Good afternoon, friends, and happy hump day. We have news of regional developments, supply chain trends fuelled by popular beverages, and internet outages, so let’s dive in.

THE BIG STORY TODAY-

📍Hassan Allam Holding and Tilal Real Estate will develop a SAR 3.3 bn integrated project in Riyadh under a strategic partnership inked with the National Housing Company (NHC), according to a joint statement (pdf). The 228k sqm project — whose investments are set to total USD 880 mn at today’s exchange rate — will be executed by Hassan Allam’s development arm Grova Developments, with Tilal Real Estate serving as the main local partner.

The project aligns with Saudi Arabia’s Vision 2030 housing program, an effort by the NHC to increase home ownership, by “[combining] regional expertise and national leadership to deliver a new model for modern urban living,” according to the statement.

What they said: “This milestone reflects our confidence in Saudi Arabia’s dynamic real estate sector and our commitment to long-term investment in the Kingdom. For decades, we have delivered landmark projects that connect people, infrastructure, and opportunity. Through this partnership with NHC, we are bringing that legacy to Riyadh, building communities that combine sustainable design with lasting value for residents,” Hassan Allam Holding CEO Hassan Allam said.

THE BIG STORY ABROAD-

🌐 It’s a relatively calm afternoon in the global press, with this morning’s top stories still making the rounds. US President Donald Trump’s 20-point ceasefire plan for Gaza was endorsed by the UN Security Council. The proposal — which includes the deployment of an international stabilization force — was passed by a vote of 13-0, with Russia and China abstaining.

The resolution also included the establishment of a “Board of Peace” chaired by Trump, alongside “the most powerful and respected leaders throughout the world,” the US president said. The board would govern Gaza during the transitional period, and oversee its reconstruction. The vote was met with open arms from Israeli Prime Minister Benjamin Netanyahu, but was rejected by Hamas as it “imposes a mechanism to achieve the occupation’s objectives.” (Guardian | CNN | BBC | Axios | Washington Post | Associated Press)

MEANWHILE- If you’re having some internet troubles, you’re not alone. Several prominent websites — including X, Spotify, and ChatGPT — are experiencing a global outage due to an “internal service degradation” at internet infrastructure giant Cloudflare. The issue was still being investigated at the time of publication, with some services restored. (New York Times | Telegraph | CNBC | Independent)

ALSO- Saudi Crown Prince and de facto ruler Mohammed bin Salman is set to meet with Trump at the White House later today for a number of security- and business-related discussions. (Reuters | CNBC)

☀️ TOMORROW’S WEATHER- We’re in for another warm day in the capital tomorrow, with temperatures peaking at 27°C before cooling down to 18°C, according to our favorite weather app.

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