Evening Edition 

Weekend and Monday’s Top Events: 

• Netanyahu, Hamas Near Agreement on Ceasefire and Hostage Release
• Israeli Army Cuts Power and Water Supplies in Southern Lebanon
• Israel Eliminates Syrian Businessman Smuggling Weapons for Iran
• Houthi Brigadier-General Threatens U.S. With Missile Strikes on Nuclear Sites
• Iran’s Economic Revival Under Biden Marred by Infrastructure Woes as Funds Shift to Military

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★ ISRAEL & PALESTINIAN TERRITORIES

Weekend Report & Latest Update

1. Israel Jets Destroy Paraglider Depot, Kill Two Leaders

On Friday, Israeli fighter jets struck a depot in Rafah storing paragliders used by Hamas, while the IDF’s 162nd Division continued operations in Rafah, destroying tunnels and killing gunmen. The IDF announced the deaths of high-ranking Hamas commanders Ayman Shweidah and Hossam Mansour. In Gaza City, troops found weapons and a command room at UNRWA’s headquarters.

2. Israeli Strike Targets Hamas Leaders During Ceasefire Negotiations

After receiving intelligence that Hamas military leaders Muhammad Deif and Rafa’a Salameh were hiding among displaced civilians, Israeli warplanes targeted a compound in Khan Yunis, resulting in 90 deaths and 300 injuries. Deif, known for surviving multiple assassination attempts, remains unconfirmed as a casualty, while Rafa’a Salameh’s death was confirmed. Hamas officials denied Deif was present during the strike and called on Palestinians in the West Bank and East Jerusalem to launch attacks on Israel, seeking revenge for the attempted assassination of Deif. The statement urged resistance brigades to mobilize in support of Gaza and honor martyrs, calling for mass demonstrations and escalated clashes against Israeli occupation and settlers.

3. Al-Habbash calls Hamas traitors for prioritizing interests over people

In response to Hamas’s calls, the Palestinian Liberation Organization accused Hamas of sharing responsibility for the strike and providing a pretext for further Israeli operations, leading to a clear rift. Mahmoud al-Habbash described Hamas as traitors for placing their interests and safety above the interests of the Palestinian people, condemned Hamas for hiding among civilians causing casualties, and criticized their independent negotiations with Netanyahu. He called on Hamas to end internal conflict and unite to protect Palestinians.

4. Netanyahu, Hamas Near Agreement on Ceasefire and Hostage Release

Hamas official Izzat El-Reshiq denied rumors of halting ceasefire negotiations, accusing Netanyahu of derailing efforts and emphasizing Hamas’s readiness to resume talks if Israel shows seriousness. Israeli Prime Minister Netanyahu responded that while military pressure is essential to release hostages from the October 7 assault, he is still committing to the May 27 agreement. Israeli negotiators confirmed that Gaza operations will continue until an agreement is reached, with Mossad chief David Barnea expected in Doha for further talks. The multi-stage agreement between Israel and Hamas outlines steps to achieve a ceasefire, release hostages, and rebuild Gaza. The first stage (42 days) includes a temporary military halt, Israeli withdrawal from populated Gaza areas, daily aerial pauses, and the return of displaced persons, with phased withdrawals from Gaza Valley and central Gaza. Humanitarian aid will flow from day one, with 600 daily trucks, including fuel and supplies. Hamas will release 33 Israeli hostages in exchange for Palestinian prisoners. The second stage (42 days) envisions a permanent ceasefire, the release of remaining Israeli hostages, and full Israeli withdrawal. The third stage (42 days) focuses on exchanging human remains and initiating a Gaza reconstruction plan. The agreement, guaranteed by Qatar, Egypt, and the US, marks a step towards peace and stability in the region.

5. IDF Repels Over 3 Billion Cyber Attacks

The IDF has repelled over three billion cyber attacks without any systems being compromised since the conflict with Hamas began on October 7, according to Colonel Racheli Dembinsky, head of the IDF’s Computing and Information Systems Center (Mamram). Speaking at the “IT for IDF” conference, Dembinsky emphasized that the IDF focused on protecting operational cloud computing systems critical for troop coordination. The IDF managed resources and added new servers to meet increasing demands, ensuring continuous functionality during critical periods of the conflict.

