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  • Saudi Arabia’s $1.4bn financing to boost Bangladesh’s energy security

    A recently signed agreement on a Saudi financing loan for the Bangladesh Petroleum Corp. was expected to boost the South Asian economy’s energy security and reduce pressure on its dollar reserves. The International Islamic Trade Finance Corp., a division of the Islamic Development Bank, finalized on March 25 a financing deal with the Bangladeshi government to provide $1.4 billion to the Bangladesh Petroleum Corp.

  • PIF-owned SITE and Korean AhnLab forge cybersecurity venture for Saudi market

    The Saudi market is poised to benefit from advanced cybersecurity solutions through a new venture established by a Public Investment Fund-owned company and Korean firm AhnLab. Saudi Information Technology Co., also known as SITE, will hold a 75 percent stake in the local joint venture to be set up in the Kingdom, with the East Asian-based company holding the remaining 25 percent, according to a press release. The new entity is expected to be launched during the first half of 2024, subject to customary regulatory approvals and the fulfillment of certain commercial conditions, it added.

  • Iran alerted Russia to security threat before Moscow attack

    Iran tipped off Russia about the possibility of a major "terrorist operation" on its soil ahead of the concert hall massacre near Moscow last month, three sources familiar with the matter said.
    In the deadliest attack inside Russia in 20 years, gunmen opened fire with automatic weapons at concertgoers on March 22 at the Crocus City Hall, killing at least 144 people in violence claimed by the Islamic State militant group.

  • Gaza’s entire population facing acute food insecurity, Blinken warns

    Gaza's two million people are experiencing "severe levels of acute food insecurity", US Secretary of State Antony Blinken has said. This was first time an entire population had been so classified, he said when questioned by the BBC about conditions in the territory. Mr Blinken called on Israel to prioritise providing for those in need. UN agencies have said north Gaza could face famine by May without a pause in the fighting and a surge in aid.

  • Oil Markets Steady Despite Growing Insecurity in the Middle East

    The oil market has been relatively stable despite the geopolitical storm in the Middle East engendered by the war in Gaza and the disruption of maritime traffic in the Red Sea by the Houthis in Yemen. Oil prices have traded either side of $80 per barrel even since a number of OPEC+ plus producers, led by Saudi Arabia, said in early March that they would extend oil production cuts totaling 2.2 million barrels per day until midyear.

  • Saudi Arabia’s King Salman allocates $800m to social security recipients during Ramadan

    Saudi Arabia’s King Salman has ordered the distribution of more than SR3 billion ($800 million) in Ramadan assistance to social security recipients, the Saudi Press Agency reported on Sunday. The assistance includes SR1,000 for heads of families and SR500 for each dependent. The funds will be deposited directly into beneficiaries’ bank accounts, the SPA said. Saudi Minister of Human Resources and Social Development Ahmad bin Sulaiman Al-Rajhi praised the king for his generosity in helping citizens with their needs during the holy month.

  • OPEC Voices Encouragement after IEA Affirms Support for Oil Security

    The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday expressed encouragement after a commentary from the International Energy Agency (IEA) telling the globe to ensure petroleum supply while transitioning to a clean energy future. The development marks an easing of hostilities between the multi-governmental body and OPEC. The two clashed ahead of COP28 last year over the IEA’s claim that demand for fossil fuels could peak by 2030. In the commentary published Monday the IEA said while its work on energy security has expanded to include “the emerging security dimensions of clean energy transitions”, it has “a firm commitment to oil security”.

  • Saudi Arabia reaffirms world’s security and stability on advent of Ramadan

    The weekly session of the Council of Ministers, chaired by Crown Prince and Prime Minister Mohammed bin Salman in Riyadh on Tuesday, reaffirmed the Kingdom’s wishes for the world’s security and stability on the advent of the holy month of Ramadan. Addressing the Cabinet, the Crown Prince expressed gratitude to God Almighty for blessing all Muslim communities with this holy month and granting the Kingdom the honor of serving the Two Holy Mosques and their visitors. He also prayed that this month may bring security and stability to the Islamic nations as well as to the entire world.

  • Sweden joins NATO as war in Ukraine prompts security rethink

    Sweden joined NATO in Washington on Thursday, two years after Russia's invasion of Ukraine forced it to rethink its national security policy and conclude that support for the alliance was the Scandinavian nation's best guarantee of safety. Swedish Prime Minister Ulf Kristersson handed over the final documentation to the U.S. government on Thursday, the last step in a drawn-out process to secure the backing of all members to join the military alliance.

  • The UAE and the Red Sea Security Crisis

    Over the last two decades, the UAE has steadily expanded its control over ports, logistics hubs, and military bases in Yemen and East Africa and has supported armed groups that help it project political influence in those locations. DP World, a Dubai-based multinational logistics company, has been a “driving force” of this emerging empire. Cutting ties with Israel over Gaza, the UAE fears, could threaten its expansionist project.