MUST-READS

• Meet the young Saudi Arabian filmmaker who made a road-trip movie: ‘We broke a barrier’

  The road-trip film is a tried and true genre, but also a very malleable one. A road is an instrument of progress. It offers an escape, as well as an entry. Ahead is the desired future, in the rear-view mirror is the past and its anxieties. This makes it the perfect path to test a range of characters and themes. Rain Man, Little Miss Sunshine, Theeb and Mad Max are all road-trip films, and while each take advantage of the timeless metaphor, they tell very different stories.

• New report analyzes Saudi insurance industry as digitization gains pace

  The impact of COVID-19 on the insurance sector in Saudi Arabia and the efforts of sector players to support the national response to the challenges of the pandemic are explored in a new COVID-19 Response Report (CRR) by Oxford Business Group (OBG), produced with Najm Insurance Services. The CRR provides an in-depth analysis of Saudi Arabia’s response to the coronavirus in an easy-to-navigate and accessible format, focusing on key data and infographics relating to the country’s socio-economic landscape.

• Saudi to set up 1st ‘black gold’ museum

  Saudi Arabia's Ministry of Culture has announced plans to set up a "black gold" museum, the first-ever permanent creative museum on oil, in Riyadh in July 2022, the media reported. An impressive galaxy of celebrated artists from all over the world will showcase their work, which will be established in partnership with the King Abdullah Petroleum Studies and Research Centre, Gulf News reported on Wednesday citing the Ministry as saying. The black gold museum will fall under the umbrella of the "Specialised Museums" initiative announced by the Ministry in its first package of initiatives that include art museums specialised in creative fields to be launched in a number of cities across the Kingdom.

• US election seen from Saudi Arabia: Riyadh can flex

  The first issue is the economy. Saudi Arabia is trying to transform its economy and make it less dependent on oil revenues. And they are going through a difficult period with low oil prices and the impact of the coronavirus pandemic, and the unemployment rate around 12 percent is a source of real concern.

• Decision to resume international flights to be based on virus spread: Saudi minister

  The decision to resume international flights to Saudi Arabia is going to be based on the spread of the virus, the Saudi health minister said. “We care about the safety of all and thus we are taking all the necessary precautionary measures,” Tawfiq Al-Rabiah told Al-Ekhbariya.

• Iran Begins Expansive Annual War Games Amid Tensions with US

  Iran’s military Thursday began an expansive annual three-day exercise near the strategic Strait of Hormuz, state TV reported, with the maneuvers taking place amid heightened tensions between the Islamic Republic and the U.S. Units from the navy and air force and ground forces are participating in a nearly 2 million-square-kilometer (772,200-square-mile) area of the Gulf of Oman. State TV said Iranian submarines and drones were being deployed.

• Bahrain sells $2 billion in sukuk and bonds

  Bahrain sold $2 billion in its second bond offering of the year on Wednesday, a dual-tranche issuance comprising seven-year sukuk, or Islamic bonds, and a 12-year conventional tranche. The small oil producer, which averted a credit crunch in 2018 with a $10 billion aid package from its Gulf neighbors, raised $2 billion in May to bolster finances battered by low oil prices and the coronavirus crisis.

• US Announces Troop Cut In Iraq

  The U.S. is preparing to reduce its troops in Iraq to 3,000, down from 5,200, by the end of this month, the top commander in the Middle East announced Wednesday. The announcement makes public plans that have been in the works for months, as President Trump has sought to make good on campaign promises to withdraw troops from foreign entanglements before the 2020 election.

• Here’s three reasons why Saudi Arabia won’t cut oil production any time soon

  But sources told the FT that Riyadh is reluctant to cut output further, especially given its position as effective leader of the so-called "OPEC+" exporter group, that includes the 13 members of the Organization of the Petroleum Exporting Countries, as well as other major producers such as Russia, Oman and Kazakhstan.

• A clean energy venture capital rebound and a warning

  Venture capital funding for energy technology startups has recovered from its mid-2010s trough but is seeing a fresh drop-off this year, new International Energy Agency data show. Where it stands: Electric vehicles, hydrogen and storage technologies have generally been growth areas in recent years.

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