Saudi Arabia is actively working to mediate the conflict between Israel and Hamas, as confirmed by Crown Prince Muhammad Bin Salman (MBS).
He engaged in a conversation with Palestinian President Mahmud Abbas shortly after Hamas launched a surprise attack on Tel Aviv.
Reports from Saudi media suggest that during their discussion, MBS expressed his solidarity with the Palestinian people. He assured President Abbas that Saudi Arabia remains committed to supporting the Palestinian people in their pursuit of legitimate rights, a better quality of life, the realization of their hopes and aspirations, and the achievement of a just and lasting peace.
The surprise attack by Hamas early on Saturday resulted in the deaths of over 1,000 people in the occupied territories. In response, Israel imposed an unprecedented embargo on the Gaza Strip, aiming to halt the delivery of food and gasoline to the conflict-stricken Palestinian population.
Israel’s foreign ministry reported at least 1,000 Israeli casualties, while Palestine’s health ministry stated that the number of casualties had risen to 687.
Speculation had arisen that Saudi Arabia, which has never officially recognized Israel, might consider normalizing relations with Israel. This potential move could be part of a broader agreement involving security guarantees from the United States and assistance in developing a civilian nuclear program.
However, MBS emphasized in a recent interview with Fox News that the Palestinian issue holds great significance for Saudi Arabia, home to the holy sites of Mecca and Medina in Islam. He underscored the need to address the Palestinian situation and improve their quality of life.
Analysts suggest that the ongoing conflict has dealt a significant setback to any progress toward normalization.
Additionally, Crown Prince Muhammad Bin Salman has discussed the crisis by phone with Egyptian President Abdel Fattah al-Sisi and Jordan’s King Abdullah II, as reported by the Saudi Press Agency.
Pakistani currency remains largely stable against US dollar and other currencies in the open market on February 24, 2024.
In the open market, the US dollar was being quoted at 279.5 for buying and 282.55 for selling.
On Saturday, Euro stands at 302 for buying and 305 for selling while British Pound rate stands at 352.5 for buying, and 356 for selling.
UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.35.
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