MUST-READS

• Mobile esports reaches new heights in 2024 with a boost from Saudi Arabian investment

  It’s shaping up to be a banner year for the mobile esports industry, with an unprecedented amount of activity in the space in 2024. The secret to all this growth? A healthy amount of investment from Saudi Arabia. Mobile esports activity has been picking up gradually since 2021, but 2024 could be one of the most lucrative years yet for the esports teams and players participating in popular mobile games such as “PUBG Mobile” and “Mobile Legends: Bang Bang” (MLBB).

• Saudi Arabia Moves Closer to $1 Billion Barrick Pakistan Deal

  Saudi Arabia is moving closer to a potential deal to acquire a minority stake in a Pakistan mine controlled by Barrick Gold Corp., people with knowledge of the matter said.

• Iran-Israel conflict poses an existential risk for Lebanon, unless Biden can intervene

  Iran's failed attack on Israel may have sealed Lebanon's fate. Israel undoubtedly has come out the winner in the latest exchange, having killed several key commanders who are said to have played a role in directing Iran's regional network of Arab militias to help Hamas fight Israel in Gaza and help Hezbollah prepare for a potential Israeli attack.

  Israel suffered no fatalities, few injuries and very little damage in the Iranian barrage of over 300 projectiles aimed at military facilities. The US estimates about 140 of the drones and missiles failed due to malfunctions. US forces downed most of the remaining 160 projectiles, with the UK, France, Jordan and Israel's own Iron Dome antimissile system also involved.

• Commentary: Israel-Iran Confrontation Forces Gulf Powers to Choose Sides

  Saudi Arabia and other oil-rich Persian Gulf states have tried to avoid taking a position on America’s geopolitical rivalries in recent years, staying neutral in the Ukraine war and building ties with China. With Israel and Iran in open conflict, they might be forced to choose a side.

  Saudi Arabia and the United Arab Emirates struggled to stay on the sidelines when it became clear last week that Iran would attack Israel in retaliation for a strike in Syria that killed senior Iranian military officers.

• Riyadh Gears Up for the 2024 Islamic Development Bank Group’s Annual Meetings and Golden Jubilee Celebration

  The Islamic Development Bank Group (IsDB) is set to hold its 2024 Annual Meetings and Golden Jubilee in Riyadh from April 27-30, under the Royal Patronage of the Custodian of Two Holy Mosques, King Salman Bin Abdulaziz Al-Saud. The 2024 Annual Meetings will be held under the theme of “Cherishing our Past, Charting our Future: Originality, Solidarity and Prosperity”, which marks IsDB’s 50 years of fostering socio-economic development in its member countries.

• IMF: Global recovery is steady but slow and differs by region

  The baseline forecast is for the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023. A slight acceleration for advanced economies—where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025—will be offset by a modest slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now—at 3.1 percent—is at its lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percent in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. Core inflation is generally projected to decline more gradually.

• U.S., Not Israel, Shot Down Most Iran Drones And Missiles

  The extent of the U.S. military operation is unbeknownst to the American public, but the Pentagon coordinated a multination, regionwide defense extending from northern Iraq to the southern Persian Gulf on Saturday. During the operation, the U.S., U.K., France, and Jordan all shot down the majority of Iranian drones and missiles. In fact, where U.S. aircraft originated from has not been officially announced, an omission that has been repeated by the mainstream media.

• BlackRock’s Aggressive Hunt for Growth in Saudi Arabia

  His Gulfstream jet lands in Riyadh several times a year, and he’s had at least two private dinners with de facto ruler Crown Prince Mohammed bin Salman, according to a person with knowledge of the matter. Meanwhile, BlackRock has been quietly increasing its presence in the country: It was the first major global investment manager to open an office in Riyadh, and the company now employs about 20 people there, a larger local workforce than its competition. The CEO of state-owned oil giant Saudi Aramco, Amin Hassan Ali Nasser, joined BlackRock’s board last year.

• UK’s Cameron, in Israel, says Israelis have decided to retaliate against Iran
  Israel has clearly decided to retaliate against Iran for missile and drone attacks, Britain's foreign minister David Cameron said during a visit to Israel on Wednesday, the starkest warning yet of another volley coming in regional escalation.
  World powers are striving to prevent a wider outbreak of conflict in the Middle East after Iran's attacks on Saturday night, which involved hundreds of missiles and drones, the first time Iran has directly attacked Israel after decades of confrontation by proxies.

• At least one dead after heavy rains set off flash floods in UAE
   Authorities and communities across the United Arab Emirates were clearing debris on Wednesday after a torrential downpour killed at least one person and caused damage to homes and businesses.
  The UAE witnessed a record rainfall with 254 mm falling in Al Ain on Tuesday in less than 24 hours, according to the national meteorology centre. That was the most since records began in 1949, before the country was established in 1971.

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