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  • Hajj 2024: Saudi Arabia braces for extreme heat

    This year's Islamic Hajj pilgrimage — which starts on June 14 — will not only be a once-in-a-lifetime experience for some 2 million Muslims from around 180 countries who travel to Saudi Arabia, it will also be a physical challenge as temperatures will be above average. "The expected climate for Hajj this year will witness an increase in average temperatures of 1.5 to 2 degrees [Celsius] above normal in Mecca and Medina," national meteorology center chief Ayman Ghulam said last week. For Mecca, which is at the heart of the five-day Hajj pilgrimage, the increase likely spells an average temperature of around 44 degrees Celsius (111 degrees Fahrenheit).

  • Saudi Arabia plans to upgrade 113 water projects

    The Saudi government-backed National Water Company (NWC) is seeking private investment this year to upgrade 113 existing water and sewage treatment plants, which will have a total capacity of 2.4 million cubic meters per day.
    As part of its long-term operation and maintenance programs, NWC signed a 15-year contract worth $148 million (Dh543 million) with Spain’s Aguas de Valencia Company to rehabilitate, operate, and maintain sewage treatment plants in the Taif region.

  • Saudi Aramco announces completion of secondary share sale for $11.2 bln

    Saudi Aramco (2223.SE), opens new tab has completed a secondary share sale raising $11.23 billion, the oil company and the Saudi government said in a statement on Tuesday.

  • Over a year in making, Aramco stake sale brings rare foreign investment to Saudi

    Saudi Arabia began preparing more than a year ago to sell a new chunk of state oil giant Aramco (2222.SE), opens new tab, targeting foreign investment that has lagged goals for years and is needed for an ambitious economic transformation.
    The preparations led by CEO Amin Nasser paid off.
    Over half of the $11.2 billion Aramco shares were sold to foreign investors, a far cry from five years ago, when they largely shunned its $29.4 billion initial public offering, citing concerns about risks around governance, regional geopolitics and the environment.

  • Saudi Utility Plans $1.9 Billion Stock Sale to Fund Spending

    Saudi Arabia’s Acwa Power Co. is planning to raise 7.1 billion riyals ($1.9 billion) by issuing stock to existing shareholders, capitalizing on a sixfold increase in its share price since a 2021 listing.

  • AI, Advanced Technology the Focus of Tahnoun Visit

    UAE National Security Advisor Tahnoun bin Zayed al-Nahyan’s recent visit to the United States underscores nascent U.S. success in persuading the UAE of the benefits of partnership and access to advanced technology and the risks of sticking with legacy Chinese tech partnerships.

  • The Gulf Cooperation Council and the Countdown to Net Zero

    One of the most important outcomes of COP28 was the first global stocktake, which reviewed what had been achieved on climate action since the 2015 Paris Agreement and identified the gaps. It recognized that by 2030 global greenhouse gas emissions need to be cut by 43% from 2019 levels to limit global warming to 1.5 degrees Celsius. The findings will form the basis for stronger climate action plans due to be submitted by all parties by 2025.

  • Dollar Dominance in the International Reserve System: An Update

    Dollar dominance—the outsized role of the US dollar in the world economy—has been brought into focus recently as the robustness of the US economy, tighter monetary policy and heightened geopolitical risk have contributed to a higher greenback valuation. At the same time, economic fragmentation and the potential reorganization of global economic and financial activity into separate, nonoverlapping blocs could encourage some countries to use and hold other international and reserve currencies.

  • After Gantz’s resignation, the far right reasserts dominance over the Israeli government at a particularly sensitive time

    Following the June 9 resignation of Benny Gantz and his National Unity party from Benjamin Netanyahu’s war government, Israel is once again led by a coalition that relies on far-right parties and extremists. This is happening at a particularly sensitive time for the country: Israel faces an additional risk of escalation along its northern border, needs a realistic “day after” plan for the Gaza Strip, has been offered the prospect of normalization with Saudi Arabia, and is on the receiving end of growing international criticism.

  • UN says Israel and Hamas committed war crimes; Gaza truce plan in balance

    A U.N. inquiry found on Wednesday that both Israel and Hamas had committed war crimes in the early stages of the war in Gaza, and that Israel's actions also constituted crimes against humanity because of the immense civilian losses.
    The findings were from two parallel reports by the U.N. Commission of Inquiry (COI), one focusing on the Oct. 7 attacks and another on Israel's response.
    Israel, which did not cooperate with the commission, dismissed the findings as the result of anti-Israeli bias. Hamas did not immediately respond to a request for comment.