{"id":86735,"date":"2024-06-02T00:00:00","date_gmt":"2024-06-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/02\/key-opec-delegates-land-in-riyadh-as-meeting-for-policy-venue-changes-a-second-time\/"},"modified":"2024-06-02T00:00:00","modified_gmt":"2024-06-02T00:00:00","slug":"key-opec-delegates-land-in-riyadh-as-meeting-for-policy-venue-changes-a-second-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/02\/key-opec-delegates-land-in-riyadh-as-meeting-for-policy-venue-changes-a-second-time\/","title":{"rendered":"Key Opec+ delegates land in Riyadh as meeting for policy venue changes a second time"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Good morning, wonderful people. <\/strong>You have Aramco, AI, the Public Investment Fund, and a ton of global news to thank for an uncharacteristically packed Sunday morning issue.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>But before we get started: <\/strong>Do you enjoy EnterpriseAM Saudi? If so, the best thing you can do to help us is to hit \u201cforward\u201d on this email and send it to a friend with a suggestion that they subscribe, too, if they find it valuable. <\/p>\n<p class=\"tag-border-left\">HAPPENING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1- It\u2019s Opec+ meeting day \u2014 and and some of the delegates are (unexpectedly) in <\/strong><strong>Riyadh to decide whether to extend production cuts into the second half of the year<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/some-opec-ministers-heading-riyadh-oil-output-meeting-sources-say-2024-06-01\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-05-31\/opec-changes-meeting-venue-again-as-ministers-head-to-riyadh\" style=\"\" rel=\"noopener\">Bloomberg<\/a> report. Delegates from heavyweight players including the UAE, Kuwait, Kazakhstan, and Russia will all be in the capital for the discussion, which had been scheduled to take place first in Vienna and then online. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What <\/strong><strong>to expec<\/strong><strong>t: Some or all of the cuts will be extended<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/markets\/commodities\/saudi-arabia-invites-opec-ministers-riyadh-june-2-meeting-sources-say-2024-05-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a> and the <a target=\"_blank\" href=\"https:\/\/www.nytimes.com\/2024\/05\/31\/business\/opec-meeting-oil-prices.html?searchResultPosition=4\" style=\"\" rel=\"noopener\">New York Times<\/a>, say, though the latter knows that Oil Minister Prince Abdulaziz bin Salman \u201crelishes surprises,\u201d so there could yet be something to write home about.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#2- The two-day <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.gpmf.sa\/\" style=\"\" rel=\"noopener\">Global Project Management Forum<\/a><\/strong><strong> 2024 kicks off today at the Fairmont <\/strong><strong>Riyadh.<\/strong> Today\u2019s lineup includes discussions on women in project management, green project management, and the management of gigaprojects and AI, among others. Tomorrow: project performance, emotionally intelligent leaders, and data-driven decision making, to name a few. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>WEATHER- <\/strong>Windy weather is in the cards for <strong>Riyadh<\/strong> with a daytime high of 43\u00b0C and an overnight low of 28\u00b0C, while <strong>Makkah<\/strong> is set for sandstorms with a daytime high of 45\u00b0C with the low at 30\u00b0C. <strong>Jeddah<\/strong> will also see winds and a high of 38\u00b0C.<\/p>\n<p class=\"tag-border-left\">IPO WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt3\"><\/a> <strong>The retail tranche of Riyadh-based labor agency Saudi Manpower Solutions (Smasco)\u2019s <\/strong><strong>IPO was 13x covered<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/Resources\/fsPdf\/16996_350_2024-05-30_08-12-07_en.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The final allocation of shares wrapped up last on Thursday with a minimum of 10 pieces per retail investor. Rump shares will be distributed on a pro rata basis based on demand size. The institutional offering was <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/4b23149a-f457-41e9-802e-98505a084b6c\" style=\"\" rel=\"noopener\">128x oversubscribed<\/a>, signaling <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/8a0c26ac-91ab-4953-9ea7-fb4b2e3dd793\" style=\"\" rel=\"noopener\">strong investor appetite<\/a> for Smasco\u2019s IPO. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The transaction: <\/strong>Smasco is taking a 30% stake to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/982a3533-758f-439c-a51b-01e7b8886594\" style=\"\" rel=\"noopener\">main<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/982a3533-758f-439c-a51b-01e7b8886594\" style=\"\" rel=\"noopener\">market Tadawul<\/a> in a secondary share sale. It is yet to announce when trading will begin on its shares.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>We\u2019re now waiting for next steps on three other high-profile IPOs: Fakeeh Care, Miahona, <\/strong><strong>and Rasan <\/strong>have all closed their bookbuilding processes, with Rasan having closed on Thursday the two-day subscription window. