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Saudi Arabia's role in the Arab and Islamic world gives it significant weight in prospects for normalization with Israel. The kingdom has maintained a consistent stance for more than half a century, viewing recognition of Israel and the establishment of a Palestinian state as parallel components of a single solution. With its economic, religious and political standing, Saudi Arabia is seen as the decisive factor.
Muslims worldwide have begun celebrating Eid al-Adha, the Feast of Sacrifice, which coincides with the final day of the Hajj pilgrimage in Saudi Arabia. This year's Hajj has drawn more than 1.7 million pilgrims against a backdrop of the Gaza conflict and heightened US-Iran tensions. The holiday honors the Prophet Ibrahim's act of faith and is marked by prayer, animal sacrifice, and charity.
Saudi Arabia's Finance Ministry reported a budget deficit of 125.7 billion riyals ($33.5 billion) in Q1 2026, more than double the figure from a year earlier. The deficit surged due to a drop in crude oil revenue as the Strait of Hormuz was effectively closed, while government spending rose 20%.