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★ ISRAEL-HEZBOLLAH CRISIS

6. Hezbollah Attacks Israeli Base with Drones

Hezbollah attacked Israel’s Ayelet military base with explosive drones on Sunday in response to Israeli airstrikes on Lebanese towns and civilians. This attack followed an Israeli airstrike that killed two civilians in southern Lebanon. Hezbollah retaliated by launching rockets targeting Kiryat Shmona, injuring four Israeli soldiers. Israeli forces responded by striking a Hezbollah field commander in southern Lebanon.

7. Israeli Raid Kills Two Civilians in Lebanon

Two civilians were killed in an Israeli raid in Deir Mimas, southern Lebanon, while filling water. Israel targeted the area, claiming to aim at Hezbollah members. Hezbollah responded by bombing Kiryat Shmona in northern Israel with Katyusha rockets. The ongoing conflict has seen daily exchanges of fire since the Gaza war began, intensifying with targeted attacks. Israeli air defenses intercepted most rockets from Lebanon, injuring four soldiers.

8. Four Israeli Female Soldiers Injured in Hezbollah Rocket Attacks

Hezbollah launched approximately 15 rockets, most of which were intercepted by the Iron Dome system. Simultaneously, more rockets were fired at Kiryat Shmona, resulting in injuries to other soldiers. Four Israeli female soldiers were injured, one seriously, by shrapnel after intercepting a Hezbollah missile attack near the Lebanese border. Israel responded with a raid in southern Lebanon, killing two civilians and injuring a Hezbollah field commander. Cross-border skirmishes continued, with Israel targeting Hezbollah rocket launchers and positions in the area.

9. Lebanese Resistance Brigade Claims Responsibility for Attack Against Israel

The Lebanese Resistance Brigade claimed responsibility for a military operation in southern Lebanon against Israel. This group, affiliated with Hezbollah and consisting of volunteer fighters from various Lebanese sects, made their announcement as their first statement since the war began. Following this, a Lebanese Army Humvee was targeted by Israeli gunfire from the village of Ghajar near Wazzani, resulting in the vehicle being struck by four bullets, though the soldiers miraculously escaped without injury. The conflict along the border continues with ongoing skirmishes.

10. Lebanon Files Complaint Against Israel Over White Phosphorus Fires

Lebanon has lodged a complaint with the UN Security Council against Israel for its attacks on the agricultural sector using white phosphorus, resulting in 683 fires and burning over 2,100 dunums of land. The complaint, submitted through Lebanon’s Permanent Mission to the UN, outlines the severe damage inflicted on forests and farmland, claiming that these actions violate the Geneva Conventions. Lebanon has called on the Security Council to condemn Israel’s targeting of civilians and the environment, warning that inaction could embolden further aggression.

11. Israeli Army Cuts Power and Water Supplies in Southern Lebanon

The Israeli army has cut off electricity and water supplies to a large part of the Marjayoun region in southern Lebanon after shelling the local power distribution station. The attack, the first on the station since the conflict began, caused significant damage and disrupted services to several towns and water pumping stations. This incident comes amid ongoing exchanges of fire with Hezbollah and Israeli military preparations for potential combat in Lebanon. The power station, crucial for electricity and water supply, sustained heavy damage from artillery shells, leaving the area dependent on local generators. The attack has heightened fears among residents and displaced persons in the region.

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★ YEMEN

12. Houthi Brigadier-General Threatens U.S. With Missile Strikes on Nuclear Sites

On July 13, 2024, Aziz Rashed, a brigadier-general in the Ansar Allah Defense Ministry, warned in an Al-Jazeera interview that within a year, the Houthi militia will have missiles capable of reaching Europe and the Atlantic Ocean, putting U.S. nuclear targets at risk. He stated that their current hypersonic missiles can already reach strategic areas such as Bab Al-Mandeb, the Red Sea, the Arabian Sea, the Indian Ocean, and the Mediterranean, deterring U.S. actions. Rashed cautioned that if the U.S. and its allies intensify military efforts against the Houthis, the resistance axis, including Iran and allied militias, will fully support the Houthis.

13. Six Houthi Attacks Target Vessels as US Aircraft Carrier Nears Region

The UK Maritime Trade Operations (UKMTO) reported on Monday that two merchant vessels were attacked as a new US aircraft carrier approached the region. At 12:00 UTC, a vessel 97 nautical miles northwest of Al Hudayah, Yemen, was struck by an uncrewed surface vessel, causing minor damage and light smoke, but continued safely to its next port. Earlier, the Panama-flagged tanker Bentley I, 70 nautical miles southwest of Al Hudayah, was approached by three small boats, leading to an exchange of gunfire before the boats withdrew. The same vessel later reported three nearby missile explosions. Another tanker, the Greek-owned Chios Lion, was damaged by an uncrewed surface vessel, causing light smoke. Two explosions were also reported from an attack on an unidentified vessel southwest of Mukha, which took self-protective measures. These incidents follow reports of Houthi attacks on the Israeli ship MSC UNIFIC in the Gulf of Aden and military targets in Eilat, Israel, with ballistic missiles and drones.

