South Africa Calls for Netanyahu’s Arrest Warrant
South Africa, the Comoros, Djibouti, and Bangladesh—has approached International Criminal Court (ICC) to investigate Israel’s commission of war crimes and genocide against Palestinians. When South Africa calls for Netanyahu’s arrest, Israel calls back its ambassador to South Africa. Source: Time of Israel
Lots of Sound and Fury in Pakistan over the Gaza War
Pakistan verbally supports Palestinians in the Gaza conflict but has not taken aggressive measures. The interim government accuses Israel of war crimes and criticizes the West but Pakistan is likely to avoid direct involvement. However, if the conflict widens, drawing in the Gulf states, the Pakistani military would find it difficult to avoid significantly greater involvement. Source: Marvin G. Weinbaum, Middle East Institute
China and Saudi Arabia Sign Currency Swap Worth $7 Billion
China, Saudi Arabia sign a local-currency swap agreement worth around $7 billion, deepening their ties as countries across the Middle East look to shift more of their trade away from the dollar Source: Bloomberg
What $6.9B China-Saudi currency swap means for International Trade
China and Saudi Arabia have agreed to a $6.9 billion currency swap deal. It was announced during a visit to China by a group of Arab and Muslim ministers who are seeking support for ending the war in Gaza. These deals are part of China’s efforts to globalize the yuan and make it a more widely used currency. The deal is a sign of China’s growing economic influence in the Middle East. China is the region’s largest trading partner and is investing heavily in infrastructure projects there. Source: Al-monitor
Dutch Central Bank Admits It Has Prepared for a New Gold Standard
In a recent interview the Dutch central bank (DNB) shares it has equalized its gold reserves, relative to GDP, to other countries in the eurozone and outside of Europe. This has been a political decision. If there is a financial crisis the gold price will skyrocket, and official gold reserves can be used to underpin a new gold standard. Source: Tyler Durden, Zerohedge
Saudi Arabia Seeks Chinese Partnership for Green Refinery Project in Pakistan
Saudi Arabia is considering a partnership with China’s Sinopec to establish a $10 billion green refinery project in Balochistan, Pakistan. This collaboration aims to strengthen economic ties between the two nations and aligns with the China-Pakistan Economic Corridor (CPEC) initiative. Source: Sabena Siddiqui, Al-Monitor
Chinese PSCs: Achievements, Prospects, and Future Endeavors
Chinese private security companies (PSCs) are seeking to expand their operations, with Central Asia and Sub-Saharan Africa as key targets. Pakistan has rejected requests to deploy Chinese PSCs, citing concerns over potential backlash from the local population. Source: Sergey Sukhankin, Jamestown