Just hours ago, the Saudi Aramco refinery at Jazan on the Red Sea was engulfed in flames after a Houthi missile and drone attack. Strikes at the heart of the Saudi’s energy infrastructure on the Red Sea, which acts as the remaining primary lifeline of energy exports out of the region, threaten to drastically impact global oil prices further, a concern we have been raising for some time. In the wake of the attack and additional fighting in the Persian Gulf, oil prices surged toward the $100 per-barrel mark.

“The Yemeni Armed Forces carried out a qualitative, large-scale military operation, targeting the Aramco company in Abha, Najran and the Economic City, Aramco in Jizan, and Khamis Mushait Air Base with dozens of ballistic missiles and drones,” Houthi spokesman Brig. Gen. Yahya Saree stated on Telegram. “The strikes were precise, by God’s grace, and direct, causing major damage to those facilities.”

Saree claimed that the strikes were “in response to the Saudi aggression that targeted our people and our country with 121 air strikes over the past three days.”

Saudi officials confirmed Houthi attacks and said they would retaliate.

“The terrorist Houthi Militia’s senseless attacks, the latest of which targeted civilian and economic sites in the cities of (Abha, Khamis Mashait, Jazan and Najran) resulting in injuries to (73) civilians, including women and children, constitute a blatant violation of the Kingdom’s sovereignty and a direct threat to the security and safety of its citizens and residents,” anti-Houthi coalition spokesman Maj. Gen. Turki Al-Maliki stated on X. 

“The Joint Forces Command of the Coalition will take all necessary operational measures to deter this Terrorist Militia and resolutely confront its hostile approach, in defense of the Kingdom’s sovereignty, the preservation of its national assets and the safety of its citizens and residents,” Al-Maliki added. “The Command will also take all necessary measures and actions to respond to the sources of the threat and neutralize its danger.”

pic.twitter.com/XAqse1hTDT

— المتحدث الرسمي باسم قوات التحالف (@CJFCSpox) September 8, 2026

“…several energy sector facilities and installations in the southern region of the Kingdom were targeted this morning,” the Saudi Ministry of Energy stated on X. The attacks “caused fires at several locations, leading to a temporary halt in some operations,” the ministry added. “Specialized field teams have begun containing the fires, securing the sites and assessing the damage.”

#Statement | Energy Sector Facilities Targeted in Saudi Arabia's Southern Region. pic.twitter.com/olZoupwH48

— وزارة الطاقة (@MoEnergy_Saudi) September 8, 2026

Videos on social media this morning showed the Saudi Aramco facility still burning after the attacks.

Following Houthi strikes, fires can be seen raging at the Jizan oil refinery in Saudi Arabia. pic.twitter.com/tAqOPlsmvS

— OSINTdefender (@sentdefender) September 8, 2026

Data from NASA’s Fire Information for Resource Management System (FIRMS) indicates a large amount of ongoing thermal anomalies in and near the massive Jazan refinery.

Houthis appear to have launched a major drone attack on Jazan, SW Saudi Arabia, in recent hours.

— Fires at Aramco’s Jazan oil refinery
— Multiple hotspots at Jazan Bulk Plant
— Hotspot near King Abdullah Airport https://t.co/cdhFe7I274 pic.twitter.com/ZIN7WKKUiX

— Egypt's Intel Observer (@EGYOSINT) September 8, 2026

The Houthi attacks inside Saudi Arabia came amid increased fighting in Yemen between the rebels and anti-Houthi forces backed by Riyadh.

War in #Yemen #SITREP | Houthi Narrative | Houthi official media has largely stopped pretending there is no ground war.