14. Houthi Ship Missing Since Thursday, Report Reveals Smuggled Iranian Weapons

Despite Iran denying arming the Houthis due to the UN-imposed arms embargo, the United States and its allies have intercepted multiple arms shipments to the rebels in Middle Eastern waters. The US Defense Intelligence Agency released a report, “Seized at Sea: Iranian Weapons Smuggled to the Houthis,” detailing the seizure of Iranian weapons destined for the Houthis in Yemen. The report includes visual evidence linking the confiscated weapons to Iran, with key components of various missile systems found to be identical to Iranian models. Between 2015 and 2024, over 20 smuggling vessels were intercepted, resulting in the seizure of ballistic missiles, drones, and other weapons. Yemeni security sources revealed that the Houthi militia lost contact with a large boat on a smuggling mission from the Horn of Africa to Hodeidah on the Red Sea. The boat, expected to arrive in Hodeidah last Thursday, carried foreign experts and military equipment. Witnesses reported a significant security alert by the militia in Hodeidah amid fears that the boat might have fallen into the hands of American and international forces. The militia has mobilized numerous fishing boats to patrol the Red Sea in search of the missing vessel.

15. 570 Airstrikes and Naval Bombardments Since Early February

Houthi leader Abdul-Malik al-Houthi acknowledged the death of 57 fighters and injuries to 87 others due to US and British airstrikes on the group’s positions. In his weekly televised speech, he mentioned that the US-British coalition executed 8 airstrikes in Hodeidah and Hajjah this week, totaling 570 airstrikes and naval bombardments since early February. He also reported that his forces launched 10 ballistic and cruise missiles and drones during the week. The Houthis claimed to have targeted the vessel Chrysalis twice in the Red Sea and Bab al-Mandab Strait using ballistic and naval missiles and drones. The British maritime security company Ambrey confirmed that a commercial ship reported two explosions approximately 21 nautical miles west of Mocha, Yemen, on Friday morning. One missile reportedly fell into the water while another exploded in the air, with the explosions occurring half a nautical mile from the ship. US Central Command stated on Friday that its forces destroyed three Houthi drones in an area under the group’s control in Yemen.

16. Yemeni Government Agrees, Houthis Reject UN-Backed Economic Talks

UN envoy to Yemen, Hans Grundberg, has urged the Yemeni government to delay withdrawing licenses from non-compliant commercial banks until the end of August to prevent potential military escalation. He emphasized the need for a clear agenda for any UN-sponsored dialogue on economic issues, stressing the importance of resuming oil exports and unifying the national currency. In his letter to Rashad Al-Alimi, President of the Presidential Leadership Council, Grundberg requested postponing the suspension of licenses for six commercial banks to alleviate economic pressure and support dialogue among Yemenis. However, the Houthi group rejected participating in the proposed economic negotiations, contrasting with the Presidential Leadership Council’s agreement. Hussein Al-Ezzi, Deputy Foreign Minister of the Houthi government, criticized the UN’s efforts, accusing them of supporting American foreign policy and demanded the immediate cancellation of the Yemeni Central Bank’s decisions before any talks commence.

17. Yemeni Army Repels Houthi Infiltration; Civilians Suffer Shelling

Houthi elements attempted to infiltrate Yemeni army positions on Yassin Hill, northwest of Taiz, leading to clashes where two Houthis were killed, four were injured, and others fled. This incident demonstrates their continued inability to face the Yemeni army since their inception in the 1990s. It underscores the necessity for the United States, the UK, and the West to consider cooperating with the Yemeni army to end the Houthis’ piracy operations that have destabilized the global economy. Following the failed infiltration, Houthi forces launched drone and artillery attacks on Al-Dhabab fronts, highlighting Iranian military support aimed at striking ships in the Red Sea, attacking the legitimate Yemeni government, and threatening Saudi Arabia.

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★ SYRIA

18. Iran Reinforces Positions in Syria, Targets Eilat with Drones

Recently, Iran transferred drones and military reinforcements to its militias, including Hezbollah, converting civilian facilities into military barracks and strengthening its positions despite frequent Israeli strikes. As a result, Iran-backed militias launched a drone attack from southern Syria targeting Eilat. The Israeli forces responded by bombing several Syrian military command centers, including air defense systems and infrastructure, resulting in the death of one Syrian soldier and injuring three others.

