MUST-READS

• Saudi mining reforms garner global recognition for investment-friendly environment

  Saudi Arabia mining sector reforms have seen it recognized as the fastest-growing regulatory and investment-friendly environment globally over the past five years, a new report stated. MineHutte, an independent research and consultancy firm based in England, has stated that the Kingdom has also been ranked the second-best country globally for its licensing environment.

• Hamas says it accepts UN-backed Gaza truce plan, US cites ‘hopeful sign’
  Hamas accepts a U.N. resolution backing a plan to end the war with Israel in Gaza and is ready to negotiate details, a senior official of the Palestinian militant group said on Tuesday in what the U.S. Secretary of State called "a hopeful sign".
  Conversations on plans for Gaza after the Israel-Hamas war ends will continue on Tuesday afternoon and in the next couple of days, Secretary of State Antony Blinken said in Tel Aviv after talks with Israeli leaders. "It's imperative that we have these plans."

• Air Force’s Mideast drone unit eyes a ‘stateside element’

  Launched in October 2022 as an experimental unit, the task force has already used some of its new drones in Middle East operations, and is testing out new ways of quickly manufacturing cheap drones with artificial intelligence. “We absolutely started to move into operationalizing this task force and we've really been pushing the limits here lately with autonomous operations, and quite frankly, we're on the cutting edge of artificial intelligence integration for small UAS [uncrewed aerial] platforms,” said Digsby, who took command of the task force just over a month ago.

• Turkey-Kuwait Ties Grow Amid Regional Balancing

  On his first visit outside the Arab world since taking office in December 2023, Kuwaiti Emir Meshal al-Ahmed al-Jaber al-Sabah was accompanied by a delegation of high-ranking officials to Ankara, where Turkish President Recep Tayyip Erdogan awarded him the Order of State medal. The May 7 visit, which coincided with the 60th anniversary of Turkish-Kuwaiti diplomatic relations and was the first by a Kuwaiti emir in seven years, underscored the two countries’ low-profile yet growing relations.

• Saudi crude oil exports to China to fall for 3rd straight month in July, sources say
  Saudi crude oil exports to China will fall in July for a third straight month to about 36 million barrels amid plant maintenance and as some refiners opted for other sources of cheaper oil, several trade sources said on Tuesday.
  The reduction underscores the challenge the world's top oil exporter faces in maintaining market share in the world's largest crude import market.
  July exports are expected to be down from about 39 million barrels in June, possibly the lowest levels for the year, the sources said.

• Opinion: ‘The Line’ in Saudi Arabia Is a Spectacle, but That Doesn’t Make It Smart

  While Saudi Arabia’s decision to build a very tall linear city may seem bizarre, there are clear benefits to stacking buildings atop one another and connecting them with walkways at different heights and transit lines. Residents can get from one end of the city to the other in just 20 minutes without ever setting foot in a car.

• Saudi Arabia, Brazil Hope to Kindle Investment With Deeper Ties

  Their relationship started with chicken exports in the 1970s. And now the bond is becoming a way for the Global South heavyweights to diversify their trade ties and insulate their economies from geopolitical risk.

• Saudi Arabia’s move to allow non-Saudis to set up law firms

  In a post on its X platform, the NCC sought opinion of the public with regard to a proposal by the Ministry of Justice for a project to amend the first paragraph of Article 50 of the Kingdom’s Code of Law Practice. The amendment aims to allow foreign law firms, licensed to practice the profession in the Kingdom, to establish a professional company, wholly owned by non-Saudis, to provide legal advice in Saudi regulations, and to plead before the courts in accordance with the controls specified by the regulations, through a Saudi lawyer registered in the register of practicing lawyers.

• Saudi Foreign Minister arrives in Russia to participate in BRICS meeting

  Saudi Minister of Foreign Affairs Prince Faisal bin Farhan arrived in Nizhny Novgorod, Russia, on Monday to participate in the BRICS ministerial meeting to be held on Tuesday. The Saudi minister's visit comes at the invitation of the Russian Foreign Minister. Saudi Arabia is attending the meeting as an invited country to join the group. During the meeting, the Foreign Minister will discuss with the BRICS countries issues and priorities of mutual interest, international developments, and global challenges. He will also hold a number of bilateral meetings on the sidelines of the conference.

• Saudi Arabia debt issuance ramps up to finance Vision 2030 projects

  GCC governments have issued about $45 billion in bonds and sukuk so far this year, putting the region’s sovereigns on track for the most debt issuance since 2020. The volume has increased significantly this year, with the first half of 2024 alone reaching well above the $33 billion issued in the whole of last year.

  Oil prices have averaged $83 per barrel so far this year, similar to the average for last year, and several countries that have issued bonds and sukuk this year are expected to run budget surpluses in 2024, including the UAE and Qatar.

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