The line that this is only a series of limited skirmishes is becoming harder to maintain. Houthi TV @TvAlmasirah and other outlets are now openly reporting… https://t.co/bju4iHy28G pic.twitter.com/ZnifZ1CcQI

— Basha باشا (@BashaReport) September 8, 2026

The conflict between Saudi Arabia and the Houthis grew out of a civil war in Yemen that erupted in 2014. It expanded a year later when a Saudi-led coalition joined forces with the government ousted by the Houthis and raged on until the parties reached a tenuous ceasefire in 2022. The Saudis held off on getting involved in the recent Red Sea conflict which saw the U.S. and coalition warships duking it out with the Houthis, and eventually led to a U.S.-led air campaign over Yemen. Tensions, however, reignited after that conflict ended when the Houthis joined the U.S.-Iran conflict on the side of their major supporter. The Houthis recently imposed a blockade on the Bab al-Mandeb Strait, and began striking Saudi ships in the Red Sea as well as refineries.

As we have frequently detailed, Houthi attacks on Saudi Arabia’s energy infrastructure put further pressure on oil exports from the Middle East, already drastically affected by the Iranian closure of the Strait of Hormuz and the resumption of the U.S. blockade on Iranian ports. Saudi Arabia has diverted millions of barrels of oil per day through pipelines to its Yanbu port on the Red Sea in an effort to minimize the energy shortages due to the hostilities near the Persian Gulf. This also raised the specter of the U.S. having to get as involved as it did during the previous Houthi campaign against shipping that ended last September, which could pull resources away from Iranian-focused operations, if supporting such an operation is even possible at all at this point. The bottom line here is that if the Houthis stop Saudi oil from transiting through the Bab el Mandeb Strait and the Suez Canal, this last lifeline of energy to Europe and Asia and beyond would be severed. This would drastically exacerbate an already ballooning oil crisis.

The Houthi strikes on Tuesday followed a spike in attacks on shipping in the Strait of Hormuz. Last week, U.S. Central Command (CENTCOM) said it destroyed three Islamic Revolutionary Guard Corps (IRGC) oil tankers after the Iranians fired ballistic missiles at U.S. warships.

On Tuesday, “American forces have struck multiple Iranian tankers tied to the IRGC in response to more attempted missile attacks on a U.S. Navy warship,” a U.S. official told TWZ.

The CENTCOM strikes are part of the Trump administration’s new tanker-for-a-tanker policy of hitting Iranian vessels in response to Tehran’s attacks on shipping in the Strait of Hormuz. This marks a change from previous incidents where ships were only attacked for running the ongoing U.S. naval blockade on Iranian ports. The sinking of one of the Iranian tankers in the most recent strikes is another escalation. Previous incidents following major combat operations during Epic Fury involved U.S. forces disabling Iranian transport vessels, not sinking them.

“Following Iran’s failed attacks, CENTCOM permanently disabled the IRGC crude oil carriers M/T Downy off the coast of Kharg Island and M/T Stark 1 near Jask,” the command stated on X on Saturday. “American forces also completely destroyed the unladen crude oil carrier M/T Kylo (also known as the “Noxen”) in the Gulf of Oman, striking the vessel in multiple critical locations to render it inoperable after the crew was directed to abandon ship.”

The three Iranian crude oil tankers “are part of a multibillion-dollar shadow network that funds the IRGC and its regional proxies,” the command added. “Iran has no means by which to defend them.”

“Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours,” said Adm. Brad Cooper, CENTCOM commander. “We will not hesitate to defend American forces, and if necessary, destroy Iran’s limited and exposed oil fleet.”

“Let the message to the IRGC be clear: If you shoot at two of our ships, we will impose an even higher economic cost —taking out three of yours. We will not hesitate to defend American forces, and if necessary, destroy Iran’s limited and exposed oil fleet.” — Adm. Brad Cooper,… pic.twitter.com/UGGcSGsUtd

— U.S. Central Command (@CENTCOM) September 5, 2026

In addition to the tanker attacks, CENTCOM is maintaining its naval blockade of Iranian ports. “As of Sept. 6, U.S. forces have redirected 92 commercial vessels, disabled 3 and boarded 2 to ensure strict compliance,” the command stated on X.

