Cate Blanchett to Head Cannes Film Festival Jury

Cast member Cate Blanchett poses during a photocall for the film "Carol" in competition at the 68th Cannes Film Festival in Cannes, southern France, May 17, 2015. REUTERS/Eric Gaillard/File Photo
Cast member Cate Blanchett poses during a photocall for the film "Carol" in competition at the 68th Cannes Film Festival in Cannes, southern France, May 17, 2015. REUTERS/Eric Gaillard/File Photo
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Cate Blanchett to Head Cannes Film Festival Jury

Cast member Cate Blanchett poses during a photocall for the film "Carol" in competition at the 68th Cannes Film Festival in Cannes, southern France, May 17, 2015. REUTERS/Eric Gaillard/File Photo
Cast member Cate Blanchett poses during a photocall for the film "Carol" in competition at the 68th Cannes Film Festival in Cannes, southern France, May 17, 2015. REUTERS/Eric Gaillard/File Photo

Australian movie star Cate Blanchett will head the jury at this year’s Cannes Film Festival on the French Riviera, its organizers said on Thursday.

Blanchett, 48, received international acclaim for her role as Elizabeth I of England in Shekhar Kapur’s 1998 film ‘Elizabeth’ and has won three Golden Globe awards.

Other jury members for the 71st edition of the festival, which will run from May 8-19, will be announced at a later date.

Blanchett, who recently took part with other Hollywood figures in a campaign to help fight sexual harassment following the Harvey Weinstein sex scandal, will become the 11th woman to chair the event in the festival’s history.

She will take over from Spanish director Pedro Almodovar as jury head at Cannes, which last year awarded its “Palme d‘Or” to the Swedish satirical drama film ‘The Square’.

Blanchett will lead a panel, usually made up of actors and film-makers, who will choose the winner of the Palme d'Or - the influential Cannes award for best film.

They will also select the festival's other main prizes.

Blanchett has won two Oscars - for The Aviator and Blue Jasmine - and been nominated five more times.

Cannes president Pierre Lescure and delegate general Thierry Fremaux said: "Our conversations this autumn convince us she will be a committed president, and a passionate and generous spectator."

She's the third female jury president in the last 10 years - the others being director Jane Campion in 2014 and actress Isabelle Huppert in 2009.

Blanchett said: "I have been to Cannes in many guises over the years - as an actress, producer, in the marketplace, the Gala-sphere and in competition but never solely for the sheer pleasure of watching the cornucopia of films this great festival harbors.

"I am humbled by the privilege and responsibility of presiding over this year's jury.

"This festival plays a pivotal role in bringing the world together to celebrate story: that strange and vital endeavor that all peoples share, understand and crave."



Saudi Crown Prince, BIE Secretary General Discuss Riyadh Expo 2030 Preparations

Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, meets with Secretary General of the Bureau International des Expositions (BIE) Dimitri Kerkentzes in Riyadh on Wednesday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, meets with Secretary General of the Bureau International des Expositions (BIE) Dimitri Kerkentzes in Riyadh on Wednesday. (SPA)
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Saudi Crown Prince, BIE Secretary General Discuss Riyadh Expo 2030 Preparations

Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, meets with Secretary General of the Bureau International des Expositions (BIE) Dimitri Kerkentzes in Riyadh on Wednesday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, meets with Secretary General of the Bureau International des Expositions (BIE) Dimitri Kerkentzes in Riyadh on Wednesday. (SPA)

Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia, held talks in Riyadh on Wednesday with Secretary General of the Bureau International des Expositions (BIE) Dimitri Kerkentzes to discuss Riyadh’s preparations to host Expo 2030.

Present at the meeting were Minister of State, Member of the Cabinet and Acting CEO of the Royal Commission for Riyadh City Ibrahim Al-Sultan and Governor of the Public Investment Fund (PIF) Yasser Al-Rumayyan.

Riyadh won the bid to host the Expo 2030 in 2023.

