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Biden Funds Israel’s War Amid US Financial Struggles | TOME

The president has prioritized military spending over helping American families cover the rising costs of child care.

The post Biden Is Bankrolling Israel’s War Amid Growing Financial Hardship at Home appeared first on The Intercept.

Saudi Airlines Catering Co. inks $720m agreement with Red Sea Global

RIYADH: A SR2.7 billion ($720 million) deal has been signed which will see Saudi Airlines Catering Co. provide laundry services for hotels at Red Sea Global’s tourist developments. The agreement was announced on the Saudi stock exchange, Tadawul, and SACC expects the deal to start showing up in its profit margin by the third quarter of 2025. The 20-year contract will see SACC operate laundry services for hotels, resorts and other facilities located within the destination.

Iraq’s June oil revenues exceed $7 billion

RIYADH: The Iraqi Ministry of Oil announced on Saturday that oil export revenues during June exceeded $7 billion.    According to the State Organization for Marketing of Oil, the total exports of crude during June were nearly 100.06 million barrels, with revenues amounting to $7.11 billion.    SOMO data revealed that the total quantities of crude exported during June from oil fields in central and southern Iraq were 98.72 million barrels.     Oil exports from the Al-Qayyarah oil field in Nineveh governorate in northern Iraq were 1.03 million barrels.   

“Bharat Petroleum of India to Raise $2.19bn for Green Energy Expansion”

RIYADH: State-owned oil marketing company Bharat Petroleum said on Wednesday it approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares on a rights basis, underscoring India’s push to achieve net-zero emissions goals. The details of the issue, including the price, right entitlement and timing, will be intimated separately after the board approval, it said in an exchange filing. Last week, the company said the funds would be used to achieve “energy transition, net zero and energy security objectives.”

UAE’s ADNOC Distribution Signs Deal with India’s HPCL

RIYADH: In a bid to expand its lubricant and allied products business in India, UAE’s ADNOC Distribution has inked a deal with Hindustan Petroleum Corp. Ltd.   HPCL is one of the largest lubricant marketers and fuel retailing companies in India, and with this deal ADNOC Distribution aims to tap into Asia’s second-largest economy, which has an annual demand of 3 billion liters of lubricants.   The deal will also give ADNOC access to a vast network of over 28,000 retail stations in the country, news agency WAM reported.  

“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. 

ROSHN, Real Estate Developer, Becomes Platinum Sponsor of Saudi Champions Al-Ittihad.

RIYADH: Real estate developer ROSHN has signed a three-year deal to become the platinum sponsor of Saudi Pro League champions Al-Ittihad. This sponsorship is part of the Public Investment Fund-owned company’s support for the development of the Kingdom’s sports sector, the Saudi Press Agency reported on Thursday. ROSHN Group CEO David Grover described Al-Ittihad as an important part of the Saudi sports scene, citing the team’s recent signing of French superstar striker Karim Benzema.

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