MUST-READS

• Saudi transport authority launches first automated monitoring vehicle for Hajj

  Saudi Arabia’s Transport General Authority inaugurated the first automated monitoring vehicle to track compliance of various transportation modes in Makkah, Madinah, and holy sites during this year’s Hajj season. With an accuracy of up to 99%, the automated wagon uses mobile surveillance cameras that determine the type and provide the data of vehicles, including buses, trucks, and taxis, to ensure safe transportation for pilgrims.

  The move contributes to increasing compliance with regulations and requirement and ensuring the efficiency of monitoring operations.

• The marketing strategies behind GymNation’s Saudi expansion

  “Our digital strategy in Saudi Arabia will be very similar to what we have done successfully in the UAE for the last six years,” Martland said. “Localisation is of course key, but there is a common human factor across all markets, and since we already have a very good idea of what works, we don’t need to start from scratch.” Martland went on to say that he feels too many brands overthink their strategy when launching into new markets and that’s what slows them down.

• U.S. to Offer Landmark Defense Treaty to Saudi Arabia in Effort to Spur Israel Normalization Deal

  The treaty—known as the Strategic Alliance Agreement—must obtain a two-thirds majority vote in the Senate as required by the Constitution. It is unlikely to gain support from enough lawmakers without being linked to a Saudi commitment to normalize ties with Israel.

• IEA: Global Investment in Clean Energy Set to Reach Record $2 Trillion in 2024

  Global investment in all types of energy is expected to top $3 trillion in 2024, with $2 trillion expected to go into clean energy and $1 trillion to oil, gas, and coal projects, the International Energy Agency stated in its “World Energy Investment 2024” report. However, this record investment in solar, electric vehicles, nuclear power, grids, and low-emission fuels is still not at the level needed to limit global warming to 1.5 degrees Celsius, it said.

• Saudi foreign minister attends GCC ministerial meeting in Qatar

  Saudi Minister of Foreign Affairs Prince Faisal bin Farhan took part in the 160th ministerial meeting of the Gulf Cooperation Council in Doha on Sunday, the Saudi Press Agency reported. Prince Faisal was received at Doha International Airport by the Minister of State for Foreign Affairs of Qatar Sultan bin Saad Al-Muraikhi. Prince Mansour bin Khalid bin Farhan, the ambassador of Saudi Arabia to Qatar, and the GCC’s Secretary-General Jassim Mohammed Al-Budaiwi were also present.

• Saudi Arabia set to raise more than $11.2 bln from Aramco stock offering
  Saudi Arabia is set to raise more than $11.2 billion after pricing its offering of Aramco (2222.SE), opens new tab stock toward the lower end of the targeted range, the Wall Street Journal reported on Thursday.
  Saudi Aramco's bankers have told investors it plans to price the shares at 27.25 Saudi riyals, or $7.27 each, according to the report.
  The stake sale, a first since Aramco's record-setting IPO in 2019, was announced last week in a landmark deal to help fund Crown Prince Mohammed bin Salman's plan to diversify the economy.

• As investment drive falters, Saudi milks Aramco ‘cash cow’

  "The cash raised will certainly help support government spending priorities. But it will ultimately be a fiscal booster more than a long-term cure for funding needs," said Robert Mogielnicki of the Arab Gulf States Institute in Washington. Saudi officials have since last year said the timeframe for some Vision 2030 projects would be extended, though they have not given details and said other projects would be accelerated. Finance Minister Mohammed al-Jadaan said last month that global "shocks" since Vision 2030's launch in 2016 -– wars in Ukraine and Gaza, the pandemic, inflation and supply chain disruptions –- had spurred a revision of reform plans. Read more: https://www.al-monitor.com/originals/2024/06/investment-drive-falters-saudi-milks-aramco-cash-cow#ixzz8cPnesbyH

• Saudi Arabia condemns storming of Al-Aqsa Mosque by Israeli officials, and extremist settlers

  Saudi Arabia on Wednesday condemned the storming of the Al-Aqsa Mosque in Jerusalem by a number of Israeli government officials, members of the Knesset, and extremist settlers. The Ministry of Foreign Affairs also condemned a move by Israeli authorities to allow extremists to organize a provocative march in the city of Jerusalem with the protection of the Israeli defense forces.

• Will buyback scheme convince Iraqis to offload AK-47s, RPGs?

  In a bid to stem widespread armed violence, Iraq’s Ministry of Interior is pushing ahead with a program to encourage Iraqis to register or sell privately-owned weapons. In the latest phase of the four-year program, the government is now offering a buyback mechanism for arms such as rocket-propelled grenades (RPGs) and mortars.

• Saudi Arabia plans to boost oil production capacity to 12.3 million bpd by 2028

  Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, announced the Kingdom's ambitious plan to increase its oil production capacity to 12.3 million barrels per day by 2028. This significant expansion aligns with the Kingdom's strategic goals amidst evolving global energy markets. The announcement came during a special panel discussion at the St. Petersburg International Economic Forum in Russia. The forum, themed "The Future of the Oil and Gas Market: Global Demand Outlook and Producers' Plans," was attended by several OPEC and non-OPEC ministers. Prince Abdulaziz, who also serves as the chairman of the OPEC+ ministerial meetings, underscored the robust decisions made during the 37th OPEC and non-OPEC ministerial meeting held on June 2 in Riyadh.

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