19. Israel Eliminates Syrian Businessman Smuggling Weapons for Iran

Baraa Qaterji, a Syrian businessman sanctioned by the U.S. and close to Bashar al-Assad, known for funding and managing vital routes from Iraq to Assad-controlled locations, was killed along with a Hezbollah leader in an Israeli strike on Monday in the Saboura area north of Damascus on the Damascus-Beirut main highway. This attack follows a similar strike on July 9th that killed Yasser Nemer Karnabsh, who was associated with weapons transfers to Hezbollah.

20. Opposition targets Assad areas after attack with 12 Iranian drones 

On Monday, Assad’s forces forces deployed 12 Iranian-made suicide drones targeting several villages in southern Idlib, causing extensive material damage and damaging agricultural machines owned by residents. This follows a pattern of increased drone strikes, with five attacks recorded last Thursday in Idlib and Hama. Additionally, on Sunday evening, the regime renewed artillery shelling in these regions, prompting opposition factions to retaliate. The “Al-Fath Al-Mubin Operations Room,” a coalition of moderate Syrian opposition factions like the Turkish-backed National Liberation Front and Jaish al-Izza, responded with mortar fire on regime positions in Al-Ruwaiha. Meanwhile, Hayat Tahrir al-Sham (HTS), a separate jihadist group with al-Qaeda roots, targeted regime points in Jabal Abu Ali, northern Latakia, with heavy machine guns. Unlike HTS, which has clashed with other rebel groups, Al-Fath Al-Mubin focuses on defending opposition territories. This escalation marks a significant intensification in the regime’s targeting of civilians in northwestern Syria using booby-trapped aircraft.

21. Despite Calls from Turkiye, Assad Demands Turkish Forces Withdrawal

The Assad regime has confirmed that the restoration of relations with Turkiye is conditional on the withdrawal of Turkish forces from Syrian territory. This statement came in response to recent Turkish remarks regarding improving relations, with the Assad Ministry of Foreign Affairs emphasizing that any initiative must respect Assad’s sovereignty over all its territories and address the security threats posed by terrorist groups. This stance follows Turkish President Recep Tayyip Erdoğan’s call for Bashar al-Assad to hold talks aimed at resolving disputes and enhancing bilateral relations. The Assad regime insists that conditions similar to those before 2011 must be met for normalization of relations.

22. Protests in Sweida Escalate as Regime Forces Open Fire on Civilians

Protests have escalated in Syria’s Sweida province as the People’s Assembly elections approach, with simultaneous demonstrations occurring in the towns of Al-Mazraa and Mardak. Protesters stormed a polling station and seized ballot boxes in the town of Al-Mazraa, west of Sweida. Concurrently, activists blocked roads with burning tires to prevent the elections, vowing to remain until their demands are met. Elsewhere in the province, Assad’s forces opened fire on civilian protesters, injuring one person who was subsequently taken to intensive care. Local sources confirmed the incident with photographic evidence showing security personnel firing at unarmed demonstrators.

23. Syrian Democratic Council Rejects Assad’s Elections

The Syrian Democratic Council has announced a boycott of the Assad regime’s July 15 legislative elections, urging Syrians and democratic forces to abstain. The Council stressed that a political solution based on UN Resolution 2254 is vital for resolving the crisis. They called for international pressure for credible political processes, detainee release, safe return of refugees, and an end to occupation and repression. The Council reaffirmed its commitment to a unified, democratic Syria and urged national forces to unite for a broad front representing the people’s aspirations.