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SOUND SMART- <\/strong>We don\u2019texpect any of the four to talk next steps on their transactions until bookbuilding on Aramco\u2019s massive secondary sale wraps at the end of this week. <\/p>\n<p class=\"tag-border-left\">WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#1- Alkhorayef meets industry leaders in the Netherlands<\/strong>: Minister of Industry and Mineral Resources Bandar Alkhorayef met with executives from Philips Healthcare to discuss localization of the the medical devices industry, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2113260\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reports. The minister also met with executives from dairy products giant FrieslandCampina, where they discussed establishing a research and development center in the Kingdom, as well as with execs from plant-based food player Upfield.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER: <\/strong>Alkhorayef met <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/619b966b-b99f-4785-8f85-3bcd1e92f4d5\/industry-minister-al-khorayef-lands-in-the-netherlands-for-investment-focused-talks\" style=\"\" rel=\"noopener\">last week<\/a> with Dutch Economic Affairs and Climate Policy Minister Micky Adriaansens and Foreign Trade and Development Cooperation Minister Liesje Schreinemacher.<\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The offering period for Yaqeen Capital\u2019s passively-managed, high-risk Yaqeen S&amp;P <\/strong><strong>ESG <\/strong><strong>MENA ETF Fund has been extended to Thursday, 8 August<\/strong>, according to a Tadawul <a target=\"_blank\" href=\"https:\/\/x.com\/tadawul\/status\/1796160326838243708\" style=\"\" rel=\"noopener\">post on X<\/a>. The open-ended fund offers 1 mn units at SAR 10 per unit, with a minimum subscription of 25k units per investor, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/18.pdf\" style=\"\" rel=\"noopener\">filing to Tadawul (pdf)<\/a>. Yaqeen Capital is the fund manager and the receiving agent.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3- Escalators and elevators company Mayar Holding said it is gearing up for the <\/strong><strong>issuance of SAR-denominated sukuk worth SAR 500 mn<\/strong> to fund working capital and planned expansions, it said in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/!ut\/p\/z1\/lVBNc4IwEP0tPXjULFKR9pbWKer4hWhVLk6IKzIDhAlBan99QZxxtNqxmRyyL--9fbvEJUvixmwf-EwFImZhUa9cY92iBjS7JoyhO3sHAxzLmM9MrdM0yOKSYA4tA-wRtcfNdgusTyDuv_TgTFpgf0yG-gCmYIHxmB7uHPpAf_eSMqYv7SJB_83qDahuGu1rwo0Rr5r8nuFI-CNkn7h-KLxq4TT2dNMnrsQtSpSNTBbwTqkkfa1BDfI8b_hC-CE2uIhqcEuyE6kiy0smcTA-rqt9dx89jSwkpiKTHMnUR0XjWGQxxwhjNQhS1WGKEZszvsMB7jGcMB-JU87HNvsgFTItWWRVIilyJWQn6W1O9SHyRFi9Eyk2GVezQ4IVoERhfXonhakTfBeVBpURk3x35pb_oyzyUHY8snouoa0U0dmAlal5mbkSaeu6dmyCX8o5mlW8TaGYoAxEmTCJ5vMlBL266x10PaKRqV_enD79AHgu0oI!\/dz\/d5\/L0lHSklna0tDbEVLSUtVUW9ncFJBL29Od1FBRU1JQUFDRUVoZ0NLTTR6bEdDRklVbFF3Z1d0RzBaV2dBISEvNEpDaWpzWXBNaFRqVUUxdTBsc3BxYWEzYVMyTTFMSSEvWjdfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFEUTYvWjZfNUE2MDJIODBPMEhUQzA2MFNHNlVUODFESTMvY29tcGFueVN5bWJvbC85NTY4L2h0dHA6JTAlMHRhZGF3dWwlMC9hbm5DYXQvMS9hbklkLzgwNDc0\/\" style=\"\" rel=\"noopener\">disclosure to Tadawul<\/a>. It tapped Afaq Financial as its financial advisor for 24-month murabaha sukuk program. The offering still needs Capital Market Authority approval.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#4- PIF-owned commercial chopper operator The Helicopter Company plans to expand its <\/strong><strong>fleet to<\/strong><strong> 65 helicopters by the end of 2024<\/strong> from a current 49, <a target=\"_blank\" href=\"https:\/\/www.aleqt.com\/2024\/05\/30\/article_2730676.html\" style=\"\" rel=\"noopener\">Aleqtisadiah<\/a> reported, citing the company\u2019s commercial director, Musab Binafi. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#5- <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.norahmovie.com\/\" style=\"\" rel=\"noopener\">Norah<\/a><\/strong><strong> \u2014 Saudi\u2019s first film to screen at Cannes \u2014 will hit theaters at home and abroad <\/strong><strong>starting Thursday, 20 June<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.spa.gov.sa\/N2109515\" style=\"\" rel=\"noopener\">state news agency SPA<\/a> reported. It tells the story of an illiterate young orphan Norah, crossing paths with an artist called Nader, who moved to the village to be a school teacher. The encounter helps Norah unleash a passion for art and a better future<\/p>\n<p class=\"tag-border-left\">DATA POINTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">[wwtt3= <strong>#1- <\/strong><strong>Consumer spending grew 1% y-o-y in April to SAR 113.2 bn<\/strong>, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/25.pdf\" style=\"\" rel=\"noopener\">a monthly<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/25.pdf\" style=\"\" rel=\"noopener\">report by the Saudi Central Bank (Sama)<\/a>. The aggregate number accounts for the total point-of-sale transactions, cash withdrawals, and e-commerce transactions via Mada cards that have occurred across the Kingdom within the month. Point of sale transactions grew 3% y-o-y to SAR 53 bn in April, while cash withdrawals dipped 4.1% y-o-y to SAR 45.4 bn. E-commerce sales jumped 18% y-o-y in to SAR 14.8 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- The number of investment licenses issued by the Investment Ministry nearly doubled <\/strong><strong>y-o-y to 3.2k licenses in 1Q 2024<\/strong>, <a target=\"_blank\" href=\"https:\/\/www.argaam.com\/en\/article\/articledetail\/id\/1731600\" style=\"\" rel=\"noopener\">Argaam<\/a> reported. The construction sector accounted for the lion\u2019s share of new licenses during at 864, followed by the manufacturing with 620.