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  • Saudi Arabia inflation remains at 1.6% in May

     Saudi Arabia's annual inflation rate remained at 1.6% for the third month running in May, government data showed on Sunday, with higher housing rents still the main driver.
    Housing rents rose 10.5% from a year earlier underpinned by a 14.3% rise in apartment rents, according to the General Authority for Statistics.
    Overall, prices in the subcategory of housing, water, electricity, gas and other fuels rose 8.7% from the previous year.

  • Netanyahu disbands his inner war cabinet

    Israeli Prime Minister Benjamin Netanyahu has dissolved the six-member war cabinet, an Israeli official said on Monday, in a widely expected move that came after the departure from government of the centrist former general Benny Gantz.
    Netanyahu is now expected to hold consultations about the Gaza war with a small group of ministers, including Defence Minister Yoav Gallant and Strategic Affairs Minister Ron Dermer who had been in the war cabinet.

  • Ukraine summit strives for consensus, way forward uncertain

    Western powers and their allies at a summit in Switzerland denounced Russia's invasion of Ukraine on Sunday, but they failed to persuade major non-aligned states to join their final statement, and no country came forward to host a sequel. Over 90 countries attended the two-day talks at a Swiss Alpine resort at the behest of Ukrainian President Volodymyr Zelenskiy, billed as a "peace summit" even though Moscow was not invited.

  • Brazil joins race to loosen China’s grip on rare earths industry

    Mining giant Brazil has big ambitions to build a rare earths industry as Western economies push to secure the metals needed for magnets used in green energy and defence and break China's dominance of the supply chain. Working to its advantage are low labour costs, clean energy, established regulations and proximity to end markets, including Latin America's first magnet plant which would provide a ready buyer for the metals.

  • How the Saudis won back Biden

    But at its core was a realpolitik realisation in Washington that in the game of great-power competition, Saudi Arabia was too important to ignore, with concerns that if the administration did not engage with Riyadh, a traditional US ally would fall deeper into the orbit of China and Russia. “How do you keep Russia from aligning with Saudi Arabia? You have to have a relationship [with the Saudis]; how do you keep China from aligning with Saudi Arabia? You have a relationship,” says Jon Alterman at the Center for Strategic and International Studies.

  • US-Saudi Arabia security deal could seal future of petrodollar

    Last week, reports emerged that the US-Saudi petrodollar agreement "expired", suggesting the kingdom would move to sell oil in various currencies, not just dollars. Some reports even claimed the Chinese yuan would replace the dollar.

    There was a significant increase in Google searches for the term "petrodollars" in the past two weeks, reaching an all-time high, Google Trends said.

  • At least 14 Hajj pilgrims die in intense heat

    At least 14 Jordanian citizens have died during the Hajj pilgrimage in Saudi Arabia due to intense heat, officials have said.

    Jordan's foreign ministry said 14 of its nationals had died "after suffering sun stroke due to the extreme heat wave" and a further 17 had been reported missing.

    According to the AFP news agency, the Iranian Red Crescent confirmed that five Iranian pilgrims had also lost their lives, but did not specify how they died.

  • Deadly heat waves in Mecca and Greece underscore climate crisis

    Multiple heat-related deaths have been reported in Greece during the country's earliest heat wave on record and Jordan's official news agency said Sunday "14 Jordanian pilgrims died and 17 others were missing" in the searing heat while on the Islamic Hajj pilgrimage to Mecca in Saudi Arabia.

  • Saudi Consumption — Not Production — Is Key to Peak Oil

    The staggering amount of oil the Saudis consume – 3.7 million barrels a day, the world’s fourth most, behind only the US, China and India — means the kingdom would play a key role in shaping demand to 2030, potentially accelerating peak consumption – or delaying it.

  • Saudi Arabia’s King Salman congratulates Muslims on Eid al-Adha

    King Salman, who is also the Custodian of the Two Holy Mosques, said in a post on X that he prayed that God accepts the Hajj pilgrimage of all those who performed the ritual this year “and to perpetuate security and stability for our homeland and our people, and for our Islamic and Arab nations and the entire world.”