A U.S. Air Force F-35A stealth fighter jet patrols over regional waters as CENTCOM forces continue to enforce the maritime blockade against Iran. As of Sept. 6, U.S. forces have redirected 92 commercial vessels, disabled 3 and boarded 2 to ensure strict compliance. pic.twitter.com/oXNN5zKx1t

— U.S. Central Command (@CENTCOM) September 6, 2026

As these events unfold, the price of oil is rising further, as we noted earlier in this piece. As of noon on Tuesday, the per barrel price of Brent crude was trading at nearly $98, a $10 per barrel gain from Aug. 26, according to OilPrice.com.

Analysts said the price reflected “the market’s recognition that there is no end in sight for the conflict in the Middle East, which has disrupted oil flows through two vital arteries: the Strait of Hormuz and the Red Sea,” The New York Times reported on Tuesday.

“Oil market participants are now pricing in a more prolonged disruption to shipping flows,” Hamad Hussain, a senior economist with Capital Economics, a research firm, told the publication. “They and other analysts have raised oil price estimates, based on an expectation of increased disruptions.”

Amid the strikes on oil-related targets, Iran claimed it captured an Anduril Dive-LD UUV and is in the process of reverse-engineering it. The IRGC released video and images of the device.

The IRGC Navy has released footage showing the captured U.S. Navy Dive-LD autonomous underwater vehicle (AUV) seized in the Strait of Hormuz. pic.twitter.com/XN379Kcpkh

— Ebrahim Zolfaghari (@IranTimes72) September 8, 2026

Additional images showing the U.S. Dive-LD AUV that was captured by the Iranians, following what a U.S. official described as a malfunction a number of days ago. pic.twitter.com/fyuDFJxsuv

— OSINTdefender (@sentdefender) September 8, 2026

The IRGC “captured one of the most modern intelligent and unmanned submarines of the terrorist U.S. military at the entrance to the Strait of Hormuz at dawn today, in a complex operation involving intelligence and operational surveillance,” the organization claimed.

The vessel “possesses the latest technology in the field of underwater systems in the world and was delivered to the fleet of the terrorist U.S. military in 2025,” the IRGC added.

Asked if Iran captured a UUV, a U.S. official denied that the Iranians obtained anything sensitive.

“An underwater drone operated by U.S. forces malfunctioned more than a day ago,” a U.S. official told us. “It was surveying regional waters in support of ongoing operations. The defective drone was an older model that neither collected sensitive data nor carried any classified sonar or radar equipment. U.S. operations in area waters continue.”

That's a Dive-LD from the U.S. Navy’s Unmanned Undersea Vehicle Squadron 1 (UUVRON-1). pic.twitter.com/qwfOUTA8v7

— Mehdi H. (@mhmiranusa) September 8, 2026

The Dive-LD can be configured for demining operations. Cooper, the CENTCOM commander, recently stated that: “We have successfully cleared sea mines in the strait’s international shipping lanes that were laid months ago by Iran’s Islamic Revolutionary Guard Corps. Internationally recognized transit routes in the strait are free of Iranian sea mines, thanks to the incredible work of the U.S. military.”

It is unclear whether the Dive-LD system was used in those operations; however Financial Times last week reported that the U.S. sent “Navy Seal divers, robot boats and specialized underwater craft into the perilous strait for a four-month mine-clearance mission.”

“The fraught process of explosive device disposal was carried out underwater and in darkness in an attempt to eliminate a crucial factor deterring ships from carrying vital cargoes through the strait since the US and Israel attacked Iran in February,” the publication added.

US Navy SEAL divers spent four months clearing Iranian mines from the Strait of Hormuz, according to the Financial Times.

SEAL divers worked at night from inflatable-hulled boats with help from underwater crafts to remove the mines.

"That is usually followed up by a navy diver… pic.twitter.com/NT1gBvQVqA

— Collin Rugg (@CollinRugg) September 7, 2026

As the Houthi-Saudi exchanges continue and the Strait of Hormuz is still heavily contested, there appears to be no real movement toward a diplomatic solution.

U.S. President Donald Trump proclaimed that the U.S. will defeat Iran.

“Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran,” the president stated on his Truth Social site. “Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon. MAGA!”

Trump acknowledges 1) oil prices are high, 2) it's because of the war with Iran, 3) the war has not ended, 4) the US has not won, yet. pic.twitter.com/gcsfqYmu0E

— Gregory Brew (@gbrew24) September 7, 2026

Iran, for its part, said it will continue fighting.

“The Islamic Republic of Iran has always opposed war and has considered the preservation of the people’s interests and regional security to lie in refraining from igniting conflict,” Iranian President Masoud Pezeshkian said on X. “However, just as it has boldly risen to defend against aggression up to this day, it will continue this resistance with full strength until the aggressors are brought to complete regret and will remain the guardian of the rights of the great Iranian nation.”

جمهوری اسلامی ایران همواره با جنگ مخالف بوده و حفظ منافع مردم و امنیت منطقه را در پرهیز از آتش افروزی دانسته است. اما چنانکه تا امروز در برابر تجاوز، دلیرانه به دفاع برخاسته است این مقاومت را تا پشیمانی کامل متجاوزان با قوت ادامه خواهد داد و پاسدار حقوق ملت بزرگ ایران خواهد بود.

— Masoud Pezeshkian (@drpezeshkian) September 8, 2026

Should there be a resolution to this conflict, U.S. military and intelligence officials have had “recent quiet discussions about cutting the number of people and facilities typically stationed in Middle East,” CNN reported.

In offices across the US military & intel community, there have been recent quiet discussions about cutting the number of people & facilities typically stationed in Middle East if Trump admin succeeds in ending the Iran conflict, 6 sources tell @KatieBoLillis & me.…

— Zachary Cohen (@ZcohenCNN) September 8, 2026

That’s it for now. We’ll update this story when new details emerge.

UPDATE: 6:25 PM Eastern:

CENTCOM said it “destroyed five Iranian crude oil carriers, Sept. 8, after the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. Navy warship with ballistic missiles twice over the past two days.”

“The U.S. warship successfully evaded the attempted Iranian attacks and continued to patrol regional waters. No American personnel were harmed,” the command added on X. “In response to Iran’s most recent failed attacks, CENTCOM destroyed the IRGC crude oil carriers M/T Kaviz, M/T Charminar, M/T Horizon 1, and M/T Riesco in the Gulf of Oman as well as M/T Derya near Kharg Island. American forces directed the crews to abandon ship before the vessels were struck and rendered inoperable. Iran has used the tankers as part of a multibillion-dollar shadow network that funds the IRGC and its regional proxies. Iran has no means by which to defend these vessels.”

CENTCOM forces destroyed five Iranian crude oil carriers, Sept. 8, after the Islamic Revolutionary Guard Corps (IRGC) targeted a U.S. Navy warship with ballistic missiles twice over the past two days. The U.S. warship successfully evaded the attempted Iranian attacks and… pic.twitter.com/Gi8a2tloN1

— U.S. Central Command (@CENTCOM) September 8, 2026

In the wake of the CENTCOM strikes, Iran launched a new wave of ballistic missile attacks, a Jordanian source confirmed to us. The official Iranian Fars media outlet said Muwaffaq Salti Air and Prince Hassan air bases were targeted.

‌
حمله به پایگاه‌های موفق‌السلطی و شاهزاده حسن در اردن

گفته می‌شود پایگاه‌های هوایی موفق السلطی و شاهزاده حسن اهداف حملات موشکی ایران است.

براساس گزارش‌ها اردن به دلیل ناتوانی سامانه‌های پدافندی آمریکایی، جنگنده‌های نیروی هوایی را برای رهگیری موشک‌های ایرانی به پرواز درآورده.

— خبرگزاری فارس (@FarsNews_Agency) September 8, 2026

Video has emerged on social media of interceptors in Jordan defending against the attack.

