MUST-READS

• Saudi Maaden Doubles Profits in Second Quarter of 2024

  The net profits of the Saudi Arabian Mining Company (Maaden) doubled by approximately 192 percent to one billion riyals ($266 million) during the second quarter of 2024, compared to SAR 350.9 million ($93 million) during the same period last year. In a statement on Tadawul, the company attributed the growth to the increase in total profit by 35 percent to SAR 572 million as a result of the rise in selling prices, the decrease in the cost of raw materials, and depreciation expenses.

• Saudi EV market seen to grow by 6% YoY until 2030: Lucid

  Marc Winterhoff, Chief Operating Officer at Lucid Group, predicts that the electric vehicle (EV) market in Saudi Arabia will grow by 6% year-on-year (YoY) until 2030, Al Eqtisadiah newspaper reported. He added that by that time, 210,000 to 250,000 EVs would be sold annually in Saudi Arabia, a significant number that aligns with Saudi Arabia’s commitment to manufacturing 500,000 vehicles and supporting this investment with $50 billion.

• Readout of Secretary of Defense Lloyd J. Austin III’s Call With Israeli Minister of Defense Yoav Gallant

  Secretary Austin reiterated the United States' commitment to take every possible step to defend Israel and noted the strengthening of U.S. military force posture and capabilities throughout the Middle East in light of escalating regional tensions. Reinforcing this commitment, Secretary Austin has ordered the USS ABRAHAM LINCOLN Carrier Strike Group, equipped with F-35C fighters, to accelerate its transit to the Central Command area of responsibility, adding to the capabilities already provided by the USS THEODORE ROOSEVELT Carrier Strike Group.

• US ‘shares’ Israel concern Iran retaliation ‘could’ come this week

  President Biden and European allies intensified diplomatic consultations and outreach to try to avert regional escalation as Israel said it was on high alert for Iranian retaliation, and as the Pentagon rushed additional naval and air power to the region to try to defend Israel from potential attack. But it was unclear if the U.S. believed an Iranian attack was likely, or if it might be conducting some sort of psychological warfare, forcing Israel to brace for one without striking, yet, or possibly to advance Gaza ceasefire efforts.

• Why Israel’s bombing of Yemen may have unintended consequences

  On July 20, after an unprecedented Houthi drone strike killed a civilian in Tel Aviv the day before, Israel launched a series of airstrikes on Houthi-held Hodeidah Port on Yemen’s Red Sea coast. Beyond reportedly killing at least nine people and injuring dozens more, the aerial bombardment destroyed several pieces of vital infrastructure—including a major fuel storage site. While much of the international coverage of the incident has focused on the context of the wider regional dynamics of the Gaza war, the destruction of such infrastructure also stands to have significant economic, political, and potentially even military impacts within Yemen.

• Abbas Araghchi, Iran’s Experienced and ‘Revolutionary’ Incoming Foreign Minister

  Araghchi’s appointment should be seen as a positive development at a time of high and rising tension in the region. In addition to his long experience in international affairs and nuclear talks, he enjoys robust “revolutionary” credentials that could partially shield him from domestic criticism should Iran make concessions on key issues.

• Saudi Arabia ranks 4th in road quality index in G20 countries

  Saudi Arabia’s road quality index has risen to 5.7, placing the Kingdom in the fourth rank among the G20 countries, according to a survey carried out by the Saudi Roads General Authority. More than 77 percent of the roads across Saudi Arabia meets safety standards, exceeding the 66 percent targeted last year, the survey pointed out. These performance results were revealed 500 days after the Kingdom’s launching of the Roads Sector Strategy that focuses on safety, quality and traffic density, and based on its role in organizing and supervising the sector by setting the necessary policies, standards and procedures for the roads sector.

• Real’s Vinicius open to one billion euro Saudi offer, sources say
  Real Madrid and Brazil forward Vinicius Jr is open to an offer of more than one billion euros from Saudi Arabia, sources close to the player told Reuters on Monday. Vinicius, 24, was approached by Saudi Public Investment Fund (PIF) officials to inquire about his interest of moving to the Saudi Pro League (SPL) on a five-year contract worth around 200 million euros per season fixed, plus bonuses. The package would also include a separate 10-year contract to become an ambassador for the 2034 World Cup, which is set to be held in the country, but those terms and financial numbers are yet to be discussed.

• Saudi Super Cup 2024 Preview: Quartet set for season curtain-raiser

  Exactly 67 days after Al Hilal’s King’s Cup final victory over Al Nassr put the exclamation point on an enthralling 2023-24 Saudi football season, a new campaign begins in the Kingdom on Tuesday with the 11th edition of the Saudi Super Cup. Between 2013 and 2022, the Saudi Super Cup was a one-off match, but this will be the third time in a row it has been run as a four-team tournament, which Al Hilal most recently won just four months ago when the competition was hosted in Abu Dhabi. The 2024 Saudi Super Cup returns to its position as season curtain-raiser in August for the first time since 2018, when Al Hilal beat Al Ittihad.

• US to resume sales of offensive weapons to Saudi Arabia

  More than three years after imposing limits on human rights grounds over Saudi strikes in Yemen, the state department said it would return to weapons sales “in regular order, with appropriate congressional notification and consultation”. “Saudi Arabia has remained a close strategic partner of the United States, and we look forward to enhancing that partnership,” the state department spokesperson, Vedant Patel, told reporters.

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