Crown Prince Mohammed has pledged to over an exceptional version of the global event.


AMD, Super Micro Tumble as Earnings Fall Short of Lofty AI Expectations

A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. (Reuters)
A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. (Reuters)
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AMD, Super Micro Tumble as Earnings Fall Short of Lofty AI Expectations

A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. (Reuters)
A smartphone with a displayed AMD logo is placed on a computer motherboard in this illustration taken March 6, 2023. (Reuters)

Advanced Micro Devices and Super Micro Computer led a selloff in chip stocks on Wednesday after their earnings disappointed investors, who had piled into the sector on hopes rising AI investments would boost demand.

AMD was down 5.4% and is on course to lose more than $13 billion in market value.

Its forecast of $4 billion in AI chip sales for 2024 fell short of Wall Street's lofty expectations, having been used to Nvidia's massive forecasts over the past year.

Super Micro Computer, whose near-200% stock jump this year has outpaced even gains in Nvidia, tumbled over 11% as its third-quarter revenue missed estimates amid questions over the profitability of a new line of servers.

"As the market is shifting more towards risk-off over the last couple of days, it's not shocking that unless these companies are beating earnings by a mile that some of the hot air is coming out of them for now," said Russell Hackmann, president of Hackmann Wealth Partners.

Executives of both AMD and Super Micro Computer said supply constraints were hampering their efforts to capitalize on demand for equipment powering the boom in generative AI.

"Stepping back, AMD has several customers who are all trying to ramp MI300 (AI chip) very quickly. This is stressing the supply chain to a certain extent," said analysts at TD Cowen.

"However, from a demand perspective, customer engagement is in fact increasing, not only for MI300X but its successor products."

Other AI-linked chip firms also traded lower, with Marvell Technology down 1.5% and Nvidia falling 1.7%.

The stocks have widely outperformed the benchmark S&P 500 index this year and powered a 11% jump in the Philadelphia Semiconductor Index.

Several analysts were still positive on AMD, saying easing supply chain constraints should allow the company to increase its share of the AI chip market and potentially reap billions of dollars in revenue.

At least 10 analysts lowered their price target on AMD, while eight raised their view, according to LSEG data. Super Micro saw three price target increases and two cuts.


Estee Lauder Tempers Sales View despite US, China Recovery

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
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Estee Lauder Tempers Sales View despite US, China Recovery

An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)
An Estee Lauder cosmetics counter is seen in Los Angeles, California, US, August 19, 2019. (Reuters)

Estee Lauder lowered its annual organic sales estimate on persistent softness in mainland China's prestige beauty space, even as a demand rebound for its pricey items in the US and Asia-Pacific markets drove a profit forecast raise.

Shares of the New York-based company dropped nearly 10% on Wednesday.

Estee also beat third-quarter results expectations, hinting at a recovery in demand for beauty and cosmetic products in the US after a long bout of inflation had pressured sales of luxury items in the world's biggest economy.

A pick-up in China and Asia travel retail demand after several quarters of weakness underscored customer willingness to splurge on "affordable luxuries" such as fragrances and make-up products.

Third-quarter organic net sales in the Americas grew 1%, with a 3% rise in the Asia Pacific region.

"We see actual progress in the total Chinese consumer consumption on our brands and they are very solid," said CEO Fabrizio Freda, adding that the number of Chinese travelers are growing too.

However, Estee forecast annual organic sales would fall 1% to 2%, compared with its previous estimate of a 1% decrease to a 1% increase.

"Estee Lauder's management might have taken the view it is better to be cautious now and over-deliver than continue with high expectations and fail to sell enough products," said Dan Coatsworth, investment analyst at AJ Bell.

The company expects full-year 2024 adjusted profit per share between $2.14 and $2.24, compared with a prior forecast of $2.08 to $2.23.

