MUST-READS

• Nintendo shares hit record high amid expectations of Switch 2 and further Saudi investment

  Nikkei Asia says there's strong speculation "oil money" is set to buy more Japanese video game stocks, given Saudi Arabia's controversial sovereign wealth fund, the Public Investment Fund, bought additional shares in Koei Tecmo Holdings earlier this week. Notably, the Public Investment Fund already upped its stake in Nintendo several times last year, with February 2023 bringing news it now held an 8.26 percent share of the company, making it Nintendo's largest outside investor.

• A $290 Billion Investment Cements Natural Gas’s Relevance for Decades

  At a time when some see oil demand nearing its peak and coal is likely to face a slow but steady decline, the energy sector is betting hundreds of billions of dollars that the third leading fossil fuel — natural gas — has a place in the world’s energy mix through at least 2050. That lifespan hinges on one last torrent of investment into the massive terminals that liquefy and export super-chilled liquefied natural gas, or LNG, for countries not yet ready or able to make the transition to renewables.

• Reactions to US, British strikes against Houthis in Yemen

  Called for restraint and "avoiding escalation" after the strikes and said it was monitoring the situation with "great concern".

  "The kingdom emphasizes the importance of maintaining the security and stability of the Red Sea region, as the freedom of navigation in it is an international demand."

• US, allies strike Houthi targets

  U.S. and U.K. forces struck multiple sites in Yemen used by the Houthis, in response to attacks by the rebel group on ships in the Red Sea, President Joe Biden said Thursday in a statement. The strikes took place just hours after the British prime minister reportedly authorized strikes in a joint operation with the United States, and a day after the U.S. Navy secretary declared his forces ready to mount them. The U.S.-U.K. strikes were supported by Australia, Bahrain, Canada, and the Netherlands, Biden said

• US and Britain strike Yemen in retaliation for Houthi attacks on shipping

  U.S. and British warplanes, ships and submarines launched dozens of air strikes across Yemen overnight in retaliation against Iran-backed Houthi forces for attacks on Red Sea shipping, widening regional conflict stemming from Israel's war in Gaza.

  Witnesses confirmed explosions at military bases near airports in the capital Sanaa and Yemen's third city Taiz, a naval base at the main Red Sea port Hodeidah and military sites in the coastal Hajjah governorate.

• Saudi Arabia: A ‘hidden paradise’ for Chinese luxury travelers

  Saudi Arabia is implementing a comprehensive initiative aimed at promoting its diverse landscapes and cultural heritage on a global scale. With a substantial financial commitment of $800 billion, the country seeks to unveil the untapped beauty of its natural assets. As part of its strategic approach, Saudi Arabia plans to allocate $500 billion towards amplifying the visibility of its tourism offerings in emerging markets, with a strong focus on China. Recognizing the nation's flourishing economy and its increasing demand for exclusive travel experiences, the Saudi Tourism Authority views China as a pivotal opportunity for establishing Saudi Arabia as a premier luxury travel destination.

• Real Madrid Star Will Receive $330 Million Offer From Saudi Arabia

  A Real Madrid veteran will receive a monstrous offer from Saudi Arabia this summer according to AS, which could be equal to or more than the $330 million proposal he reportedly knocked back in 2023. Given his treatment in the Middle Eastern kingdom this week, we can probably deduce that the player in question is not Toni Kroos.

• Hunt for Critical Minerals Draws World Powers to Saudi Arabia

  Saudi Arabia—The U.S., China and Russia are racing to secure critical metals needed to power the energy transition away from fossil fuels. Their latest battleground: oil-rich Saudi Arabia. Government officials and top mining executives descended on Riyadh this week to tap in to the gusher of cash the Saudis are pouring into mining investments. The kingdom is positioning itself at the center of a “super region” extending from Central Asia to the Middle East and Africa, which it says holds at least a third of the world’s natural resources, including critical minerals. Robust attendance at a mining conference held in the Saudi capital this week wasn’t solely about sealing financial deals, with foreign governments also eager to cement broader diplomatic relationships with the kingdom.

• Saudi Arabia calls for restraint after air strikes on Yemen

  Saudi Arabia called for restraint and "avoiding escalation" in light of the air strikes launched by the United States and Britain against sites linked to the Houthi movement in Yemen, the kingdom's foreign ministry said on Friday. Saudi Arabia, which has in recent months engaged in peace talks with Yemen's Houthis, was closely monitoring the situation with "great concern," the foreign ministry said in a statement.

• Blinken tells Bibi Saudis want peace deal, but not without two-state solution

  Blinken also made clear to the Israeli officials that Saudi Arabia and other Arab countries won't get involved in day-after solutions for Gaza — mainly reconstruction — without a path to a future Palestinian state, the sources said.

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