An insane amount of Jordanian interceptors being seen used here. Dozens being used, as Iranian fires inundate the local area. So far no visible impacts have been viewed. pic.twitter.com/cyZtoojZ9G

— OSINTdefender (@sentdefender) September 8, 2026

NOW: Jordan is currently under heavy Iranian ballistic missile attacks.

A large amount of interceptors are being launched, impacts have been recorded. https://t.co/GVndx2SrP6 pic.twitter.com/xzUanwcSUu

— Open Source Intel (@Osint613) September 8, 2026

Contact the author: howard@twz.com

The post Saudi’s Remaining Energy Lifeline To The World Under Threat After Successful Houthi Strikes (Updated) appeared first on TWZ.

Dave Masters watched as his father’s house careened into a telephone pole and split in two, after Hurricane Frances lifted it from its foundation in 2004. Hayward County, in Western North Carolina, bought the house and declared the patch near the town of Clyde “permanent open space under a federally funded program to reduce the risk of future loss of life and property damage.” Not all homes were treated equally, though, in the aftermath of distaster. Hurricanes Frances, Ivan, and Helene, along with Tropical Storm Fred, all brought heavy rains and flooding to the nearby Hyder Mountain Road mobile home park. They’re “part the result of a gap in disaster policy that allows mobile home residents to be put in harm’s way again and again.” For The Assembly, in a piece produced for ProPublica’s Local Reporting Network, Ren Larson explains why.

The federal government’s programs to buy out disaster-prone buildings are “the cornerstone of the Nation’s system for emergency management,” according to the Federal Emergency Management Agency. But the program was developed with traditional homeowners in mind, and mobile homes, the country’s largest source of affordable housing, are often left out. Trailers, even when they become immovable and lifelong homes, aren’t typically considered real estate but instead personal property, like motorcycles and boats.

That still leaves people living on flood-prone land. For the state to actually buy that land, mobile home park owners have to take the buyout, and FEMA’s program offers little incentive for them to do so: They can’t collect from the government for lost rent or for the value of the mobile homes on top of the land. 

Some park owners say the payouts are not high enough to allow them to relocate; others aren’t even aware of the buyout program. So park owners regularly allow new trailers to move into the vacant spots. Art and Lynne Heinmiller, who own the Hyder Mountain Road mobile home park, did not respond to questions — which were emailed, texted and mailed via certified letter — about allowing trailers and campers to move back to where they’d washed away

Human remains hidden in a plastic bag were discovered near a sports stadium in Kypseli district of central Athens at noon on Tuesday, September 8, 2026. According to initial information, it was a child who found a human skull and bones near the Alepotrypa (Fox Hole) stadium. The children of a local football club were […]

The post Human remains found in a plot in Kypseli district of central Athens appeared first on Keep Talking Greece.

Sovereign wealth is typically measured by the size of reserves that allow a country to weather periods of crisis. However, for future generations, it is not only the amount left in financial accounts that matters. Of equal importance is the state of the country they inherit alongside these savings: the quality of its schools and hospitals, the condition of utility networks, roads, energy, and other core infrastructure.

For Kazakhstan, this question holds special significance. Revenues from natural resources enable the country to build a substantial financial cushion. The National Fund accumulates a portion of commodity revenues and serves two primary functions: a savings function aimed at preserving assets for future generations, and a stabilization function designed to reduce the state budget's vulnerability to fluctuations in global commodity markets. It should be noted that by mid-2026, the fund's foreign-currency assets reached $65.5 billion. (1)

Sovereign wealth operates differently

There is no single global model for managing sovereign wealth funds. States strike different balances between intergenerational savings, fiscal stabilization, and deploying accumulated capital for development. However, international experience demonstrates that these goals are not inherently contradictory.

