MUST-READS

• Arab leaders, UN endorse Egypt’s $53 billion Gaza plan

  According to the 112-page draft document seen by the DPA and Reuters news agencies, an initial six-month recovery phase would focus on removing rubble and installing temporary housing at a cost of around $3 billion. In a first phase proper, the plan calls for the building of 200,000 housing units in Gaza over the next two years. A second stage will see 200,000 more housing units. By 2030, the plan foresees hundreds of thousands of new homes housing up to 3 million people as well as an airport, industrial zones, hotels and parks. President Sissi said an "independent" Palestinian body would manage Gaza under the reconstruction plan, with Palestinian President Mahmoud Abbas saying his Palestinian Authority would be prepared to play a role.

• TKO Launches Boxing Promotion Partnership With Saudi Arabia’s Turki Alalshikh, Sela Group

  UFC and WWE parent TKO Group has, as promised, jumped into boxing, inking a partnership with Saudi Arabia. The deal with His Excellency Turki Alalshikh, chairman of the Saudi General Entertainment Authority, and Sela, the Saudi national entertainment and events conglomerate, will establish a new boxing promotion that will provide a platform for leading boxers and prospects in the sport. TKO will serve as managing partner, providing day-to-day operational expertise, management and oversight of the promotion, with executive leadership anchored by UFC CEO Dana White and WWE president and TKO board member Nick Khan. TKO CEO Mark Shapiro called the agreement “a strategic opportunity to reimagine the sport of boxing globally.” He had teased a deal as imminent on an earnings call last week. “TKO has the deep expertise, promotional prowess, and longstanding relationships. HE Turki Alalshikh and Sela share our passion and vision for evolving the current model. Together, we can bring the sweet science back to its rightful place in the forefront of the global sports ecosystem.”

• MBS confirms Saudi Arabia’s support for resolutions adopted by Arab League summit on Gaza

  Saudi Arabia’s Crown Prince Mohammed bin Salman emphasized the Kingdom’s full support for the resolutions adopted by the extraordinary Arab League summit on Gaza. The meeting – held in Egypt’s Cairo – saw leaders from the Arab region come together to counter US President Donald Trump’s “Middle East Riveria” vision, which seeks to displace Palestinians in the territory from their homes. The Cabinet also stressed the Palestinian people’s right to self-determination and to attain their legitimate rights, including the establishment of an independent state along the 1967 borders, with east Jerusalem as its capital, according to SPA.

• Saudi Arabia’s Renewed Commitment to Palestinian Cause: A Legacy Laid Out by King Abdulaziz

  At the Arab Summit in Beirut in March 2002, the Kingdom reaffirmed its commitment to the Palestinian cause by presenting a practical framework for achieving a comprehensive and just resolution to the Middle East conflict. This proposal, later known as the Arab Peace Initiative, was adopted by Arab leaders and officially approved during the summit. In line with the continued commitment to the Palestinian cause, Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud named the 29th Arab Summit, held in Dhahran in April 2018, the Al-Quds Summit. He also announced that Saudi Arabia was donating $150 million to support Islamic institutions in Jerusalem and $50 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA). Saudi Arabia continues its efforts to support the Palestinian cause as part of its Arab and Islamic responsibilities.

• ‘New phase of Lebanese-Saudi ties’ after Riyadh talks: Aoun

  The talks “fell within the framework of enhancing bilateral relations between the two countries and paving the way for the signing of several agreements in various fields,” a statement said. Aoun and the crown prince held a 45-minute private meeting, “during which they continued discussions on issues of mutual interest to both countries and their brotherly peoples.” In a joint statement issued after the talks, Saudi Arabia and Lebanon “emphasized the importance of strengthening Arab cooperation and coordinating positions on key regional and international issues.”

