MUST-READS

• 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.

• Investors flock to Aramco share sale that could raise $13 billion
  Saudi Arabia's sale of shares in oil giant Aramco (2223.SE), opens new tab drew more demand than the stock on offer within hours of kicking off on Sunday, a deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom's assets.
  The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with trading expected to start next Sunday on Riyadh's Saudi Exchange.

• Saudi Aramco’s $12 Billion Stock Offer Sells Out in Hours

  The government had demand for all shares on offer in a few hours after books opened, according to terms of the deal seen by Bloomberg News. Books were covered within the price range of 26.70 riyals to 29 riyals.

  While it wasn’t immediately clear how much of the demand came from overseas, the order book reflected a mix of local and foreign investors, three people familiar with the matter said, declining to be identified as the information is private.

• Saudi Arabia continues Hajj 2024 preparations as pilgrims arrive

  Sheikh Aima Diakite, president of the Superior Council of Imams of Mosques and Islamic Affairs in Ivory Coast, praised the services and facilities provided by the Makkah Route Initiative. Diakite said the program has enabled pilgrims to perform Hajj rituals easily and comfortably. The Makkah Route Initiative has developed procedures for Ivorian and other pilgrims and worked on overcoming difficulties and obstacles to alleviate the hardship of Hajj, Diakite told the Saudi Press Agency.

• Cristiano Ronaldo in tears after losing King’s Cup final in penalty shootout

  Cristiano Ronaldo was left sobbing on the pitch after Al-Nassr lost the Saudi King’s Cup final in a penalty shootout to rival Al-Hilal on Friday.

  The agonizing defeat, after the penalty shootout finished 5-4, meant that Al-Nassr finished the season without a trophy, while Al-Hilal triumphed in three competitions – the Roshn Saudi League, the Saudi Super Cup and the Saudi King’s Cup

• Saudi startups take lead in MENA funding space

  Saudi Arabia’s startup ecosystem has affirmed its leading position in the funding space, capturing over 53 percent of the region’s venture debt financing in 2023, according to MAGNiTT’s latest report. The venture data platform revealed that Saudi startups raised a total of $400 million in venture debt last year, a 602 percent growth compared to $57 million in 2022.

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