<\/p>\n<p class=\"tag-border-left\">SPORTS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Al Hilal completed a domestic double after securing the Saudi Cup<\/strong>, beating Al Nassr on penalties after the match ended in a 1-1 draw. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The Saudi Pro League has its eyes on Liverpool\u2019s Luis Diaz and Joe Gomez <\/strong>as part of its \u201cquest to sign exceptional players in their prime,\u201d the <a target=\"_blank\" href=\"https:\/\/www.dailymail.co.uk\/sport\/football\/article-13477243\/Liverpool-duo-Luis-Diaz-Joe-Gomez-eyed-Saudi-Pro-League-summer-attract-younger-players.html\" style=\"\" rel=\"noopener\">Daily Mail<\/a> reports.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"ksa\/en\/user\/NewsLetters\" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>***<br \/><\/strong><strong>DID YOU KNOW that we also cover <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Egypt<\/a><\/strong><strong> and the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">UAE<\/a><\/strong><strong>?<\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want to subscribe? <\/strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/user\/news-letters\" style=\"\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM Saudi delivered every weekday before 7am Riyadh time \u2014 without charge, thanks to our friends at Cenomi.<br \/><strong>***<\/strong><\/p>\n<p class=\"tag-border-left\">THE BIG STORY ABROAD-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN INDIA- Another term for Modi? <\/strong>The ruling Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, will likely lead the world\u2019s fastest-growing economy for another five years, according to exit polls. Pundits see the BJP winning up to 401 seats in India\u2019s 543-seat lower house \u2014 aka Lok Sabha. Election results will be announced on Tuesday. (<a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/41f48391-ce38-49ed-bd89-c5744f9985c3\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cgllg541xmxo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/01\/india-election-modis-bjp-alliance-set-to-win-parliamentary-majority.html\" style=\"\" rel=\"noopener\">CNBC<\/a>) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dive deeper: <\/strong>Bloomberg senior editor Menaka Doshi has deep dive on <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-06-01\/india-election-exit-polls-show-major-win-for-modi-bjp\" style=\"\" rel=\"noopener\">what Modi\u2019s exit poll<\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2024-06-01\/india-election-exit-polls-show-major-win-for-modi-bjp\" style=\"\" rel=\"noopener\">victory tells us about his dominance across India<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>TO THE SOUTH: There\u2019s nothing but uncertainty in South Africa <\/strong>after the ruling African National Congress lost its 30-year parliamentary majority, putting the country on a \u201cnew political path for the first time since the end of the apartheid system of white minority rule 30 years ago,\u201d the <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/south-africa-election-vote-anc-d9da7582ca98a4e00fec2da6a5fe1e91\" style=\"\" rel=\"noopener\">AP<\/a> writes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why does this matter? <\/strong>This change in parliamentary leadership puts the presidency of Cyril Ramaphosa in question. It now needs to form a coalition with partners it has spent months badmouthing, and at least one of them wants Ramaphosa out before it will consider talks. (<a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/cyeek2xlgzzo\" style=\"\" rel=\"noopener\">BBC<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/51ff4e3c-7ff9-48b8-b2ee-8252533cf0bc\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/africa\/south-africas-ramaphosa-badly-weakened-by-anc-election-slump-2024-05-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Business will be watching closely: <\/strong>The ANC\u2019s potential coalition partners include a right-leaning group popular with Afrikaaners that wants to end black-ownership and -employee quotas \u2014 and a left-leaning party that wants to nationalize key industries. <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- China has become the first nation to land on the far side of the moon: <\/strong>A Chinese spacecraft touched down on the far side of the moon a few hours ago, helping China gain points in the \u201c <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/space\/china-lands-uncrewed-spacecraft-far-side-moon-2024-06-01\/\" style=\"\" rel=\"noopener\">global rush to the moon<\/a>.