• Saudi Arabia – Rise of a global diplomatic power?: Video

  Saudi Arabia is increasingly positioning itself at the center of various high-stakes diplomatic processes. In recent months, it has taken on key roles as backer, mediator, or host to ongoing negotiations, including on a Gaza settlement, Russian-US normalization and a cease-fire in Ukraine, support for Lebanon and Syria, as well as efforts to end the Sudanese civil war. How do such Saudi diplomatic interventions fit into the kingdom’s broader political-economic transformation efforts? This on-the-record briefing featured Middle East Institute (MEI) Associate Fellow Norman T. Roule, a 34-year veteran of the CIA whose current work focuses on issues concerning the Gulf states and Iran. The briefing also featured F. Gregory Gause III, Visiting Scholar at MEI and author of three books focused on the Persian Gulf.

• Saudi Aramco Weighs Bid for BP’s Castrol Lubricant Assets

  Saudi Aramco is considering a potential offer for lubricant assets being sold by BP Plc, as the Middle Eastern company pushes for acquisitions that deepen its reach in oil consuming countries, according to people with knowledge of the matter. The world’s biggest energy company is studying whether to bid for part or all of the business, which operates under the Castrol brand name, the people said. Aramco could look to combine the Castrol assets with its Valvoline lubricants unit, which it bought in a $2.65 billion deal completed in 2023. Aramco is particularly interested in Castrol’s operations in fast-growing markets like India, the people said, asking not to be identified because the information is private. Its Mumbai-listed subsidiary Castrol India Ltd. has a market value of about $2.5 billion.

• Exclusive Q&A: Jay Monahan on the Saudi talks, reshaping golf and engaging his critics

  We continue to state that we're doing all that we can to reunify the game because our fans are saying that's what they want, the best players competing together more often. We feel that's a commitment we've got to see through for our fans and for our players. If you look at our comments, it's been enthusiasm around reunification and a confidence in the efforts that we're taking, not only the best interests of the Tour but the best interests of the game. Coming out of our last meeting, the President said he was optimistic about a deal getting done. Yasir [al-Rumayyan, the PIF governor] called it a good meeting. When you’re in the midst of complex negotiations you have ebbs and flows, but I don’t feel less confident that we can get there and I don't think my comments have reflected anything other than that. We appreciate Yasir’s innovative vision and can see a future where we welcome him onto our Board and work together to move our global game forward.

• Saudi consumer spending surges ahead of Ramadan

  Consumer spending in Saudi Arabia jumped 34.7% to SAR 17.5 billion (USD 4.6 billion) in the week leading up to Ramadan, from February 23 to March 1, Arab News reported. The latest point-of-sale transaction data from the Saudi Central Bank, also known as SAMA, revealed 231.3 million transactions reflecting a seasonal spike in demand as Saudis prepare for Ramadan, a holy month characterized by large daily fast and collective meals at sunset. The food and beverage sector led the surge, with spending soaring 74.9% week on week to SAR 3.3 billion (USD 879 million). Spending on public utilities followed closely, with a 55.9% rise, amounting to SAR 81.5 million (USD 21.7 million). Expenditure on furniture also recorded a notable surge at 46% to SAR 524.5 million (USD 139.7 million).

• Israel’s Shin Bet says Netanyahu policies helped pave way for 7 October

  Israel’s internal security agency, Shin Bet, has said Benjamin Netanyahu’s policies were among the underlying causes of the 7 October 2023 attack in which Hamas and other militants killed about 1,200 Israelis. In its report on the 7 October attack, Shin Bet acknowledged its own responsibility, admitting it was aware of warning signs that Hamas was planning an operation, but the agency, also known as the General Security Service (GSS), did not grasp the scale, timing and location of the planned attack. Among the main reasons for a Hamas military build-up before the attacks, an eight-page public summary of the report listed an Israeli “policy of quiet” towards the group, apparently referring to a policy of restraint in the use of force to keep Hamas’s military capability in check. It also listed Netanyahu’s acquiescence in the flow of funds from Qatar to Gaza, a policy designed to divide Palestinians by boosting Hamas at the expense of the Palestinian state.

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