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Israel’s Leader Resigned 50 Years Ago Due to Major Intel Failure

The Hamas surprise attack isn’t history rhyming, it’s a reprise of 1973’s Yom Kippur War — and it doesn’t bode well for Benjamin Netanyahu.

The post A Half-Century Ago, Another Major Intel Failure Saw Israel’s Leader Resign appeared first on The Intercept.

Business

Egypt’s Petroleum Ministry launches digital platform for sector investments

RIYADH: Egypt’s petroleum sector is on track to prosper thanks to a new service that will make it easier for investors to spot opportunities in the country. Launched by the Ministry of Petroleum and Mineral Resources, the Upstream Gateway digital platform aims to market petroleum areas globally, according to a statement. It will also provide the geological data required by current and potential investors and promote bids in the North African country’s oil and gas exploration field.

Business

VMS, Saudi Venture Studio, Acquires Stakes in Egypt’s Cash Cows

RIYADH: The startup ecosystem in the Middle East and North Africa region is poised to get a boost as Saudi Arabia-based venture studio VMS has acquired minority stakes in Egyptian startup accelerator Cash Cows. The purchase of stakes is part of a strategic partnership agreement aimed at supporting the entrepreneurial ecosystem in both countries and in the wider MENA region, according to a press release.

Business

Egypt boosts energy transition with updated climate commitments

RIYADH: Egypt aims to advance its target of generating 42 percent of its energy through renewable sources to 2030 from 2035 as the North African nation submitted updated climate commitments as per the Paris Agreement on Monday. In its updated Nationally Determined Contribution document, Egypt noted that the country needs to obtain grants and soft financing worth €500 million ($548 million) as a contribution to achieving the revised targets.

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Jeddah to Host Next FIFA Club World Cup

ZURICH: The 2023 Club World Cup will be played in Jeddah, the home city of Saudi champions Al-Ittihad that have signed Karim Benzema, FIFA said Monday. Al-Ittihad will be joined by the six continental club champions — including Champions League winner Manchester City — for the Dec. 12-22 tournament. It will be the last edition in that format before the 32-team version launches in 2025 in the US.

Business

“Growing Venture Capital Scene in Saudi Arabia”

CAIRO: Silicon Valley-based investor Plug and Play Tech Center, renowned for its early investments in successful firms such as Dropbox and PayPal, is seeking to raise $100 million to support Saudi startups, Bloomberg reported. The venture capital firm is in discussions with Jada, a $1 billion fund of funds established by Saudi Arabia’s sovereign wealth fund the Public Investment Fund, to collaborate on this initiative, Saeed Amidi, Plug and Play’s founder and CEO, stated.

Business

New Electrical Transmission Line Connects Afar, Saudi Arabia to Yusufiya, Iraq

DUBAI: Aiming to step up energy security and usher in a new era in regional cooperation, Prince Saud bin Nayef bin Abdulaziz, the governor of the Eastern Province, inaugurated an electrical interconnection project between the Gulf Cooperation Council Interconnection Authority and Iraq. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the connection was a dream turned reality, in an interview with Al-Arabiya. He said this landmark deal could achieve tangible economic benefits and enhance energy security.

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