Norway adheres to one of the most disciplined models of sovereign wealth management. Its fiscal rule aligns withdrawals with the expected real return of the Government Pension Fund, while preserving the flexibility to use fiscal policy in response to major economic shocks. (2)

The stabilization function is even more pronounced in Chile. Funds from the Economic and Social Stabilization Fund have been drawn upon repeatedly during periods of economic stress. In 2009, withdrawals reached nearly $9.28 billion, with significant funds also deployed in 2019–2021. (3)

Other countries also utilize commodity revenues not only as a source of long-term savings, but as a catalyst for economic development. The experience of Kuwait is illustrative, where these responsibilities are divided between the Future Generations Fund, focused on preserving capital for future generations, and the General Reserve Fund, whose investment portfolio encompasses energy, industry, transport and logistics, healthcare, and infrastructure. This model allows Kuwait to preserve a portion of national wealth for upcoming generations while transforming another portion into assets that expand the country's economic potential today and build the foundation for long-term growth. (4)

Azerbaijan, whose sovereign wealth origins closely mirror Kazakhstan's, has utilized resources from the State Oil Fund to finance major projects of national importance, including the Baku–Tbilisi–Kars railway, the Oguz–Gabala–Baku water supply system, and equity participation in major oil and gas transport initiatives. (5)

None of these models can be mechanically copied by another country. Together, however, they demonstrate that sovereign wealth management does not boil down to a binary choice between "saving" and "spending." What matters far more is the form in which national capital can deliver the greatest long-term return for the nation.

From financial capital to national capital

Savings from the National Fund are already being utilized directly in the interests of future generations. Since 2024, Kazakhstan has operated the "National Fund for Children" program: every young citizen of Kazakhstan is annually allocated a portion of the fund's investment income, and upon reaching 18 years of age, the accumulated funds can be used for education or housing improvement. This program has already entered the phase of practical asset utilization. Between February 2024 and August 1, 2026, payouts were received by more than 338,000 young Kazakhstanis, totaling approximately $67.8 million. Meanwhile, the funds belonging to minors remain within the National Fund's assets and continue to be invested until they reach adulthood. (6)

At the same time, Kazakhstan faces a challenge familiar to many economies that have accumulated significant revenues from natural resources: what portion of national wealth should remain in financial assets, and what portion makes sense to convert into capital working domestically.

Soon, Kazakhstan plans to deploy a portion of the National Fund's assets to finance major infrastructure projects of nationwide significance. In 2027, over $4 billion is planned for these purposes, followed by slightly over $3 billion annually in 2028 and 2029 (7).

According to several experts, the economic rationale for such a decision extends beyond mere financing. When funds are directed into long-term social and engineering infrastructure, national wealth does not disappear. The form in which it exists simply changes.

Money allocated to current consumption expires alongside the budget cycle. A school, hospital, utility network, road, or energy facility remains in the economy and operates for decades.

This is precisely why infrastructure investments differ fundamentally from covering operational expenses. A portion of financial capital is effectively transformed into physical and human capital within the country.

Such an approach yields economic benefits right from the project implementation stage. Construction generates demand for materials, equipment, transport, design, and installation work, providing orders for domestic enterprises and creating added value within the country. Once facilities are operational, another, far more sustained effect begins. Modernizing heating and water supply systems increases their reliability, reduces losses, and diminishes the need for costly emergency repairs. Roads enhance regional connectivity. Energy infrastructure removes bottlenecks for expanding existing production and launching new industrial capacity.

Investments in healthcare and education occupy a special place. Modern hospitals, clinics, and educational institutions represent both social infrastructure and direct investments in human capital. The accessibility of medical care, public health status, quality of education, and workforce qualifications are directly tied to labor productivity and the long-term potential of the economy. All social infrastructure is as much an element of national capital as transport or energy infrastructure, and its returns and effectiveness extend far beyond the construction timeline of any individual project.

The cost of deferred development

Utilizing accumulated capital carries an opportunity cost. However, delaying investments carries an opportunity cost as well. Insufficient capacity of transport networks, energy shortages, worn-out utility systems, and a deficit of schools or medical facilities impose costs today. The longer modernization is postponed, the longer the economy and population bear these costs.

Therefore, the pace of infrastructure development carries clear economic value. If a necessary facility opens today rather than ten years from now, the country gains additional years of its economic and social returns.

