MUST-READS

• Saudi banks witness 8 percent surge in Q1 earnings, reaching $4.97 billion

  Saudi Arabia’s top 10 listed banks saw  their earnings surge in the first quarter (Q1) of 2024 by 8 percent to reach SAR18.65 billion ($4.97 billion), compared to the same period the previous year. This increase can be attributed to several factors, including an 11 percent growth in lending and a rising interest rate environment that has heightened the cost of credit.

• Saudi Arabia outlines steps to improve comfort for Hajj pilgrims

  Authorities in Saudi Arabia have outlined how they are making Hajj as comfortable as possible for pilgrims arriving in Saudi Arabia. The Saudi Press Agency documented the arrival of pilgrims from various nationalities at the Prophet’s Mosque, highlighting the extensive care provided by the the General Authority for the Affairs of the Grand Mosque and the Prophet’s Mosque.

• First Syrian jet in over a decade transports Muslim worshippers to Saudi Arabia for Hajj pilgrimage

  For the first time in over a decade, 270 Syrians traveled on a direct flight early Tuesday from Damascus to Saudi Arabia for the annual Islamic Hajj pilgrimage, the Syrian Transportation Ministry said. The development is part of an ongoing thaw in relations between Damascus and Riyadh, which days ago appointed Saudi Arabia’s first ambassador to war-torn Syria since severing ties in 2012.

• Harvard graduation ceremony witnesses emphasis on Gaza

  In her original speech, which was titled “The Power of Not Knowing,” Kumar said: “Now, we are in a moment of intense division and disagreement in our community over the events in Gaza. I see pain, uncertainty, and unrest across campus. It’s now, in a moment like this, that the power of ‘not knowing’ becomes critical.”

• Latest Saudi textbooks reflect an increasingly positive shift toward Jews, Israel – IMPACT-se

  Saudi Arabia’s school curriculum has shown positive improvements in tolerance and inclusivity and significant moderation of anti-Israel material, a new study by The Institute for Monitoring Peace and Cultural Tolerance in School Education (IMPACT-se) revealed Tuesday.

• Saudi Arabia’s non-oil sector projected to grow 4.8 percent in 2024, 5.2 percent in 2025: Report

  The analysis noted that Saudi’s non-oil sector will accelerate further in 2025, with a projected expansion rate of 5.2 percent.

  Riyad Capital noted, “We project continued solid growth for non-oil activities, fostered by a growth-oriented fiscal policy with a focus on increased investment spending, which will spur growth in the coming years.”

• Saudi Arabia to Raise $10 Billion to $20 Billion in Fresh Aramco Stock Sale

  The long-awaited offering, if it proceeds, would alleviate near-term pressure on the kingdom to raise funds. Saudi Arabia has a slew of mega projects including a new city and a global airline, all aimed at diversifying the economy beyond oil. The country supersized a $12 billion debt sale earlier this year and has transferred billions from its foreign-currency reserves to its sovereign-wealth fund.

• Privatizing the Gulf Utility Sector

  The utility sector in the Gulf is especially energy intensive, largely due to heavy reliance on desalination for water supplies. The sector has faced criticism for its high carbon emissions and contribution to environmental degradation. Given the significant environmental impact, privatization could offer opportunities to enhance the sustainability of the utility sector and help it become more climate resilient, as extreme temperatures and sea-level rise can affect both groundwater resources and desalination plants.

• Oil Recovers From Selloff Amid Escalating Middle East Tensions

  West Texas Intermediate rose 2.7% to settle above $79 a barrel. The gains followed a drop to three-month lows last week brought futures to oversold territory. The attack on a Greek-managed bulk carrier in the Red Sea and Israel’s advance into the southern Gaza city revived the geopolitical risk premium that had gone missing last week, when signs of ample supplies also weighed on crude.

• Solar PV to help meet soaring Middle East power demand, reduce reliance on fossil fuels / Rystad Energy

  The Middle East's energy sector is at a turning point. Although traditionally an oil and gas powerhouse, the region is shifting its focus to renewables as a response to rapid industrial growth, increasing population, and a global drive to reduce carbon emissions. The region is home to over 280 million people and has one of the world’s fastest-growing populations, increasing by over 60% since 2000. This has led to a rapid increase in power demand, more than doubling in the past 20 years.

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