MUST-READS

• Biden says Israel-Gaza war should end now and Israel must not occupy Gaza
  U.S. President Joe Biden said on Thursday the Israel-Gaza war must end now and Israel must not occupy the enclave after the war, telling reporters his ceasefire framework had been agreed on by both Israel and Hamas but there were still gaps to close.  "That framework is now agreed on by both Israel and Hamas. So I sent my team to the region to hammer out the details," Biden said in a news conference.

• Hamas believes it has won. Why it now wants to unburden itself of Gaza.

  After nine months of war with Israel, Hamas’ postwar strategy – based on what it sees as its impending victory – is starting to take shape. As talks with Israel, mediated by the United States, Egypt, and Qatar, continue toward a deal on a cease-fire and release of hostages, the militant Islamist movement is eyeing its postwar plans. They include riding an electoral wave to power in the West Bank while evading responsibility for the massive reconstruction of Gaza – and for the vast devastation and loss of life there from the war it incited.

• Gulf States Advance Clean Energy Agenda but Need to Decarbonize Much Faster

  The United Arab Emirates, Saudi Arabia, and Oman are making impressive strides in developing their renewable and clean energy potential, but they will need to decarbonize their oil and gas operations faster to adapt to the energy transition. This was one of the takeaways at AGSIW’s Petro Diplomacy 2024 conference from a conversation with Roger Diwan, vice president of research and analysis, upstream, at S&P Global Commodity Insights.

• A Biden Confidant Emerges as a Crucial Mideast Diplomat

  Mr. Hochstein has made at least five trips to Israel and Lebanon since the war in Gaza prompted Hezbollah to launch rocket attacks on northern Israel in solidarity with Hamas. He speaks constantly with Lebanese officials as well as top Israeli officials, sometimes including Prime Minister Benjamin Netanyahu.

• Qatar’s population soars to 2.85 million, an 85% jump from 2008

  Qatar’s population soared up to 2,857,822 by June 30, 2024, marking a staggering 85.4 percent jump from October 2008’s 1,541,130, as per National Planning Council figures. Recent statistics indicate fluctuating numbers, with peaks recorded earlier this year at 3,128,983 in February and 3,119,589 in March, gradually decreasing to 3,080,804 by May. As of June 2024, the male population stood at 72.4 percent of the total.

• Beijing eyes more investments from Saudi sovereign wealth fund
  The mayor of Beijing has told the governor of Saudi Arabia's sovereign wealth fund he hoped the fund would further expand its business in the Chinese capital, state media said on Wednesday. Beijing's diplomatic push to court U.S. ally Saudi Arabia comes amid its frustration over what it sees as Washington's weaponisation of economic policies, nudging it to expand ties with countries in Europe, the Middle East and Africa.

• Power restored gradually in Riyadh neighborhoods after contractor damage

  The Saudi Electricity Regulatory Authority clarified that the power outage affecting parts of the Hittin, An Nakheel, Al Aqiq, and Al Ghadeer neighborhoods in Riyadh on Tuesday's night at 8:33 PM was caused by damage to a main power transmission line by a contractor working on a public project unrelated to the Saudi Electricity Company.

• Saudi Arabia drops 2.9 per cent in its Industrial Production Index in May
  Saudi Arabia's Industrial Production Index (IPI) experienced a 2.9 per cent year-on-year decline in May this year, according to data released by the General Authority for Statistics (GASTAT). The index dropped to 106.30 points, based on the 2021 base year, down from 109.45 points in May 2023. This decrease was primarily driven by a downturn in mining and quarrying activity, which constitutes 61.4 per cent of the index, according to a report by Saudi financial news portal Argaam.com.

• Saudi Arabia Nets $12.35 Billion From Aramco Share Offering

  The final proceeds for Saudi Arabia from the secondary sale of shares in its oil giant Aramco came in at $12.35 billion after the exercising of an over-allotment option, boosting the Kingdom’s total gain from the sale by $1 billion. Saudi Aramco sold last month a 0.64% stake in a secondary offering. Aramco priced 1.545 billion shares on offer in its latest share sale at $7.27 (27.25 Saudi riyals) apiece, based on the results of the book-building process. That was a discount of 6% compared to the closing price of Aramco’s shares on the Saudi stock exchange, Tadawul, on the day before the secondary offering was announced at the end of May. This sale raised $11.2 billion for the Kingdom of Saudi Arabia.

• Expat remittances from Saudi rise 12% to $3.4bn

  Expat remittance from Saudi Arabia jumped by 12 percent year on year to SAR12.6 billion ($3.4 billion) in May, according to the Saudi Central Bank (Sama). Remittances rose 11 percent month on month, or SAR1.3 billion, in May, the central bank said. Globally, remittances to low- and middle-income countries grew by an estimated 3.8 percent in 2023, reaching $669 billion, the World Bank said in its December 2023 report. It is forecasting a global increase of 2 percent for 2024.

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