Moreover, the social and economic effects of infrastructure are largely inseparable. Reliable utility networks, modern healthcare, education, transport, and energy simultaneously elevate the quality of life and create an environment in which private economic activity can thrive.

A reserve that has already worked

Using the National Fund's resources to address strategic priorities is not a new practice for Kazakhstan. The fund's ability to provide supplementary resources when the economy needs them most has repeatedly served as a key factor in the country's economic resilience.

During the global financial crisis of 2008–2009, $10 billion was directed to stabilize the financial sector, support real estate, small and medium enterprises, and the agribusiness sector (8). In 2015–2017, an additional $9 billion was withdrawn (9). During the pandemic in 2020–2021, transfers from the National Fund helped preserve economic stability and support citizens. Thus, having an accumulated reserve allowed the state to act proactively—promptly directing additional resources where they were required to prevent more severe economic repercussions.

The existence of a large financial reserve enabled Kazakhstan to navigate periods of external shocks with an additional funding source without relying exclusively on current budget revenues.

Today, it is not the principle of using the fund that is changing, but the nature of the task. Previously, accumulated resources primarily served to mitigate the impact of global shocks. Now, a portion of the capital is intended to eliminate infrastructural bottlenecks that could constrain long-term development.

This expands the sovereign fund's role: resources accumulated during favorable periods are used not only after a crisis arises, but also to build assets that enhance the resilience and potential of the economy for years to come.

The account of future generations

Ultimately, the success of this strategy will be measured not by the volume of funds withdrawn from the National Fund, but by the value of the assets created with them and the overall effect they deliver to the economy and citizens.

This fundamentally shifts the evaluation criteria. If a financial asset worth one dollar is transformed into infrastructure that enhances productivity, lowers business costs, elevates human capital quality, and fosters conditions for new private investment over decades, the very structure of national wealth undergoes a qualitative transformation.

Therefore, the central question for the coming years is not whether to utilize National Fund resources, but the quality of the assets Kazakhstan creates in return. For future generations, this exact balance between preserved financial capital and the value of the domestic economy built in its place will stand as the primary legacy of today's decisions.

1. National Bank of the Republic of Kazakhstan, Report to the President dated June 4, 2026: Foreign Currency Assets and Investment Income for 2025.

2. AI-CIO, "Norway to Withdraw Record Amount from Sovereign Wealth Fund": https://www.ai-cio.com/news/norway-withdraw-record-amount-sovereign-wealth-fund/

3. The Market Value of the Economic and Social Stabilization Fund (ESSF): https://www.hacienda.cl/english/work-areas/international-finance/sovereign-wealth-funds/economic-and-social-stabilization-fund/financial-situation/market-value

4. Kuwait Investment Authority, "Investments" (General Reserve Fund and Future Generations Fund overview): https://www.kia.gov.kw/investments/

5. oilfund.az, State Oil Fund of Azerbaijan - Question and Answer (mandate); naturalgasworld.com, "SOFAZ financing Azerbaijan's share in TANAP project": https://oilfund.az/en/fund/press-room/question-and-answer
   
6. Target Savings Payments under the "National Fund for Children" Program: https://www.enpf.kz/ru/press-center/news/282547/
   
   Foreign-Currency Assets of the National Fund to Increase to USD 70.6 Billion by 2029: https://www.gov.kz/memleket/entities/economy/press/news/details/1279482?lang=en
   
   Concept of Formation and Use of Resources of the National Fund of the Republic of Kazakhstan (Decree of the President of RK dated Dec 8, 2016, No. 385): https://cdb.kz/sistema/pravovaya-baza/o-kontseptsii-formirovaniya-i-ispolzovaniya-sredstv-natsionalnogo-fonda-respubliki-kazakhstan/
   
   Concept of Formation and Use of Resources of the National Fund of the Republic of Kazakhstan: https://adilet.zan.kz/rus/docs/U1600000385
   

Six months into the US-Iran war, and as Europe grapples with finding a solution to a crisis that has spread across the region, Iranian activists across the Islamic Republic risked their lives last week by taking part in demonstrations, impromptu parades and acts of disobedience to mark the 62nd anniversary of the founding of Iran’s leading pro-democracy opposition group. What makes this particularly relevant for Brussels is that Europe is examining ways not only to contain the immediate crisis, but also to address the broader question of what political forces inside Iran could ultimately shape the country’s future. Meanwhile, members of the same movement in exile held an election to choose a new occupant of the organisation’s highest office.

