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  • Retail subscription to Aramco’s secondary offering begins

    The offered shares constitute about 0.64% of the company's issued shares, as Aramco is capitalized at SAR 90 billion, divided into 242 billion shares (at no par value).   The retail subscription will end on June 5 at 5:00 pm.   The price range for the retail offering was set at SAR 26.7-29 per share.   The bookbuilding process for institutional subscribers to Aramco's secondary offering began on June 2.

  • Saudi Arabia’s non-oil private sector growth steady with PMI at 56.4

    Saudi Arabia’s private sector non-oil growth remained steady in May, with the Kingdom’s Purchasing Managers’ Index reaching 56.4, a slight decline from 57 in April, official data showed. According to the Riyad Bank Saudi Arabia PMI report by S&P Global, business activity in Saudi Arabia rose at a substantial rate in May, continuing a period of robust output growth across the non-oil economy.

  • The U.S. Needs a New Purpose in the Middle East

    The United States had actually been successful in the region throughout the Cold War: U.S. diplomatic, economic, and military power prevented disruption to the flow of oil, helped Israel stave off threats to its security, and prevented the Soviet Union, for as long as it existed, from trying to dominate the region. There were setbacks and significant—mostly moral—costs given U.S. support for the Middle Eastern authoritarians and complicity in the ongoing statelessness of Palestinians. But from the perspective of the United States’ elected leaders, officials, foreign-policy analysts, and other elites, the price was worth paying.

  • EV maker Lucid opens first UAE retail showroom amid Middle East push

    With the announcement of its Dubai Studio, luxury electric vehicle maker Lucid Group has opened its first retail space in the UAE.

    It is the California-based EV company’s second retail showroom in the Middle East, its first being located in Riyadh.

    “The expansion of Lucid into the UAE is a significant milestone for the company,” said Faisal Sultan, vice president and managing director of Lucid Middle East.

    “The region continues to build momentum in its shift towards sustainable energy, emerging as a key market in EV ownership.”

  • Iran’s allies in Iraq are firing at Israel. Could that trigger a wider war?

    Iran-backed Shi'ite armed groups in Iraq have ramped up rocket and missile attacks on Israel in recent weeks, raising concerns in Washington and among some Iranian allies of potential Israeli retaliation and regional escalation should they draw blood.
    Though the attacks, often from hundreds of miles (kms) away, are not seen by western officials and Israeli experts as posing the same level of threat to Israel as point-blank strikes by Hamas and Hezbollah, they have increased in number and sophistication.

  • Will Houthi ‘revolution’ upend Yemeni republicanism?

    The first derives from the ancestors of the Houthis; the Zaydi Imams, a Shiite Islamic school of thought that governed northern Yemen for centuries. One central pillar of Zaydism is that the spiritual leader of Muslims must be a Hashemite, or a direct descendant of Prophet Muhammad. The second source of inspiration is a cornerstone of contemporary Shiite political thought known as Wilayat Al-Faqih or Guardianship of the Jurist. Entrusting a cleric with executive political power—also preferably a direct descendant of Prophet Muhammad—the Iranian state has operated under this model since the country’s 1979 Islamic Revolution.

  • Saudi Aramco Courts Foreign Investors With Roadshows in US and London

    The $1.8 trillion oil giant’s offer was covered in just a few hours after the deal opened. It wasn’t immediately clear how much demand came from overseas, though the order book reflected a mix of local and foreign investors, Bloomberg News reported.

  • Saudi crown prince congratulates new crown prince of Kuwait

    Saudi Crown Prince, Mohammed bin Salman, congratulated Sheikh Sabah Khaled Al-Hamad Al-Mubarak Al-Sabah on his appointment as Crown Prince of Kuwait. “On the occasion of your appointment as Crown Prince of the State of Kuwait, I am pleased to extend my sincere congratulations and best fraternal wishes for your success," the Saudi crown prince said.

  • How Close Are We To A ‘Historic’ US-Saudi Deal?

    Despite the mutual enthusiasm for the deal, Ratney would not be drawn on the exact timeline for its conclusion, warning there were many moving parts, in particular the willingness of Israel to hold up its end of the bargain. “I don’t think there’s anybody involved in these negotiations that wouldn’t like to have it finished tomorrow,” Ratney told Katie Jensen, the host of “Frankly Speaking.”

  • Mediators urge Israel and Hamas to finalise Biden’s Gaza peace plan

    Gaza conflict mediators on Saturday urged Israel and Hamas to finalise a ceasefire and hostage release deal outlined by U.S. President Joe Biden that they said would bring immediate relief to people in Gaza and to the hostages and their families.
    Israel has said there will be no formal end to the war as long as Hamas retains power, raising questions of timing and interpretation over the truce offer, which has been provisionally welcomed by the Palestinian faction.