Net sales rose 5% to $3.94 billion, compared with LSEG estimates of $3.91 billion. Adjusted profit of 97 cents per share surpassed expectations of 49 cents.

Last month, European rival L'Oreal also beat sales expectations and eased concerns about waning demand in the US and China - the two biggest beauty markets.

"The sector has held better than I expected and the question really around luxury and personal luxury goods is whether 2024 will be a hard or soft landing ... so far it speaks to the narrative of a soft landing," said Javier Gonzalez Lastra, luxury-focused portfolio manager at Tema ETFs.


Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
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Minister of Industry Heads Saudi Delegation to 52nd Meeting of Industrial Cooperation Committee

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef heads the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef headed the Kingdom’s delegation at the 52nd meeting of the Gulf Cooperation Council's (GCC) Industrial Cooperation Committee in Doha, Qatar.

The meeting discussed important industrial matters shared among the GCC nations, reported the Saudi Press Agency on Wednesday.

Participants assessed progress on creating a unified definition and standards for GCC-made products. The meeting stressed the importance of both supporting the GCC's industrial sector and coordinating efforts among member nations to grow their national industries.

The committee explored initiatives proposed by Saudi Arabia to boost the GCC industrial sector, including the GCC Industrial Excellence Award. The initiative aims to boost economic growth and tackle obstacles in the sector.


AlUla to Host Arab Cup and World Championship for Camels

The event is part of their broader initiative to establish AlUla as the premier destination for traditional sports in the region. (SPA)
The event is part of their broader initiative to establish AlUla as the premier destination for traditional sports in the region. (SPA)
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AlUla to Host Arab Cup and World Championship for Camels

The event is part of their broader initiative to establish AlUla as the premier destination for traditional sports in the region. (SPA)
The event is part of their broader initiative to establish AlUla as the premier destination for traditional sports in the region. (SPA)

Saudi Arabia's Royal Commission for AlUla Governorate announced on Wednesday its plans to host the inaugural Arab Camel Cup and the World Camel Endurance Championship, in collaboration with the Arab and International Camel Federations.

The event is part of their broader initiative to establish AlUla as the premier destination for traditional sports in the region.

The Arab Camel Cup is scheduled to take place on May 3 at the Mughira Heritage Sports Village. Elite camels from 15 countries will compete in 13 rounds for prizes exceeding SAR3 million.

The World Camel Endurance Championship will kick off on May 4, featuring camels and jockeys from various corners of the globe, vying for prizes totaling SAR2 million.

The race consists of two stages, spanning a distance of 16 kilometers. Both men and women will participate in two categories, utilizing the riding techniques of Hail, Thanaya Bakkar, Zamoul, and Thanaya Qadan.

Each first-place winner in the two categories will be awarded a prize of SAR500,000, while the remaining prizes will be distributed among the winners of the other categories.


Blinken Tours Kerem Shalom Aid Crossing as Tank Fire Rings Out from Gaza

 US Secretary of State Antony Blinken walks with Israeli Defense Minister Yoav Gallant and UN Senior Humanitarian and Reconstruction Coordinator for Gaza Sigrid Kaag at the Kerem Shalom border crossing with the Gaza Strip in southern Israel on May 1, 2024. (AFP)
US Secretary of State Antony Blinken walks with Israeli Defense Minister Yoav Gallant and UN Senior Humanitarian and Reconstruction Coordinator for Gaza Sigrid Kaag at the Kerem Shalom border crossing with the Gaza Strip in southern Israel on May 1, 2024. (AFP)
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Blinken Tours Kerem Shalom Aid Crossing as Tank Fire Rings Out from Gaza

 US Secretary of State Antony Blinken walks with Israeli Defense Minister Yoav Gallant and UN Senior Humanitarian and Reconstruction Coordinator for Gaza Sigrid Kaag at the Kerem Shalom border crossing with the Gaza Strip in southern Israel on May 1, 2024. (AFP)
US Secretary of State Antony Blinken walks with Israeli Defense Minister Yoav Gallant and UN Senior Humanitarian and Reconstruction Coordinator for Gaza Sigrid Kaag at the Kerem Shalom border crossing with the Gaza Strip in southern Israel on May 1, 2024. (AFP)

Tank fire echoed from the Gaza strip on Wednesday as US Secretary of State Antony Blinken visited an aid inspection point, where he heard from Israeli officials including Defense Minister Yoav Gallant about efforts to increase assistance to the Palestinian enclave just a few hundred meters away.

