MUST-READS

• Opinion: The US-Saudi Nuclear Agreement: Regional Implications

  Saudi Arabia’s nuclear energy ambitions have been relatively slow compared to the UAE. After establishing the King Abdullah City for Atomic and Renewable Energy in Riyadh in 2010, Saudi officials announced plans to construct 16 nuclear reactors to generate 20 percent of the kingdom’s electricity by 2032. By 2017, the Saudi National Atomic Energy Project outlined a civil nuclear program featuring large nuclear power plants, small modular reactors, and fuel cycle activities. Despite this ambitious vision, progress on small modular reactor projects has been slow, with plans now including just two large nuclear power reactors.

• Tiger Woods on state of PGA Tour-Saudi negotiations: “We all want the same thing”

  In a wide-ranging if brief media session on Tuesday morning, Tiger Woods touched on a range of topics, and Woods’ prevailing emotion was optimism … whether or not it’s grounded in reality. Woods is attempting two distinct, extraordinarily difficult feats: returning to major-winning ways after catastrophic injury at age 48, and trying to hold together a professional game that appears in danger of fracturing completely in two.

• Hajj 2024: Saudi Arabia braces for extreme heat

  This year's Islamic Hajj pilgrimage — which starts on June 14 — will not only be a once-in-a-lifetime experience for some 2 million Muslims from around 180 countries who travel to Saudi Arabia, it will also be a physical challenge as temperatures will be above average. "The expected climate for Hajj this year will witness an increase in average temperatures of 1.5 to 2 degrees [Celsius] above normal in Mecca and Medina," national meteorology center chief Ayman Ghulam said last week. For Mecca, which is at the heart of the five-day Hajj pilgrimage, the increase likely spells an average temperature of around 44 degrees Celsius (111 degrees Fahrenheit).

• Saudi Aramco announces completion of secondary share sale for $11.2 bln

  Saudi Aramco (2223.SE), opens new tab has completed a secondary share sale raising $11.23 billion, the oil company and the Saudi government said in a statement on Tuesday.

• Over a year in making, Aramco stake sale brings rare foreign investment to Saudi
  Saudi Arabia began preparing more than a year ago to sell a new chunk of state oil giant Aramco (2222.SE), opens new tab, targeting foreign investment that has lagged goals for years and is needed for an ambitious economic transformation.
  The preparations led by CEO Amin Nasser paid off.
  Over half of the $11.2 billion Aramco shares were sold to foreign investors, a far cry from five years ago, when they largely shunned its $29.4 billion initial public offering, citing concerns about risks around governance, regional geopolitics and the environment.

• Dollar Dominance in the International Reserve System: An Update

  Dollar dominance—the outsized role of the US dollar in the world economy—has been brought into focus recently as the robustness of the US economy, tighter monetary policy and heightened geopolitical risk have contributed to a higher greenback valuation. At the same time, economic fragmentation and the potential reorganization of global economic and financial activity into separate, nonoverlapping blocs could encourage some countries to use and hold other international and reserve currencies.

• After Gantz’s resignation, the far right reasserts dominance over the Israeli government at a particularly sensitive time

  Following the June 9 resignation of Benny Gantz and his National Unity party from Benjamin Netanyahu’s war government, Israel is once again led by a coalition that relies on far-right parties and extremists. This is happening at a particularly sensitive time for the country: Israel faces an additional risk of escalation along its northern border, needs a realistic “day after” plan for the Gaza Strip, has been offered the prospect of normalization with Saudi Arabia, and is on the receiving end of growing international criticism.

• UN says Israel and Hamas committed war crimes; Gaza truce plan in balance
  A U.N. inquiry found on Wednesday that both Israel and Hamas had committed war crimes in the early stages of the war in Gaza, and that Israel's actions also constituted crimes against humanity because of the immense civilian losses.
  The findings were from two parallel reports by the U.N. Commission of Inquiry (COI), one focusing on the Oct. 7 attacks and another on Israel's response.
  Israel, which did not cooperate with the commission, dismissed the findings as the result of anti-Israeli bias. Hamas did not immediately respond to a request for comment.

• How to capture the Saudi market during Eid

  Reports indicate a significant increase in spending compared to previous Eids 46 per cent increase in spending sentiment indicates a strong desire for celebratory shopping (Report on Saudi Arabia Economy). The study showed that consumers are preparing to celebrate with a focus on different categories: groceries, clothing, fragrances, home decor, and dining experiences. However, marketers should keep in mind that the early bird gets the worm.

• Saudi’s Ceer Signs $2.18 billion Contract for the Supply of Hyundai Transys’ Advanced Electric Vehicle Drive Systems

  Ceer, Saudi Arabia’s first electric vehicle (EV) brand and original equipment manufacturer (OEM) announced in a statement that it has signed a SAR 8.2 billion (USD 2.18 billion) partnership with Hyundai Transys for the supply of innovative Electric Vehicle Drive Systems (EDS) for its vehicles.

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