\u201d The far side of the moon has remained unexplored by humans until now, seeing as it is more challenging when it comes to communications because it never faces Earth. With its robotic lunar exploration mission Chang\u2019e-6, the nation will try to collect lunar material and bring it back to earth \u2014 another first for humankind.  <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND ON THE CLIMATE FRONT- <\/strong>Up to <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/panama-island-guna-climate-change-f368711649ff6986ea25a79534405a84\" style=\"\" rel=\"noopener\">300 families are preparing<\/a> to permanently leave behind their homes on a small Panamanian island due to rising sea levels. They are expected to be the first of 63 communities living on Panama\u2019s Caribbean and Pacific coasts to evacuate their homes due to rising sea levels. <\/p>\n<p class=\"tag-border-left\">WAR WATCH- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Fresh hopes for a ceasefire agreement? <\/strong>Israel has proposed a three-part plan that would end with a permanent ceasefire in Gaza and the release of all hostages, US President Joe Biden <a target=\"_blank\" href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2024\/05\/31\/remarks-by-president-biden-on-the-middle-east-2\/\" style=\"\" rel=\"noopener\">said on Friday<\/a>. <strong>Hamas reportedly \u201c<\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/hamas-says-it-positively-views-gaza-ceasefire-proposal-set-out-by-biden-2024-05-31\/\" style=\"\" rel=\"noopener\">had a positive view<\/a><\/strong><strong>\u201d of the plan.<\/strong> <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The details: The first phase will include a full six-week ceasefire<\/strong>, the withdrawal of Israeli forces from all populated areas of Gaza, the release of some Israeli hostages in exchange of hundreds of Palestinians, and the entrance of 600 trucks of humanitarian aid into Gaza every day. During the first six weeks, Hamas and Israel would negotiate \u201cthe necessary arrangements to get to phase two.\u201d A final phase would see the start of reconstruction in Gaza.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Netanyahu is dead-set on destroying Hamas first: <\/strong>Israeli Prime Minister Benjamin Netanyahu said that the Israeli side will not agree to a permanent ceasefire before the destruction of Hamas' military and governing capabilities. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A joint call from the three mediators: <\/strong>Egypt, the US, and Qatar are \u201c <a target=\"_blank\" href=\"https:\/\/www.state.gov\/joint-statement-of-the-united-states-egypt-and-qatar\/\" style=\"\" rel=\"noopener\">jointly calling<\/a> on both Hamas and Israel to finalize the agreement.\u201d <strong>The news got on ink from:<\/strong> <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/middle-east\/biden-unveils-new-gaza-truce-proposal-hamas-responds-positively-2024-05-31\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/5716d8d3-241c-4f8b-abf0-7be8fc335a0e\" style=\"\" rel=\"noopener\">FT<\/a> | <a target=\"_blank\" href=\"https:\/\/apnews.com\/article\/israel-hamas-war-news-01-06-2024-8c06dda3a8e20491b5a34377c60bb827\" style=\"\" rel=\"noopener\">Associated Press<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Foreign Minister Prince Faisal bin Farhan discussed the proposal with US Secretary of <\/strong><strong>State Antony <\/strong><strong>Blinken<\/strong>, according to two separate statements (<a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1796928569932657079\" style=\"\" rel=\"noopener\">here<\/a> and <a target=\"_blank\" href=\"https:\/\/www.state.gov\/secretary-blinkens-call-with-saudi-foreign-minister-prince-faisal-bin-farhan-al-saud-16\/\" style=\"\" rel=\"noopener\">here<\/a>). <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- A meeting with the Chinese:<\/strong> Bin Farhan met with his Chinese counterpart Wang Yi in Beijing. Regional developments and bilateral ties were on the agenda, according to a <a target=\"_blank\" href=\"https:\/\/twitter.com\/KSAmofaEN\/status\/1796464394421055603\" style=\"\" rel=\"noopener\">post on X<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: We don\u2019t expect much IPO news until Aramco finishes building the book for its blockbuster secondary sale<\/p>\n","protected":false},"author":1,"featured_media":86736,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[29,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-ipo-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"174d0ce9-003c-43ad-9564-c6a42e25effb","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/1394.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Key Opec+ delegates land in Riyadh as meeting for policy venue changes a second time","related_issue":[86733],"teaser":"Plus: We don\u2019t expect much IPO news until Aramco finishes building the book for its blockbuster secondary sale","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.199932ce-55a7-4d79-86f7-c523e4545be7.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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