Blinken got his first up-close view of the strip six months into the war as he toured a compound at the Kerem Shalom crossing bordered by thick concrete walls where aid trucks bound for Gaza are held for inspection, a process that aid groups have complained has been a major bottleneck.

Sacks of canned chickpeas, rice, potatoes and toilet paper, some marked with the logo of the UN's World Food Program or the World Central Kitchen (WCK) aid group sat on pallets waiting to enter Gaza. Soldiers carrying automatic weapons roamed around the area known as an "inspection cell".

Israel has sought to demonstrate it is not blocking aid to Gaza, especially since President Joe Biden issued a stark warning to Netanyahu, saying Washington’s policy could shift if Israel fails to take steps to address civilian harm, humanitarian suffering, and the safety of aid workers.

That move came after seven WCK aid workers were killed by an Israeli strike, increasing anger over the dire conditions for Palestinians in Gaza.

US officials and aid groups say some progress has been made but warn it is insufficient, amid stark warnings of imminent famine among Gaza's 2.3 million people.

The war began when Palestinian Hamas gunmen attacked Israel on Oct. 7, killing 1,200 people and abducting 253 others, according to Israeli tallies.

In response, Israel has launched a relentless assault on Gaza, killing more than 34,000 Palestinians, local health authorities say, in a bombardment that has reduced the enclave to a wasteland.

The Kerem Shalom crossing was closed after Oct. 7, when Israel imposed a strict blockade on Gaza, but reopened to limited traffic in December. As well as the crossings at Kerem Shalom and nearby Rafah, on the border with Egypt, Israel has recently said it is opening crossings into northern Gaza to aid trucks.

Israeli officials can inspect 55 trucks every hour at Kerem Shalom and work from morning to sunset, said Shimon Freedman, international media spokesperson for COGAT, an Israeli Defense Ministry agency tasked with coordinating aid deliveries into Palestinian territories.

Freedman said the bottleneck on aid deliveries was inside Gaza, not on the Israeli side.

At least 26 trucks carrying humanitarian aid were waiting by the road just outside the Kerem Shalom inspection point waiting to enter. A Reuters witness also saw dozens of military vehicles and tanks on a field next to the road leading up to Kerem Shalom.

Blinken earlier on Wednesday discussed with Israeli Prime Minister Benjamin Netanyahu "the improvement in the delivery of humanitarian aid to Gaza since the call between President Biden and Prime Minister Netanyahu on April 4 and reiterated the importance of accelerating and sustaining that improvement," said State Department spokesperson Matthew Miller.

Ahead of his arrival in Israel, Blinken said Israel needed do more on aid, including by standing up a deconfliction mechanism with humanitarian agencies and making sure there are enough drivers and trucks within Gaza to deliver aid where it is needed.

He said a clear list of humanitarian items was also needed to make sure aid shipments were not arbitrarily denied entry into Gaza during Israel's inspections.

While the focus of Blinken's visit was on getting more aid to Palestinians in Gaza, Washington has also warned Israel not to go ahead with a planned assault on the southern city of Rafah.


Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
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Abdulaziz bin Salman: Countries Lagging Behind Should Follow Our Approach

The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)
The Minister of Energy addressing the audience in a panel discussion on the sidelines of the Golden Jubilee celebrations of the Islamic Development Bank Group. (Asharq Al-Awsat)

Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said that the Kingdom ranks second in terms of the lowest intensity of carbon dioxide emissions, and the same place for methane emissions.
“Our issue is not recognizing the existence of the problem of climate change, but rather how to deal with it in a fair and direct manner, taking into account the differences in national circumstances in countries”, said the Minister.
His remarks came Tuesday during a panel discussion entitled, Security, the Future of Energy and Sustainable Development, on the sidelines of the golden jubilee celebrations of the Islamic Development Bank Group.
He added that countries have unanimously agreed to the Paris Climate Agreement, “but the real problem does not lie in the text of the agreement, but rather in the strange interpretation of its content.”
The discussion on climate change must be realistic and logical to enable all parties to cooperate and confront this global issue, Prince Abdulaziz underlined, saying that energy security cannot be sacrificed in favor of climate change, and vice versa, indicating that governments have a moral responsibility to provide the elements of growth for future generations.
The minister stressed that the issue of inequality was the reason for the faltering of climate change negotiations, referring to the Sharm El-Sheikh and Dubai summits, which he said contributed to mending this gap and dealing with climate change with realism.
He pointed to some hypocrisy in the discourse regarding the distribution of responsibilities towards climate change, noting that it is not possible to ask countries such as Indonesia, which suffers from energy scarcity, or Nigeria, Ghana, or Madagascar, to switch to renewable energy, at a time when they are facing difficulties in obtaining electricity.
During his speech, the Saudi minister referred to a recent statistic, which gives OPEC countries a historical responsibility of 4 percent for carbon dioxide emissions, while the United States bears 24 percent, China approximately 22 percent, and the European Union 16 percent.
“So why should we receive lectures about reducing our emissions,” he asked, noting that countries “lagging behind should follow our approach.”

 

 


Newey Confirms 2025 Exit in Blow to Red Bull

Technical chief Adrian Newey of Red Bull Racing watches the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. (AP)
Technical chief Adrian Newey of Red Bull Racing watches the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. (AP)
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Newey Confirms 2025 Exit in Blow to Red Bull

Technical chief Adrian Newey of Red Bull Racing watches the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. (AP)
Technical chief Adrian Newey of Red Bull Racing watches the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. (AP)

Formula One's most sought after designer Adrian Newey will leave Red Bull in the first quarter of 2025, after 19 years at the F1 team, Red Bull said in a statement on Wednesday.

The BBC and Germany's Auto Motor und Sport reported last month that the Briton had told Red Bull he wanted to move on following allegations about team principal Christian Horner.

Horner was cleared in February of alleged misconduct towards a female employee, who has lodged an appeal against the outcome.

"For almost two decades it has been my great honor to have played a key role in Red Bull Racing's progress from upstart newcomer to multiple title-winning Team," Newey said in a statement.

"However, I feel now is an opportune moment to hand that baton over to others and to seek new challenges for myself."

Newey cars have won 25 drivers' and constructors' championships for Williams, McLaren and Red Bull. His 2023 car was the most dominant in the sport's history with 21 wins from 22 races.

Red Bull said the 65-year-old would step back from Formula One design duties but would continue to attend specific races until the end of the current season.

"All of our greatest moments from the past 20 years have come with Adrian's hand on the technical tiller," Horner said. "His vision and brilliance have helped us to 13 titles in 20 seasons.

"For me, when Adrian joined Red Bull, he was already a superstar designer. Two decades and 13 Championships later he leaves as a true legend."

Red Bull are currently dominant with triple world champion Max Verstappen but Newey has been a regular target for top teams.

He has been reluctant to leave England, where most of the teams are based.

Ferrari, who will have seven-times world champion Lewis Hamilton joining them next season from Mercedes, and British-based Aston Martin have been named as possible future employers and have made overtures.

Red Bull are finishing their partnership with Honda at the end of next season and making their own engine with backing from Ford when the sport starts a new power unit era in 2026.