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★ IRAN

24. Iran’s Economic Revival Under Biden Marred by Infrastructure Woes as Funds Shift to Military

The Biden administration’s recent announcement of sanctions against an Iranian entity developing chemical weapons may be viewed as too little too late, and there are concerns it may remain an unimplemented gesture, as seen with previous actions over the last four years. The IMF’s projections demonstrate beyond doubt that the Biden administration’s lack of new sanctions on Iran since 2020 has facilitated a 3.2% economic growth forecast for 2024. This stands in stark contrast to the severe contractions during the Trump era due to stringent sanctions, where Iran’s economy contracted by approximately 4.8% in 2018 and 9.5% in 2019. Under the Trump administration, the re-imposition of sanctions led to a significant economic downturn. These sanctions targeted critical sectors such as oil, leading to a sharp decline in oil exports and GDP. The Iranian rial also depreciated significantly, causing inflation to spike and the cost of living to increase dramatically. This period saw substantial economic hardship for ordinary Iranians, with many struggling to afford basic goods and services. However, despite the last four years of the Biden administration’s leniency, the Iranian regime has prioritized spending on its nuclear program and military advancements over essential infrastructure. Consequently, Iran now faces severe power shortages amid its worst heatwave in 50 years. The state electricity company, Tavanir, needs $5 billion annually for grid maintenance and $3 billion for energy imbalances, highlighting the disparity between economic growth and infrastructure reality. Sanctions and spending priorities have exacerbated economic constraints, leading to widespread power cuts and a 20% summer electricity shortfall, affecting industries and daily life.

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★  TURKIYE

25. Turkiye Shifts Focus to Eurofighter Typhoon After F-16 Deal Cut

Turkiye has reduced its planned $23 billion F-16 modernization deal with the United States and is now seeking to acquire Eurofighter Typhoon jets. Due to domestic budget cuts, Ankara aims to manufacture some fighter jet parts locally. President Erdogan has urged Germany to lift its ban on Eurofighter sales. This shift follows Greece’s purchase of Rafale and F-35 jets. Eurofighter and Rafale aircraft have similar advanced capabilities, enhancing the military strength of their respective countries. Turkiye’s strategic move aims to bolster its air power and counter Greece’s growing military capabilities in the region.

26. Erdogan: Imminent End to Military Operations in Iraq and Syria

Turkish President Recep Tayyip Erdogan announced that Turkiye’s military operations against the PKK in northern Iraq and Syria are nearing completion. Erdogan emphasized Turkiye’s commitment to establishing a security corridor along its borders to eliminate terrorist threats. This announcement follows renewed operations in the Kurdistan region, which Iraq condemned. The Turkish Defense Minister reiterated the plan to secure the border region, highlighting Turkiye’s ongoing efforts to neutralize the PKK.

27. Turkiye Rejects Iraqi Mediation in Assad Reconciliation 

Turkish Foreign Minister Hakan Fidan stated that Ankara expects Russia, Iran, and Saudi Arabia to play constructive roles in normalizing relations with Syria, rejecting Iraqi mediation. Speaking alongside Saudi Foreign Minister Faisal bin Farhan, Fidan expressed hope that Erdogan’s call for peace with Syria would be appreciated. Fidan, who is likely to meet Syrian President Bashar al-Assad soon, affirmed that Turkiye’s stance on the opposition remains unchanged and that refugees will not be expelled. He emphasized Turkiye’s readiness for dialogue and the region’s need for peace.

28. EU Aims to Revive Türkiye Ties, Ankara Looks to China and BRICS

The European Union is intensifying efforts to strengthen trade relations with Turkiye, aiming to modernize the customs union by 2025. The strategy includes high-level meetings, resuming European Investment Bank operations in Turkiye, and new talks on the customs union. Despite these efforts, Turkiye, frustrated by the slow progress on issues like visa-free travel, is exploring alternatives such as joining the Shanghai Cooperation Organization and BRICS. Turkish officials are seeking tangible progress on specific issues, rather than vague promises of EU membership, amid ongoing tensions over defense trade restrictions.

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★ IRAQ

29. Turkiye Begins Redrawing Borders in Kurdistan Region

A Kurdish security source reported that Turkish incursions in the Kurdistan Region mark the beginning of redrawing new borders. The source stated, “What the Turkish forces are doing by infiltrating and expanding in the Matin and Amadiya mountains in Duhok is the start of a new expansion, and these lands will not be easily returned.” He added that “the current Turkish expansion is the beginning of a new enlargement, as they are now building tunnels and new military bases. It is clear that this operation is different from previous ones, with a larger and broader objective.”

30. Iraq Signs Contracts with Turkish, Chinese Firms for Nasiriyah Airport

The Iraqi Ministry of Transport has signed contract addenda with the Turkish company Kiklop Design Hertz Insaat and the Chinese company CSCEC for the construction of Nasiriyah International Airport. The agreements, signed by Abbas Sabar Al-Baydhani, aim to expedite the airport’s establishment. The Turkish company will oversee the project, while the Chinese company will handle the construction work. This follows a Cabinet decision to transfer commitments to the Airports and Air Navigation Company. The foundation stone for the airport was laid in June 2021 by former Prime Minister Mustafa Al-Kadhimi.

