MUST-READS

• F1’s George Russell calls for transparency after report FIA president sought to overturn penalty

  Mercedes driver George Russell has called for transparency following a report alleging that the president of Formula 1’s governing body intervened to overturn a penalty last season. Russell finished fourth behind Fernando Alonso in last year’s Saudi Arabian Grand Prix but was briefly upgraded to third when Alonso was given a 10-second penalty because Aston Martin’s pit crew touched the car with a jack while serving an earlier penalty. That ruling was later overturned.

• A year ago, Beijing brokered an Iran-Saudi deal. How does détente look today?

  Given how hostile Iranian-Saudi relations were in the years leading up to the March 2023 agreement, such restoration of diplomatic ties was significant. Until a year ago, there were no diplomatic relations between the two countries since Riyadh severed ties with Tehran in January 2016, in response to attacks on Saudi diplomatic missions in Tehran and Mashhad following the execution of Shia cleric Nimr Baqir al-Nimr. The Saudi state’s killing of this cleric raised sectarian temperatures in the Middle East. It drastically heightened friction in Tehran-Riyadh relations, which had steadily deteriorated against the backdrop of armed conflicts and political crises in Bahrain, Iraq, Lebanon, Syria, and Yemen in the aftermath of the 2011 Arab Spring. 

• Saudi bourse gains on Fed rate cut signal; ex-dividend stocks pull down Dubai, Qatar

  The Saudi Arabian stock market rose in early trade on Thursday as the U.S. Federal Reserve Chair said he expects interest rate cuts later this year, while bourses in Dubai and Qatar were weighed down by stocks trading ex-dividend. In remarks prepared for delivery to the House Financial Services Committee, Fed Chair Jerome Powell said that continued progress on inflation "is not assured," though the central bank still expects to reduce its benchmark interest rate later this year.

• Gaza ceasefire talks at an impasse as humanitarian crisis deepens

  Hamas stuck to its terms for a ceasefire deal and hostage exchange with Israel on Wednesday after the United States said truce talks in Cairo were "in the hands of" the Palestinian militant group. Negotiators from Hamas, Qatar and Egypt - but not Israel - are in Cairo trying to secure a 40-day ceasefire in the war between Israel and the Islamist group in Gaza in time for the Muslim fasting month of Ramadan, which begins early next week.

• Millions of Sudanese go hungry as war disrupts food supply

  A mother who skips meals so there is enough food for her two children. A 60-year-old man who eats one meal a day – a lump of dough made of flour and water. People venturing out from their homes in a desperate search for food at the risk of being hit by artillery shells. Dozens of accounts like these gathered by Reuters show how many people are going hungry in parts of Sudan worst hit by the war that erupted last April, including areas in the capital Khartoum and in the western region of Darfur. The number of Sudanese facing emergency levels of hunger – one stage before famine – has more than tripled in a year to almost five million, according to the Integrated Food Security Phase Classification, a globally recognized food security index, opens new tab.

• Saudi Arabia mulls investment office in Brazil

  The Saudi government announced on Tuesday that it is considering opening an office of its Investment Ministry in Sao Paulo, with the aim of boosting trade and business with Brazil. The announcement was made during the Brazil Saudi Arabia Conference, which gathered a delegation of around 70 Brazilian businesspeople and officials, Saudi Deputy Investment Minister Ibrahim Al-Mubarak and the executive director of the ministry, Waleed Al-Rubaie. The event program included a visit to the Saudi Public Investment Fund.

• Will Saudi Arabia scrap SR400 fee imposed on expat dependents?

  Saudi Arabia is reconsidering a monthly fee levied on expatriates’ dependents as the kingdom is seeking to attract foreign talents to boost Saudi economy, a government minister has disclosed. “The decision to impose the fees on dependents was necessary because they benefited from the state subsidies on water, electricity, etc,” Saudi Minister of Finance Mohammed Al Jadaan said.

• ‘Reframed’ Iran ties shield Saudi in Gaza war: analysts

  A surprise deal reached one year ago to mend ties with Iran has paid dividends for Saudi Arabia, largely shielding it from the Gaza war and related unrest, analysts say. Though thorns remain in the complex relationship between the Middle East rivals, the rapprochement amounts to a signature diplomatic achievement for Crown Prince Mohammed bin Salman, Saudi Arabia's hard-charging de facto ruler.

• Saudi Arabia Advances Tech Hub Leadership Position with $888 Million in Deals at LEAP 24

  Saudi Arabia further advanced its position as a regional tech and investment hub during LEAP 24, with the announcement of $888 million in investment funds and funding rounds backing innovation and tech entrepreneurship in the Kingdom and across the region. On the second day of LEAP 24 in Riyadh, Investcorp launched a $500 million growth-stage fund. Oasis Capital launched "Fund II" with a capital of $100 million. The National Development Fund and the Social Development Bank established the $40 million Gaming and Esports Investment Fund, managed by Impact46. Merak Capital established a fund with $80 million to support game accelerators in Saudi Arabia. Saudi Arabia’s Takamol Holdings launched a $50 million investment arm, focused on funding early-stage tech companies. Plug and Play launched its first fund to invest in technology startups, while X by Unifonic announced its first investment fund to support business software services for startups.

• Game-Changing Saudi Arabia Venue Set To “Push The Boundaries” Of Motorsport

  The Speed Park Track in Qiddiya City, just outside Riyadh, has been designed by legendary F1 designer Hermann Tilke, with former F1 driver Alexander Wurz providing his driver's eye view on its layout. The team behind the venue also worked with developers of the all-new city to seamlessly integrate it with the urban entertainment precincts that surround it.

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