The team have been going through turmoil since before the start of the season, with Horner in the spotlight and having issues with Verstappen's father Jos and Red Bull motorsport consultant Helmut Marko.

Formula One veteran Marko and the Verstappens are close, with Max linking his future at the team to the Austrian remaining.

Newey is regarded as equally vital to Red Bull's success as Verstappen, even if the Briton is not a one-man band and has a team of highly-rated designers and aerodynamicists working with him.


Hamas Official Says Blinken Ceasefire Comments Are Attempt to Pressure the Group

Palestinians walk among destroyed buildings as they return to Khan Younis after the Israeli military pulled out troops from the southern Gaza Strip, 30 April 2024. (EPA)
Palestinians walk among destroyed buildings as they return to Khan Younis after the Israeli military pulled out troops from the southern Gaza Strip, 30 April 2024. (EPA)
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Hamas Official Says Blinken Ceasefire Comments Are Attempt to Pressure the Group

Palestinians walk among destroyed buildings as they return to Khan Younis after the Israeli military pulled out troops from the southern Gaza Strip, 30 April 2024. (EPA)
Palestinians walk among destroyed buildings as they return to Khan Younis after the Israeli military pulled out troops from the southern Gaza Strip, 30 April 2024. (EPA)

Senior Hamas official Sami Abu Zuhri said on Wednesday that US Secretary of State Antony Blinken is blaming the delay of a Gaza ceasefire agreement on the Palestinian group unfairly.

Blinken, meeting Israeli leaders to discuss how to get more aid into Gaza, has repeatedly urged Hamas to accept an offer from Israel that will release hostages and achieve a ceasefire, describing it as "extraordinarily generous".

"Blinken's comments contradict reality. It is not strange for Blinken, who is known as the foreign minister of Israel, not America, to make such a statement," Abu Zuhri told Reuters.

"Even the Israeli negotiating team admitted Netanyahu was the one who was hindering reaching an agreement," he added.

Abu Zuhri said that the group was still studying the recent ceasefire offer.

Hamas is seeking a permanent ceasefire and Israeli withdrawal from Gaza, while Israeli Prime Minister Benjamin Netanyahu says Israel needs to destroy the remaining Hamas formations in Rafah in southern Gaza for its own security, with or without a deal with Hamas.


Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Riyadh’s Population Rise to 15 Million Helps Shift City towards Independent Economy

A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)
A general view of Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Real estate experts said that Riyadh’s goal to increase its population by about 15 million people in 2030 will contribute to its transformation into a city with an independent and sustainable economy.

They added that the Riyadh Season, as well as major projects and government plans will accelerate the realization of the Saudi capital’s objectives by 2030.

According to the official announcement of the Royal Commission for the City of Riyadh, the region aims to reach 15 million people by 2030 thanks to attractive factors and capabilities that further strengthen the Kingdom's efforts to diversify its economic resources.

In remarks to Asharq Al-Awsat, writer and real estate expert Sami Abdulaziz said the latest statistics indicate that the capital is currently home to about 7.5 million people, adding that the average occupancy of residential units reaches seven individuals, thus the number of units required by 2030 is around 350,000.

The Ministry of Housing alone will provide about 300,000 housing units until the target date, he remarked, noting that developers, contracting companies, and investors in the sector will secure the remaining amount, which will contribute to increasing the availability real estate units, therefore leading to price stability.

Abdulaziz pointed to the importance of studying the rest of the market factors, including the number of units required during the next five years, their locations, the construction costs, the public facilities and services needed, the size of the private sector’s participation and others.

He also expected the Riyadh Season and the city’s major projects to become a major contributor to achieving the capital’s goal of reaching 15 million residents in 2030.

Real estate expert Eng. Ahmed Al-Faqih highlighted Riyadh’s status as one of the most developed cities in the Middle East, in addition to the great progress the city is witnessing simultaneously with Vision 2030.

Achieving the target of 15 million residents would transform Riyadh into a city with an independent economy, he added.