31. Bodies of 139 ISIS Victims Found in Iraq

Iraqi authorities have retrieved 139 bodies from a large natural geological fissure used by ISIS to dispose of victims during its control of Nineveh province. The remains include Yazidis, Shiite Turkmen, and Mosul residents identified through eyewitness testimonies. The victims were thrown into the pit, some shot or slaughtered, and others found in bags. The bodies, now in the forensic department, will undergo DNA testing for identification. Efforts continue to search for more victims in the fissure, which ranges from 12 to 42 meters deep.

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★  EGYPT & NORTH AFRICA

32. Egypt Insists on Full Israeli Withdrawal from Rafah Crossing

A Egyptian source revealed that Cairo demands Israel’s complete withdrawal from the Palestinian side of the Rafah crossing, urging Tel Aviv not to disrupt ceasefire negotiations in Gaza. Egypt emphasizes the importance of no restrictions on the movement of Palestinian citizens and insists on the free flow of humanitarian aid. The source indicated that the Israeli leadership uses official meetings to divert internal public opinion and obstruct reaching an agreement that could prevent the collapse of the governing coalition. Egypt calls for adherence to previously agreed-upon principles in ceasefire discussions.

33. 60% of Egypt-Saudi Arabia Power Link Completed

Egypt and Saudi Arabia have completed 60% of their $1.8 billion power link project, scheduled to begin operations in July 2025. The project, with a capacity of 3,000 megawatts, aims to boost electricity exports to Asia and Europe and address Egypt’s electricity crisis. It includes three high-voltage transformer stations and 1,350 kilometers of overhead lines and submarine cables. The first phase, with a capacity of 1,500 megawatts, will start in July 2025, reaching full capacity by early 2026. The project, delayed due to route adjustments for Saudi projects, aims to enhance regional connectivity.

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★  THE GULF

34. Saudi Arabia Imports Turkish Armored Vehicle “Cobra 2”

For the past year, Turkiye has increased the manufacturing and sales of its armored vehicles and continues to deliver them to Saudi Arabia. The Turkish “Cobra 2” armored vehicle, produced by Otokar, has joined the fleets of other countries using this versatile four-wheel-drive vehicle. The “Cobra 2” is valued for its multiple functions, including border control, reconnaissance, and troop transport. Equipped with advanced features like night vision cameras and ABS brakes, it performs well in various terrains. Otokar previously delivered 200 “Survivor” vehicles to Saudi Arabia in 1998, which are still in use.

35. UAE Calls for International Support for UNRWA

The United Arab Emirates has emphasized the crucial importance of the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) for millions of Palestinian refugees. The UAE has urged the international community to protect UNRWA’s operations and stressed the need for a two-state solution to address refugee issues. Over 118 countries have shown their support for UNRWA, recognizing it as a pillar of regional stability. The UAE’s permanent mission to the United Nations highlighted the vital role the agency plays in providing services amid the ongoing conflict and humanitarian crisis in Gaza.

36. US-Gulf Trade Sees Positive Shift, Rises to $180 Billion

Trade between the United States and Gulf countries has increased by 27%, reaching $180 billion, with Saudi exports to the US rising by 35% in the first nine months of 2023, reflecting improved economic relations. Experts highlight this growth as a return to normalcy in US-Saudi relations and a move towards economic diversification in the Gulf. Factors such as global inflation, strategic partnerships, and a balanced approach to relations with both the US and China contribute to the increase in trade volume.

37. Saudi Investments in Brazil Soar Sevenfold to $4.2 Billion

Saudi investments in Brazil have surged by 750% since 2020, reaching $4.2 billion. Initially focused on the food sector, these investments now encompass mining, energy, technology, and more. Key deals include a $2.5 billion stake in Vale’s metals unit and a defense cooperation agreement.

38. Kuwait Announces Major Oil Discovery in Al-Nukhaida Field

The Kuwait Petroleum Corporation has announced a significant oil discovery in the Al-Nukhaida field near Failaka Island, with estimated reserves of 3.2 billion barrels. Sheikh Nawaf Saud Nasser Al-Sabah, CEO of the Kuwait Petroleum Corporation, indicated that these reserves are equivalent to Kuwait’s total oil production over three years. The discovered field spans approximately 96 square kilometers and contains an estimated 2.1 billion barrels of light oil and 5.1 trillion cubic feet of gas, equating to 3.2 billion barrels of oil equivalent.

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📌 In case you missed it,

📰  THE EARLY PHOENIX July 12, 2024

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