The People’s Mojahedin Organization of Iran (PMOI) was originally established to promote revolution against the hereditary dictatorship of Shah Mohammad Reza Pahlavi. But after that revolution came about in 1979, it quickly stood up against the theocratic faction that seized power in its wake and began cultivating a reputation as the primary voice for a democratic alternative to the Islamic Republic. It has since been targeted for annihilation by the regime on several occasions but has invariably rebounded and assumed leading roles in major, collective challenges to the regime’s hold on power.

Those challenges include independent media campaigns, mass protests and an armed assault in February on Tehran’s Motahari Complex, which contains offices belonging to several leading officials and institutions, including that of the supreme leader. That incident threatened to decapitate the regime just days before the United States began the bombing campaign that has left it mired in a grinding war with the Islamic Republic more than six months later.

The PMOI has also been credited with leading roles in each of four successive uprisings that spread across the entire country in 2018, 2019, 2022 and 2026. The last of these, which took place mostly in January, was ruthlessly suppressed, with the death toll reaching into the thousands. This was soon followed by a new escalation in Iran’s world-leading use of the death penalty, particularly against political detainees.

Since the start of the Iranian calendar year in March, 40 such prisoners have been hanged, many of them for participating in the January uprising or for affiliation with the PMOI. The trend has led many of the organisation’s supporters to warn that the regime could be setting the stage for a massacre akin to that which took place in the summer of 1988, primarily targeting the PMOI, when 30,000 political prisoners, the overwhelming majority of them affiliated with the PMOI, were massacred within a few months.

Those warnings, and that history, illustrate the danger that Iranian activists were taking on when they coordinated demonstrations last week with the express purpose of promoting the PMOI. This, in turn, points to the resilience that the Iranian people have demonstrated both in the early days of the Islamic Republic and in recent clashes between protesters and regime authorities.

That resilience is arguably reflected in the PMOI’s choice of Mahnaz Maimanat (pictured) as its new Secretary General on Sunday (6 September). Like most of her colleagues, Maimanat has suffered great personal losses in her fight against the ruling system. Her brother Massoud was killed by firing squad in 1983, and her brother Mahmoud was hanged during the 1988 massacre, the same year that their mother was killed by the Islamic Revolutionary Guard Corps.

Since joining the PMOI at the age of 20 in the immediate aftermath of the revolution, Maimanat has remained steadfastly committed to the organisation, joining its Leadership Council in 1993 and its Central Council in 2014, before becoming co-Secretary General in 2021. After she secured 56 percent of the votes from fellow members of the Central Council, a statement from the PMOI described Maimanat’s election as a means for the organisation to declare “its firm determination to topple the ruling religious fascism.”

The statement also quoted Maryam Rajavi, President-elect of the National Council of Resistance of Iran, the political coalition of which the PMOI is a member organisation, as saying that Maimanat “has combined dynamism and a defiant spirit with an even deeper sense of commitment and responsibility for the freedom of the Iranian people and her homeland.”

Rajavi has been designated by the NCRI to oversee a transition to democratic governance following the mullahs’ overthrow. She has also authored a Ten-Point Plan for Iran’s future in the wake of that transition, guaranteeing free and fair elections, separation of religion from the state, equal rights for women and minorities, and peaceful relations with neighbouring countries and the West, backed by the dismantling of the outgoing regime’s nuclear weapons programme.

In recent years, thousands of lawmakers across Europe and North America, including cross-party members of the European Parliament, have openly endorsed that plan while also recognising the NCRI as a viable, democratic alternative to the current ruling system.