MUST-READS

• Aid ship leaves Cyprus bound for Gaza as Palestinians on brink of famine

  A ship carrying 200 tonnes of aid for Gaza left Cyprus on Tuesday in a pilot project to open a sea route to deliver supplies to a population aid agencies say is on the brink of famine. The charity ship Open Arms was seen sailing out of Larnaca port in Cyprus, towing a barge containing flour, rice and protein. The mission was funded mostly by the UAE and organised by U.S.-based charity World Central Kitchen (WCK).

• PIF ranks 5th among sovereign wealth funds globally, nears $1tn in net assets 

  Saudi Arabia’s sovereign wealth fund has climbed to fifth in a ranking of state-owned investment organizations, with its net assets reaching $861 billion, according to a new report.  The US-based Sovereign Wealth Fund Institute stated that the Public Investment Fund is marching toward its end-2025 target of $1 trillion in assets, which is intended to enhance the Kingdom’s diversification efforts.  The significant rise in the PIF’s ranking follows its acquisition of an additional 8 percent stake in Aramco, boosting its shareholding’s estimated value to $328 billion. 

• Opinion: Biden Is Right. Netanyahu Is Damaging Israel’s Future

  Netanyahu has been a catastrophic leader for the state of Israel. His core policies, focused on settling the territory of the West Bank and ensuring there could never be a Palestinian state, were responsible for shifting the attention of Israel’s security forces away from Gaza. Hamas alone made the choice to launch its savage Oct. 7 attack, but Netanyahu’s misguided policies allowed it to succeed.

• Gaps between Biden and Netanyahu surface in public

  President Joe Biden has voiced doubts about how Israeli Prime Minister Benjamin Netanyahu is handling the Gaza war, saying that Netanyahu may be “hurting Israel more than helping Israel” in an interview this weekend. This prompted Netanyahu to respond in public, rejecting the criticism. This exchange of different views via the media highlights gaps that have been emerging for several months now in private conversations between the leaders and their teams, most of which have centered on tactical differences in policy approaches over how Israel is handling the war against Hamas in Gaza.

• Aramco Equity Transfer Helps the Public Investment Fund, Hurts Saudi Government Budget

  Crown Prince Mohammed bin Salman announced March 7 that a further 8% of Saudi Aramco’s equity has been transferred to the Public Investment Fund. The PIF now holds 16% of Aramco’s equity and the government 82.2%, with the remainder held publicly following the company’s 2019 initial public offering. This latest equity transfer is no surprise given the ambitious target that has been set for growing the PIF’s assets under management. With the equity transfer valued at around 615 billion riyals ($164 billion), the PIF’s assets under management are now likely in excess of 3.3 trillion riyals ($890 billion) and rapidly closing in on the 2025 target of 4 trillion riyals ($1.1 trillion).

• America exports so much natural gas that Americans end up paying higher prices

  Despite a Biden administration pause in new natural gas exports, the U.S. still ships a lot of the stuff to the world. Last year it sent 88.9 million metric tons of natural gas abroad, becoming the globe’s biggest supplier. One would imagine that would mean cheaper natural gas for Americans. But it turns out the opposite has become true.

• Saudi Arabia, Qatar, Egypt among world’s top arms importers: SIPRI

  Saudi Arabia was the second-largest arms importer in the world from 2019 to 2023, accounting for 8.4% of imports, while Qatar was third with 7.6%. India was the largest importer with a 9.8% global market share, according to SIPRI’s data. Read more: https://www.al-monitor.com/originals/2024/03/saudi-arabia-qatar-egypt-among-worlds-top-arms-importers-sipri#ixzz8UGU8gXJ5

• Saudi Arabia look to break PSG Ligue 1 stranglehold with possible purchase

  AS Monaco has recently been put up for sale by its Russian owners who still own 65% of the football club with the remaining 35% shares belonging to the local Royal Family in the Principality. A Saudi Arabian prince who has already shown interest in a potential acquisition of Olympique Marseille a few months ago has now changed his focus moving on ‘Les Rouges et Blanc’.

• Saudi foreign reserve assets fall to SAR 1.61T in February

  Saudi Arabia's international reserve assets retreated by SAR26.98 billion, or 2%, month-on-month (MoM) to SAR 1.619 trillion in February 2024, according to the Saudi Central Bank (SAMA). On a yearly basis, the Kingdom’s foreign reserve assets plunged 5%, or SAR 78.2 billion. Saudi Arabia’s reserve assets include investments in foreign securities, foreign cash and deposits, reserve position in the International Monetary Fund (IMF), special drawing rights (SDRs), and monetary gold.

• Gates for entry and exit of Umrah pilgrims allocated at Grand Mosque during Ramadan

  The new arrangements were made in coordination with government agencies operating within the Grand Mosque. The holy month of Ramadan is expected to witness huge flow of millions of pilgrims from within the Kingdom and all over the world. The Saudi authorities have mobilized all the arrangements and preparations to ensure the pilgrims and worshipers to perform their rituals in ease and comfort.

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