yes.

• IMF chief says productivity, Chinese consumer spending key to boosting global growth
  International Monetary Fund Managing Director Kristalina Georgieva bemoaned the slow pace of global growth on Thursday, saying that Europe needed to do more to boost productivity and China should work to unleash greater consumer spending.
  Georgieva told a news conference during the IMF and World Bank spring meetings in Washington that a number of factors are converging to hold back growth in Europe and China, from aging populations to sub-optimal allocations of capital, while the U.S. has far outperformed expectations.

• Saudi pavilion at Venice Biennale charts the evolving role of women in the kingdom

  Saudi visual artist Manal Al Dowayan is known for her research-based, participatory practice, placing community voices at the forefront of her artwork. Her exhibition for the National Pavilion of Saudi Arabia at this year’s Venice Biennale is no different.

  Titled Shifting Sands: A Battle Song, curated by Jessica Cerasi and Maya El Khalil, Al Dowayan’s multimedia installation is inspired by the evolving role of women in Saudi Arabia. It is rooted in three workshops that took place across the country, where she engaged with more than 1000 women from all walks of life.

• Saudi Arabia Needs Oil Price Near $100, IMF Says

  Riyadh will require an average oil price of $96.20 a barrel to balance its budget, assuming it holds crude output steady near 9.3 million barrels a day this year, the Washington-based Fund said in its regional economic outlook on Thursday. That’s up 21% from a previous forecast in October, when the IMF predicted that the kingdom would pump 10 million barrels a day in 2024. It’s also higher than the current price for international benchmark Brent futures, which are trading near $89 a barrel.

• Dubai faces massive clean up after deluge swamps glitzy desert city

  Dubai, a city in the desert proud of its modern gloss, faced the towering task on Thursday of clearing its waterclogged roads and drying out flooded homes two days after a record storm saw a year's rain fall in a day. Dubai International Airport, a major travel hub, struggled to clear a backlog of flights and many roads were still flooded in the aftermath of Tuesday's deluge. The rains were the heaviest experienced by the United Arab Emirates in the 75 years that records have been kept. They brought much of the country to a standstill and caused significant damage.

• IMF Boosts Saudi Arabia’s 2025 Growth Forecast Again, Making it Second-Fastest Growing Economy

  The International Monetary Fund (IMF) has further strengthened its positive outlook for the Saudi Arabian economy by revising its 2025 growth forecast upwards for the second time this year. In its April "World Economic Outlook" report, the IMF raised the expected growth rate for the Kingdom to 6%, up from the 5.5% projection issued in January 2024. This upward revision comes despite the IMF maintaining a stable global growth forecast of 3.2%. Consequently, Saudi Arabia is now projected to be the second-fastest growing economy in 2025, trailing only India's anticipated growth rate of 6.5%.

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