MUST-READS

• Saudi Arabia’s PIF eyeing stake in sports streamer DAZN, sources say
   Saudi Arabia's Public Investment Fund is among potential bidders exploring the purchase of a minority stake worth around $1 billion in DAZN, the sports-streaming group backed by billionaire Len Blavatnik, two people with knowledge of the matter said. If successful, such a deal could increase the fund's influence in European football as DAZN is a broadcasting partner for Italy's Serie A, Spain's LaLiga, Germany's Bundesliga and France's Ligue 1.

• Saudi Arabia Said to Tee Up Multibillion-Dollar Bet on Hydrogen

  The kingdom’s sovereign wealth fund, chaired by de facto ruler Crown Prince Mohammed bin Salman, has created a company called Energy Solutions Co. to finance so-called green hydrogen power production, the people said, asking not to be identified as the information is private.  The Public Investment Fund expects the firm to invest at least $10 billion, the people said, though that number could grow significantly in years to come depending on demand for hydrogen and its investment pipeline. Some investments will be made with state oil producer Saudi Aramco, they said.

• Saudi Arabia opens doors to Hong Kong stocks with launch of 2 ETFs at month-end: SFC CEO

  Financial Secretary Paul Chan Mo-po will lead a delegation comprising scores of local regulators and financiers to the FII conference in Riyadh and to mark the launch of the ETFs, according to Julia Leung Fung-yee, CEO of the Securities and Futures Commission (SFC).

• Saudi Perfume Maker Climbs 30% on Debut as IPO Rush Continues

  Saudi Arabia-based perfume maker Al Majed for Oud Co. jumped by the maximum allowed in its Riyadh trading debut in a sign that demand for Middle Eastern listings remains robust. The shares jumped to 122.2 riyals ($32.53), up 30% from the offer price of 94 riyals apiece. The initial public offering — where the company sold a 30% stake for $188 million — had been 156.5 times oversubscribed.

• The crazy Saudi Pro League top scorers chart of 2024-25: Ronaldo, Benzema…

  Former Manchester United, Real Madrid and Celtic stars are among the Saudi Pro League top scorers of the 2024-25 season so far. Following a few years of heavy investment, the Saudi Pro League is now packed with superstars and several of them manage to make their way onto this list.

• Mossad’s pager operation: Inside Israel’s penetration of Hezbollah

  The AR924 pager was slightly bulky but rugged, built to survive battlefield conditions. It boasted a waterproof Taiwanese design and an oversized battery that could operate for months without charging. Best of all, there was no risk that the pagers could ever be tracked by Israel’s intelligence services. Hezbollah’s leaders were so impressed they bought 5,000 of them and began handing them out to mid-level fighters and support personnel in February.

• For Gulf Countries, There May Be No Clear Preference Between Trump and Harris

  Neither Harris nor her Republican opponent is likely to fundamentally alter or abandon the partnership that has defined relations between Washington and the six Gulf Cooperation Council countries. Nothing in their agenda or rhetoric suggests otherwise. And even when candidates imply a major deviation from tradition – such as President Joseph R. Biden Jr.’s vow to treat Saudi Arabia as a “pariah” during the 2020 Democratic primaries – once they assume leadership and responsibility for national security, the shared core interests in regional security and stability compel the president to abandon such political rhetoric and repair personal relations, as Biden did with Riyadh with his visit to Jeddah 18 months after his inauguration, to maintain this crucial partnership.   

• Opinion: Here’s how Israel, Iran and Hezbollah can an avoid all-out war

  A mutual drawdown could center on the implementation of United Nations Security Council resolution 1701, adopted in the aftermath of the last major Israel-Hezbollah war in 2006. The resolution holds that Hezbollah should withdraw its fighters and heavy equipment from the south of Lebanon up to the Litani River, about 25 km (roughly 15.5 miles) into the country.

• The UAE’s Network-Based Vision for Economic Integration

  China’s mega Belt and Road Initiative, once President Xi Jinping’s flagship project, does not lack leadership support. Yet, 11 years after its inception, the project has yet to take off as envisioned. Meanwhile, the global trade and investment strategy of the United Arab Emirates – a country of just 11 million people – is providing an alternative vision. The brainchild of UAE Foreign Minister Abdullah bin Zayed al-Nahyan, the trade expansion project envisions the UAE as the center of the world’s largest trade and investment network. This network is what has differentiated it from Beijing’s project. The BRI was, at its core, a carrot for countries that cooperate with China – a play-to-get-paid strategy defined by Beijing’s single-party leadership.

• IRGC Newspaper Demands Nuclear Bomb

  While some reformist media outlets warn Pezeshkian that the present conflict with Israel may evolve into a military confrontation between Iran and the United States (and a prolonged Israeli and U.S. bombing campaign against Iran similar to the U.S. bombings of Iraq throughout the 1990s) the IRGC’s main mouthpiece, Javan, urges Iran to change its nuclear doctrine, which to judge by the article quoting American political scientist the late Professor Kenneth Waltz saying “Peace-lovers ought to love the nukes!,” may indicate nuclear breakout.   

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