Biden calls for increased Secret Service after Trump assassination attempt; Saudi market sees mixed performance with key industry mergers and increasing Egypt collaboration.
President
Joe Biden has called for an increase in Secret Service staff following a second assassination attempt on
Donald Trump's life. The incident took place at Trump's Florida golf course, where the Secret Service managed to stop the gunman. Biden stressed the urgency for Congress to act on the staffing requirements to ensure safety.
Meanwhile, Saudi Arabia's Tadawul All Share Index dipped by 0.28 percent, closing at 11,867.37 points amid mixed market performance. Although some stocks like Al-Baha Investment and Development Co. saw gains, the overall market saw declines, with Saudi Fisheries Co. experiencing the largest drop at 5.33 percent.
In other significant developments, Saudi Arabian Mining Co. (Ma’aden) and Aluminium Bahrain B.S.C. (Alba) have agreed to merge their aluminum operations. This strategic move aims to create a global industry powerhouse, enhancing their competitive edge and economic growth while strengthening ties between Bahrain and Saudi Arabia.
Strengthening regional partnerships, Saudi Arabia has doubled its investment licenses for Egyptian firms in 2024. This collaboration has generated over 80,000 jobs and increased trade between the nations, with significant export values reflecting enhanced economic ties.
Aligning with its Vision 2030 initiative, Saudi Arabia is also boosting its entertainment sector with a $26.6 million support package for SMEs. The General Entertainment Authority's partnership with the Kafalah financing guarantee program has already provided substantial financial backing, aiming to further develop the industry.
Lastly, Saudi Arabia is charting the future of its iron and steel industry to support economic diversification. The first Saudi International Iron and Steel Conference in Riyadh highlighted the sector's potential, with discussions on its significant reserves and production capacity, underscoring its importance to the Kingdom's broader economic strategy.