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QUOTED
“Saudi Arabia is an increasingly important global metals hub and Jeddah fully meets with the operational and logistical criteria for new warehouse locations – such as being an important area of net consumption and having an effective transport network.” Matthew Chamberlain, LME chief executive, LME plans to list Saudi port as a copper and zinc delivery point [Reuters]
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TOP STORY
The New York Times’ Maureen Farrell and Rob Copeland report that Saudi Arabia is working with Wall Street banks to establish a $40 billion AI-focused investment fund.
[more]
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MORE TOP STORYLINES
in saudigazette.com: The Saudi Ministry of Industry and Mineral Resources, in partnership with the Ministry of Investment, has unveiled a new incentives package for mineral exploration valued at approximately SR685 million ($182 million). This initiative is designed to attract investors to the exploration sector and is committed to nurturing local talent and expertise within the mining industry. The incentives aim to improve geological understanding, uncover untapped mineral resources, and foster the growth of domestic exploration capabilities.
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Via Paul Bartlett in seatrade-maritime.com: Gulf crude has the advantage of being less carbon-intensive than other oil, both in carbon content and ease of extraction. The report highlights the UAE where ADNOC has committed $23bn to decarbonisation projects, including $4bn for shipping onshore carbon-free electricity to provide power for offshore operations.
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Via Tom Bateman in bbc.com: 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.
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MORE ON THE KINGDOM AND BEYOND
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More than 200,000 people converged at the conference, including Adam Selipsky, chief executive of Amazon’s cloud computing division, who ...[By Adam Satariano and Paul Mozur via nytimes.com]
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Diriyah Gate, one of the first Saudi giga-projects, said this week that it was on target for completion by late 2027.
The opening of the project’s...[By Andrew Hammond via agbi.com]
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His comment is significant because, like LIV Golf’s team competition and shotgun starts, the...[By Cindy Boren via washingtonpost.com]
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The recently released book “Battleground – 10 Conflicts that Explain the New Middle East” by historian Christopher Phillips provides a useful overview of ten ongoing conflicts...[By Christopher Phillips via thecipherbrief.com]
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A serious escalation of tensions in the Middle East would push the price of oil above $100 (£80) a barrel and reverse...[By Larry Elliott via theguardian.com]
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The regional upswing also defies oil production cutbacks which have all weighed on economic growth in the region as seen from International Monetary Fund’s latest...[By Issac John via khaleejtimes.com]
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Speaking at the event titled “Industrial policies to promote economic diversification,” the top official said there have been fundamental changes in the legislative and economic regulations to...[via arabnews.com]
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From April 22 to 25, 2024, the 26th World Energy Congress convened in the Netherlands, drawing participation from the Kingdom of Saudi Arabia’s energy industry....[By Pooja Chandak via solarquarter.com]
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Henning Larsen Architect has just revealed the designs for The Jeddah Opera House, a new local landmark in Saudi Arabia. Drawing inspiration from the historical...[By Nour Fakharany via archdaily.com]
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One of Saudi Arabia's top universities has announced a Red Sea project described as the world’s largest coral reef restoration.
...[By Daniel Bardsley via thenationalnews.com]
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The National Debt Management Center announces the closure of April 2024 issuance under the Saudi Arabian Government SAR-denominated Sukuk Program. The total amount allocated was...[via mof.gov]
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Israeli Prime Minister Benjamin Netanyahu spurned a plea from Joe Biden to call off a planned ...[By Bassam Masoud, Nidal Al-Mughrabi and Dan Williams via reuters.com]
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What senior leaders articulated in early 2021 and throughout 2022 is that the United States remained invested and committed to this part of the world,...[via csis.org]
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McKenzie said the chaos was due in large part to State Department foot-dragging before it ordered a non-combatant evacuation operation, or NEO, on Aug. 14.
“As you are aware, the...[By Patrick Tucker via defenseone.com]
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For the first time in the report’s 12-year history, the U.S. didn’t earn a spot among the top 20 happiest countries in the world. It’s...[By Jon Clifton and Julie Ray via gallup.com]
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